Call for State Bank ReinSTATEment
Madam,
After the fires and floods, much of the State’s infrastructure has been damaged and requires renewal. Currently, the State borrows from international banks that charge us continually rising interest rates. However, we (supposedly the people), grant the banks a licence to operate on preferential terms by issuing the credit on which our nation runs, and allowing them to charge exorbitant interest and charges.
We once had State Banks, which issued the credit to run the States, in our case, NSW, just like the Commonwealth Bank once did in financing the first World War and much of our infrastructure at little or no interest. The major banks white-anted the State banks and we ceded to the federal government, who in turn, ceded to the global central bank financial cabal, which gave us the GFC and the current inflation, which is totally unnecessary and just moves wealth out of the middle class and into global corporate hands.
Currently, something which I have long predicted is happening – the collapse of banking across the globe because their model is unsustainable. Australia has “opt-in” legislation in place, which basically means that any funds we hold in banks can be used to bail them out, although pressure is coming to bear internationally for governments to bail the banks out once again, but this will be inflationary in itself because they need to print money to do so.
This is preposterous, and by simply coming back to basics, backing ourselves, and reinstating our State Bank will overcome this, and insulate us.
How many of our candidates (in last month’s election) fought to have the State Bank reinstated in order to fund the needs of NSW, rebuild road and damaged infrastructure, sustain hospitals, ambulance services, aged care, low-cost housing for all who need it; build more dams, and ensure low energy and fuel costs?
Please do not say it can’t be done. We have a track history with the Commonwealth Bank where it WAS done, and have the painted tiles at the Griffith Commonwealth bank to prove it.
Reinstating a State Bank to issue the credit would ensure we fund infrastructure all the way, and can write it off at the end, having the asset to show for it. Disregarding lessons of the past is dangerous.
Jeanine Bird, Leeton.
