You’re losing your super because you were meant to—it’s a Macquarie scam

While working and retired Australians alike are chewing their fingernails to the bone as they watch their superannuation accounts melt down, the Commonwealth government is planning to raise compulsory super from 9 per cent to 12 per cent in order to force even more workers’ money into the market black hole—because bailing out the financial speculators is what super was invented for!

The truth about superannuation is inadvertently revealed in the book, Unfinished Business: Paul Keating’s interrupted revolution, by shameless Keating groupie David Love.

The bottom line is that super is a scam pulled on working Australians by Keating and Bill Kelty, to shovel money into the coffers of Macquarie Bank and similar financial parasites.

Every true Labor person who still supports the ALP should hide in shame, because they know it is a corrupted party that has betrayed its Labor principles and roots, and now actually despises working people, since 1983 passing policies that set up workers to be either milked by financiers, or culled by greenies, or both.

Everything Keating did to the Australian economy from 1983 was in fact the implementation of the schemes cooked up in the Campbell Report by John Howard and John Hewson during the Fraser government. But it was all directed from the City of London via the City’s powerhouse Hill Samuel bank, whose Australian subsidiary later became known as Macquarie Bank.

Keating pushed compulsory super, Love wrote, because “unless the growth in savings—and therefore in financial capital—continued to accelerate, Macquarie and institutions like it could not manage to sustain the momentum of the growth in their overseas operations, and Keating wanted these as a new Australian industry.”

In other words, the person who annihilated Australia’s manufacturing industries and whole chunks of our agricultural industries through free trade and “competition policy”—another scam cooked up and implemented by Macquarie Bank—didn’t design super to fund retirements, but to create a new “industry” [sic(k!)] that could displace those productive industries, based on the parasitical financial looting epitomised by the “millionaire’s factory”—Macquarie Bank.

Hill Samuel/Macquarie Bank has been the principal architect and beneficiary of the financial reforms that have dismantled Australia’s industrial economy:

• It was a major influence on the Campbell Committee in the late 1970s, and then Campbell Committee creator John Hewson worked for Hill Samuel as a consultant at the same time as he was the economics advisor to then-Treasurer John Howard on implementing Campbell’s directives to float the dollar and open Australia to foreign banks.
• When Hawke and Keating camouflaged the Campbell Report as the Martin Report (to hide its Liberal Party origins from Labor supporters) and followed its orders, Macquarie Bank won the second foreign bank licence, Hewson took charge as Executive Director, and Macquarie ran the dollar float.
• As stated, Macquarie was enormously boosted by the launch of compulsory super.
• Macquarie executive Fred Hilmer wrote the Hilmer Report on National Competition Policy, and fellow Macquarie executive Graeme Samuel oversaw its enforcement through the National Competition Council and then the Australian Competition and Consumer Commission (ACCC), which policy forced each level of government to adopt “competitive” practices that were nothing but a blatant excuse to mass-privatise public assets and leave important public responsibilities such as infrastructure to private profiteers, for example, private toll roads, a sector dominated around the world by … Macquarie Bank.
• Macquarie Bank funded Victoria’s Tasman Institute, which wrote Jeff Kennett’s $30 billion electricity privatisation plans, from which Macquarie made hundreds of millions of dollars in fees and also joined some consortia buying the assets; later Kennett Treasurer Alan Stockdale quit state parliament to work for Macquarie.
• Under former NSW Premier Bob Carr Macquarie was given such generous concessions on its private toll roads that one exec indiscreetly boasted they were a license to print money—Carr also went to work for Macquarie.
• Macquarie keeps an enormous number of former politicians on its payroll. When the 2008 GFC struck, Macquarie would have collapsed were it not able to use its influence to organise the Rudd government to bail it and the other banks out through loan guarantees.
• (Click here for a PDF file from the CEC’s 2004 New Citizen Defeat the Synarchy—Fight for a National Bank, featuring the Macquarie Bank exposé entitled, “Ripping off the Common Good: The Macquarie Bank”.)

David Love writes that Keating and Macquarie Bank intended that their financial reforms would establish Australia as the “Antipodean Venice”—a modern Australian version of the evil Venetian monetary empire which produced almost nothing, but invented modern central banking and casinos, and also ran the world’s drug, slave, and bullion trade for centuries, before leading Venetians moved the seat of their empire to its present position in the City of London. (See the latest New Citizen for the history of the Venetian and British monetary empires.)

This Venetian fantasy has hit a major snag, though, because the 9 per cent compulsory contribution is not enough. Workers are being told that experts have discovered it is not enough for adequate retirements, but 9 per cent was never going to be enough under Keating’s Venetian plan—he’d always reckoned on 15 per cent. The stalling at 9 per cent is what Love calls Keating’s “interrupted revolution”.

Furthermore, the global financial crisis, which has exposed the financial predator banks like Macquarie as bankrupt, has hit home that a lot more that 9 per cent of workers’ wages will need to be siphoned off to keep the parasites alive.

That is why it is now, just when your super is melting down in front of your eyes, another worker-betraying union snake, Bill Shorten, is trying to convince you that the Gillard government’s rise in compulsory super contributions to 12 per cent on the way to 15 per cent, is for your retirement.

CEC leader Craig Isherwood said today, “Australians must realise they have been had. Then they must ditch the gambling mentality that comes with being forced to survive in the financial markets, and join with the CEC to fight for a return to the common good principles best exemplified by the ‘old Labor’ Party of O’Malley, Anstey, Curtin and Chifley.

“You don’t meet people’s retirement needs by throwing them to the speculative wolves, but by expanding the real physical economy, via a national bank-financed program of great infrastructure projects, manufacturing and agriculture, which would allow for properly-funded health and aged care, a decent aged pension, and an adequate welfare safety net.

“Only the CEC has the guts to expose this scam, because only the CEC is committed to an economic system not dictated by Macquarie-style British Empire bankers. To support that fight, join the CEC.”