STOP PRESS: Australia’s sham banking regulation, exposed below, is on display in the RBA’s lies about its second interest rate cut in a row. The RBA’s dry statement claimed the “central scenario for the economy remains reasonable”, and that the cut would make “inroads” into “spare capacity”.
As the Citizens Electoral Council has exposed, the Australian government’s extensive police-state powers, which last week were used to raid journalists, are intended not to protect people from terrorism, but to protect the establishment from the people. This is especially true in times when worsening economic conditions drive an anti-establishment backlash.
With panic breaking out in the financial system, the danger grows that bank customers will have their deposits “bailed in” to save desperate banks. The Citizens Party is escalating its fight against bail-in with a new petition calling on Parliament to scrap bank regulator APRA’s existing bail-in powers and stop the plans that are under way to legislate stronger bail-in laws.
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.
