Economics and Banking – a Sensible Approach

A worthy outline and suggestion that would almost certainly benefit the world.

Citizens Electoral Council of Australia
Media Release Monday, 17 August 2015

“People’s Quantitative Easing”: 

The principles behind it

The reality that sovereign national governments can create public credit and expend it for the Common Good, has now erupted as the central issue of MP Jeremy Corbyn’s bid to become the next leader of the Labour Party in the UK. Corbyn’s policy for the government creation of such credit—dubbed by some a “People’s Quantitative Easing”—has terrified and enraged the City of London bankers whose crimes will be stopped under “Corbynomics”. This, indeed, is the rub: will the City of London and Wall Street mafia continue to create credit for their own private usurious and speculative ends, for which the public ultimately pays through bloody austerity, or will national governments seize that power back from them?

That sovereign power of credit has actually been wielded from time to time by sovereign governments, precisely as Corbyn proposes, if all too rarely. Under its first Treasury Secretary Alexander Hamilton, it was the bedrock upon which the bankrupt new nation of the United States was consolidated after the Revolutionary War of 1776–1783; it was reasserted through President Abraham Lincoln’s “greenback” policy which enabled the United States to survive the insurgency by Southern slave owners and their Wall Street backers and, even as the Civil War raged, to build the great Transcontinental Railroad which finally unified the nation; and it was instituted once again by President Franklin Roosevelt in the 1930s and 1940s, to pull the United States out of the Great Depression and create the “Arsenal of Democracy” to help win World War II.

Public credit for the Common Good was also the rock upon which Australia’s own National Bank, the Commonwealth Bank, was established in 1912 by Australian Labor Party MP King O’Malley, who proclaimed on 30 September 1909 in Parliament, “I am the [Alexander] Hamilton of Australia.” Prime Minister John Curtin and Treasurer Ben Chifley reasserted it to finance the Allied victory in the Pacific during World War II (including building a world-class machine tool industry from scratch), and it was to be the pivot upon which they intended a great postwar industrial and agricultural expansion of Australia, before the British-directed local financial oligarchy and the Privy Council in London overthrew those plans. (Both the Hamilton and O’Malley/Curtin/Chifley policies were presented in depth at the CEC’s March 2015 international conference, “The World Land-Bridge: Peace on Earth, Good Will towards All Men”.)

Such public credit for the Common Good has even taken place in the UK itself, as under the 1945–51 Labour government of Prime Minister Clement Attlee. Attlee nationalised the Bank of England for that purpose, and in the second reading of the Bank of England Bill on 29 October 1945 which accomplished that, his Chancellor of the Exchequer Hugh Dalton cited Australia’s successful government-owned Commonwealth Bank as a key precedent.

With the assistance of a nationalised central bank, Attlee’s government achieved: near-full employment; a 20 per cent increase in farm output between 1947 and 1952; nationalisation of 20 per cent of the economy, including (in addition to the Bank of England) civil aviation, coal mining, the railways, canals, communications, electricity and gas utilities, and the steel industry; the construction of a million new homes between 1945 and 1951; a comprehensive welfare system which alleviated the conditions of abject poverty suffered in the 1930s and drove significant improvements in public health, infant mortality and life expectancy; and the National Health Service, a publicly funded health care system which offered treatment free of charge for all, and treated 8.5 million people in 1948, its first year of operation (between 1948 and 1951 the government’s spending on health almost doubled from £6 billion to £11 billion).

Now, Jeremy Corbyn has put the issue of the deployment of public credit for the Common Good once again squarely on the agenda, and the bankers and their whores in the mass media and political parties are screaming bloody murder, the Blairites in the Labour Party as shrilly as the most rabid Tories. Why? Because “It won’t work”? No, precisely because it has worked in the past and will work again. But it will mean a tectonic shift in power away from the City of London, whose financial oligarchy managed the British Empire in its 19th-century heyday. Now assisted by its junior partner Wall Street and the IMF and World Bank, that British “informal financial empire” (in the words of its own apologists) still rules much of the world today.

