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Pause ….

14 Oct

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Other duties call. I need to focus on those for a time.

Moderation will be intermittent at best. All comments to this thread will be read … eventually … but please do not be surprised if it takes some while for them to appear.

Until then ….

The Difference Between Debt-Free Money And Interest-Free Credit

12 Oct

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Cross-posted from Anthony Migchels’ Real Currencies (my comments at conclusion):

The endless barrage of debt, debt, debt, makes debt-free money sound very attractive. But the problem is not debt, it’s interest and interest-free credit based money is superior to debt-free currency. On the other hand, debt-free money could easily be repaired to again be a competitive proposition.

Debt-free money is simply unbacked ‘paper’ (nowadays it’d be mostly electronic, of course) money, printed (usually) by the State. It can then either spend it into circulation itself or have the populace do it. The former is commonly referred to as the Greenback, the latter is known as Social Credit.

Interest-free credit is credit by bookkeeping. Not unlike our current fractional reserve banking system, although Mutual Credit is a simpler and superior way of creating credit, as there is no need for deposits (‘capitalization’). Hence Mutual Credit is intrinsically stable, while fractional reserve banking based lending facilities go bust routinely.

Debt-free money is spent into circulation and continues to circulate until it is retired through taxation. Interest-free credit is lent into circulation and is retired when the debt is repaid. Often the two meet. For instance: John Turmel recently gave the example of a Continental (George Washington’s debt-free money) being spent on infrastructure and retired through taxation covering the investment. In this way debt-free money is basically used as interest-free credit by the Government and the circulating Continental could be seen as the National Debt.

A noteworthy difference between interest-free credit and debt-free money  is that interest-free credit can be spent as often as it is repaid, while debt-free money can only be spent once. This means interest-free credit is more flexible.

Isn’t debt a problem?

Debt as a problem is overrated. It’s not so much the debt, but the interest that is killing us. A mortgage is good example: we go into debt to buy the house, say $100k and after 30 years we have paid $250k, $150k interest. For the repaid debt we obtained a house, for the usury we got nothing.

Crucial to understand is that it is not the bank’s credit. It’s just bookkeeping and the banks keep the books for the community, who really owns the credit. It is in reality our brethren who are allowing us to buy now and pay later. Credit is automatic, when it is mutual.

In the news we hear about debt, debt, debt, but nobody is ever complaining about debt-service, while all the debt could be repaid within twenty years should we stop paying interest and use that money to pay back the principal. Why is this so?

Bankers know loans can go sour. They hate to write them off, but will gnashingly do so,  if they cannot avoid it. Business is business and they are realists. But whereas a write off is a one time loss, ending interest payments would just kill their business case.

This is one of the reasons why I prefer an interest strike over debt repudiation too, except for odious debt, which should be repudiated always.

For the debt real stuff was acquired and while the bank loses when the debt is not repaid, it does not gain anything when it is: the money is just retired. It’s not the bank’s, it did not exist before the loan was taken out and disappears when the loan is repaid.

An interest strike, on the other hand, is to a bank what garlic is to a vampire.

The reason the people don’t talk about suspending interest payments to alleviate the debt quagmire is equally clear. They still don’t understand how they are being colonized through Usury. They assume interest on the debt is natural, as they were programmed to.

Having said that, debt is a bond. The lender is the master of the debtor. Less is more. Even when the lender is the community represented by an interest-free credit facility and even when the debt is for a worthy cause, like an interest-free mortgage.

So isn’t debt-free money perhaps better after all? The issue is, that classical debt-free money proposals are accompanied with Full Reserve Banking. The money would not be debt-free for long, once it is spent into circulation. Once it enters the banking system, it will not leave other than as a loan. A usurious loan. Because of the usury, a quick return of money scarcity after spending the money into circulation can also be expected.

So debt-free money in itself does not end interest-slavery. Because the money will be handled by banks, there will also be money scarcity. Not only because of the usury, but also because the bankers will keep money from circulating in the real economy, most notably to feed their gambling addiction in the international financial economy.

Furthermore, a modern economy without credit is unthinkable. People will need mortgages and even more importantly, modern business is impossible without credit. Investments can be very capital intensive and these investments would be impossible to save beforehand. People will perhaps not be too bothered with businesses paying interest, but the reality is the businesses will have to pass on these costs to their customers, being us.

