The Pickering Post
Friday, 19th October 2018

If you would like to be involved or support the upkeep and further development of this site, it would be very welcome no matter how small.


RESERVE BANK OFFICIALS IN DEEP CRAP

Larry Pickering

Four-time Walkley Award winning political commentator and Churchill Fellow, has returned to the fray over concern that the integrity of news dissemination is continually being threatened by a partisan media.

BLOG / FACEBOOK



As Deputy Opposition Leader, Julie Bishop said that, “The revelations concerning the Reserve Bank involved serious allegations about breaches of domestic and foreign laws that, if proven, could seriously harm Australia's international reputation”.

She went on to say, ''The Government must take all necessary steps to ensure that anyone involved in corrupt behaviour or in attempting to cover up such behaviour be held accountable for their actions''.

Yesterday, details were Wikileaked of an unprecedented suppression order by the Australian Supreme Court in Melbourne, made on June 19 this year, with regards to a multi-nation, multi-million dollar corruption case involving the Reserve Bank and its subsidiaries, “Securency” and “Note Printing Australia”.

Justice Hollingworth’s suppression order forbids any disclosure, by publication or any other means, of any information relating to the court case by Australia’s media, including in  electronic or paper form, ensuring complete secrecy around what promises to be the largest officially censored corruption case in Australia’s history.

Up to a dozen people have already been arrested in connection with Note Printing Australia, so what is it that we are forbidden to discuss?

Well, the order is so broad it even forbids any disclosures about the order itself and specifically commands no mention be made of an affirmed affidavit submitted to the court by a career diplomat.

It’s incredible that the suppression order itself is the subject of a suppression order.

Without knowledge of the suppression order, how are we to know what exactly has been ordered suppressed and what, already in the public domain, must be forgotten?

The senior diplomat is one of Australia's most experienced and is responsible for relations with South East Asia. The affidavit, currently held sealed by the court, must be so important that it is the subject of unprecedented judicial censorship.

The affidavit names 17 of some of the most senior officials of Asian nations including current Presidents, Prime Ministers and Finance Ministers.

The Sydney Morning Herald reported in 2011 (later to be followed up by an ABC 4 Corners’ expose) that Vietnamese Colonel Luong was suspected to have been the subject of one of the richest bribery arrangements set up by the Reserve Bank’s Securency Pty Ltd.

It is illegal for an Australian company to hire a foreign official as its paid agent

It is suggested that Colonel Luong was paid up to $A20 million, much of it in bribes, in return for Securency winning a huge contract to convert Vietnam's banknotes from paper to plastic.

But $A20 million is apparently a small amount and Colonel Luong is a small fish compared to the other names on the suppression order.

Justice Hollingworth claims the suppression order is necessary to, “prevent prejudice to the interests of the Commonwealth in relation to national security”. Hmmm.

Embarrassment and reputational damage is more likely the subject of a submission to suppress matters that should be, and have already at least partly been, in the public interest.

The disclosures in the affidavit are likely to blow a volcanic lid off endemic Asian corruption and the extent to which Australian companies are players.

 

 

 

 

 



Comments

australiamatters.com.au

heres one albatross type in google. who really owns your birth certificate I could not believe the answers .

DJT don't believe anything they tell you .WE have one of the most corrupt governments and judicial system in the world .The Reserve bank need more money, bullshit they print it .More stealing from the people .WE will end becoming like USA . What is commonly not known is that inflation is caused by the interest charged on loans which are made out of thin air from the IMF so the stupid RBA put the interest rates up so they can get more money from us under the guise of so called overheating economy which they caused .The government should be printing the money .Iceland and Hungary threw out their Reserve bank and now are repaying loans and Getting richer for it .

