Will the Reserve Bank of Australia increase its power, following moves by Treasurer Jim Chalmers to repeal Section 11 of the RBA Act?
How could this move challenge Australia's home ownership and wealth? Is this is a threat to our democratic rights?
SUMMARY: How much power do you think the “independent” Reserve Bank of Australia should have to overrule the people of Australia? Where there is a difference of opinion between the Reserve Bank of Australia and the Australian Government, who is actually in charge of our money, monetary policy, money supply, transactional processes and interest rates?
Is the power structure about to be reversed? Should we be watching closely?
Who owns the Reserve Bank of Australia (RBA)?
Good question. And I won’t attempt to answer that here.
Have you read the book “The Creature from Jekyll Island” by G. Edward Griffin, about how the US Federal Reserve was established, and who actually established it?
(It is far too late now to call “conspiracy”. No-one responds to name calling any more… we have won far too many important, life-saving arguments over the last couple of years. And there are more coming up, unfortunately.)
Who has the POWER when there are Differences of Opinion between the Reserve Bank of Australia (RBA) and the Australian Parliament?
This is the issue being highlighted in Australia at the moment. And it is very important.
For example, here’s a question:
With the Reserve Bank of Australia continuing to raise interest rates,
Just about every quarter for some years now,
Knowing that a lot of Aussies are hurting financially -
Can they be stopped from doing this?
The decisions made by the RBA are supposedly independent of the Australian Government - but what happens when the decisions made by the RBA could cause many Australians to lose their home, for example?
Can the government step in to over-ride such decisions, to protect Australian citizens?
Section 11 of the Reserve Bank of Australia Act, as it presently stands, says “Yes” it can… but there are movements to change this important Act.
Reserve Bank of Australia Act 1959 can be found here: https://www.legislation.gov.au/Details/C2010C00514
The latest version: https://www.legislation.gov.au/Details/C2020C00322
The Reserve Bank Act 1959 can be downloaded here: https://www.legislation.gov.au/Details/C2020C00322/Download
Today I’m specifically looking at Division 2 - Policy and management of the Reserve Bank. Section 11, “Differences of opinion with Government on questions of policy”. In other words where the Reserve Bank of Australia my have a difference of opinion from the Australian Parliament. How are those differences of opinion resolved, and how have they been legislated to be resolved up until the present date?
Specifically, taken directly from this Act:
11 Differences of opinion with Government on questions of policy
(1) The Government is to be informed of the Bank’s policy as follows:
(a) the Reserve Bank Board is to inform the Government, from time to time, of the Bank’s monetary and banking policy;
(b) the Payments System Board is to inform the Government, from time to time, of the Bank’s payments system policy.
(2) In the event of a difference of opinion between the Government and one of the Boards (the relevant Board) about whether a policy determined by the relevant Board is directed to the greatest advantage of the people of Australia, the Treasurer and the relevant Board shall endeavour to reach agreement.
(3) If the Treasurer and the relevant Board are unable to reach agreement, the relevant Board shall forthwith furnish to the Treasurer a statement in relation to the matter in respect of which the difference of opinion has arisen.
(4) The Treasurer may then submit a recommendation to the Governor‑General, and the Governor‑General, acting with the advice of the Federal Executive Council, may, by order, determine the policy to be adopted by the Bank.
(5) The Treasurer shall inform the relevant Board of the policy so determined and shall, at the same time, inform the relevant Board that the Government accepts responsibility for the adoption by the Bank of that policy and will take such action (if any) within its powers as the Government considers to be necessary by reason of the adoption of that policy.
(6) The relevant Board shall thereupon ensure that effect is given to the policy determined by the order and shall, if the order so requires, continue to ensure that effect is given to that policy while the order remains in operation.
(7) The Treasurer shall cause to be laid before each House of the Parliament, within 15 sitting days of that House after the Treasurer has informed the relevant Board of the policy determined under subsection (4):
(a) a copy of the order determining the policy;
(b) a statement by the Government in relation to the matter in respect of which the difference of opinion arose; and
(c) a copy of the statement furnished to the Treasurer by the relevant Board under subsection (3).
Long History of the Australian Government Keeping the Reserve Bank in Check.
