After a flood of calls to Senators from concerned constituents, Treasurer Josh Frydenberg’s bill to wind back responsible lending laws is effectively dead.
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 global market meltdown currently under way is being blamed on coronavirus, but fear of a pandemic is just the trigger, not the cause.
The markets were already in crisis, only kept inflated by the half-trillion dollars that the US Federal Reserve has printed and pumped into the system since a crisis erupted deep inside the US banking system on 17 September 2019.