Unfortunately, there is corruption and there is normal business practice (See Yes Minister episode entitled "The Moral Dimension"). Basically it goes like this. Either you do business in certain countries or you don't. And if you chose to do business in those countries (particularly where towels are considered as accepted head wear) then you either play it their way, or you don't take the field. Yes, it's corruption folks! It's not right, it's not moral, it's not ethical, but that is how business is done in these countries (as in the FIFA 2018 World Cup scandal) . This outrageous corruption has been going on for thousands of years and it won't be changing anytime soon. As I said, it doesn't make it right, but that's things are done in looney land.

Here is great site that will let you know where we are now http://www.larryhannigan.com/VOC.htm

The Nation's Credit: Senator Richard Darcey, 1941 ( ALP ...



www.alor.org/.../the-nation-s-credit-senator-richard-darcey-1941-alp-tas...




Aug 27, 2012 - ALOR Blog ... In 1937, he was elected to the Australian Senate as a Labor Senator for Tasmania. He held ..... The Royal Commission on Banking and Monetary Systems, in paragraph 630 of its report, stated that Parliament is ...

The Story of the Commonwealth Bank

excerpt


http://www.alor.org/Library/Commonwealthbank.htm#3

"....In October, 1911, the Labor Government of Mr. Andrew Fisher introduced a Bill to provide for the establishment of a Commonwealth Bank with power to carry on all the business generally transacted by banks, including that of a savings bank, to be administered under the control of one man (called the ‘Governor’ of the Bank) appointed for seven years.


The Bank was to have power to raise a capital of $2 million by the sale of debentures (the security for which was the national credit) and the profits were to be equally divided into two funds - a reserve fund, to meet any liabilities incurred by the Bank, and a redemption fund to redeem the debentures or other stock issued by the Bank in order to obtain its capital. Afterwards this half of the profits could be used to reduce the National Debt.


The intention of the Bill was to make the national credit available to anyone with decent security to offer, to reduce the charges made on overdrafts, bills of exchange and current accounts by the private banks, to provide a safe investment for savings and to help in the reduction of the public indebtedness. As soon as the Bank was firmly established, it was proposed to entrust to it the note issue , the profits on which were to be paid into the general revenue of the Commonwealth - and from the start it was to be the Bank of the Commonwealth Government.


The Bill, in spite of bitter opposition, passed through Parliament practically without amendment and became law. It should be noted that the very people who are now crying that the country will be ruined if there is any relaxation in the close monopoly that the private banks exercise over the currency, were loudest in their opposition to the formation of the Commonwealth Bank. The country, according to them, was going to be flooded with ‘Fishers’s flimsies’. There were to be sovereigns for everybody’, prices would rise: the value of money would depreciate to nothing and we would all go very quickly to the dogs. Let us see what actually happened.


In June, 1912. Mr. (afterwards Sir) Denison Miller, a prominent official of the Bank of New South Wales, resigned his position and was appointed Governor of the Commonwealth Bank. He issued no debentures, but opened savings banks throughout Australia and used the money he obtained in this way as his capital, thus avoiding being indebted and paying interest, to anybody but his depositors. The Bank was not opened for general business until January of the next year, when, in one day, the Commonwealth Government transferred $4 million from private banks to the Commonwealth Bank, without causing any financial disturbance, the cheques being simply cleared through the exchanges ‘in the ordinary way’.


Sir Denison Miller’s idea was to make the Bank a Government Bank and Savings Bank and for the time being at any rate, to enter into competition with the private banks as little as possible. Nevertheless, he forced them to practically abolish their charges on currents accounts and to keep their charges on loans and overdrafts within reasonable limits.


Then, in 1914, came the war and with it an Amending Act (24 of 1914) giving the Bank power to raise its capital of $20 million and to take over other banks and savings banks. The Bank did not, at this period, make use of either of these powers, but the services it rendered to the people of the Commonwealth during the war were immense.
Under the regime of the private banks, the flotation expenses of a loan in London, which Australian Governments had to pay were 6%; but the Commonwealth Bank floated $700 million of loans ($500 million locally and about $200 million overseas) for a charge of 0.56%, thus saving Australians some $12 million in bank charges and then the Bank made a profit of 0.2%.