Most people have no education on banking. And governments love to implement new Acts where there is no opposition - due to ignorance, inactivity, etc.
Here are a couple of questions that you might ask - and they are relevant around the world:
Why was there sooooooo much currency created during the COVID-19 pandemic years? (Note: currency is not the same as money - they are very different concepts and becoming more and more divergent as central banks all over the world print currency like it is going out of style. Currency - that they want YOU to pay back. Very convenient. For them.
Is anyone trying to stop the continued creation of money by the Reserve Bank which inevitably results in huge debt which our children and future generations are required to pay back?
Are “they” trying to break the system? If so, why?
Can Australian citizens afford the irresponsible and culpable governments we continually get - irrespective of the political party in power?
Who actually runs our country?
How does the Reserve Bank of Australia Connect with the Bank of International Settlements?
As I have spoken about in a previous post the Bank of International Settlements is regarded as “the Reserve Banks of Reserve Banks”. It sits at the top of the reserve banks around the world, including the Australian RBA, the reserve banks of America, etc.
Australian Government Debt Levels
The Australian Government debt levels are projected to be over $1 trillion dollars by the end of 2026-27 financial year. That is 36.5 percent of GDP. For anyone familiar with these numbers they are outrageous.
You will be comforted to know that according to this Parliamentary Budget Report :
“While these are the highest levels of debt (relative to GDP) on issue by the Australian Government since the 1950s, they remain well below Australian historical peaks reached following the Second World War (p. 8) and current government debt levels in many other developed countries.”
(Not mentioning of course that many other developed countries have populations which greatly exceed that of Australia!) The reporting of these figures is laughable.
Most Importantly: Could this newly legislated increased Reserve Bank power be used to introduce the Central Bank Digital Currency (CBDC) - given that there is already push-back happening from Australian citizens?
Below is a YouTube video of the head of the Bank of International Settlements (BIS) talking about how their aim is to have every transaction trackable and traceable.
Again, not a conspiracy.
My Local Bank Branch Visits, Mudgee
On Monday November 20, 2023 I visited most of our local bank branches, in person, to find more information on CBDCs. I was looking for a pamphlet to explain CBDCs, because they are a new concept, and I was interested to see exactly how this will work, will CBDCs be introduced via local banking, be introduced in conjunction with cash, etc. I have a lot of questions to ask.
The banks I visited were:
Newcastle Permanent Bank, Church Street
Westpac Bank/St. George Bank, Church Street
National Australia Bank (NAB), Church Street, and
Commonwealth Bank, Church Street.
Not one bank could give me any useful information: all of them appeared to know NOTHING about CBDC.
Newcastle Permanent is going to look into it further and get back to me. The Westpac Manager was very pleasant, and interested in any information I may have - for example - through a public information evening.
So, not really what I was expecting. Since the Reserve Bank of Australia website’s shows the media release dated December 8 2021 of the completed wholesale CBDC research project: https://www.rba.gov.au/media-releases/2021/mr-21-30.html
If you go to the Reserve Bank of Australia’s website, and put “CBDC” into the search bar on the home page you will find out a LOT more than any local branch employee could help me with.
See Mudgee Eye’s Previous Posts on CBDC:
The Question of Cash and CBDC
We need to know what’s going on, in Mudgee and internationally, but the main stream media doesn’t seem to be interested. So many stories about things we aren’t that interested in. Some of them not even factual. When it affects us personally, our family, our house, our job, our money, our local community - sure, we DO CARE about that. We want to know what…
Big Picture Revealed by Catherine Austin Fitts
So we have been patient. It has now been three and a half years since the “Pandemic” was declared, and most nations on the globe fell in line behind the globalist narrative, mandating that citizens did what they were told: ostracizing anyone who dared to ask questions.
Christine Lagarde: President of the European Central Bank (ECB), World Economic Forum (WEF) leader, and previously the 11th Managing Director of the International Monetary Fund (IMF) 2011-2019:
ECB’s Lagarde says this month, that Europe needs a single market watchdog to push capital union.
Calling for more power in the hands of un-elected globalist financial institutions, which is part of the structure towards Central Bank Digital Currency (CBDC).
The European Commision says the EU needs 620 billion euros ($672 billion) every year until 2030 for the green transition and a further 125 billion euros annually for digitalisation.
