The news of prominent wheat farmer and chairman of Rural Debt Roundtable working group, Rowell Walton, being placed into receivership reveals the irony of almost every Australian farmer and their debt with banks.
It also demonstrates the fragility of agriculture which depends on debt finance provided by often avaricious trading banks whose only social responsibility is to their shareholders.
Last Friday the ANZ bank sent in receivers Korda Mentha to take over Mr Walton’s four dress circle, black soil wheat growing properties in the Dulacca and Tara regions of the western Darling Downs.
Farm property values have seriously declined since the financial crash of 2008 and recent drought, which in turn eroded Mr Walton’s equity to loan ratio, making him, at least on paper, unviable, languishing with a $30 million debt.
For many years farmers and other rural interest groups have campaigned for the establishment of a national development bank that issues credit to primary industry at a minimum, low, fixed interest rate, in a similar mode to the original charter of the Commonwealth Bank. Low cost finance ensures food production security which is directly tied to the sovereignty of the nation.
Unfortunately the party duopoly is largely controlled by the financial and oil sectors and financial industry legislation drafted by the ALP/Liberal nexus over decades has always been in favour of the banks.
Seldom do individual farmers who have the fortitude to take on a bank, ever get a win in a court, and one only needs to hark back to the similar plight of Marlborough wheat farmer George Muirhead in the early 90’s
It should be noted that the Senate Inquiry into the establishment of the Australian Reconstruction and Development Board designed to buy toxic farm debt at a discount from trading banks has been reviled by Chairman of the Reserve Bank Glen Stevens and predictably by the Australian Bankers Association.
In fact in a veiled threat from the ABA in its submission to the Senate Inquiry, it promised to punish those borrowers with higher interest rates and other penalties should the ARDB be put into operation.
Total farm debt is said to be more than $66 billion which, in effect cannot be repaid even by the forced sale of every mortgaged property held in the banking industry portfolio.
We must set up the ARDB with its intended charter, not some watered down version acceptable to the banking industry and the ALP or Liberals.
I have been working closely with Mr Walton, Bob Katter and Dr Mark McGovern of the QUT Business School of Economics and Finance to ensure the ARDB is established.
Farmers don’t want more loans from the government or banks. They can’t pay off the huge burdens they have now! The ARDB presents the only way out for primary industries.
Dairy farmer and National Chairman, Katters Australian Party.
Will someone pleeeease get it into Craig Isherwood’s head that restoration of the American Glass Steagal Act is not the issue of primary importance here in Australia.
For a start, it’s an American Act, and as such has nothing to do with Australia.
Isherwood has long been hypnotised and mesmerised by that self-styled financial “expert” in the USA, Lyndon La La Land. He it was/is who has been pushing for the Glass Steagal Act to be re-introduced over there. This would – according to them - prevent speculation on the stock exchanges by the banks. Incidentally – or should I say, not so incidentally – Lyndon La La La Rouche is a former Trotskyite! Camouflaged of course! HELLO?
Whether it would or not, it would not stop speculation by corporations, and the privately owned banks, – being the devious and deceptive a* holes that they are, they would simply continue to speculate, operating through countless corporations, as they do now, all over the world, and make it almost impossible to trace. “Churning” on the stock market is one of the most parasitical and destructive practices that exist. Even the Federal Court has recently acknowledged this, and ruled accordingly.
Thus, replacing the Glass Steagal Act alone, would achieve nothing. Lyndon is still in la la land.
What is required, here in Australia, is:
- Prohibition of ALL speculation on public company shares.
2. This can easily be achieved by:
(a) shutting down all stock exchanges in Australia, (as well as Wall Street of course,)
(b) having each public company conduct its own share transactions – buying and selling – from their own offices.
(c) have a minimum time period on the selling of a shareholder’s shares, or portion of shares. Such a minimum period could be say, at least 12 months from the time they bought them – not 12 weeks, or 12 days, or 12 minutes, as exists today. This would get the churners and speculators and parasites out of the industry, and hopefully get them to do something constructive with their lives – like planting potatoes, milking cows, or other.
3. We MUST get our own Commonwealth and State banks back up and running. Owned by the people, and recognising the peoples credit, and creating and issuing the necessary funding, both for government projects, and for primary producers particularly, as debt-free credits, just as Sir Dennison Miller did many years ago, as the first governor of the Commonwealth Bank, and NOT as interest-bearing debts. This is NOT taught in universities, or anywhere, it has been given the “silent treatment,” and those politicians who are aware of it, dare not speak about it, or they would be in politics no longer. Bob Katter has admitted this. Abraham Lincoln did this also, with his Greenbacks. Kennedy was starting to do it also. HMMMM!
