Re-establish a true national bank

To defeat the Money Power and guarantee Australia’s economic future:

Re-establish a true national bank

Fifty years ago today—14th January‚ 1960—Prime Minister Robert Menzies committed an act of treachery on behalf of his private banker friends‚ and neutered Australia’s national bank‚ by removing the Commonwealth Bank’s central banking powers‚ and reducing it to a mere trading and savings bank.

The powerful central banking function‚ by which the Commonwealth Bank had regulated and leashed the private banks‚ was renamed the Reserve Bank of Australia‚ and placed under the control of a private board of directors; its first Governor‚ H.C. “Nugget” Coombs‚ boasted that he was a member of “the international freemasonry of central bankers”.

The City of Londondirected private banker fraternity‚ including Menzies’ best friend‚ financier Staniforth Ricketson of J.B. Were & Son‚ whom the patriots in the early Labor Party called the “Money Power”‚ had finally achieved what they had strived for since the Commonwealth Bank’s establishment in 1911—the end of sovereign government control over banking.

Today‚ Citizens Electoral Council leader Craig Isherwood called on Australians to rejoin “old” Labor’s fight against the Money Power‚ and demand the reestablishment of a true national bank like the Commonwealth Bank.

“If Australia is to have a prosperous economic future‚ we must harness the nation’s credit to build largescale water‚ power and transport infrastructure‚ and foster essential agricultural and manufacturing industries‚ which means we need a true national bank‚ owned and run by the government for the common good‚” he said.

“The early Labor Party fought against the Money Power’s private control of banking‚ because they understood that a government only had true sovereignty‚ if it exercised ultimate control over the monetary system through a national bank.

“Thanks to the influence of proAmerican forces in the early Labor Party and among the writers of our Constitution‚ Australia is a unique country‚ in that we are the only nation outside of the U.S. to have had a true‚ Hamiltonianstyle national bank‚ which was expatriate American and Commonwealth Bank architect King O’Malley’s intention when he created it‚ going so far as to proclaim‚ ‘I am the Hamilton of Australia…’” [Alexander Hamilton was the 1st U.S. Treasury Secretary under President George Washington‚ and the inventor of national banking.]

In the two periods when the Commonwealth Bank was able to function as a true national bank under government control and directing finance for the public good‚ 19121923 (under the governorship of Sir Denison Miller) and 19411945 (under the Labor government during WWII)‚ its achievements were stunning:

The TransAustralian Railway;
Financing the national wool clip in WWI;
Stopping a run on the private banks during WWI;
Financing Australia’s miraculous wartime economic mobilisation in WWII;
Zero wartime inflation during WWII.
In 2001‚ the CEC published its book‚ What Australia Must Do to Survive the Depression‚ which includes readytoenact legislation for a new national bank‚ the Commonwealth National Credit Bank Bill‚ and an explanation for how a new national bank would function to be as successful as its predecessor.

Mr Isherwood concluded with a challenge: “Next year‚ 2011‚ is the 100th anniversary of the 22nd of December‚ 1911 passage of the Commonwealth Bank Act‚ the single most important piece of legislation in our history‚” he said.

“Join the CEC’s fight to reestablish a national bank‚ and let us set that anniversary as the deadline to achieve it.

“God knows we need it‚” he said.
ends

© Scoop Media