From his own experience as Britain’s Chancellor of the Exchequer beginning in 1852, William Gladstone explained the ruling principle: “The hinge of the whole situation was this: the government itself was not to be a substantive power in matters of finance, but was to leave the Money Power supreme and unquestioned.” Now, however, with the aid of the Corbyn campaign, as ordinary people are beginning to question the Money Power and how credit creation actually works, or should work, the private bankers are suffering their worst nightmare.

The simple facts of the matter

Private banks create money in their normal course of business because they are allowed to lend out some multiple of their deposits. Central banks, on the other hand, create money out of thin air. But whether privately or publicly created, everything hangs upon what the newly created credit is used for—for investment into the real physical economy, or for speculation. In the 1920s in the USA, for instance, the big Wall Street banks lent the funds of their depositors largely into speculation. That inevitably led to a financial bubble and then the crash of 1929 and the Great Depression. In order to put the economy back on a solid footing, President Franklin Roosevelt in 1933 enacted the famous Glass-Steagall bill, which mandated a strict separation of normal commercial banking (i.e., that related to the real economy) from the sort of speculative activities typical of such private banking empires as Brown Brothers Harriman, the world’s largest in the 1930s and which, not surprisingly, financed the rise of Hitler.

Glass-Steagall was repealed under President Bill Clinton in 1999. Coming on top of a similar, sweeping deregulation of finance in the City of London in 1986 (the “Big Bang”), this unleashed the global bubble economy of today, where speculative instruments of all sorts now total over US$2 quadrillion, against a world GDP of only US$77 trillion. Inevitably, this channelling of credit away from the real economy into a speculative bubble led to the 2007-08 Global Financial Crisis. Now, the same Too Big to Fail (TBTF) banks in London and Wall Street which caused the GFC are 40 per cent larger than then, mainly because the central banks of the USA, Europe and Japan have since created US$8 trillion of additional money through Quantitative Easing (QE) and pumped it almost solely into those banks, to save them at all cost. So where did they get all that money from? The Bank of England itself gives the lie to the hysterical, anti-Corbyn proclamations in the UK, as in Australia, that “You just can’t go and create money!” As the Bank itself explains in their “Quantitative Easing Explained” leaflet: “The Bank creates money and uses it to buy assets such as government bonds and high-quality debt from private companies” (p. 7, emphasis added). In a related video, the Bank adds that QE is “new money that the Bank creates electronically”. But both in the UK as well as the USA or the EU, this QE has been nothing but a bailout for the TBTF banks: the new $8 trillion has gone almost entirely into purely financial assets, and it has been rigorously proven that the banks have lent almost none of that money into the real physical economy.

Now, just as before the GFC, the TBTF banks have used much of the QE to buy up mortgage-backed securities. This has once again created a gigantic global real estate bubble, led by the soaring home prices in Sydney, Melbourne and London, among other of the world’s major cities. By contrast, the “People’s Quantitative Easing” which Corbyn proposes, is simply the national banking policies of the US, Australian, and even British governments in their better days, when national banks would create money to invest in new physical assets; in particular infrastructure as the driver for economic growth, as the Chinese have amply demonstrated of late, as documented in a presentation at the CEC’s March conference, “China: Great Infrastructure Projects at Home and Abroad”. Just as the Chinese have done, and the BRICS nations as a whole plan to do with their New Development Bank, the Asian Infrastructure Investment Bank (AIIB) and other new credit facilities, sovereign governments can create credit and direct it into building bridges, railways, roads, dams, power stations and buildings for hospitals and schools, as well as capital spending for new plant and equipment.

Any new infrastructure or plant and equipment (in particular machine tools which embody new technology) will lower the physical cost of production while increasing economic output, and thus produce a net physical profit. All newly-created credit will therefore be “backed up by” actual physical production, not by hot air as at present. In reality, “money” is not the issue at all. For instance, on 20 January 1913, when the Commonwealth Bank first opened for business, the bank’s first governor Denison Miller proclaimed, “This bank is being started without capital, as none is required at the present time, but it is backed by the entire wealth and credit of the whole of the Commonwealth of Australia.” The extraordinary resources and productive power of the entire Australian continent had not hitherto been released because the private bankers had kept a chokehold on the creation and deployment of credit. In the event, a modest transfer of funds from the State Savings Bank of Tasmania (organised by longtime Tasmanian MP King O’Malley) and savings of the public deposited in the bank at its post office branches, was sufficient to launch the bank onto its extraordinary course of financing World War I and building Australia’s young economy.

