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.
There are numerous reasons Bill Shorten’s Labor failed to convince Australians to elect them to solve their problems, but there is one obvious reason. Inexplicably, Labor let Scott Morrison off the hook on the banks.
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. This is very alarming.
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. And like the 1890s land crash, when most Australian banks failed, the banks today are in deep trouble, from their massive exposure to mortgage lending and derivatives on that lending.
Sensational information has surfaced that an Australian Treasury delegation travelled to Europe in February for discreet meetings with European countries on how they handled their banking crises.