Repairing Debt-Free Money

These days we can provide Full Reserve Banking without interest, through JAK banking. That’s one way of solving the usury problem with debt-free money. Savers don’t get interest on their savings, but they acquire future rights to interest-free loans if they save now and allow that money to be used for interest-free loans to others.

Probably even better is demurrage, where those with a positive balance pay ‘interest’, basically a penalty for holding money. Demurrage is based on the ways of the ancients, who used to store produce at central warehouses and got receipts in return. These receipts were used to pay others and they declined in value, because the produce in the warehouse did too.

Demurrage is designed to discourage hoarding of money. As a result, velocity of money (how quickly it changes hands) is vastly increased. Not only that, the penalty gives a clear incentive to lend interest-free, as it saves the cost of holding on to it. It is also promotes paying in advance, which also amounts to an interest-free loan. Paying up front instead of at the time of the purchase is very beneficial for the supplier, who can use the money to finance investments interest-free. So demurrage lessens the need for credit and provides interest-free credit.

The great disadvantage of demurrage is that there is little experience with it. The upside is, the experience there is, is very positive. The classic case is Wörgl, Austria, where demurrage money solved the Great Depression in 1934.

Conclusion

Interest-free credit is superior to debt-free money. It is more flexible and gets to the heart of the matter, which is usury. We will never be able to do without credit, but we can rule out interest on the debt.

Current debt-free proposals do not comprehensively solve usury, and thus also not money scarcity.

However, debt-free money can be decisively improved, both by interest-free JAK banking and demurrage.

There is no tutor like practice and ultimately we will have to experiment with different systems to know which is best.

The best part of the story is, that we have several ways of solving our monetary problems overnight. Only the knowledge and the will are lacking as yet and this is changing too.

My own alternate currency proposal, Jubileeus, includes both interest-free banking and demurrage.

I believe it could solve the problems of usury, and money scarcity.

Because it enables every citizen to become their own central banker.

Creating and issuing their own interest-free, demurrage-based digital currency.

Subject to uniform, pre-programmed rules.

Including a personal “Honour” rating.

Publicly visible to other participants, immediately prior to any transaction.

Automatically calculated, as a consequence of both the credit creation and repayment actions of each and every citizen “central banker”.

It is a system that means no one in society need ever be without “money” to buy necessities.

An end to poverty.

Where no one need ever pay interest to borrow.

Where there is a disincentive to “hoard”, or “save” currency, thus slowing the “velocity of money”.

Because hoarding Jubileeus worsens your personal Honour rating.

It is a system where money is never scarce. There can be no “credit crunch”, or “Great Depression”.

Because the total money supply is limited only the number of individuals participating.

And, by the willingness of society to accept a very large, sustained, overall fall in the Honour of each other.

Something which the system is designed to resist. And — over time — to restore.

It is a system where credit creation and “money supply” are regulated by a power that is not central.

It is universal, and natural.

Time.

The Time needed to earn Jubileeus, and so repay your interest-free “debt” to yourself.

And/or, the Time needed for demurrage to automatically restore your Honour rating.

If you have some free Time now, why not spend it on learning about The People’s NWO: Every Man His Own Central Banker.

It is a system that an award-winning contrarian economist — one of just thirteen who predicted the GFC — described as being “about the best” alternate currency system he has heard of yet.

Pentagon Warns EU To Expect “Radical” Change In US Government Soon

9 Oct

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Obama the Dictator?

This is the kind of end game that arises as a result of the power of usury, to enslave through endless debt growth.

From the EU Times:

A highly troubling “urgent bulletin” issued earlier today by the Ministry of Foreign Affairs (MoFA) states that it has received information from the Main Intelligence Directorate (GRU) warning to expect a “radical change” in the government of the United States, possibly within the next fortnight, based on information they have received from “highly placed” sources within the Pentagon.

According to this MoFA bulletin, GRU intelligence assests were notified by their Pentagon counterparts this past week that President Barack Obama is preparing to invoke the powers given to him under 50 USC Chapter 13 to hold that various American States are now in a “state of insurrection” thus allowing him to invoke the National Emergencies Act under 50 USC § 1621 and invoke the highly controversial “continuity of government” plan for the United States allowing him, in essence, to rule with supreme powers.

