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Byron Shire
February 25, 2021

Banks and the rent seekers

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Dr Liz Elliott, Mullumbimby

The Sydney Morning Herald‘s headline yesterday was ‘Oz Banks make $71 million profit a day!’ This is profit taken from younger people’s efforts and redistributed to the rent seekers in the top 10 per cent of the population.

Private banks create credit out of thin air but not the interest monies, up to three times the original loaned amount.

Thus there is never enough money for productive people who must compete to play beggar-thy-neighbour and gouge-the-environment to reap back the interest bill.

This is the maths of private banking, it is thus inevitable that they end up with most of the nation’s wealth.

Moreover, private banks choose to fund speculators and housing bubbles rather than small business.

We need public credit creation, responsible to real production, and interest monies returned to the people as environment protection, health, schools, research and affordable housing.

It is eminently do-able. Otherwise Australia will join the sad conga line of collapsing countries ‘in debt’ to private banksters.

 


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2 COMMENTS

  1. Quite apart from that, it would be nice if the Banks paid super profits tax – just think of all the hospitals and schools that could be funded (and all the rest). After all, the Banks are the receipient of millions of dollars of our money just by the mandatory Centrelink payments into bank accounts and the $ they gouge out with every withdrawal, let alone the Government guarantee of savings within a certain amount. Give some back I say and balance the budget, rather than take it out of single parents and our Universities.

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