The collusion of Liberal and Labor in rejecting the need for banking separation in a recent Senate inquiry, and in luring first home buyers into a plunging housing market debt trap, shows that business-as-usual has returned to the banking system.
The Australian government denies it intends to “bail in” bank deposits to prop up failing banks, but the international authorities dictating bail-in have confirmed that Australia is pushing ahead with bail-in plans.
Australia faces an unmitigated disaster in the housing market and, consequently, the banks. Every indicator in the housing market is suddenly very bad. What we are witnessing is shaping to be a bigger property crash than the 1890s depression.
There can be no doubt that the Morrison Liberal government and its senator for bankers, Jane Hume, exist to serve the criminal banks and not the Australian people.
