The Citizens Electoral Council has just released a 100-page handbook titled “The Next Financial Crash Is Certain! End the BoE-BIS-APRA Bankers’ Dictatorship. Time for Glass-Steagall Banking Separation and a National Bank”, which deals with all aspects of the profound crisis of banking in Australia, and provides the urgently required solutions to rebuild the national economy.
Glass-Steagall, National Banking, Banking / Finance
The prospect of a Hazelwood Power Station closure within months is unacceptable and the Victorian government must step in to take it over to ensure national energy security. Hazelwood supplies a quarter of Victoria’s baseload electricity, but also helps power other states such as South Australia, particularly on calm days when wind power is useless.
Now that Australia’s banks have had a number of years to heavily sell hybrid securities to retail investors, the Australian Prudential Regulation Authority (APRA) has confirmed that such securities will be the first bank liabilities written off—“bailed in”—in a banking crisis.
The leading institutions of the bankrupt trans-Atlantic financial system issued a report on 16 August, warning that there are no mechanisms in place at this time that can prevent a blow-out of the $600 trillion-plus global financial derivatives bubble, should any one major party default on its derivatives.
Australia’s big banks are careening along a cliff’s edge at breakneck speeds with ordinary investors strapped to their bumpers as human shock absorbers.
Bank regulator APRA is allowing the big banks to sell to unsuspecting Australian investors products that are illegal for banks in other countries to sell to anyone but other financial institutions.
Treasurer Scott Morrison has fudged his latest attempt to defend Australia’s banks against calls for a full Glass-Steagall separation of deposit-taking commercial banking from riskier financial activities.