Specifically, this bulletin says, Obama will invoke 50 USC § 212 that states: “ the President shall have declared by proclamation that the laws of the United States are opposed, and the execution thereof obstructed, by combinations too powerful to be suppressed by the ordinary course of judicial proceedings”

To the specific “combinations too powerful” Obama will cite in his declaration of National Emergency as being needed to be defeated by extraordinary measures, the MoFA says, is a faction of the US House of Representatives popularly known as the Republican Tea Party whom the President and his allies have likened to “hostage takers” and “political terrorists.”

Obama’s greatest fear, and reason(s) for declaring a National State of Emergency, this bulletin continues, was outlined yesterday by his US Treasury Department who released a report yesterday warning of potentially “catastrophic” damage should Congress fail to raise the debt ceiling and prevent the government from defaulting on its debt.

As the current US government shutdown crisis and debt ceiling fight have now merged, the MoFA warns in this bulletin, Obama further warned yesterday that an impasse on the debt ceiling beyond 17 October, when the US government will be essentially out of cash to pay its bills, could start a downward economic plunge worse than the recession of five years ago – with credit markets seizing up, the dollar’s value plummeting and US interest rates soaring and even coming close to the brink of such an unprecedented default that could roil both domestic and foreign financial markets.

Preparing to oppose Obama, should he, in fact, declare a National State of Emergency, the GRU grimly warns, is the US military who themselves are preparing to invoke 50 USC § 842 which allows them to protect America from “The Communist Party of the United States, or any successors of such party regardless of the assumed name, whose object or purpose is to overthrow the Government of the United States, or the government of any State, Territory, District, or possession thereof…”

Not known to many Americans is that the Progressive movement Obama belongs to, and whose media acolyte “presstitutes” swept into office, have long been associated with the Communist Party.

And, as the World Net Daily News Service reported this past August, John C. Drew, Ph.D., the award-winning political scientist, met Obama in 1980 and wrote in 2011: “[Obama] believed that the economic stresses of the Carter years meant revolution was still imminent. The election of Reagan was simply a minor set-back in terms of the coming revolution. … Obama was blindly sticking to the simple Marxist theory … ‘there’s going to be a revolution.’ Obama said, ‘we need to be organized and grow the movement.’ In Obama’s view, our role must be to educate others so that we might usher in more quickly this inevitable revolution.”

Another civil war in America?

Full story here.

Sovereignty Gone: Abbott To Sign Highly Secretive TPP Agreement This Month

9 Oct

Just as I warned here and here, Tony Abbott’s election night victory speech “Open for business” really means “the path to serfdom”.

What is becoming clearer by the day, is that many decades of Australian governments (both “sides”) financing our profligate living habits (ie, trade deficits) by selling off Australia’s national assets, is now reaching a more sinister denouement.

The Abbott government intends to formally sell out our national sovereignty.

Just as international corporatism (money-lending, in particular) has long desired, and planned for.

Imagine a future where the Australian national government is little more than a figurehead. One that can no longer protect you and your children from the predatory aspirations of greedy, profit-and-power-mad international bankers, and the big multinational corporations they finance.

In plain language, that is what the TPP really means.

Cross-posted from Independent Australia:

The Abbott Coalition looks set to sign off on the highly secretive Trans-Pacific Partnership later this month, but what will it mean for ordinary Australians? Dr Matthew Mitchell reports.

Initial nations involved in the TPP; it may include more later.

Initial nations involved in the TPP; it may include more later.

WHAT SORT of “Trade Agreement” manages to both criminalise internet use and force coal seam fracking onto communities?

The answer to this is the Trans-Pacific Partnership (TPP), a pact that has the ominous potential to achieve both these corporate objectives — and many more.

Of course, we cannot know the exact effects of the TPP, as the negotiations over the past few years have been held in secret.  However, two leaked chapters – out of the 26 or more under negotiation – have caused more than their fair share of concern.

One of these chapters threatens to undermine both our existing domestic and international legal systems, throwing away the protections and rights achieved over hundreds of years.

How? Through tribunals linked to a system of International Investor-State Dispute Settlements (ISDS). The one in the TPP led to an open letter signed by prominent Australian judges, lawyers, politicians and academics insisting that the government should not sign an agreement that includes ISDS. The letter states:

‘…the increasing use of this mechanism to skirt domestic court systems and the structural problems inherent in the arbitral regime are corrosive of the rule of law and fairness.’

But ISDS is most definitely included in the proposed TPP put forward by United States negotiators.

