Tuesday, 18 September 2012

The Whores Hustle and the Hustlers Whore

poor ned better off dead

It is no secret the majority of us don’t like banks. Yet banks are forced on us wherever we go, from the time our salaries are paid directly to the banks to the time we spend the money through our cards – letting the banks keep tally of everything we do with this money of ours. Government institutions are also in the process of moving away from dealing with money, delegating these duties to the banks: Medicare, for example, no longer issues cash refunds; everything has to go through the banks now.
With that in mind, I thought I’d run a trilogy of posts dealing with Australia’s banks. The next two will involve personal experience, but for this one I’d focus on a general introduction to the world of Aussie banking. All it takes are the following two bullet points:
    • The majority of banking operations in Australia are concentrated with the big four banks.
    • Four entities are the major shareholders of all of the big four banks. These four major shareholders are: HSBC Custody Nominees, JP Morgan Nominees Australia Limited, Citicorp Nominees Pty Limited, and National Nominees Pty Limited*.
      In other words, our four big banks that control our economy are all controlled by the same entities. Do not wonder why there is not much in the way of competition between our banks, because they are all controlled by the same entities. In other words, Australia is in effect a one bank nation. Usually, the word for that is “monopoly”.
      [Insert praise for capitalism and the free market economy]


      *This information is quoted from an article by Richard Denniss of The Australia Institute, published in D!ssent #38.
      Image by yewenyi, Creative Commons license

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