Part 3 – Abolition of Usury
One fundamental error of the current debt-based economic system that we live under is the right granted by the State to those who hold money to be able to lend it with interest. Essentially every religion (at least, such as are founded upon noble and universal values of justice and equity) has seen “usury” as an evil system, but most dictionaries nowadays would define usury as “the practice of lending money at unreasonably high rates of interest” – BUT who is to say what is unreasonable? Those who are currently in control of our economic system do not see what they are doing as unreasonable, and in fact, as long as they continue to hold onto the reins of power, such a system can presumably run ad nauseum.
We would define “usury” as the lending of money at any rate of interest insofar as it essentially allows those who hold monetary power to make an unjust living off of those who are in need. In reality (as explained by our first article, Understanding the Problem) money is, in the first place, created and lent to the State with interest. It can only be paid for by printing more money, which, as with the first batch, comes with more interest attached. Thus the charging of interest in itself creates a perpetual system of debt (which in monetary terms is interchangeable in both theory and practice with slavery). Essentially, it is this immoral, greed-based principle (and not the principle of private ownership, as stipulated by Marxist theory) that “keeps the rich getting richer and the poor getting poorer”.
Thus, it must be stated, that within the labour-based currency that we are proposing, not only is such State-issued currency created interest-free, but no individual or institution will be permitted to charge interest on any loan, otherwise, within a short time the essential quality of the system which would facilitate equity amongst our citizens based on their real contribution to society and their fellow man would be hijacked, and once again there would be an unjust accumulation of wealth within the hands of a few. Instead, all banking and credit institutions will be publically owned, and we will institute a national program of interest-free loans for families, farmers, small businessmen, and others who require them.
Certainly, the abolition of the principle of usury will put the final nail in the coffin of one of the greatest rorts that has been perpetrated upon humanity. Upon the basis of a nationalised local labour-based currency, Australia will become an example of an honest, self-sufficient, debt-free economy based solely on the productive capacity of its citizens. The proper function of any economy is to serve the economic needs of the people, not to make profits for big bankers and huge multinational corporations. Honest work (whether this entails physical or mental labour) is the only legitimate basis for wealth – not speculation, usury or money-manipulation.
It should be abundantly clear that a sound economic system must rest not on debt or even some extraneous (ie. useless) metal, but on the productivity of the worker alone. Money in itself is properly a medium of exchange and a store of value, not a commodity such as bread or steel. Therefore money should be issued without profit, in the service of the legitimate needs of the people without interest. As the Leader of the Freedom Party of Australia, I stand for economic justice on behalf of all Australians. No more government bending and scraping to the interests of international corporations and corrupt bankers.