The Gillard government made it clear that Australia would not sign another trade agreement that included international dispute settlement by tribunals. This followed Australians being burnt by an agreement that has allowed Phillip-Morris to take Australia to an international tribunal over its plain packaging laws, even though our own High Court already decided against Phillip-Morris.

Other countries are experiencing equally serious consequences.

The North American Free Trade Agreement (NAFTA) is being used by gas and oil company Lone Pine Resources to sue Canada over Quebec’s moratorium on fracking. A trade agreement was also used to sue Ecuador for USD $1.77 billion.

The Coalition’s trade policy document indicates that Abbott’s government will sign the TPP with acceptance of ISDSs because the Coalition is

‘…open to utilising investor-state dispute settlement (ISDS) clauses as part of Australia’s negotiating position.’

Not only that, but it says it will

‘…fast track the conclusion of free trade agreements.’  

Tom J. Donohue, CEO and President of the U.S. Chamber of Commerce, told CNBC that the TPP deal will be completed in a month.

Added to the threat of ISDSs are many other concerns, including those raised by the leaked chapters.

For instance, based on the leaked IP chapter, Aaron Bailey of OpenMedia.ca is concerned about the new powers that may be given to massive international media organisations [IA emphasis]:

The TPP seeks, among other things, to rewrite the global rules on intellectual property enforcement that would give Big Media new powers to lock users out of our own content and services, provide new liabilities that might force ISPs to police our online activity, and give giant media companies even greater powers to shut down websites and remove content at will. It also encourages ISPs to block accused infringers’ Internet access, and could force ISPs to hand over our private information to big media conglomerates without appropriate privacy safeguards. You can see a more complete list of new restrictions below, but it appears that the TPP would turn all Internet users into suspected copyright criminals. In fact it appears to criminalize content sharing in general.

A statement by a U.S. trade representative at the recent ASEAN meeting in Brunei said that the TPP Ministerial Meeting held at the APEC meeting in Bali in early October would be a “milestone” and that the aim was to finish the TPP agreement “by the end of the year“.

President Obama is scheduled to address the APEC leaders, including Tony Abbott, on October 7.

Before Prime Minister Abbott signs this agreement, Australians deserve to know what rights we may be signing away.

Upcoming Information sessions on the TPP:

  • Melbourne, Oct 15. Hosted by Swinburne University. See here for details.
  • Sydney October, 22. Hosted by AFTINET.  12-2pm Macquarie Room, NSW Parliament, 6 Macquarie Street, Sydney. RSVP by Oct 21: campaign@aftinet.org.au

Barnaby Sells Out?

4 Oct

From the Australian:

BARNABY Joyce, who has built his political career opposing foreign investment, is under fire for hypocrisy after giving his blessing to the sale of two of the Northern Territory’s best known cattle stations to Indonesia’s biggest live cattle importer.

The Agriculture Minister, who two weeks ago asked Australians to “make a big noise” and oppose the Indonesian government’s plan to purchase a million hectares of cattle country, said he supported the latest sale after talking to the Northern Territory cattle industry.

The Santori company – a subsidiary of the Indonesian agribusiness Japfa group – is purchasing two large Northern Territory cattle properties, Riveren and Inverway stations.

Mr Joyce said last night he made the decision to support the sale after talking to northern Australian cattlemen.

“They wanted the sale to go forward,” he said.

The Deputy Nationals Leader said the purchase of the two cattle stations was a joint venture on lease-hold land, that would kick-start the live cattle trade to Indonesia.

He dismissed the charge of hypocrisy, declaring the Greens wanted to “shut down the trade all together” and Labor had created the slump in cattle exports in the first place. “We are just trying to sweep up the dishes they dropped,” he said.

Mr Joyce’s decision to support the sale is a stark departure from his public call – about two weeks ago, before being appointed to the ministry – for Australians to “make a big noise” and oppose a similar plan from the Indonesian government to buy farmland and raise cattle for the domestic market.

“I cannot possibly see how it is in the national interest, what benefit is it to Australian farmers, to Australian taxpayers, if another entity buys our land to breed their cattle, exports them to their own facilities and pays tax in another country,” Mr Joyce said at the time.

The Nationals deputy leader’s about-face received a mixed reception from his party colleagues yesterday. Some of them have flagged a tough fight on the potential sale of Australia’s largest listed agribusiness, GrainCorp, to US firm Archer Daniels Midland if it is approved by Joe Hockey.

