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Swan raids pensions to shore up banks

Swan raids pensions to shore up banks

The only difference between Wayne Swan’s scheme to give banks access to Australia’s $1.4 trillion in super funds, and the IMF’s order to the Irish government to grab billions of euros from Ireland’s pension fund to bail out the Inter-Alpha banks, is the Irish people know it is stealing, but Aussies are being conned that it is an “investment”, Citizens Electoral Council leader Craig Isherwood said today.

“Swan is scheming to prop up the property bubble,” accused Mr Isherwood.

“The whole ‘competition’ nonsense is a smokescreen. Mortgages aren’t unaffordable because there is not enough competition; they are unaffordable because house prices are way too high!

“Australia’s housing market is just one big bubble, created by the banks, and by the government through scams such as the First Home Owners Grant, and when it blows—as it surely will—Swan knows it will take the banks with it.”

He pointed out that the reason the banks have borrowed so heavily from overseas, is that the only way to keep the bubble up is to feed it.

The panic expressed by Hockey and now Swan about the trouble the banks will have next year accessing international funds, is because the banks won’t be able to keep feeding the bubble,” he said.

“So Swan’s solution is to feed them the money from the super funds. Yes, the private superannuation industry will be used as a bailout—exactly what Keating and Kelty and the banks designed it for.

“Where would the stock market have been over the past two decades without the trillions of dollars funnelled into it, by law, as compulsory super? And in recent years, a lot of Aussies have discovered what that was worth, when they saw their savings vaporise in market crashes, while all the ‘experts’ urged them to stay in for the ‘long-term’. Compare Australia’s private super system, with America’s Social Security system, designed by Franklin Roosevelt, in which workers pay into the government’s Social Security fund, for a government-guaranteed return when they retire.”

Mr Isherwood continued, “Our system is a scam. It forces workers to become stock market gamblers, all to generate a pool of funds that banks and their fund managers can use to plug derivatives holes and the like.

“Now they want to plug the hole in the mortgage bubble. It is sacrificing workers to the Money Power. Swan’s scheme of ‘covered bonds’ to encourage super funds to invest in mortgages could lead to the ridiculous situation where blue-collar workers may effectively foreclose on themselves! The super fund they pay into may hold the over-priced mortgages that they default on, and they lose their house in the present, to protect their investment for the future!”

He concluded, “Since the ALP betrayed its roots, and under Hawke and Keating abandoned its fight against the Money Power, and in fact joined the bankers-own Liberal Party in servitude to the City of London banking system, they have sacrificed the nation and its workers to banking pirates.

“The CEC is now the force against the Money Power and for the common good of the people of the nation. Don’t be their victim—join us!

For more on the historical fight against the Money Power, click here for a free copy of the Oct/Nov 2009 New Citizen, including articles “The True History of the Founding of Australia” and “From 1788 to Today: The British Empire’s Ongoing War Against Australian Sovereignty”.

© Scoop Media

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