The Reserve Bank of Australia and the Australian constitution
The Reserve Bank is a foreign ADI. A "foreign ADI" means a body corporate that:
(a) is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution; and
(b) is authorised to carry on banking business in a foreign country; and
(c) has been granted an authority under section 9 to carry on banking business in Australia.
Prior to 1959 the Commonwealth issued and printed its own money and had control of the printing of money. However after the 1959 Reserve Bank Act, the Reserve Bank was established as a stand alone independent
foreign ADI, which took over the printing of money and lent the money it printed to the Commonwealth at interest. So instead of the Commonwealth printing its own money, we have a foreign body corporate printing our money and lending it to the Commonwealth which the Commonwealth needs to pay back!
"RESERVE BANK ACT 1959 - SECT 77
Guarantee by Commonwealth
The Commonwealth is responsible for the payment of all moneys due by the Bank" (The commonwealth of Australia is paying money is borrows back to the stand alone bank)
(Source: http://www.austlii.edu.au/au/legis/cth/consol_act/rba1959130/s77.html)
"RESERVE BANK ACT 1959 - SECT 27
Bank to be banker for Commonwealth
The Bank shall, in so far as the Commonwealth requires it to do so, act as banker and financial agent of the Commonwealth" (The reserve bank is the Commonwealths banker and lender and the Commonwealth must pay the money back to the Bank!)
(Source: http://www.austlii.edu.au/au/legis/cth/consol_act/rba1959130/s27.html)
EVIDENCE THE BANK IS A FOREIGN ADI WITH FOREIGN LINKS AND BRANCHES:
The below act shows how foreign coroporations have power of attorny over the Reserve Bank of Australia:
RESERVE BANK ACT 1959 - SECT 76
Attorney of Bank
The Bank may, by instrument under its seal, appoint a person (whether in Australia or in a place beyond Australia) to be its attorney and a person so appointed may, subject to the instrument, do any act or execute any power or function which he or she is authorized by the instrument to do or execute. (Source: http://www.austlii.edu.au/au/legis/cth/consol_act/rba1959130/s76.html)
Foreign Agents in control of the Reserve Bank of Australia:
RESERVE BANK ACT 1959 - SECT 75
Agents etc.
In the exercise of its powers and the performance of its functions, the Bank may:
(a) establish branches and agencies at such places, whether within or beyond Australia, as the Bank thinks fit;
(b) arrange with a person to act as agent of the Bank in any place, whether within or beyond Australia; and
(c) act as the agent of an ADI carrying on business within or beyond Australia.
