Posted by Editor, cairnsnews
by Robert J Lee
The mainstream media seems unable to publish any reliable news unless it has a quote from ‘professionals’ who are supposed to know something about the subject which they have been asked to remark.
The media has to ‘tag’ people to enable them to make authoritative statements and any obscure spokesman from any university will do. After all are not uni’s supposed to be esteemed halls of learning? Those which haven’t been overrun by socialist lecturers and others pushing extreme agendas are hard to find.
Take the case of the economy, taxation and the $330 billion created by Treasury for quantitative easing (credit creation with interest) of the loss of income for small business, banks and 750,000 sacked employees due to the coronavirus outbreak. Incredulously, private banks have been propped up by at least $130 billion of these funds.
News Ltd felt obliged to ask Professor Robert Breunig who leads the Australian National University’s tax and transfer policy institute (whatever that might be) to comment.
This professor, if correctly quoted could have been the right hand man of Maynard Keynes, the noted economist who was labelled by Time Magazine in 1999 as one of the most important people of the century because of his economic theory of issuing money as a debt.
Keynes, who died in 1946, was a director of the Bank of England and a promoter of free trade economics in which open market operations, direct taxation and government borrowings would keep a nation’s economic policy flowing nicely.
Nicely flowing right into the pockets of the financial oligarchy.
Keynes’ economic legacy has been lining the private banks’ pockets for 100 years to the detriment of the general population by limiting growth of economies and biting personal taxation to keep up with interest rates on borrowed funds.
ANU economist Professor Robert Breunig has not yet caught on that the Australian Treasury two weeks ago actually issued its own credit out of thin air with no interest attached which has been an enormous boost to the failing economy caused by the lock-down of a nation. However it seems Treasury has attached an interest component for borrowers.
Bruenig believes the older generation, in good old Keynesian style, should shoulder more of the coronavuirus burden by increasing their tax burden.
“The massive government spend of at least $330 bIllion to counter the economic shock of Covid 19 will have to be paid for by young people,” Professor Breunig told News Ltd.
This learned prodigy of the ANU does not understand what Treasury has done. He doesn’t understand basic monetary creation. Treasury has issued funds as a credit not as a debit and to hell with the private bankers. He doesn’t understand that income tax and a consumption tax are bad policies for which there is no need if money was issued by Treasury as a credit backed by the vast, valuable natural assets of this country.
Another famous monetary reformer from the 20th century, Major C H Douglas was diametrically opposed to Keynesian monetary policy and took the fight right up to the oligarchy with his social credit analysis:
“The economy exists to provide people, as efficiently as possible, with the goods and services that they need to survive and flourish. That is, production exists for the sake of consumption, not for the sake of money-making, employment, satisfying the creative impulse, or ‘moral’ discipline (considered as ends in themselves). It most certainly does not exist for the sake of centralizing wealth and power in the hands of an oligarchic elite.”
Treasury, under the Jewish Treasurer Josh Frydenberg, has to a point, beaten central banks at their own game. This created national credit should be given interest free as a ‘Job-Keeper’ wages supplement for small business. Treasury has been playing with the bond market in complicated purchasing and trading of government bonds which in reality is based on smoke and mirrors and not needed to create national credit.
But Frydenberg has required small or large business to pay interest on all other loans under this scheme. This is bad fiscal policy and there should be no interest charged and the loan should be paid back only if the business is capable of doing so, which are the same conditions attached to US President Trump’s US business bail-out.
This crisis was no fault of small business or wage earners.
Trump has beaten the oligarchy at its own game by merging the privately owned Federal Reserve with Treasury. In other words he has nationalised the Federal Reserve and locked out the Rothschild bankers.(and Trump is still alive)
He has just created $2 Trillion for industry bail-out funds interest free.
It seems Frydenberg does not have the intestinal fortitude to defy the private bankers. After all he is a Jew.