Conflicts of interest between bank shareholders and customers.

Banks are required by law to maximise profits but that doesn't legalise their fraudulent theft of the fruits of customers' labour by pretending to create and sell money to them.

Vince Patuiny (Letters July 29) says there’s a conflict of interest between bank shareholders and customers. It’s worse than that. Corporate banks are required by law to maximise profits at customers’ expense. Moreover, their loan activities constitute a fraudulent EXTORTION RACKET facilitated by COMMONWEALTH refusals to create Australia’s money supply and its granting of free licences to banks to pretend to create and lend money at interest.

Bank lending is an EXTORTION RACKET since banks provide NOTHING but fiat digits in loan accounts. Banks don’t lend customers’ “deposits” (i.e. unsecured loans which banks can BAIL-IN, by conversion to shares to avoid bankruptcy. 

Banks demand “borrowers” pay them notional (imaginary) amounts placed in accounts, PLUS interest. The government is complicit because it authorises police and courts to prosecute, fine and imprison bank loan customers who fail to pay banks the imaginary amounts appearing in accounts, PLUS interest. Courts also prosecute anyone attempting to barter commercially or issue genuine asset backed money to facilitate trade.

The COMMONWEALTH’s failure to create Australia’s money supply; its granting of free licences to corporate banks to pretend to lend money using their fraudulent “fractional reserve system”; and government prosecution of bank customers who fail to pay the banks the money they demand, constitute a gigantic EXTORTION RACKET since banks provide NOTHING to loan customers and the government knows that.

Real counterfeiters at least provide fraudulent fiat tokens to those they fleece AND don’t demand on-going interest payments thereon.

Ron