Banking and Anti-competitive Behaviour

/Begin rant

The American Federal Reserve, the Reserve Bank of Australia and just about every other centralised banking system is privately owned. In most governments there exist rules which ensure that they (government) must accept bids for contracts and appoint the most appropriate according to cost, time and so on. With the system of banking we currently have there is never an assessment of it's appropriateness.

Anti-competitive practices

en.wikipedia.org...

Anti-competitive practices

These can include:

Dumping, where a company sells a product in a competitive market at a loss. Though the company loses money for each sale, the company hopes to force other competitors out of the market, after which the company would be free to raise prices for a greater profit.

Exclusive dealing, where a retailer or wholesaler is obliged by contract to only purchase from the contracted supplier.

Price fixing, where companies collude to set prices, effectively dismantling the free market.

Refusal to deal, e.g., two companies agree not to use a certain vendor

Dividing territories, an agreement by two companies to stay out of each other's way and reduce competition in the agreed-upon territories.

Limit Pricing, where the price is set by a monopolist at a level intended to discourage entry into a market.

Tying, where products that aren't naturally related must be purchased together.

Resale price maintenance, where resellers are not allowed to set prices independently.

Everyone remember Microsoft and it's division into two companies due to anticompetitive practices? I am not going to link the details here a quick Google will reveal all. Simply considering the culpability of private corporations controlling the issuance of monies to the people engaging in anti-competitive practices, it does not seem correct they should be given a golden ticket and never have to undergo scrutiny from a dependent public.

We have made a corrupt god of the dollar and now have no way to slay the beast. None of it makes sense because it is a corrupt system. It's like trying to understand a murderer; you can recognise the wrong, you can even ascertain the procession of events and more yet, you can never enter the mind of the killer to truly comprehend the motivation.

/End rant

Originally posted by usernamehere
/Begin rant

The American Federal Reserve, the Reserve Bank of Australia and just about every other centralised banking system is privately owned. In most governments there exist rules which ensure that they (government) must accept bids for contracts and appoint the most appropriate according to cost, time and so on. With the system of banking we currently have there is never an assessment of it's appropriateness.

Anti-competitive practices

en.wikipedia.org...

Anti-competitive practices

These can include:

Dumping, where a company sells a product in a competitive market at a loss. Though the company loses money for each sale, the company hopes to force other competitors out of the market, after which the company would be free to raise prices for a greater profit.

Exclusive dealing, where a retailer or wholesaler is obliged by contract to only purchase from the contracted supplier.

Price fixing, where companies collude to set prices, effectively dismantling the free market.

Refusal to deal, e.g., two companies agree not to use a certain vendor

Dividing territories, an agreement by two companies to stay out of each other's way and reduce competition in the agreed-upon territories.

Limit Pricing, where the price is set by a monopolist at a level intended to discourage entry into a market.

Tying, where products that aren't naturally related must be purchased together.

Resale price maintenance, where resellers are not allowed to set prices independently.

Everyone remember Microsoft and it's division into two companies due to anticompetitive practices? I am not going to link the details here a quick Google will reveal all. Simply considering the culpability of private corporations controlling the issuance of monies to the people engaging in anti-competitive practices, it does not seem correct they should be given a golden ticket and never have to undergo scrutiny from a dependent public.

We have made a corrupt god of the dollar and now have no way to slay the beast. None of it makes sense because it is a corrupt system. It's like trying to understand a murderer; you can recognise the wrong, you can even ascertain the procession of events and more yet, you can never enter the mind of the killer to truly comprehend the motivation.

/End rant

edit on 13-8-2012 by usernamehere because: (no reason given)

To quote an internet meme: "lolwut?"

Aust Reserve Bank. Note the URL (.gov.au), note that the Australian Commonwealth OWNS the RBA and is NOT owned privately. Its like saying the Victorian Public Transport (Trains specifically) is owned privately. Both statements are false.

reply to post by Spruk

The american federal reserve also is assigned .gov

A bit of humour:

en.wikipedia.org...
A central bank, reserve bank, or monetary authority is a public institution that manages a state's currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the nation's monetary base, and usually also prints the national currency, which usually serves as the nation's legal tender.[1][2] Examples include the European Central Bank (ECB), the Federal Reserve of the United States, and the People's Bank of China.[3]

Is that correct, is the Federal Reserve of the United States a public institution, or is privately owned?

www.austlii.edu.au...
RESERVE BANK ACT 1959 - SECT 26
Reserve Bank to act as a central bank The Reserve Bank: (a) is the central bank of Australia; (b) shall carry on business as a central bank; and (c) subject to this Act and to the Banking Act 1959 shall not carry on business otherwise than as a central bank.

en.wikipedia.org...
Activities of the Commonwealth are carried out through the permanent Commonwealth Secretariat, headed by the Secretary-General, and biennial meetings of Commonwealth Heads of Government. The symbol of their free association is the Head of the Commonwealth, which is a ceremonial position currently held by Queen Elizabeth II. Elizabeth II is also monarch, separately and independently, of 16 Commonwealth members, which are known as the "Commonwealth realms".

en.wikipedia.org...
A Commonwealth realm is a sovereign state within the Commonwealth of Nations that currently has Elizabeth II as its reigning constitutional monarch and shares a common royal line of succession with the other realms.[1][2] As of 2012, there are sixteen Commonwealth realms, with a combined land area (excluding Antarctic claims) of 18.8 million km² (7.3 million mi²) and a population of 137 million,[3] of which all but about two million live in the six most populous states: the United Kingdom (UK), Canada, Australia, Papua New Guinea, New Zealand, and Jamaica.

en.wikipedia.org...
The most significant family of constitutional monarchies in the world today are the sixteen Commonwealth realms under Elizabeth II.[7] Unlike some of their continental European counterparts, the Monarch and her Governors-General in the Commonwealth realms hold significant "reserve" or "prerogative" powers, to be wielded in times of extreme emergency or constitutional crises usually to uphold parliamentary government. An instance of a Governor General exercising his power was during the 1975 Australian constitutional crisis, when the Australian Prime Minister of the time, Gough Whitlam, was dismissed by the Governor-General. The Australian senate had threatened to block the Government's budget by refusing to pass the associated appropriation bills. On 11 November 1975, Whitlam intended to call a half-Senate election in an attempt to break the deadlock. When he went to seek the Governor-General's approval of the election, the Governor-General instead dismissed him as Prime Minister, and shortly thereafter installed leader of the opposition Malcolm Fraser in his place. Acting quickly before all parliamentarians became aware of the change of government, Fraser and his allies were able to secure passage of the appropriation bills, and the Governor-General dissolved Parliament for a double dissolution election. Fraser and his government were returned with a massive majority. This led to much speculation among Whitlam's supporters as to whether this use of the Governor-General's reserve powers was appropriate, and whether Australia should become a republic.

You see where I'm going with this right?

But I will leave this here as my characters are limited and this is not the point of the thread. The central banking system is flawed in the least else it is corrupt to the limit. It needs to be addressed on a global scale.