4. There are many more steps of course, but this would get the show on the road. In case any politician complains that they “do not have the funding,” this of course is nonsense. In Queensland alone, the State Government Superannuation Fund has tens of billions of dollars stashed away in accounts and savings all over the place. They would need to take only about ten percent of these funds, open their State Bank (as we used to have,) and deposit that amount in their bank. Even at the existing rate of 10 to 1 that banks operate on at present, in what is known as “orthodox finance,” the State Bank would easily have at least 100 Billion dollars to make available to issue DEBT-FREE, and pay out the existing money-changers, flog them out of the temple, save Queensland, and the graziers, farmers, rural industries, and Australian enterprises, as well as those on Struggle Street. It has been done before, but the money-changers shut that system down, bribing the politicians to do so. I have been informed that Peter Beattie and Anna Bligh received many tens of millions of dollars EACH, from the international banksters, to implement the policies they did, and bankrupt the State of Queensland. Their “payments” were and are, salted away in Switzerland and Austria. They also should be arrested and tried for treason.
5. To go on as they – the politicians - are going on at present, is also to commit treason.
6. The next step then would be to immediately recognise the “gap” that exists between prices and available purchasing power per any one unit of time. But that’s another, rather complex subject, for another day. The banksters don’t want you to know about that either. More business for them! At present, all money that comes into existence, does as as an interest-bearing debt to the banksters. However, only the capital is created, not the interest! How then can the loans ever be repaid, if the interest does not exist? Answer – they can’t. The banksters simply increase the loans to pay the interest, year after year, chortling into their vaults, so the only way the loans can be reduced under present rules is to sell assets. This if just what Nicholls and Newman are planning on doing, but they are holding “STRONG CHOICES” meetings around town, to make it look like they are “listening to the people.” However, what they are really doing is asking, “which path do you prefer us to follow – that of Lucifer, or Satan, or the devil?” Again, all very well camouflaged of course.
The penalty for treason is – wait for it - DEATH!
I’ve tried many years ago to get some sense into Isherwood, and the politicians, but to no avail. He is obviously brainwashed, and fixed in his mind.
We ask that every concerned person in Queensland - and Australia - insist to their member of parliament, that we again have our own banks. The only other alternative is bankruptcy, as they know, with the solution being the new World Order, which is global slavery for us all, under the total control of the money-changers.
Enough is enough! Time to bring back the death penalty. The recent murders of Daniel Morecombe, Sophie Collombet, Jill Meagher, among many others demonstrates our soft bleeding heart policy of pursuing rehabilitation instead of retribution is an absolute failure. Civilised society demands that those who take the lives of others break their contract with society for their own life security and should be put to death. Soft forms of punishment continually fail and are simply unacceptable in the 21st century. Any society that allows convicted murderers to walk the streets after ‘rehabilitation’ and enjoy their lives while their victims still rot in their graves and their relatives and friends live in misery is simply barbaric!! An eye for an eye!
Ivan Molloy (Dr)
3/22 Corsair Cres, Sunrise Beach, Qld, 4567
So now we see the Newman government committing more acts of insanity, this time planning to build a 5 kilometre tunnel some 50 metres underground in Brisbane, supposedly to “ease traffic congestion.” Hello?
This is the oldest trick in the book, that our Christ-hating religious and political enemy has been pulling now for over 100 years – that of influencing governments in many parts of the world – particularly the Christian western world – to bore tunnels under their major cities.
Here we see Newman strutting around – a man with a mission! - telling us he is going to “fix the problem” by spending tens of millions of tax-payer dollars, boring more tunnels under Brisbane, when there are thousands of farmers out in nhe country starving with drought, requiring water, and all kinds of assistance, many of them even committing suicide, while Newman struts around in front of the TV cameras, setting the stage in Brisbane for utter destruction.
If there is “congestion” in the inner city, which there is, then they should move a number of government departments out into the outer suburbs, as they are beginning tom do in Sydney and other cities, not jam even more congestion into the city. It shaould have been done decades ago.
Moreover, tunnels under cities are exactly what our enemy wants. It makes an easier, ready-made target to blow up the cities, by blowing up the tunnels.
Find this hard to believe? Read the extract below from the Protocols of Zion.
From Protocol 9
10. WE HAVE FOOLED, BEMUSED AND CORRUPTED THE YOUTH OF THE "GOYIM" BY REARING THEM IN PRINCIPLES AND THEORIES WHICH ARE KNOWN TO US TO BE FALSE ALTHOUGH IT IS THAT THEY HAVE BEEN INCULCATED.
11. Above the existing laws without substantially altering them, and by merely twisting them into contradictions of interpretations, we have erected something grandiose in the way of results. These results found expression in the fact that the INTERPRETATIONS MASKED THE LAW: afterwards they entirely hid them from the eyes of the governments owing to the impossibility of making anything out of the tangled web of legislation.
12. This is the origin of the theory of course of arbitration.
13. You may say that the GOYIM will rise upon us, arms in hand, if they guess what is going on before the time comes; but in the West we have against this a manoeuvre of such appalling terror that the very stoutest hearts quail - the undergrounds, metropolitans, those subterranean corridors which, before the time comes, will be driven under all the capitals and from whence those capitals will be blown into the air with all their organizations and archives.
