Thursday, 12 December 1996
Shadow Minister for Finance, M.O.N.E.Y.
J O N M. A X T E N S
Amanuensis/Public
Scribe
6 Slater Street,
NORTH LISMORE
N.S.W.2480
Phone(O2)66 216O15
Monday, 2nd December,
1996
The Hon.
Shadow Minister for
Finance,
Parliament House,
CANBERRA A.C.T. 2600
Dear Prospective
Minister,
May our
Principals look to you for confirmation that the Financial
System Inquiry Discussion Paper, copy of which you will, by
now, have examined carefully, does not deal with the various
Multi-Million Dollar Finance Trusts set up in regional
Australia ostensibly to keep local money invested and managed
locally.
On grounds
of being too new and therefore, by comparison with established
entities, too small to matter for the present, the Financial
System Inquiry has, it seems, also opted to ignore the boom in
LETS (Local Employment Trading System or Local Energy Transfer
System) currencies and “Credit Exchanges” (banks), which now
number in excess of two hundred throughout the nation, AND the
Bartercard’s Trade Dollars (although those at least are
recognized by the Australian Taxation Office).
Now that it is possible to bank with foreign domiciled
banks via the Internet, it is clear that the Australian
governments, regardless of their political persuasion, will be
hard put to devise any legislation to effectively control or
tax money flows and certainly it will be exceedingly difficult
to enact laws to protect investors funds.
Extraordinary situation that Cash Transactions number about
nine times the (thousands of billions of dollars) total of all
other money related transactions given the oft repeated claims
by governments that this nation is rushing to embrace the
“cashless society”? Does this not suggest that there are still
living generations of Australians who are not happy with
Automatic Teller Machines and Electronic Funds Transfer at
Point Of Sale facilities?
You do not
need to be reminded that the government-issued bank licences in
Australia deny the banks the right to lend out depositors funds
BUT, by way of compensation, authorise them to create credit of
about sixteen times the amount of depositors funds and to
charge usurious rates of interest and charge a multitude of
fees on virtually all of it.
Sincerely,
.
J O N M. A X T E N S
J.P
Affiliate, Institute of Legal
Executives (Victoria)
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