The Thieving Banks of Oz - National Miscellaneous

In difficult global economic circumstances the big four Oz Banks all returned HUGE profits averaging $5 billion each – those profits in a nation of only 20 million people! That is, for the slow among us, approximately 20 billion dollars profit shared among four (only) Banks!

To ask the average citizen whether the Banks are justified in increasing their rates is begging for one on the chin; but to listen to the urine commentary from the mass media and endure the verbal diahorrea that squirts from the mouths of our lying, bought politicians -- trying to score political points from the extortionate situation -- is even more disturbing when the solution is so simple and obvious. It should not be forgotten that both major political parties receive millions of dollars in donations from the Banks.

So, it’s probably time to ask our Banks to earn a living as they once did before DEREGULATION and PARASITIC fee structures were introduced.

It was only a few decades back that the treasonous Hawke-Keating government deregulated our banking sector and surrendered control of our currency, which allowed for the wholesale rip-off of the population and our nation's resources!

For the two hundred years, prior to deregulation our Banks earned a very healthy living using other people’s money, which they lent at much higher rates than they gave to depositors – a ‘no lose’ situation in any language.

But that situation wasn’t good enough for the new generation of economic parasites and paper shuffling rogues whose greed knew no bounds. Like their Wall Street counterparts they drew NO LIMIT on their EXPLOITATION, THEFT, and FRAUD.

It was time to buy our politicians and implement a debt slavery social economic model, which they accomplished by increasing prices while reducing or maintaining relatively low wages. However, we lost our independent counterbalances and regulatory authorities, which traditionally prevented financial debacles and economic catastrophes like the one the world is now experiencing!

Without any real constraints, every deregulated Banking Pig went for the trough at speed and gobbled everything to be had and when the trough was bare the Banking and Financial sectors created tradeable products (subprime, derivatives, etc) which they dissected and sliced so nothing could be effectively traced and no responsibility would be shouldered by any one institution – ‘how’s dem apples?’

The result of course is global economic ruin and the depressed economy in which we now find ourselves. It is in this current, harsh environment that the bloated, PARASITIC Oz banks wish to continue to exploit the public with heinous, UNFAIR, fee structures and exorbitant interest rates.

Well, if Oz Banks survived happily for two hundred years WITHOUT parasitic fee structures, they can do it again – EARN A LIVING, you reprehensible, thieving, PARASITES!

The message and solution is clear, R-E-G-U-L-A-T-E and/or nationalise! How’s dem apples, banksters?

Each of us can help build a resilient financial system that will serve real people in real communities.

Are you as outraged as I am by the Wall Street bankers with their fat bonuses, shoddy mortgages, and financial shenanigans? With the gridlock in Washington, I wanted to know what “we the people” can do to turn our fury into constructive action. So I turned to my friend Jared Gardner for advice. Jared comes from the financial industry and thinks hard and well about how to change the system.

Here are seven things I gleaned from my discussion with Jared about what we can each do to build a resilient financial system that will serve real people in real communities.

1. Move your money.

You may have heard about the Move Your Money campaign. The idea is to move your deposits from a Wall Street bank to a community bank or a local credit union. This is a terrific first step to keep the banksters from playing games with your money. Check out Green America's Community Investing website for ideas on what to do.

2. Move your debt.

Don’t stop with just moving your deposits. Move your debt. It’s in servicing debt that banks make the big money. So if you have a credit card, a car loan, or a mortgage, consider moving them. Find someone at your local bank or credit union who can help you review your debt and see what you could move to a local institution. Your interest payments can build your local economy instead of fattening those Wall Street bonuses.

3. Persuade your institutions.

Do you belong to a church, synagogue, mosque, or temple? How about the place where you work? Or a club or nonprofit where you are a member? All of these institutions likely have money and debt. Talk with the leadership about where they do their banking and encourage them to explore what they could move to a local bank. The First Unitarian Church in Portland, Oregon is considering moving its entire banking relationship from a Wall Street bank to a local bank. And the Responsible Endowments Coalition is urging colleges and universities to do the same. We need to follow these examples and make this a nation-wide movement.

4. Advocate a state-owned bank.

Sadly for the nation, North Dakota stands alone in having a state-owned bank. But that may change. Ellen Brown reports that five states now have pending legislation to create state-owned banks, and more are studying the possibility. The advantages are tremendous. The Bank of North Dakota has kept credit flowing throughout the financial crisis. More important, the state bank keeps community banks thriving. North Dakota has more community banks per capita than any other state in the union. Those community banks serve local businesses, which in turn generate local jobs—a winning strategy in a job-starved market. According to Brown, last year North Dakota had the lowest unemployment rate in the country.

5. Form or join a group.

Working with others keeps motivation high. One good option is a Common Security Club. Chapters are forming in communities across the country. Members find ways to help each other with financial difficulties, discuss the roots of the economic crisis, and advocate policies that will turn the system around.

6. Learn more.

The New Rules Project has a community banking initiative that’s a font of current information on breakthroughs for community banking. Ellen Brown provides regular insights into openings for transforming the banking system. Oregonians for a State Bank is developing allies across the political spectrum who want to strengthen their local economy. And the YES! Magazine website provides a steady stream of stories that spotlight the actions people are taking to build a new economy.

7. Share these ideas.

People of all political stripes are furious with the Wall Street banks. But they don’t know what to do. So tell everyone you know what you’re doing and why. And share this list. Together we can build a force strong enough to transform the banking system to one that will work for us all.

THE big banks will rip an extra $1.2 billion profit from home loan customers slugged with super-sized interest rate rises, analysts say.

The combined cost of the Reserve Bank's official interest rise plus boosted profit margins will strip borrowers of an extra $3 billion in annual repayments, an independent think tank has calculated.

The Australia Institute says the Commonwealth, NAB, Westpac and ANZ's decision to charge borrowers above the RBA's Melbourne Cup move of 0.25 percentage points will boost their bottom line by $1.2 billion a year.

Senior research fellow David Richardson said excessive market power allowed the Big Four to operate like a monopoly.

"There is no doubt that these banks are exploiting their market power to gouge excessive profits from their customers,'' Mr Richardson said.

"This year, the big four banks earned pre-tax profit of around $1300 per annum for every man, woman and child in Australia.

"The latest round of interest rate rises shows just how insatiable their thirst for profits is.''

The Commonwealth has lifted standard variable rates by 0.45 percentage points, the NAB is up 0.43, the ANZ 0.39 and Westpac 0.35.

"Banking in Australia is essentially a rogue market in which a small number of winners take all. There is a clear case for government to take action with a combination of regulation, structural reform and improving competition,'' Mr Richardson said.

The Australia Institute says interest rates should have a set mark-up on the official interest rate in borrower contracts, at least for as long as mortgage exit fees apply.

"This would ensure that bank executives, motivated by huge bonuses, can't decide the day after someone takes out a home loan that their interest rate will go up,'' Mr Richardson said.

The financial giants have enraged the community and politicians since jacking up interest rates above Reserve Bank changes.

The banks' bosses deny exploiting their customers, saying the action was needed to cover increased costs.

The Commonwealth Bank today reported unaudited cash earnings of $1.6 billion in the three months to September but still claims it is in a "challenging'' environment.

Australia's largest bank said operating conditions remained challenging in a background of slow credit growth in an environment of firms reducing debt and cautious customers - both consumer and businesses.

© 2010 Herald and Weekly Times

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