HOW MUSLIMS IN AUSTRALIA ARE CHEATING NOT PAYING STAMP DUTY TAX ON HOUSE PURCHASES
IN AUSTRALIA THAT US REAL AUSTRALIANS CAN'T DO!!!!!!!!
IF US, AUSTRALIANS TRY TO PURCHASE, TRANSFER OR SELL YOUR HOUSE TO ANOTHER PERSON WITHOUT PAYING STAMP DUTY, YOU WILL END UP IN JAIL, BUT NOT MUSLIMS.
Muslim banks are racist, try to open an account and get a NO INTEREST loan from ARAB BANK,
ZAWYA BANK, ICFAL CO-OP BANK IN AUSTRALIA. ALSO OUR OWN NAB AND WESTPAC!!!!!!!!!!!!!!!!!
NO WAY if you are Australian and not a muslim.
Try enrolling your children in one of the Government funded 100 + Islamic Schools in Australia. Who's Racist
If you think Shariah Law is not in Australia YOU ARE WRONG as these banks are FULLY SHARIAH COMPLIANT & LAW in Australia. This is on their web sites!!!!!!!
How it works from www.mcca.com.au <http://www.mcca.com.au/> ,
Our housing finance products are based on a lease arrangement that ends in ownership also known in the Islamic Finance industry as Ijarah Muntahiyya Bittamlik. This arrangement has been recognized by a large number of contemporary Scholars and is widely implemented and utilized by Islamic banks and financial institutions around the world.
Once you identify the property that you wish to buy, the non-banking financial institution (financier) will purchase it on your behalf from the seller. The financier will then rent the property back to you over an agreed period of time.
The duration of the lease is set in advance. During the period of the lease, the property remains in the ownership of the financier, however the lessee has the right to use the property until the expiry of the agreement. At that point,ownership of the property is transferred to the customer in the form of a promissory gift (hiba). NO Stamp Duty.
As all parties engage in trade and permissible transaction, namely a lease, this result in a Shari’ah compliant and Shari'ah Law alternative to conventional interest based home finance.
You approach us for assistance and complete an application form and submit required documentation;
MCCA will conduct a preliminary assessment on your financial serviceability;
After passing the preliminary assessment, MCCA will issue you a conditional letter of approval on behalf of the Funder;
The Funder appoints you as an agent to find and identify the property you wish the funder to buy and in return, lease to you;
Once you have finalized the purchase of the property, you enter into a lease agreement with the Funder which details your rights to occupy the property;
Once the property is settled, you will make weekly, fortnightly or monthly repayments to the Funder via Direct Debit from your nominated bank account;
You may purchase the property from the Funder at any time in the future whereby the Funder will transfer part ownership of the property in the form of a gift, while you pay the difference of the original purchase price.
If you choose to rent throughout the whole agreed period, with the last rental payment the Funder will transfer title over to yourself in the form of a promissory gift (hiba). No Stamp Duty.
THE FOLLOWING FROM, www.muslimvillage.com <http://www.muslimvillage.com/>
Islam prohibits making money by money, but it allows legitimate profit by allowing money to be used to trade tangible assets. As explained by one of the leading experts Dr. Mohamad Daud Bakar, the only means to benefit from the money is to convert its monetary function to economic function through either trading or investment. Thus, the Qur'anic verse "Allah has permitted trade and has forbidden interest (usury)" [2:275] is the reason why Islamic finance in its essence must always be asset, service or project base.
MUSLIMS HAVE PRODUCED A DOCUMENTRY CALLED, "ISLAMIC BANKING AND FINANCE" TO TELL OTHER MUSLIMS HOW TO GET INTEREST FREE LOANS AND HOW TO CHEAT PAYING TAXES IN AUSTRALIA. NOT AVAILABLE TO AUSTRALIANS.
TELL OUR FEDERAL AND STATE GOVERNMENT, THAT YOU AND YOUR CHILDREN WANT THE SAME DEAL
WITH NO STAMP DUTY!!!! OR TELL THEM TO STOP IT AND MAKE MUSLIMS PAY THE SAME TAXES AS US!!!!!
Recent debate about 'Asylum Seekers' vs 'Illegal Immigrants' reveals more
emotionally driven confusion and ignorance on the side of the so-called refugee lobby group. I've noticed if you rattle their dubious and quite shaky ideological cages with sound logic, they often respond with hysterical claims of racism, etc, seeking to shut down further embarrassment to themselves. Two points. Most like myself couldn't care what race, ethnic group, these people are, they are simply breaking Australian law and violating our sovereignty, and should be judged on that basis. Second, and speaking personally here, if I was to judge the suitability of any person seeking entry, colour or ethnicity would not be an issue. I judge purely on their value system, and if that value system embraces barbaric Sharia Law, murderous Jihad and medieval treatment of women like cattle, etc, then I would oppose entry of such 'persons/so-called refugees' (white, brindle or black) with every fibre of my body.
Dr Ivan Molloy
3/22 Corsair Crescent,
Sunrise Beach, Qld.