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.
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.
Former Prime Minister John Howard comes out of mothballs to demonise gun owners yet again!
This autocrat of the Liberal Party lives in another world. This is the man who allowed Port Arthur to occur. This man knew there was to be a psychological operation about to be waged against the Australian people. It was our first real, large scale terrorist attack putting aside the 1970’s rubbish bin bomb in Melbourne, which on the facts today was the first psy-ops carried out with the knowledge of a few in authority.
Howard and others knew the Tasmanian massacre was about to occur. It was not perpetrated by an ineffectual and incompetent young man with an IQ if 60.
Cairns News has published much about the Port Arthur shootings. Martin Bryant was not capable of inserting a box magazine into a Colt AR 10, 7.62mm assault rifle. This testimony was given to police by a Tasmanian gunsmith. This gunsmith was pilloried and harassed by authorities until he lost his business and fled the State.
Martin Bryant was charged for mass murder which he was incapable of doing. Simple facts that were buried by a 30 year ban on court transcript publication.
Now we have a raving Jesuit such as former National Party deputy Prime Minister Tim Fischer, again bagging and demonising gun owners. Tim should explain to the Australian people why he left Parliament overnight. The Federal Liberal member for the Cairns-based electorate of Leichardt, Warren Entsch was involved in Fischer’s sudden departure from Parliament.
Fischer also might like to explain what happened to him when subsequently he was resident in the Vatican as Australian Ambassador to the Holy See.
The Jesuits are the hitmen of the Catholic church, pure and simple. Fischer was an army officer who served in Vietnam. He and the Bolshevik television personality Ray Martin led the campaign to disarm the Australian people.
Now after an Islamic terrorist attack in Sydney that, as Senator Leyonhjelm said today, could never have occurred in most States of America because its citizens are allowed the right of self-defence. The Islamic terrorist would know he was interfering with people who might be carrying a firearm. That alone would have been a deterrent.
At least one person in the café could have been carrying a firearm.
The mad muslim would have been shot immediately. The psychological distress and economic savings to the country are immeasurable.
As the Senator said: “Our citizens are victims waiting to be hurt.”
For many years Australian defence experts have advocated arming the population with military rifles based on the Swiss citizens militia model where all responsible adults keep a government issued rifle in their home.
They undergo periods of mandatory military training in readiness for any invader. Not surprising, there is little recorded crime against the body or property in Switzerland. Can anyone remember Switzerland having ever been invaded?
There are no violent home invasions that we see every week in Brisbane and other larger centres. Because responsible Swiss citizens have been taught how to use a firearm.
How much longer do we have to put up with the treachery of the Labor Party’s Bill Shorten, the Greens Hanson-Young and the likes of Howard and Fischer. These people should have been tried for terrorism.
Watch this video featuring Wendy Scurr the first person into the broad arrow cafe after the Port Arthur massacre. She has a completely different story to tell from the mainstream media , the police, and the federal and state governments. Find out just how much disinformation and myths have been created around the pre-planned Port Arthur massacre. Watching this video with an open mind you will never be the same again.
Australia bans reporting of multi-nation corruption case involving Malaysia, Indonesia and Vietnam
Today, 29 July 2014, WikiLeaks releases an unprecedented Australian censorship order concerning a multi-million dollar corruption case explicitly naming the current and past heads of state of Indonesia, Malaysia and Vietnam, their relatives and other senior officials. The super-injunction invokes “national security” grounds to prevent reporting about the case, by anyone, in order to “prevent damage to Australia’s international relations”. The court-issued gag order follows the secret 19 June 2014 indictment of seven senior executives from subsidiaries of Australia’s central bank, the Reserve Bank of Australia (RBA). The case concerns allegations of multi-million dollar inducements made by agents of the RBA subsidiaries Securency and Note Printing Australia in order to secure contracts for the supply of Australian-style polymer bank notes to the governments of Malaysia, Indonesia, Vietnam and other countries.
The suppression order lists 17 individuals, including “any current or former Prime Minister of Malaysia”, “Truong Tan San, currently President of Vietnam”, “Susilo Bambang Yudhoyono (also known as SBY), currently President of Indonesia (since 2004)”, “Megawati Sukarnoputri (also known as Mega), a former President of Indonesia (2001–2004) and current leader of the PDI-P political party” and 14 other senior officials and relatives from those countries, who specifically may not be named in connection with the corruption investigation.
The document also specifically bans the publication of the order itself as well as an affidavit affirmed last month by Australia’s representative to ASEAN Gillian Bird, who has just been appointed as Australia’s Permanent Representative to the United Nations. The gag order effectively blacks out the largest high-level corruption case in Australia and the region.
The last known blanket suppression order of this nature was granted in 1995 and concerned the joint US-Australian intelligence spying operation against the Chinese Embassy in Canberra.
WikiLeaks’ publisher Julian Assange said about the order:
“With this order, the worst in living memory, the Australian government is not just gagging the Australian press, it is blindfolding the Australian public. This is not simply a question of the Australian government failing to give this international corruption case the public scrutiny it is due. Foreign Minister Julie Bishop must explain why she is threatening every Australian with imprisonment in an attempt to cover up an embarrassing corruption scandal involving the Australian government.”
“The concept of ‘national security’ is not meant to serve as a blanket phrase to cover up serious corruption allegations involving government officials, in Australia or elsewhere. It is in the public interest for the press to be able to report on this case, which concerns the subsidiaries of the Australian central bank. Who is brokering our deals, and how are we brokering them as a nation? Corruption investigations and secret gag orders for ‘national security’ reasons are strange bedfellows. It is ironic that it took Tony Abbott to bring the worst of ‘Asian Values’ to Australia.”