A Wish List for a Royal Commission into the Financial Services Industry by Ken Grundy
The Labor Party, Greens, and independents Nick Xenophon team and Pauline Hanson, are supportive of a Royal Commission into the Financial Services Industry, especially the banks. There has been significant community concern over numerous scandals and consumer rip off such as Comminsure, the Commonwealth Bank’s life insurance arm.
The Coalition have opposed this Commission, but there are some Coalition members who are supportive. It is highly likely, that with the community pushing the politicians who support the Commission, it will get going. Even the Greens want a wide frame of reference, not merely dealing with scandals and rip offs.
The League and social credit supporters have a good opportunity to make a substantial inroad here.
If there is one outcome which we could strive for in the list of things which a Royal Commission should examine, it must surely be to establish for all time, banking procedure and the method in which credit is created every time a bank loan is made.
It is well known to scholars that the process of fractional reserve banking is the real basis of unending debt, and a mechanism which has progressively controlled nations. This was pin-pointed by Major CH Douglas many years ago and others before him. Nevertheless, this fact is still denied in the mass media, and social creditors are regularly vilified for pointing it out. Consequently, the key thing which we now need to pursue is the term of reference of the Royal Commission to address the issue of credit creation and the ultimate origin of national debt.
It is time to identify the facts about finance. I urge League folk to contact the independents, and even the Greens, and make their views known on the need to examine credit creation and national debt.
You must ask the questions again and again -
"How can the whole world be in debt to itself?"
This will expose the fraud of modern fractional reserve banking.
And also -
"What must be changed to banking/financial practices, so that a community can purchase all that it produces?"
See: Bank of England Working Paper 529.
Ensure your representative is given any available copy of "The Story of The Commonwealth Bank"
and also the Bank of England Working Paper 529.