Nor is there any danger of inflation, as the City of London-owned Blairites squeal, as long as such new credit is directed into a constantly expanding physical economy. Again, the whole issue is: What is the credit extended for? If for an expanding physical economy, there are virtually no limits to the process. If for speculation, any such credit is too much. Given that the City of London dominates global finance, Corbyn’s campaign threatens its grip over the entire world, not just the UK. That’s what the ruckus is all about.

In addition to national banking, the UK and the rest of the trans-Atlantic sector and Australia urgently need Glass-Steagall-modelled legislation to rein in London and Wall Street because the world is otherwise headed for a worse crash than even the 2007-08 GFC. As Corbyn’s close associate, longtime Labour MP John McDonnell, emphasised in a 12 August article in The Guardian, “All the factors that caused the 2007-8 crisis are reappearing on the scene”, and Corbyn therefore intends to enact a “full-blown Glass-Steagall system to separate day-to-day and investment banking”. In fact, legislation to enact Glass-Steagall-style banking separation failed by only a 225-274 vote in the House of Commons and lost by a mere 9 votes in the House of Lords during the 2013 debate on the Financial Services (Banking Reform) Bill 2013.

So the next time some idiot of a politician whines in a nasal voice with barely-controlled hysteria, “Where will the money come from to pay for this?”,  just inform the ignoramus, “The same place as it always has: from a government-run national bank committed to expanding the real economy.” Or, as it is sometimes called in the post-GFC, less-scientific lingo of today, from “People’s Quantitative Easing”.

Craig Isherwood‚ National Secretary
PO Box 376‚ COBURG‚ VIC 3058
Phone: 1800 636 432

About Ken McMurtrie

Retired Electronics Engineer, most recently installing and maintaining medical X-Ray equipment. A mature age "student" of Life and Nature, an advocate of Truth, Justice and Humanity, promoting awareness of the injustices in the world.
This entry was posted in AUSTRALIA, Financial Crisis, World Issues and tagged , , , , , . Bookmark the permalink.

7 Responses to Economics and Banking – a Sensible Approach

  1. authorthat says:

    Hello Ken,
    Long time no see, so to speak.
    If you ant the solution to the mark of the beat system, one needs to comprehend all the vital points of it’s rising. The world has operated economies in 5,000 languages, over the last 8,500 years. We know that in the time of the knights for example,, their robberies of the travellers in those days drove people to accept script instead of gold, and thus the globalist banking was evolved from fractional reserve as a debt instrument, today controlled by the council of the Druids.

    Just as the bible states that there are two witnesses, and the ten of Zechariah 8:23 which comprise the leadership of God’s kingdom of priests and a holy nation..these being of the northern ten lost tribes and the southern tribes of Judah…, the land of Israel may as well be called the land of Rothschild, who currently thinks his leases on gas will last, and that the synagogue of Satan as led by the council of the Druids, will keep the inheritance of the children of Israel.

    Those who are in relationship with God and pray in the spirit, know this will never be so. God will not abandon his inheritance. His inheritance is the tribes of all of Israel.
    So, we have an assembly of the evil, within this council. The players here involve the Pindar, Penis of the dragon as represented by the phalic symbol in the 3 city states of London,, Washington and The courtyard of the Vatican. He is Baron Guy DeRothschild. This… is the right hand of the adversary in the world. Then there is the Obamanation as President and sock puppet, who wants to be the one to ratify the false peace treaty of Israel. This, will assign part of God’s inheritance to the Palestinian,. The bondwoman of Abraham had a son, whom did NOT receive the blessings and these were given to Isaac. The Muslim has hated the children of Israel ever since.

