This is why the Australian economy isn’t working…

By Andrew Mackinnon

The economy in Australia was going very badly last year before the bushfires started that the government lit to distract attention away from the failing economy and before the latest Coronavirus hysteria to provide a scapegoat onto which to project the blame for the failing economies all around the world.  In Australia, the banks create money when they lend and then charge interest on it. This is the same in most countries around the world. However, the citizenry is waking up to this scam and is therefore reluctant to borrow from the banks. This has caused the size of the money supply in Australia to decrease since money is created when the banks lend and since money is destroyed when principal lent by the banks is repaid. As a result, there is insufficient money in circulation to support economic activity in Australia.  This is why the economy is languishing.

In fact, Australian citizens were reluctant to borrow from the banks even back in the 1990s in the aftermath of the recession of 1989 to 1991.  The Australian government has always responded to this reluctance not by acknowledging that the interest charged on money lent by the banks that they create out of nothing is unconscionable and unjust, but by bringing new citizens into Australia via mass immigration in the hope that they would borrow from the banks to make up the shortfall in borrowing.  It has been doing this for the past thirty years.  We are now in a situation where the Chinese who have come into the country don’t want to be in debt; the Indians who have come into the country don’t want to be in debt and the existing Australian citizens certainly don’t want to be in debt either.  Nobody wants to be in debt and why would they?  People are not stupid, even if the Australian government and the Jewish-controlled media have deliberately made it very difficult to understand how the banking system in Australia actually works. Read more...