World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

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

 
 
 
World Headlines

 

Gordon Campbell: On The Washington Riot And The Georgia Results
Hong Kong and Washington DC. On the same morning, the tyrants in power in Beijing and their counterpart in the White House have shown how they refuse to accept the legitimacy of any different points of view, and the prospect of losing power… More>>

WHO: Vaccination No Guarantee Of Virus Eradication

In the final World Health Organization (WHO) COVID-19 press conference of the year, on Monday, senior officials warned that the virus is 'not necessarily the big one', and that there is a real chance of another, more serious pandemic spreading ... More>>

Covid: Two Billion COVID Vaccine Doses Secured, WHO Says End Of Pandemic Is In Sight

The end of the pandemic is in sight but we must not let our guard down, the head of the World Health Organization (WHO) said on Friday, as he welcomed the news that the global vaccine partnership COVAX has lined up almost two billion doses of existing ... More>>

UN: Guterres To Seek Second Five-year Term
António Guterres will be seeking a second five-year term as UN Secretary-General, which would begin in January 2022.... More>>


UN Rights Office: Iran Execution Of Child Offender Breaks International Law

The execution of an Iranian man for a crime allegedly committed when he was 16 years old has been condemned by the UN Human Rights Office (OHCHR) and raised concerns over violations of his right to a fair trial. In a statement released on Thursday, ... More>>

UN News: Fighting Displaces Over 500,000 In Northern Mozambique, Reports UN Refuge Agency

Attacks by armed groups in Mozambique’s Cabo Delgado, Nampula, Zambezia and Niassa provinces have displaced more than 530,000 people, many of whom have been forced to move multiple times, the UN refugee agency (UNHCR) said on Friday. According to ... More>>