Mr O'Brien is calling for the re-establishment of a peoples bank, a Bank of Australia, set up and run by the Commonwealth Government, on behalf of and for the benefit of, all Australians.
“I want to see the return of a peoples bank, in line with King O'Malley’s original concept, overcoming the complexity of modern finance, with benefits for the people, ensuring a strong and healthy nation for all future generations,” he said.
“I want to see wealth and prosperity for all, and there is no reason why it can't be like that, if that's what we want.”
At the launch, Mr O’Brien distributed handbills titled ‘The Truth About Banks’, outlining the history of money and how banks create money (credit) out of nothing – “a right that was reserved solely for the government in the Australian Constitution under Section 51”.
“This right has been given to private hands and banks now create all money in circulation in Australia,” he said.
The handbill contains several quotes from former world leaders and top bankers stressing the dangers of private banks with the power to create money.
In the handbill, Mr O’Brien states that interest on loans is the cause of inflation, and should be replaced with a simple bookkeeping fee of two percent.
A $200,000 home loan would cost $204,000.
“In centuries past, usury, the lending of money at interest, was punishable by death.
“It is counterfeiting and it is wrong,” he said.
“History shows this to be true, and it is no different now.
“If I created money in the way that banks do, I would be arrested.
“I’d like someone to show me where and when private banks were given the legal right to do that.
“Just because it’s the way it is done, it doesn’t make it right.
“I don’t think anyone should be put to death, but the situation certainly has to be rectified.
“Unless it is, things can only get worse – more unemployment, more foreign ownership, higher foreign debt, higher taxation and lower education standards.”
Mr O’Brien states that such a bank would provide all
funds, tax-free, for the provision of necessary infrastructure, such as
roads, schools and hospitals; the buy-back of Australia from foreign
a reduction in taxation and the elimination of foreign debt.