Interesting. So Australia had it's own public-owned bank like the one formed in Canada in the 30's. And had it's demise in the early seventies, the same time that the private banks in Canada began printing all the money, when most of the public debt became interest on money borrowed from the private banks.
The Fisher Labor Government in 1910, at the instigation of Tasmanian Member King O’Malley, founded the Commonwealth as a “peoples’ bank”. Almost immediately it showed its value and potential. Among other items, it funded expenditure on World War 1 to the tune of $700 million at an interest rate of five-eights of one percent! Sir Dennison Miller, the single Director of the Bank, claimed shortly after the war that his bank had the capacity, not only to finance the war all over again had it been needed, but that it could save Australia untold millions in peacetime projects as well.
As King O’Malley had foretold, the need for foreign borrowing and compounding debt had been averted for future generations.
For more details, please click on the link to read the article.
Australia: Debt Driven Globalism
Fri, 31 Oct 2008 16:39:00 GMT
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