NSW Nationals senator John Williams said Australia should own its own farmland, with the profits going back into regional and rural towns.

“Have the owners of those stations had them on the market for a long time?” Senator Williams said. “Are they desperate to get out? If they can’t get a local buyer, then I wouldn’t blame them for selling to a foreign buyer. But I like to see Australians own our farmland. I want to see the profits of those farms spent locally in our regional towns.”

Queensland LNP MP George Christensen said Mr Joyce was only meeting the demands of industry.

“You have to talk to the local industry, and my understanding is that they are all behind it.

“In that case, as Australia’s Agriculture Minister, he is (fulfilling) the wishes of the Australian agricultural industry,” he said.

F*ckwit Fisked

4 Oct

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Enjoy seeing a smug, holier-than-thou “public intellectual” being rebutted, point by point?

So do I.

Cross-posted from Andrew Bolt’s blog:

Professor Clive Hamilton, the abusive and dictatorial Gaian climate catastrophist, seems to me to be a racist as well. As well as being totally irrational, that is:

binge-drinking and obesity are two signifiers of the curse of speaking English

Hmm. How long has Russia been English-speaking?:

Today, according to the World Health Organization, one-in-five men in the Russian Federation die due to alcohol-related causes, compared with 6.2 percent of all men globally. In her 2000 article “First Steps: AA and Alcoholism in Russia,” Patricia Critchlow estimated that some 20 million Russians are alcoholics in a nation of just 144 million.

Large swathes of Europe must have also started to babble in English from under the table:

THE world drank the equivalent of 6.1 litres of pure alcohol per person in 2005, according to a report from the World Health Organisation… The biggest boozers are mostly found in Europe and in the former Soviet states. Moldovans are the most bibulous, getting through 18.2 litres each, nearly 2 litres more than the Czechs in second place.

Again and again, Hamilton makes spurious links between English-speaking and some sign of depravity or lack of self-control:

Being fat and English-speaking seem to go together.

Once again, the facts contradict Hamilton. From the World Health Organisation:

According to WHO estimates, more than 75% of women over the age of 30 are now overweight in countries as diverse as Barbados, Egypt, Malta, Mexico, South Africa, Turkey, and the United States. Estimates are similar for men, with over 75% now overweight in, for example, Argentina, Germany, Greece, Kuwait, New Zealand, Samoa, and the United Kingdom. Notably, the Western Pacific islands of Nauru and Tonga have the highest global prevalence of overweight where nine out of every 10 adults are overweight.

Hamilton tries again:

It is now widely believed throughout the West that rich countries are experiencing social fragmentation and “moral decline”. To the extent that this is true, the decline is being led by the Anglophone countries… When English-speakers marry the partnership is more likely to founder.

Once again, the facts contradict his anti-Anglo theory:

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Again, Hamilton exaggerates:

Along with television viewing, use of recreational drugs is a response to boredom and anomie. In Anglo countries, cannabis use is much higher than elsewhere.

In fact:

About 180m people aged between 15 and 64 smoked weed in the past 12 months, compared with around 160m a few years ago. The drug is most popular in New Zealand and Italy.

So it strikes me that Hamilton simply wanted to believe the very worst of English speakers, regardless of the evidence. Indeed, some of the pathologies he seizes upon as evidence of the hazards of English speaking are in fact evidence of greater wealth. And he lets loose on people of Anglophone countries with a stream of abuse that if applied to any other “racial”, ethnic or language group would have him and the ABC (which published his rant) in danger of a breach of the Racial Discrimination Act:

If binge-drinking and obesity are two signifiers of the curse of speaking English, another is television viewing, and the decline in social life that goes with it… Anglo-narcissism …  Badly behaved children are to be found everywhere, but they are more likely to have their tantrums in English…

Nations encouraging the introduction of English can expect that, over time, their citizens will become more individualistic, more materialistic and less compassionate. They are also likely to want to watch more television, eat more junk food, become fatter, marry less and divorce more often. Their children will become less disciplined, more likely to need drugs to calm them down, and to binge on alcohol when they reach their teens.

Not Just The Best … The Coolest Film Ever Made

3 Oct

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My all-time favourite movie. Russell Crowe’s too, or so I’ve read.

From The Vine:

Silk Road crushed

Bad news, lovers of buying drugs on the interwebs: Silk Road has been shut down by the Feds. Yes, the online drug marketplace that you went “seriously? If that exists and I know about it, then surely someone in law enforcement also does,” currently boasts the same sort of shutdown notice you saw on that site a few weeks after going “any movie on the planet? If that exists, and I know about it, then surely…”.