    Then there is the false prophet whom is Petrus Romanus & Jesuit. He gathers all religions to him along with the coming alien space brother, yet to be announced. As hardship comes, many will fall away from the church, and divisions will begin between those who will have the mark of the God of Jacob, and those who have the mark of the beast.
    The beast, I see as Vladimere Putin. A very smart Russian that doesn’t even drink vodka, yet allows evil in his country, to solidify his power. He currently prefers wealth over war, but the bankers pull him with hooks to war, and he has sworn to protect Syria.

    The ten others, are most likely now or will be clones of the original. Either way, we already know these will give over their power to the beast. They want war in the middle east to hide their banking fraud, and refuse to forgive debt in this year of the shmeeta. Meanwhile Israel puts up money ans desires the jews to return, which is also scriptural. As things get worse, a evival is growing, to change from the satanic Talmud, ( and away from the christian denominations & Catholic church ) To having the testimony of Jesus AND keeping the Torah. Such, is the messianic vision of the one new man.

    Ok, so now we know there are players on both sides, some 12 on each, and in the spirit, satan and the son of man our saviour. As to current events, The false peace treaty, must come after the shmeeta year, and on the feast of sukkot. Either this year or next can be a reasonable expectation, but let NO man say the time, for this is not given to any man, and God does nothing which he does not FIRST, tell his prophets. Well, the formal religions in the world, of some 4,000 and all of which are corrupted, do not have the prophets leading them, and of those mentioned above which are of the tribes of Israel, have not given ANY time. We know however, that there will be 3.5 years of false peace, and then it will hit the fan for the last 3.5 years. .

    The people of God are going to need a financial solution, so they can afford to survive. In the next comment… just to have your readers build their anticipation, I will provide both the plan of the adversary, AND the solution to his plan, in order to survive it.



    • authorthat says:

      This is the only guy on earth that can write in Quantum. Obviously he makes friends with Petrus Romanus by causing the changeover from the law of the admiralty controlled by the pope, to the biometric authenticaion RFID tie-in chip we are warned not to take.

      Quantum parse syntax grammar mathematics code interface, is connected to the quantum cray five supercomputer array that will monitor all records and transactions on the planet, for all who accept the RFID chip to buy or sell
      Millions will take this as they fall away from the christian churches who have no answer, because they have no leadership of the prophets of God. NO SOLUTIONS. as starvation sets in, in times of upheaval.

      Here is the solution.
      To hell with both the biometric authentication mark of the beast, RFID chip, and to hell with the law of the admiralty of rules regulations orders and codes. I am owned by God… not man, and certainly never the adversary. I know how to live in the world, yet not be part of the world.

      The worlds first credit based LBMA certified gold backed currency. Sized for online budget buying to save and hold wealth for the average person. Encrypted using non prime numbers to keep the governments and tax away from interfering,. Value added, as this is placed into a currency you can have stored for free, delivered to you, or placed into your credit card.
      Vendors this fall begin lining up to apply to accept this new safe and reliable economic model, so they don’t go out of business like those who use one of the 11 Bitcoin currencies, because the value can be altered any time, by a mere change in algorithm.NO CONTROL. I never saw an idiot that wasn’t self made. Crypto currencies will go the way of the dodo bird.. Unfortunately some people are believing those holding seminars to get into this. Well… am I going to believe in God’s use of fair weights and measures ? Or, am I going to listen to some entrepreneur who actually believes he can out think God ?

      So you can prevent loss from fractional reserve currencies. No bank bailing in rules either.
      You can buy or sell in this means when others won’t have access to a private ready made system. accepted in sizes for all vendors in 119 countries who want to stay in business, with people who don’t ant to starve, or go without, or take the RFID chip either.

      Here’s the kicker. You can also be in the business of offering this to others as I am now.. people are paid each Friday in either gold, vaulted for free and delivered, or placed onto their credit cards. The only people who already know about this are those who are in it.

      Just send me an email to get more information. Send it to titled Gold currency.

      • ‘Authorthat’, Reading what you say with interest as there is so much to be learned and understood.
        How does one discern scams, for example, in the case of this latest offering of yours?

      • authorthat says:

        Hello Ken,
        Had time to review a few videos about this bullion exchange company yet ?

