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In Question System and Industries
Lost Explained in Brief (Draft) |
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There is often talk of ‘the great contribution to ‘Monetary An independent monetary system is ensured by keeping
foreign receipts and payments equal. The more Thus not only is there no gain to the nation’s total income from export earnings, export growth also undermines domestic industries. It is questionable
as to whether the income ‘earned’ by exporters is adequate compensation to
the nation for the consequent loss
of domestic industries; and the trade, businesses, jobs associated with them, and the lower
multiplier effect.
It is possible that under the current ‘Independent’
monetary system, the more that Originated October 2020 For more details in regard to this insight go to: |
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Buoyant
Economies Submission to the Financial System Inquiry - This last observation is interesting in
the light of recent revelations about bank
misdemeanours: The Royal Commission into Misconduct in the Banking …. Industry 2019 comes to mind. (??) Also of some relevance in this regard are
the fines by ASIC & AUSTRAC 2014 to 2020 (The Sydney Morning Herald article of 24 Sep 2020 by Charlotte Grieve “How Westpac's
record-breaking fine compares to others” offers comment in respect of this matter.)
??? What is to say that any sense of ‘self serving’ and ‘entitlement’
that was associated with these offences was not ‘at play’ in the banks
gaining and maintaining the position
of privilege that they have in the Australian economy as the “only
source of monetary growth’ (i.e. bank lending) courtesy of the ‘Independent Monetary
System’??? ( In any case, it would seem (from Para 3.6 quoted above) in adopting this ‘independent’ monetary system
that “the great contribution
to If made aware, many people might see the failings of ‘ “Isn’t the Banking Sector supposed to be
serving the Nation, instead of the other way round”?? They might also say: Surely, and trustworthy monetary system??? The incredulous might exclaim:
“No
growth in national income from our exports”?! “We lose domestic industries, businesses, and jobs”??! “We in effect give away our iron and coal to
foreigners”???! “But we gain lots of
big holes in the ground”????! and “We’ve
been ‘selling-off the farm’ to
foreigners to raise capital”?????!!! Another might query: “How
can this ongoing damage to our
nation’s economy be allowed to continue? and “Is it
the result of a breach of duty”?? Perhaps those that have lost their livelihood in consequence of
this system might say a lot more? A
restrained question from that quarter might be: “Why
are currency being knowingly allowed to cause
them to be uncompetitive against imports”??
and Who is it that facilitates this – Who is
culpable??? Aside from that, there are a few more questions that might be
asked. A Better, More Equitable, Impartial, and
Trustworthy Monetary System? It would seem that ·
One that
develops monetary policy? ·
One
to whom the Central Bank would be accountable? ·
One
that encourages an exchange rate that favours ·
One that has representation from each state??? and ·
One
that is not naturally linked directly to; and biased in favour of one
sector of the economy! An example of such an organisation is the ‘European
Commission’ as described in ‘Saving the Euro’ by Leigh Harkness, Part 7,
Managing the Process to the Optimum Exchange Rate System (Pages 59 to 84), http://www.buoyanteconomies.com/SavingTheEuro.pdf .
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Note: This page is intended to provide a window
into the considerable knowledge, experience, understanding, research, and hard work evident at the Buoyant Economies website e.g The guided
exchange rate and liquidity system http://www.buoyanteconomies.com/Guided_exchange_rate_system.htm
Updated 20 January 2021 JG |
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National Monetary System
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Terms
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