Aiden on money creation."Governments DO have control of their creation, and we don't need limits to money creation to be enshrined in the constitution. Having it set at the policy level is just as effective, though the current policy settings are actually too hawkish: there's too much of a focus on controlling short term inflation rather than encouraging economic growth and controlling long term inflation."

John Howard signed away all power over our RBA in his term. Joe Hockey recently hinted to our banks that they needed to hold more cash reserves as a % of loans .In other words stop printing so much money.The bank's reply was that rates and bank charges would increase. Hockey was silenced.

With the instigation of the private US Federal Reserve Congress had a lot of power to control the money printing, however slowly that power was eroded by the Fed via their powers of money creation. The RBA is another Rothschild controlled central bank that owns and controls the Govts of Australia. We have lost our sovereignty and what little freedoms we had. We are just another vassal state of the Empire of Bankism.

It should be understood that Gold in all its various forms is an Insurance policy NOT an investment. It may easily go up and down in terms of any fiat currency but it provides safety

Yes, Nixon didn’t create the theory he merely read part of Keynes and then distorted it. It would have been so much better if we had had the crisis then, it is going to be far worse when it does come – shortly. When it does come I expect a new currency will be forced on the world by China with the support of the BRICS. If we are lucky the IMF and World Bank may have a say. This will be only to settle accounts between countries and will not be available for individuals. Its purpose will be to prevent the creation of unrestricted/unlimited credit, which the world (and not just a few people with foresight) will consider as the cause of the crisis. To go further, what would this currency look like and will it have some automatic controlling mechanism. It may well not be Gold as it was all through the 19th century and partially the 20th, but what are the alternatives. Suggestions please

One thing I believe we cannot continue to do as you seem to think we can, is to say “Janet Yellen is a lovely lady and I am sure she will get it right. We will trust her with all our money”

” a combination of fiscal policy (taxation and government spending) and monetary policy can deal with it.” It being inflation. How or why then did we get into the massive Q.E’s ? Inflation is the old fashioned way of reducing debts and we have to have inflation to reduce the massive debt. Do you really believe that Janet can balance everything so we have a little bit of inflation but not too much ! To go back to an earlier post you are a delightful optimist. I just hope you are right but I want my insurance policy !

Unbelievable, Arjay...

"The RBA is another Rothschild controlled central bank that owns and controls the Govts of Australia. We have lost our sovereignty and what little freedoms we had. We are just another vassal state of the Empire of Bankism."

Which empire is that?

Shouldn't we then be vassals to, say, the three largest banks in the world? You know; number one, the Industrial and Commercial Bank of China, number two, The Hong Kong and Shanghai Banking Corporation (HSBC) or number three, Credit Agricole Bank of France?

To give you something to work with the postal address for Credit Agricole Bank is 42/4, Pushkinska St, 01004, Kyiv, Ukraine!

Just to put it into perspective the ICBC, alone, could buy and sell the entire Rothschild family about ten times over...

Any news yet about that gold audit, you know, the one with which you started this thread?

Arjay, Howard may have signed away too much power over the RBA to the RBA, but we did not lose any of our sovereignty. The government still sets the RBA's objectives, it is still 100% government owned, and is not in any way controlled by the Rothschilds.

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Dickybird, technically gold is a hedge rather than an insurance policy, and there are many other investments that are also hedges.

Nixon acted out of economic necessity, not because of any interpretation (correct or otherwise) of what Keynes wrote. The USA was running out of gold, and had he failed to act it could have resulted in hyperinflation.

The inflation crisis occurred in the 1970 thanks to OPEC. It's over! The global economy is no longer so reliant on a single commodity so cost push inflation is no longer a serious threat. And central banks use interest rates to control credit creation so that it isn't unrestricted. Therefore we don't need another currency, and there is no reason for China to insist accounts be settled in a currency other than its own!

<<How or why then did we get into the massive Q.E’s ?>>
Because there was a fall in private borrowing and governments were stupidly reluctant to take up the slack. Without governments running bigger deficits until the private sector recovers, QE enabled money to get into the economy, though it was an inefficient way of achieving that.

Aidan's comments.Arjay, Howard may have signed away too much power over the RBA to the RBA, but we did not lose any of our sovereignty. The government still sets the RBA's objectives, it is still 100% government owned, and is not in any way controlled by the Rothschilds.

Aidan the BIS (Bank of International Settlements is a Rothschild Bank)sets all the rules for all our banks to function. They do this through APRA.The RBA sets interest rates not the Australian Govt.

Arjay the BIS is owned not by the Rothschilds but by its members, of which the RBA is one. The BIS set some international rules for central banks, and sets (but does not enforce) capital requirement standards for commercial banks. APRA set and enforce some domestic rules for the banking system. Neither of those take away ultimate control from the Australian government.

The RBA sets interest rates according to the Australian government's objective. Although the government surrendered day yo day running of interest rate policy, they still retain overall control, and there is a dispute resolution process for any disagreements between the treasurer and the RBA board. AFAIK that process has never been used, though IMO Wayne Swan should have used it when the RBA unnecessarily hiked interest rates in 2009 and 2010.