December 16th 2000

  Buy Issue 2598

Articles from this issue:

CANBERRA OBSERVED: Queensland Labor sinks in electoral rorts

POINT OF VIEW: A Christmas reflection

QUARANTINE: AQIS caught out in apple documents

WA POLITICS: WA election - can the Court Government survive?

VICTORIA: Bracks' fading honeymoon with voters?

SNOWY RIVER SCHEME: Snowy River diversion - Governments' hidden agenda

A History of North Melbourne C.B.C. Released

AGRICULTURE: Imports threaten $55 billion agricultural market

Letter: Medicare

CULTURE: Where to now in the Culture Wars?

Straws in the Wind

COMMENT: Mission possible? Restoring the Lucky Country

EUTHANASIA: Holland's death wish


Japan outlaws human reproductive cloning

Letter: The banks

Letter: The 'Reith Affair'

Letter: 1900 telephone sex lines

Letter: GST propaganda bill

Books promotion page

Letter: The banks

by Nadir Martello

News 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

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