They’ve also arrested the site’s owner – 29 year old Ross William Ulbricht, an American tech kid who went by the name Dread Pirate Roberts in yet another piece of evidence that The Princess Bride is in fact the best film ever made.

At Least He’s Not A Hypocrite … IF He Goes Through With It

3 Oct

Actions speak louder than words.

As with climate change itself, I am perfectly content to wait and see whether 32 years-young Eric actually goes through with his twin commitments, before drawing any conclusions about his sincerity.

From Investor’s Business Daily:

Crying Like A Schoolgirl Over Global Warming Report

Hysteria: A weeping meteorologist says he’ll forgo jet travel and having children because he’s upset by last week’s climate change report. He will likely be the object of much mockery. But might he also be a victim?

Eric Holthaus appears to be a publicity hound crying out for attention. His tweet explaining how he broke down in tears to his wife upon hearing that the United Nations’ Intergovernmental Panel on Climate Change say it’s 95% certain man is warming Earth is surely self-serving.

So, too, is his claim that on Friday he was boarding “the last flight I ever take” because flying is “not worth the climate.”

The former Wall Street Journal weather writer also pledged to have “no children” and was “thinking of a vasectomy” to help him keep his promise.

It’s OK to laugh at Holthaus. Grown men reacting like schoolgirls should be hooted at with great pleasure.

But maybe it’s not all his fault.

The global warming alarmists have created a climate of madness. Their incessant warnings of worldwide disaster and unspeakable human suffering due to man-made warming have sent some people into a frenzy.

Almost five years ago we wrote on these pages about climate change delusion. The first case diagnosed was in a 17-year-old Australian who refused to drink water because he thought it would cause millions to die from the drought-effects of global warming. He was eventually hospitalized in a psychiatric unit, having been depressed for months before being committed.

At that time, we also mentioned that the psychiatrist in charge of that unit told the Boston Globe that he “has now seen several more patients with psychosis or anxiety disorders focused on climate change.”

There were also stories of children “having nightmares about global-warming-related natural disasters” booking appointments with doctors.

We reported, as well, about the American Psychological Association’s effort to condition the public to believe that humans are causing an environmental crisis, an objective it was confident it could achieve because it knows “how to change behavior and attitudes.”

Is Holthaus a victim of an attempt to whip up hysteria over global warming? Or is he part of the campaign?

Whatever the truth, we now live in a world where it’s fine for a grown man to cry over a modern fable like a child frightened by tales of witches and ghosts.

UPDATE:

Some think he’s not really committed …

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ASIC Begs The Question On RBA Scandal

3 Oct

ASIC is in full ‘fire control’ mode, as a result of its astonishing failure — begging the question of complicity — in the RBA corruption scandal.

But it seems many just aren’t buying their lines:

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RBA “A Culture Of Systemic Lying And Greed”

1 Oct

Cross-posted from Macro Business:

It is one of the more weird characteristics of Australian economic commentary that the Reserve Bank of Australia enjoys an untouchable position. Bank economists and economic observers all hold the central bank in very high esteem, to the point where it is borderline criminal to question the monetary authority.

The reason for this is pretty straight forward. The world of employed economists in Australia is very small and you don’t want to be marked as a trouble maker if you intend, as many do, to move between public and private offices over your career.

Which brings me to last night’s Four Corners episode that recounts the allegedly corrupt histories of the RBA subsidiaries, Securency and Note Printing Australia, as well as at the bank itself.

If you missed the program I suggest you set aside 45 minutes to watch it in the near future. It is here. I’ve been aware of most of the allegations for years but to see the entire story told from beginning to end is really something else. It is shocking.

The program describes a culture of systemic lying and greed, of economics without ethics, of total failures of governance, of group think and entitlement throughout the elite levels of the RBA’s subsidiaries and perhaps at the bank as well. I have had my faith in the institution shattered and only a full and open inquiry has any hope of restoring it.

I have no idea if anything will come of the investigation. Probably not. But the stain upon the Reserve Bank of Australia will thus be all the more indelible.

Good.

It is this blogger’s fervent hope that this scandal will prompt many more people to begin to ask questions about the RBA.

Leading, most importantly, to the question of why we permit it to exist at all.

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