THE CITY OF LONDON RESPONDS: THE BIRTH OF CENTRAL BANKING
(Continuing the story of the Commonwealth Bank of Australia, the successful model of public banking, deliberately destroyed by the secretive group of private bankers)
Deniston Miller and his Commonwealth Bank of Australia’s public banking model (public ownership of Commonwealth Bank of Australia) were a brilliant success – perhaps too brilliant. The ready credit issued at will by the Commonwealth Bank threatened the hegemony of the London Bankers.
London capital had always dominated Australian finance and business. The City of London’s formula was to hand over to the colonies the right to govern themselves, provided they did not break the financial nexus (chain) with the City of London.
Self-government for the colonies did not mean financial independence. All infrastructure had been built by the money supplied by the City of London.
Australia had been a debtor nation ; then it demonstrated its independence via the Commonwealth Bank of Australia. Bank of Canada and Bank of New Zealand were also showing similar independence via similar models of public banking.
Some formula had to be devised to draw them back into the City of London’s net.
The financial experts studied the problem deeply. Out of their deliberations emerge the plan to centralize the control of all banking by channeling it directly into the supervision of the Bank of England.
The Bank of England was to become the super bankers’ bank. The Commonwealth Bank of Australia was to be responsible for the local administration of Bank of England policy. The Commonwealth Bank of Australia and similar were to be the junior Bankers’ banks.
And thus was born the modern system of central banking controlled in a hierarchical structure headed by a super-central bank in London.
Later the head office would move to the Bank for International Settlements in Basel, Switzerland.
The Central Banks of the now freed colonies might be owned by their governments but they would have to march in lockstep with this super-governing power structure abroad.
If they could control the central bank of a country they should have no impediment in controlling the government of the country as well.
Coming soon – The Banker’s Coup : The Bank of England passes the baton to the Bank of International Settlements.
“I have no use for politicians,” says Fritz Leutwiller, Head of the Bank of International Settlements. “They lack the judgement of central bankers”
(Composition of the Board of Bank of International Settlements – includes a current and former governor of the Bank of Israel and headed by the current Governor of the privately owned Federal Reserve of America.)
An Islamic Monetary Reformist’s Take cum Edited Excerpts from Ellen Brown’s From Austerity to Prosperity- The Public Bank Solution
Islamic Monetary Reformist
Muhammad Zahid Abdul Aziz
Note: The Islamic solution will be bespoke with its required parameters.