Citizens Electoral Council of Australia
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Barry Mason

 

  • Jail bankers for fraud and break up the banks to protect depositors!
  • Establish a government-owned national bank
  • Build large-scale infrastructure for real jobs
 

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Your CEC Candidate Barry Mason will demand:

1. BANK SEPARATION TO PROTECT BANK DEPOSITORS

The CEC has drafted legislation called “Banking System Reform (Separation of Banks) Bill 2018”, which federal MP Bob Katter intends to introduce into Parliament. Based upon the American 1933 Glass-Steagall law, it too has been designed to protect the real economy from the looming crash caused by wild financial speculation. Our legislation separates commercial banks that serve everyday people and ordinary businesses by taking deposits and making loans, from investment banks that speculate in securities and all other financial services. For the 66 years Glass-Steagall was in force, from 1933 to 1999, there were no systemic banking crises in the USA. Its foolish repeal, however, in 1999, enabled banks to become Too Big To Fail (TBTF), and use deposits to massively expand their speculation in dangerous financial bets called derivatives, which in just nine years caused the 2008 crash. Our Australian legislation will break up the Big Four TBTF banks, which are all addicted to derivatives gambling so that the banks that Australians use for their everyday business are protected from the crash of the derivatives bubble. As deposits won’t be used for speculation, more credit will be available for lending to productive small businesses, farmers etc. in the real economy.

2. ESTABLISH A GOVERNMENT-OWNED PEOPLE’S BANK

Australia needs to rebuild our economy and productive industries, but to generate the credit for these investments Australia must establish a national bank (people’s bank). Private banks extend credit for their profit; a government-owned national bank, like the original Commonwealth Bank, issues credit for the nation’s profit, especially into long-term investments in infrastructure. The national bank would also make low-interest loans to productive manufacturing, agriculture and engineering industries which create wealth by value-adding to our resources.

3. NATION-BUILDING INFRASTRUCTURE

For the last three decades successive Australian governments have privatised more infrastructure than they have built; consequently, the nation has an infrastructure deficit of more than $700 billion. The shut-down of the Eastern wheatfields rail network, once used to transport grain from farms, has meant more large trucks tearing up our roads A national bank should fund a program of infrastructure development, using new technologies to increase Australia’s economic productivity and create hundreds of thousands of high-wage jobs that provide meaningful and productive work for our youth and unemployed. Projects should include: water systems to mitigate droughts and floods; modern railways employing high-speed rail technology such as magnetic-levitation, both for public transport systems within cities and passenger/freight transport between cities; reliable baseload electricity generators (publicly-owned and operated), utilising Australia’s abundant reserves of hydroelectricity, coal and gas, and uranium and thorium.

4. TAX FINANCIAL SPECULATION NOT PRODUCTION

Instead of increasing income taxes and the GST, tax speculation! More than $130 trillion per year is turned over in Australia by financial speculators who gamble in currencies, stocks, bonds and derivatives. A 0.1 per cent tax—$1 in every $1,000 speculated—will raise $130 billion, discourage reckless financial gambling, and keep money in the real economy.

5. DON’T BLAME REFUGEES FOR BEING REFUGEES

We must shift Australia’s strategic policy to cooperate with countries such as China that are building major infrastructure projects at home and abroad, and invite all countries to participate in their “win-win” perspective. One benefit would be a compassionate solution to the refugee problem, because it means refugees can stay in their home countries, as they will be assisted to build the necessary infrastructure to support their people. Australia should join China’s Belt and Road Initiative of a shipping and rail network to transform our trade and economic production.

Contact
Phone: 0499 087 106
Email: bmason@cecaust.com.au
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