Reserve Bank created credit for business Jobkeeper – never borrowed
ABC Broadcast April 6, 2020
Here it is folks the official admission about credit creation we have been waiting to hear for 30 years. The former Reserve Bank Governor said in an ABC Radio interview the Reserve Bank added extra noughts into the computer and bingo! the Federal Government produced $330B two weeks ago under Jobkeeper to pay the wages of small business employees across the nation who have been displaced by ‘Coronavirus’.
Unfortunately a reported $150B went to the banks who have been creating their own credit since banks first started.
Better still the bail-out was created interest-free but Jewish Treasurer Josh Frydenberg in good old ‘long nosed’ style added an interest component ensuring it is paid back. We wish him good luck there.
Now this worst-kept secret of the banksters has hit the airwaves. The cat is out of the bag-officially.
Following on from this fiscal revelation an honest government would continue creating national credit for the benefit of nation building infrastructure at 0.05 per cent interest rate to cover the cost of bureaucracy if granting credit to private enterprise. Federal and State government owned new infrastructure building should be exempt from interest.
In essence this credit, backed by our inestimable in-situ precious metals, coal, iron ore and nearly every other valuable mining commodity known to mankind, and our people, Treasury credit creation could remove:
- income tax
- payroll tax
- Goods and Services Tax
- land tax(States)
- fuel excise tax (38 cents per litre)
- stamp duty on property sales (States)
- motor vehicle taxes (States)
- every other tax or impost
- and most importantly remove the professed need for overseas investment(ownership)
Threats yesterday by China to boycott our agricultural exports and education providers if we don’t back down from an independent inquiry into the Coronahoax should be ignored. Australia does not need Chinese investment. In fact an honest government would confiscate all Communist Chinese Government-owned property in Australia as reparation for war crimes associated with the bogeyman Wuhan virus.
We could build the Bradfield Irrigation scheme, new high-speed rail links, steel works and foundries, aluminium manufacturing, new age, clean coal fired power stations, new age, safe nuclear reactors ad infinitum in deference to Chinese and the City of London financiers.
These projects could be funded just like the Snowy River Scheme without borrowing and give every Australian a standard of living equal to the best on Earth.