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There was a time when the ChuTch was the most powerful institu tion ,in Western Society and few questioned its right to be so. lP some countries governments are still all powerful. 'In our soci ety today, however, by far the most powerful institutions are banks, Supported by a web of financial structures which reinforce this power. It is time we questioned their right to be so mighty and to ask whose interests they serve. The media beguile us with the impression that politicians hold and wield the power, and we believe them. It is virtually irI1JXlssible to escape hourly political an:d cunent affairs reports which reinforce this m~conception. Taken from the recently published book Bankers and B.lstards by Paul Mclean and James Renton(cid:1) Published by Hudson Publishing(cid:1) (see book reviews this issue) (cid:1) Recommended Retail Price $16.95(cid:1) Available from all good bookshops, ABC Shops, or(cid:1) from the publishers, PO Box 537, Hawthorn Vic 3122.(cid:1) AUGUST-SEPTEMBER 1992 So vast and cleverly contrived is this mass of informa tion that it is difficult to keep in touch with realjly. Young peopie describe things that truly impress them as "unreal". How right they frequently are. While we are thus preoccupied, bankers and fmanciers go about their business. Most of us make extensive use of banks - they inevitably play an important part in our individual and collective lives. Like so magy other things, we take our banking for ,granted, giving it little thought and scant examination. We seldom stop to consider its real nature or its cost to us individually or to the community at large. Many of us do not even examine our bank statements to make sure there are no errors on them. Few of us would have any knowledge of the nature and jus tification of charges we regularly meet, but we assume that it is all in order. We trust that interest is being charged at the right rates. A.bove all, we do not check our statement for deliberl)te fraud. It would be foolish to argue that banking has no place in society. Quite obviously it is the powerhouse of modern commerce and must remain so. The real point is, however, that lwlJcing has two faces one socially creative, the other devastatingly destructive. That of course gives rise 10 a number of challenges. The fIrst and most demanding is to put in place that model of bank ing which serves the best interest of Australia One which is socially creative and not destructive. 1Jhis is th~ responsibility o~ govern~nt and only courageous governments will do it. We do not have coura geous government In Australia and there isJlone in sight. The second is that, having built the best banking system possible, we should emure that no-one destroys it, either deliberately or by neglect. Both have happened in Australia in OUr lifetimes. The third challenge is to expose and remove people, be they bankers, treasurers, business people, politicians or whoever, who abuse the system for their own ends or neglect their responsibilities to it. 'I have given evidence that such abuse and neglect lis rampant in Australia today, indeed throughout banking around the world, and that there is little will to reduce this. His abundantly clear that banking can help us create a truly free and prosperous society, but it is not doing so. Jt is equally clear that abu,se of banking practice is a major factor in the degeneration of our nation. How great a hold do banks have over us? To answer this ques.tion and to appreciate the potency of the answer, let's start from absolute basics. . NEXUS·11