It saved the Australian primary producer from stark ruin by financing with (and sometimes without) the assistance of the private banks, pools of wheat, wool, meat, butter, cheese, rabbits and sugar, to the total amount of $872 million. It found $4 million for the purchase of the Commonwealth Fleet of Steamers, which again saved the primary producer from ruin through lack of transportation facilities to his market overseas and it enabled Australia to transfer abroad, with the maximum of efficiency and the minimum of expense, $7,121,902 for the payment of her soldiers.


(‘The Commonwealth Bank of Australia’, p.157 and p. 162. by C. C. Faulkner, Hansard, Vol. 161. p. 976/7).
In November, 1920, an Amending Act (No. 43 of 1920) came into force, by which the Australian note issue was entrusted to a department of the Commonwealth Bank. This ‘Note Issue Department’ was to be kept distinct from all other departments of the Bank and was to be managed by a Board of Directors composed of the Governor of the Bank, an officer of the Treasury and two other directors. These two other Directors were J. J. Garvan. Esq. and J. R. Collins, C.M G., both members of the financial world: but as they formed only 50% of the directorate and the Governor of the Bank possessed a casting vote, power remained with the Governor of the Bank as long as he could rely upon the support of the Treasury official representing the Government of the country.


Until 1924, when the Bank was effectually strangled, the benefits conferred upon the people of Australia by their Bank flowed steadily on. It financed jam and fruit pools to the extent of $3 million, it found $8 million for Australian homes, while to local government bodies, for construction of roads, tramways, harbours, gasworks, electric power plants, etc., it lent $18.72 million. It paid to the Commonwealth Government between December, 1920 and June, 1923. $6.194 million - the profits of its Note Issue Department while by 1924 it had made on its other business a profit of $9 million, available for redemption of debt.


When, during an interview in 1921, Sir Denison Miller was asked if he, through the Commonwealth Bank, had financed Australia during the war for $700 million, he replied: “Such was the case and I could have financed the country for a further like sum had the war continued.” Again, asked if that amount was available for productive purposes in times of peace, he answered in the affirmative.


(‘Australia’s Government Bank’. p. 275 by L.C. Jauncey, Ph.D.
See also Treasurer Spender’s speech in Hansard. Vol. 161. p. 976/7).


As a matter of fact, he had just given a striking example of the power of the Bank in times of peace. In the latter half of 1920, the banks in other parts of the world started their policy of deflation, in order to raise the value of currency to such high levels that they, who possessed the monopoly of it, could secure the real wealth of the nations for themselves and in the winter of 1920-21, says Robertson, the price-level was saying, like Alice as she shot down the rabbit hole, I wonder if I shall fall right through the earth. The private banks in Australia commenced to follow the example set by the banks abroad, but Sir Denison Miller brought the Commonwealth Bank with a rush to the rescue of the threatened people, partly by purchasing Commonwealth and other Government securities and partly by increasing his advances, he released, between June and December, 1920, $46 million of additional currency, as a slight hint as to what he would do if necessary and deflation in Australia was deferred. (Commonwealth Bank balance sheets)


Sir Denison Miller has left it on record that the relations between the Commonwealth Bank and the private banks were always of a most cordial character and doubtless he did all in his power to render them so; but the fact remains that the private banks excluded the Commonwealth Bank from their Clearing House, and forced it to make its clearings through the Bank of New South Wales. We do not know what price the Commonwealth Bank paid for even this concession, but we do know that the interest it allowed on its deposits was always lower than that allowed by private banks and Mr. Butchart shows conclusively that its banking operations did not lower the rates that private banks charged upon telegraphic transfers and overseas drafts.


In the very nature of things, the private banks must have watched the progress of the Commonwealth Bank with ill-concealed rage and fear, which was translated into action in 1924 - a disastrous year in the annals of Australian economic history..........

