As we approach the centenary of the passage of the Commonwealth Bank Act in 1911, the Citizens Electoral Council plans to launch a fight to re-establish a true national bank that the (now privatised) Commonwealth bank once was. Its impressive achievements in financing Australia's economic development and war efforts₃ of the early 20th century show what would be possible if such a bank were to be re-established today. In spite of candobetter's serious concerns about the CEC's hostility to environmentalism, we believe this proposal deserves your enthusiastic support.

See also: Cut Wall Street out! How states can finance their own economic recovery of 3 Nov 09 by Ellen Brown, How a state-owned bank could make Queensland asset fire sale unnecessary based on original article by Ellen Brown of 29 May 09, Call for the re-establishment of a true national bank of 17 Jan 2010.

Ellen Brown shows how the examples of the publicly owned Bank of North Dakota and the past example of Australia's now privatised Commonwealth Bank demonstrate that President Obama can begin to turn the US economy around without pouring hundreds of billions more US taxpayer dollars down the black hole of the private banking system. The Queensland Government, now bent on selling $15 billion worth of publicly owned assets to 'solve' its own finacancial crisis, should take note.

Includes appendix: Steven Keen on why bankers deserve less respect than plumbers.

Originally published on truthout. See also: www.webofdebt.com, www.ellenbrown.com, "How a state-owned bank could make Queensland asset fire sale unnecessary" (originally published as "But Governor, You CAN Create Money! Just Form Your Own Bank.") of 30 May 09.

Queensland State Treasure Andrew Fraser claims that he has no option but to sell off yet more state-owned assets in order to solve Queensland's financial crisis. In this article, Ellen Brown, author of "The Web of Debt" urges Arnold Schwarzenegger the Governor of California, which faces financial difficulties similar to those faced by Queensland, to follow the example of North Dakota, which has its own bank, in order to create money to lend itself in a manner no different to the way that private banks create money to lend Governments, but at interest rates much lower than would be charged by the private banks.

Original article published as "But Governor, You CAN Create Money! Just Form Your Own Bank." on 29 May 09 on Op Ed News
See also: "Revive Lincoln's monetary policy - an open letter to President Obama" of 9 Apr 09 by Ellen Brown (also published here), "Cash-starved states need to play the banking game:
North Dakota shows how" of 2 Mar 09, "Take back the power to create money from the private banking industry" - submission by Ellen Brown to President Barack Obama's Open Government Dialogue of   of 29 May 09.

Ellen Brown, author of The Web of Debt in a letter to US President Barack Obama, argues that the financial crisis, created by crooked bankers, can be solved without impoverishing America's Main Street, simply by the US Government taking back from private bankers the right to create money as President Abraham Lincoln did during the US Civil War. (Originally published on Global Research on 9 Apr 09.)

Contents: Lincoln's Monetary Breakthrough, Building on a Successful Tradition, The Perennial Inflation Question, A Wake-up Call, Notes. See also: G20 Authorizes Global Printing of Money Out of Thin Air of 8 Apr 09, The Financial War Against Iceland of 5 Apr 09 on Global Research on 9 Apr 09.

Rudd and the banks' 'solution' to poverty, debt and homelessness is no solution at all. It drives up the mortgage burden in the long-run and relies on business as usual returning in an increasingly uncertain future. Forget debt, let's dump the banks.