If your federal MP has assured you that the CEC is wrong, and that there is no “bail-in” law—to prop up failing banks with seized deposits, Cyprus-style—planned for Australia, read the report in The Australianby Michael Bennet today: “S&P warns of ‘bail-in’ dangers for lenders”
The global bail-in Führer, Bank of England Governor Mark Carney, has just declared the target date for completion of a new global “bail-in” regime, which will legislate forced confiscation of bank deposits when major banks fail, to be the G20 summit in Brisbane on 15-16 November 2014.
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 depositors will be seized to prop the bank up.
The Citizens Electoral Council has just discovered that legislation is being secretly prepared to give Australia’s banking regulator “bail-in” powers to confiscate the savings of the Australian people, just as in Cyprus.
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.
