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The Role Of The Central Bank…

More from Senate Estimates with Senator Rennick asking some important questions of the RBA Governor about how the Bank operates, and its accountability.

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  1. Can anyone look at the question and answer sessions run by parliamentary committees around the world with anything other than frustration? They all contain very limited opportunities to raise and discuss important issues. The Committee chair almost always tries to restrain discussion especially when an interviewee shows any sign of discomfort. Direct questions are considered impolite. The clear intention is to follow the form of discussion without the reality of discussion.

  2. I fail to comprehend the statement that the RBA is a government agency/bank. If "WE" print money then how does it become a debt for the Government with interest? We go around in theis circle and everyone denies that the RBA is a private Central bank. And so a Private Central Bank prints money that the Government sorry the people are liable for. Which is it Private or Government?

  3. Is that what senator Rennick was trying to get an answer to…so you subsidise banks but you don't subsidise the taxpayer…why didn't he ask that first?
    Miss Anja, why didn't he ask that first?
    Not sure Tommy, but he did mention the mandates…without being clear…and not the relevant one, 10.2c support the economic prosperity and welfare of the people of Australia.
    That would solve that economic problem…the falling incomes of the people (the actual supply side), Miss, but the prices charged by the "supply side" of the economy (the cost side…what we buy) would need to be regulated. Wages regulated, prices regulated, inflation gets to the target range quick smart.
    But the RBA does not interfere in the economy, Tommy. Just ignores it's mandates so that it can focus on just the wealth transfer from the poor to the wealthy.
    It's a central bank…isn't it, Miss? Not a commercial bank…independent…so it sees its primary purpose is ensuring the direction of wealth…I see what you are saying, Miss.

  4. He didn’t answer the real question…why did they back the. Commercial banks who effectively print up digits/currency into our economy at risk of the sovereign (because they loaned from the international short term markets) …countries do become violent when they don’t get their money back

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