Nero

The Money Power: Four books on the big banks

Ben Huf
Wednesday, 23 October 2019

Bank bashing is an old sport in Australia, older than Federation. In 1910, when Labor became the first party to form a majority government in the new Commonwealth Parliament, they took the Money Power – banks, insurers, financiers – as their arch nemesis. With memories of the 1890s crisis of banking collapses, great strikes, and class conflict still raw, the following year the Fisher government established the Commonwealth Bank of Australia, ‘The People’s Bank’, as a state-owned trading bank offering cheap loans and government-guaranteed deposits to provide stiff competition to the greedy commercial banks gouging its customers.

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In Breaking Point: The future of Australian cities, Peter Seamer quotes satirist H.L. Mencken: ‘There is always an easy solution to every human problem – neat, plausible, and wrong.’ Seamer, a former CEO of the Victorian Planning Authority, Federation Square, and the City of Sydney ...

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