NZ’s Ardern government has dropped a planned bail-in law, to avoid a backlash from an angry public who won’t want their deposits stolen; Kiwis and Aussies should demand their governments jettison all bail-in powers.
The Australian government and major-party politicians have one response to concerns that bank deposits could be “bailed in”: don’t worry, you’re protected by the $250,000 Financial Claims Scheme (FCS) deposit guarantee.
Breaking! Senator Malcolm Roberts said today: “This fight is not over. We still have a couple of avenues open, some private negotiations, and I may call on you to help pressure particular politicians to back my bill. Stay tuned.”
The Morrison government is trying to fool the public. Scott Morrison wants Australians to take his word that bank deposits won’t be “bailed in”—confiscated to prop up failing banks—but he’s doing everything he can to stop legislation that will put the assurance into law where it matters.
He’ll only get away with it if the Labor Party helps him, but that’s what they are doing. Why?