The reserve bank is not Australian .It is linked to the reserves banks of USA and England .There books are never examined .What about the Papua New Guinea politicians that bought houses on the gold coast for all their relatives with our aide money .The Politician in Vanuatu that drives around in an expensive car while his people remain in poverty with our aide .Our politicians retire on excessive benefits while we have 2 million in poverty .http://www.findingjustice.net/

new site its got some good ideas

To true especially the labor definition .

This is just another example of why the West are hounding Assange. No matter what one thinks of his motives, he has done the people a great service by permitting the various western governments and their cheating, lying, and secrecy to be exposed.

Hmmm and.. just to add to the fine Upstanding financial expertise within our Australia.The wonderful service of electricity bills are now due in NSW. Do any recieve open and transparent info * of how their Bills* are now calculated** , with the co2 readjustment Unto the client.They don`t seem* to show that vital and needed summation with the latest bills.Is that a convenient omission for some `one`??

The Commonwealth Bank was at one time the Bank of the government of the Commonwealth of Australia - not the RBA.


From "New Times" Friday Feb.24th 1939


The following matter is of vital concern to every man, woman, and child in Australia.



The Commonwealth Bank Act Amending Bill, which was brought before the House of Representatives by the Hon. R. G. Casey on 25th November last year, and which will be debated

shortly, represents the final stage in a 15-year plan to deprive the people of Australia of their power to control the money supply of their country.



In 1924, our Bank was placed under the control of a Board of Directors composed of nominees of the Private Banking System. Now, in 1939, certain politicians (under cover of other unpopular legislation) are seeking to remove the last vestige of control of our Bank.



"...The hope of Australia lies in the Commonwealth Bank working for the peoples welfare by eliminating depressions engineered by private manipulators of finance...."



CITIZENS!



If you allow the Commonwealth Bank


Act Amending Bill, 1938, to become law, the People's Bank will be sold to the Private Financiers


http://alor.org/New Times/pdf/NT0508.pdf

Bribes are an Asian way of life.
If Corby was prepared to pay, I believe it was $10,000-00, she would not have been prosecuted.
I just wonder how much fat clive is being paid by his Chinese Masters.

How do you actually do business when all your competitors are using bribes and if you don't use a bribe you are not considered? Does a bribe, then, not become a dishonest component but an accepted part of the business transaction - something similar to a an entry fee or and establishment fee - it's all in the way you think about it.

My first thought is such high level business and economic bastardry /malfeasance CANNOT happen unless there are a lot of high level politicians, bureaucrats and 'professional advisers' involved right from 'the Get Go'!? When we find them !! Can we give them the maximum penalty of Capital Punishment !!??

Per the Australia Constitution, the elected government is to control our money supply. No Referendum has ever changed that, but privatization happened anyway resulting in the creation of the RBA. Great article going over the benefits of the peoples bank, VS bankers bank can be read here http://www.webofdebt.com/articles/commonwealth_bank_aus.php

Australia went off the gold standard around 1932' according to the RBA online museum page. Today we're supposedly a "goods based economy". Well that's a joke, as China and India are where we get our crap, err, "goods" from. So I was wondering what backs our currency today. I email the RBA asking how much one (1) specimen with the numeral "100" on it costs to make. Nice chap in his air-con RBA office emailed back and said "20 cents". I'm left wondering who pockets the other $99.80 left over that you and I have to sweat our guts out for. If the reserve bank has reserves, then why do they borrow from China? So many questions.

Labor or liberal, they are both on the same agenda, privatise everything, free trade, destroy local manufacturning turn Australia into a gravel pitt and let mutinationals rape it.

OT but pertinent...after badgering my federal MP for months, he has now admitted that the proposed .05% bank guarantee levy is not dead in the water, whilst Krudd proposed this apparently the Libs are looking into it and according to my email back from the member the date of implementation is to be 1/1/16

Thank you Larry for sharing responsible opinion* and your `observant` insight.It is responsible for concerned Australians. Like a requital of craved info, so as to make well informed decisions `timing wise`, economic wise and caution wise.Punctilious from a journos vantage point?