      • authorthat says:

        Hello Ken,
        Had time to review a few videos about this bullion exchange company yet ?You will want to watch the Karatbars International videos. One source to watch as an example is Brian Mcginty.

  2. authorthat says:

    Plan of the adversary Finance

    In 5,000 languages, over the last 8,500 years, man has had manipulation by those who serve evil in the world. The economies as in the tradition of the Phoenician’s,, the Knights of the middle ages, and all wars since the Napoleonic war have been banker’s wars, backing both sides, Using the Hegeiian Dialectic. Problem reaction solution.

    Petrus Romanus will announce the arrival of .the alien space brothers. Perhaps readers already know of the abductions, the DUMB’s,, the super soldier program,the clones, and the return of the Nephillim.and cern as the master gate for opening some 72 gates between the fallen and this world. UFO’s are not only real, there is an entire space fleet of back engineered superluminal craft and technologies that have been developed far more than anything in technology than one can see in the movies. For those who do not, you have some reading and research to do.

    Below, is the full video that will explain the means of this mason, to replace the perfect ancient language of Hebrew now being restored to God’s people, and all other languages as it pertains to commerce for buying and selling, but if you don’t use biometrics as a member of society with the mark of the beast biometrics system, then just like those in Russia and those of Hawaii, you too, will have your head taken by the 30,000 guillotines already in the USA right now. This will likely be done under shria law or a similar cover story, like one that says…oh…so you disagree with our way of having perfect communication to keep the peace?

    Similar to the Agenda 2030 cover story, which you can discover from Deborah Tavares on her web site. The pope will be talking to the UN and both houses of congres to confirm his ideology.

    Note specifics about this video. The pope is in charge of all law, all postal unions, appoints all royalty on earth, and earned about 38 trillion by 2009, from taking this wealth from about 25 million trusts held globally. No wonder the pope likes quantum parse syntax grammar mathematics code interface. Can the reader imagine here, how having this kind of thing done for you would make you this man’s friend ? What if you were old that you could have all the advantages of living a very long life span with no health issues ? Gee class, can we say….. TRANSHUMANISM ?
    GMO foods, and seeds of famine by big Agra, and drugs to control us by big pharma ?

    So this guy prepares the world for the economic CHANGEOVER… RIGHT ? He says so in the video if you watch for it. Now, Look at the example of the word AMERICA, on the one dollar bill.
    The word America is a dangling participle on the one dollar bill.
    A is a single syllable and therefore means NO. MERI is Latin for MERCY. CA is Latin for SHEEP.
    So if you read at his level, you are reading this to say, NO MERCY FOR THE SHEEP.

    WHO, dear reader, are the sheep ? These are the likes of the tribes of Israel, and all those who are saved, by the blood of Jesus. The woman which the adversary is roth ( angry ) with in biblical text, is the tribes of Israel., who escape his grasp.

    So, now all contracts, trusts, and treaties are in QUANTUM language. If you do not agree to participate, you will have your head in his examples given.

    What does all this have to to with the mark ?

    Underneath Schreiver AFB, is the cray five supercomputer array, connected to all communications facilities in the world. It is connected to all knowledge banks in the world.It is 100,000 times more powerful than the cray four systems. This system functions in the QUANTUM sense.

    Now we have the RFID chip, for those who agree, to act as the HAARP & electronic cage psycoenergetics controlled transhuman GMO eating human tie-in, between the quantum supercomputer of Satan and the Quantum language it deals with in the new language of the new world order. and now you can buy and sell… HELLO ?

    So now you want to know how to escape this …right ?, ok, if you don’t know it, LIE and nod your head up & down. Say, yes, I think Bill Nye the science guy is the idiot, and not the creationist.
    Now that we have that straight, how can you conduct business without the government knowing, and without the mark ?
    How about using God’s money, which is gold backed currency, encrypted so you can do business of buying and selling with anyone from Amazon or any number of vendors and off line kiosks, to transferr your funds for anything from food to an airline ticket ? All businesses need a stable means of conducting business in the economy. People will flock to get the answer, when they realize the money is no longer any good, and which they had found this web site sooner.

