I think you're carrying a few logical fallacies. I'll try and...

I think you're carrying a few logical fallacies. I'll try and tackle them one at a time.

"agree our 4 pillocks, sorry, pillars are a cartel, but that means they extract excess rent thru poor service, lower risk and high fees.

There are more than four banks in the market, competition is extensive. Here is the RBA's own definition of the policy.


"Can't see how they extract value from inflation... ... more words???"

Is the RBA not the 'lender of last resort'? Does this function not exist to prevent bank runs? If this function is exercised, would this not cause extensive inflation? I would think that being immune to bank runs is a pretty huge benefit.

"however money is far more available and divisible than gold"

Money is not 'divided'. More is simply printed into existence by the Central Bank. This is the essence of inflation. Gold, on the other hand, is perfectly divisible. You can melt it into a great many very small pieces. If that's too hard, you can store it in a vault and allocate a fraction of it to people using ledger accounts.