Treasurer Josh Frydenberg is a bald faced liar. So too is his Assistant Treasurer Michael Sukkar and Prime Minister Scott Morrison.
All three have claimed on national television the $330 billion created by the Reserve Bank was borrowed and taxpayers are liable to pay it back.
The ABC broadcast this interview with Treasury officials who have stated categorically the Covid 19 bail-out Jobseeker fund to assist business maintain employee remuneration was created by adding extra noughts in Treasury computers. The ABC has rolled over yet again, under orders from Frydenberg, ignoring their previous radio interview about Treasury credit creation.
Reserve Bank creating money out of thin air to prevent economic disaster – PM – ABC Radio
ABC reporter David Taylor naively claimed this was the first time Treasury had created credit. He is totally wrong- it has been doing it since the early 1900’s.
There is nothing new about credit creation by banks. Early bankers of the 17th and 18th centuries accepted gold as a deposit then issued notes against the gold held in their vaults. The value of the notes often exceeded the value of the gold in their vaults. These were the first bank notes used in every day transactions then and now. Except for the world’s greatest Treasurer, Liberal Peter Costello who sold most of our physical gold reserves to ‘balance the books’ and replace it with government paper.
Peter Costello agreed to sell most of our gold holdings in 1997.
The decision prompted cries of betrayal from the gold industry and, with the benefit of hindsight, was incredibly poorly timed. Since the sale of 167 tonnes of gold for $2.4 billion, or just over $400 an ounce, gold in Australian terms has rallied to record highs. The price peaked last July at $1819.44 an ounce, at which point the gold Australia sold for $2.4bn would have been worth $10.7bn.
In a vault deep in the basement of the Reserve Bank’s Martin Place headquarters in Sydney today sits a hoard of gold bars worth about $US500,000 each — all four of them.
The RBA now holds almost the entirety of the nation’s gold in vaults administered by the Bank of England.
Credit creation as espoused by social credit crusader Major CH Douglas before and after WW 2 has been around for centuries.
Charged with rebuilding a destroyed Japan after WW2, General Douglas MacArthur rebuilt its economy without borrowing external funds. He created the credit needed by issuing paper as do the central banks of every country. Japan turned into a powerhouse economy and led the industrialised world with manufacturing for decades.
Just as the Australian Treasury and the the Commonwealth Bank did for a century. Taxpayers should not be slugged to pay back the Jobseeker fund particularly as Frydenberg, a member of the Jewish fraternity, admitted $60 billion was created unnecessarily due to a book keeping error and not needed after the sums were done correctly.
This credit does not exist as legal tender, that is notes and coins, but as a blip in the Treasury computer.
He could use these created funds to complete construction of the Bradfield Scheme to water inland Australia, high speed rail and new generation, coal-fired, base power stations thus creating tens of thousands of meaningful jobs.
I support and National Bank and the removal of the Central Banking System ( actually that is the heart of all the evil we endure ) – that would of course bring US warships to our borders – although the covid fraud may get the results regardless..
Thanks for this article..
pcwwp….Mmm……what about some really expensive A$2,000 a bottle Rothschild wine..then ,if the SHTsFAN……..
we can all sit in a dark room with candles and have a toast for the Rothschild Family !
I thought about buying gold – but mark my words, when the financial systems go down and we are all pushed into digital slavery the government will simple confiscate your gold ( like they did in the US ) – and bitcoin for that matter..
Japan was set to be an economic power house before Rothschild’s war.
“All wars are Bankers wars”
Japan in WWII: A Casualty of Usury?
By Dr. Ingrid R. Zundel on June 26, 2011
Was WWII Fought to make the World Safe for the Bankers?
Thanks to best-selling author, David Irving, the establishment view that the United States of America became embroiled in World War II as a result of a surprise attack on Pearl Harbour on December 7, 1941 is no longer accepted by major historians. The origins of this conflict, says South African politician and noted banker, Stephen Goodson, have far deeper roots.
Goodson explains the background as follows:
During the 1930s Japan rapidly expanded her industrial production, while the rest of the world, with the exception of National Socialist Germany, stagnated. By 1941 Japan had become the leading economic power in East Asia. Her exports were steadily replacing those of America and England.
Japan has very few natural resources, so what was the secret of her success? In order to answer this question, it is necessary to return to the year 1929, when one of the twentieth century’s foremost monetary reformers, Major Clifford Hugh Douglas, went on a lecture tour of Japan.
Douglas’s economic theory advocated the transfer of the money creation process from private banks, which create money out of nothing as an interest-bearing debt, to the state. This government created money he termed social credit. He also favoured the payment of a basic income or national dividend to each citizen. This dividend would provide consumers with the additional buying power necessary to absorb all the current production of goods in a non-inflationary manner2.
Major Clifford Hugh Douglas
Douglas’s financial proposals for an honest money system, based on government creating the nation’s money and credit on an interest-free basis, were enthusiastically received by Japanese industry and government.3
All Douglas’s books and pamphlets were translated into Japanese, and more copies were sold in that country than in all the rest of the world put together.4
Since its inception in 1882 the largest shareholder of the Bank of Japan (Nippon Ginko) had been the Japanese Imperial Household. Its reorganization into a state bank, which was administered exclusively for the accomplishment of national interests, was implemented in 1932.
The reform of the central bank was completed in February 1942 when the Bank of Japan Law was remodelled on the Reichsbank Act of Germany of 1939.
“The Bank of Japan Law declared that the bank was a special corporation of a strongly national nature. The Bank was ‘to assume the task of controlling currency and finance and supporting and promoting the credit system in conformity with policies of the state to ensure the full use of the nation’s potential’. Further, it was ‘to be managed with the accomplishment of national aims as its sole guiding principle’ (Article 2).
As for the functions of the Bank, the law abolished the old principle of priority for commercial finance, empowering it to supervise facilities for industrial finance. The law also authorized the Bank to make unlimited advances to the government without security, and to subscribe for and to absorb government bonds.
Read on –
LikeLiked by 1 person
Looks to me like Frydenberg is the real power amoungst the rats down there..We should get behind the Australain Bank idea from the CDC – but this Covid fraud must be exposed to the light first..
even better news……..gold price as of 25 May 2020 is almost >>Au$2,700 per ounce!