    PS. NO WEB SITE ON THE PLANET, HAS THIS COMBINATION OF INFORMATION IN ONE ARTICLE.. One is very close, but is explained differently and actually the outcome is the same.. You need to be in the line up of getting your hands on exchanging weekly or monthly income, and putting it into this kind of economy, ( budgeted savings ) so you will have something to live on, when the only other choice will be the mark of the beast.

    You will want to avoid the bitcoin also, because this is being sold in seminars as being the answer, but it is not, because it is as subject to an algorithm alteration, just as much as paper is subject to fractional reserve status. Gold, is GOD’S money. So, who are you going to listen too. God ? Or some guy in a seminar who believes he can out- think the almighty ?

    Now, obviously this is only the financial side of the issue of survival, there is still the spiritual aspect of what we have all read in the book. The all know the ending. The good guys win, and the butler had nothing to do with it. Anyway, if you want to be shown “THE REST OF THE STORY”, then I will direct you to my source of the greatest single answer, to replace today’s money system on earth. It is now used as a means of savings, and expands in January 2016 into a gold backed currency. This structure is already placed into well over 150 countries. .

    All the reader needs to do, is send me an email titled… ULTIMATE ECONOMIC SOLUTION, and send it to my name is david.



  3. authorthat says:

    I discovered years ago in the import / export business, one needed to sign a non circumvention non disclosure agreement, and broker agreement, so that you would be protected by whomever acted as paymaster to the brokers in the transaction. Without it, you have no means to get paid for the business that would take place..Most so-called brokers ( unless they did their homework beforehand ) have no idea how to orchestrate a large gold transaction as broker of record either principal to principal or mandate to mandate, an international gold transaction using Swiss procedures for example. This would actually be far more complex that what is proposed here, which is comparatively quite simple. Billions change hands daily, but not as a means for online commerce.

    You need to have knowledge of everything that has to be in place, and have it explained, so you have the answers BEFORE you decide anything. For example…
    There are only 55 LBMA certified refineries on earth. This… is one of them. Without this, you can never have a global system of commerce, because there would be no standard of quality. That’s ONE trouble with just getting gold or silver JUST ANYWHERE. . Buyer & seller have no guarantee of value. .You have to have the world standard of acceptance, and in the sizes useful for commerce !. Apart for my source, this does not exist. And, this company has not yet placed everything into it’s framework that already functions in 119 countries.

    I am open to show you this business, before any such protection has been put in place, as a sign of good faith that your word…is as good as the purity of this LBMA vaulted gold is. This is not necessary to develop things as a business, but it is the way in which I am going to begin.

    If you find after all answers are given, that this is sound. Then I only benefit if you sign up under my introduction as a matter of record. Should you choose to do otherwise, you still benefit in all ways, accept I do not, for having brought this to you. Someone else would benefit. This… is trust.

    You are expected to use your mind, and knowledge to seek truth, and to discern what I show you. If you have knowledge that gold will retain value, and IF… once this is explained to you, you recognize this as the only means to avoid biometric authentication of the mark, then you will be without doubt.
    I have no interest in trying to convince anyone. I am only sifting… if you will, and trust in the honesty of those to make use of this, by becoming involved under my efforts to show this to people. If you decide to be involved on the business side, then like anyone else I benefit financially from the development of an increasing number of those who will do likewise.

    My introduction however is to be done in private email to email, and not in open forum. Why ? I have not yet placed my name into this company as a participant, and like anyone, expect to be paid for the work I do. I am going to assemble a small handful of trustworthy people first, then we can all get involved. Again, this is not necessary if one signs up first, but it is the way I have chosen, that others I introduce, will know this is THE ANSWER !. .Remember… this is the first credit based economic system in the world, using God’s fair weights and measures for commerce.

    If someone wants to believe for example, that this wave of BITCOIN companies is a way to out think what God has put in place, then they will be subject to an instant change in algorithm and are prepared to lose. I AM NOT PREPARED TO RISK ANYTHING. That is why I will proceed with or without any particular individual. Besides, I have experience in several areas of the finance industry.
    For introduction, send your email to

    In service for others….
    david mccallum
    . .

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