"It is clear that we cannot rely on our existing framework to finance this investment," Lagarde told a conference. "We will not succeed in these transitions if we don’t get CMU (capital markets union) back on track."
She said companies that want to digitalise or decarbonise cannot access the finance they need, with nearly 40% of respondents in an ECB survey of small and medium-sized enterprises lamenting a lack of investor willingness to finance green investment. Source: https://www.reuters.com/markets/europe/ecbs-lagarde-says-europe-needs-single-market-watchdog-push-capital-union-2023-11-17/
Christine Lagarde speaking at the World Bank annual meeting “Global Action, Global Impact”, October 14, 2023, Morocco (love the comments on YouTube!):
How much financing is required in Australia to afford the “green movement” and “digitalization”?
Where will that funding come from?
Where was the referendum to pass this into policy? You think Australia is going to avoid this? Think again.
Is this called forward planning?
We will tell you what will happen, full stop. Sound familiar?
To find out more about Christine Lagarde’s contributions to the World Economic Forum, visit their website. https://www.weforum.org
Central Bank Digital Currencies (CBDCs)
Central Bank Digital Currencies (CBDCs) are being trialed and rolled out globally, but there is very little information being disseminated to the general public. Why is this? How do we find out more? What has the Bank of International Settlements, the European Union, and global banking got to do with our personal and business transactions?
If the Reserve Bank achieves its aim to be able to override the Australian Government (pathetic, and culpable as our governments are proving to be - whatever side of the fence you vote for) where do we go from there?
They have the answer to that, it is called “global takeover”?
(To find out more on the CBDC trials/pilot programs that the Reserve Bank of Australia has been conducting since 2021 (that they show on their website), visit the Reserve Bank’s website and put your search terms in the search bar on their homepage.)
Sweden has been trialing CBDC since 2021.
Sweden Central Bank Partners with local bank for CBDC trial in June 3 2021: https://coingeek.com/sweden-central-bank-partners-with-local-bank-for-cbdc-trial/
According to the above article The Bahamas already had their own CBDC, the Sand Dollar by June 2021.
Action to be taken:
Digital Finance Analytics has more information here:
https://digitalfinanceanalytics.com/blog/how-to-stop-the-central-bankers-power-grab
Public Information Evening
Notification of a Public Information Night will be posted on this Substack when I have organized it. I’m expecting this to happen sometime early in 2024.
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Local Bank Employees and Their Job Security
I am concerned about the local bank branches and local employment security.
Could it be just an accident that I did not find ONE informed person in Mudgee banking?
Or is the CBDC a totally top-down approach?
Not only do I suspect a top-down approach, but a globalist manipulation of our monetary system.
Prove me wrong in the comments below:
“Bail-In”: What is it? Does it Apply in Australia?
Bail-in occurs when a trading bank under financial pressure, call in funds, including from DEPOSITORS.
“Outrageous”, you say…
Many people have heard that any deposit in one banking group is guaranteed by the Australian Government (i.e. you) to the amount of $ 250,000.
But you may not have noticed that on Valentines Day, February 14, 2018, around the time when Barnaby Joyce’s extramarital matters were grabbing the headlines, the Australian Parliament passed the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018.
This Act was to deal with certain matters in the case of a national financial crisis.
And it mentioned bail-in. Certain insiders are not happy with the fact that mum and dad depositors were not specifically excluded in the above act.
So, efforts were made by the One Nation party, via a bill to parliament to have this matter clarified.
Read more about it here:
https://citizensparty.org.au/stop-bail-in/legal-opinion-australian-deposits-can-be-bailed-in
As at the date of publishing, I have not established the end result of this inquiry, and when I find out more, I will add the update as a note or comment below this post.
In 2018 no-one much in the public paid too much attention to this new act, but in these economic times, globally and domestically, it is time to get into the details, don’t you agree? Some will remember the bail-in that occurred at the Cypress Bank, Cypress, in May 2013, where depositors simply could not access “their money”.
If you think there is a trend to the globalization and control of money, and therefore you, I think you are right.
Do you want the Reserve Bank of Australia to have un-elected power over Australia’s financial system? That’s where this is heading.