Letter: The banksby Nadir MartelloNews Weekly
, December 16, 2000
"Banks daylight robbery" describes the situation we find ourselves in regarding the huge profits ($3.24 billion) of the National Australia Bank, which are inimical and grossly unjust. But that does not tell us the whole story of how and why the banking system is allowed to operate in the manner it does nowadays.
We think of banks as places where we can go to borrow money, which assuming it was ours to start with, or which they have borrowed from others, or hold on deposit from other customers. Beyond that we think little on the basic facts about money or banks.
We must first grasp the fact that money, unlike the goods it represents in buying and selling, can be quickly and cheaply produced, in unlimited quantities; much more easily, for example, than your morning newspaper. In fact, a government could produce money for nothing, or almost nothing in the form of credit.
The basic fault in our financial system is that the creation and supply of most money is in the hands of the banks, whose primary objective is to make profits for the shareholders.
As G. K. Chesterton said, "I do not believe in a fate that falls on men however they act; but I do believe in a fate that falls on them unless they act."Nadir Martello
Lismore Heights, NSW