“To deal with unemployment and to make that industrial and economic preparedness which is the essence of national defence and security, three related monetary steps are necessary.
1. National control of credit to ensure it’s adequacy to maintain and increase employment.
2. National control of interest rates, in order to keep to a minimum the monetary and capital costs on production and Industry.
3. National direction of investment with the objective of assisting in the promotion of a balanced economic development.
The Commonwealth Bank is the logical instrument to function for the community in affecting monetary re-adjustment and economic reconstruction.
The Labor Government will legislate so that the Commonwealth Bank would be able to completely control
A. Credit for the nation.
B. Rates of interest.
C. Direction of general investment.
D. Currency relations with external markets.
The Labor Party points to these planks of its platform and insists that the Commonwealth Bank must have its original charter restored.
The policy of the government must be given effect and the people’s authority established in respect to an indispensable national service.
If the Government of the Commonwealth deliberately excluded itself from all participation in making or changing of monetary policy it cannot govern except in a secondary degree.”
Foreign debt started in 1983 when the Australian dollar was floated and financial deregulation took place.
In the past 43 years, foreign debt has climbed to $1.2 trillion or 43 per cent of Australia’s GDP.
By the time the average Australian wakes up, universal wage and central bank digital currency, all controlled by data centres, will be in place and you will be a digital prisoner in your own country. But hey, you go right on back to sleep.
— Jeff Davy
Numurkah
5°C