James Shipton’s fate is what happens in Australia when even modest efforts to regulate threaten the major banks, illustrating the urgent need for a public bank alternative to break the monopoly of the Big Four.
The Senate’s Australia Post inquiry report, tabled in Parliament yesterday (15 June), was the culmination of the amazing campaign to support Christine Holgate and the thousands of Licensed Post Offices (LPOs) she saved with her 2018 banking deal.
The Citizens Electoral Council since June has been blaring the news that Australia’s banking authorities are drafting legislation in the Treasury for Cyprus-style “bail-in” powers, so that when an Australian bank fails, the savings of its deposito
No bank deposits anywhere are safe following the disastrous Cyprus “bail-in” using confiscated deposits, because this is now the standard for all future bank rescues.