The farce of bail-in is playing out in Australia right now, with the banks complaining to the regulator that they can no longer find suckers to buy the bail-in bonds that are supposed to be their buffer against a crash.
The government should direct the Auditor-General to conduct an independent audit of Australia’s Big Four banks, in light of the collapsing property bubble to which the major banks are massively exposed.
Treasury has now joined the central bank and bank regulator in urging the private banks to reopen the floodgates on mortgage lending to avert a housing bubble crash.
The Australian reported on 3 January that Treasurer Josh Frydenberg “has called on the banks to reignite ‘affordable and timely’ lending after new figures revealed national house prices suffered their worst year since the global financial crisis.”
The Reserve Bank of Australia won’t admit they are contemplating a mega-crash, but that’s what it means when they publicly announce they have the option of Quantitative Easing (QE)—money-printing.
For 18 years Denise has fought, on a shoe-string budget, to save victims of mortgage fraud from losing their homes, and expose the inner working of the machinery—the so-called “black box”—that has enabled the banks to commit this fraud on a massive scale.
Royal Commission, Glass-Steagall, Banking / Finance
Australia’s best-known finance commentator Alan Kohler was compelled to recognise the importance of the banking separation issue, by the sheer numbers of public submissions to the banking royal commission calling for Glass-Steagall.
Kohler wrote in The Australian on 3 December:
Royal Commission, Glass-Steagall, APRA/ASIC/ACCC/AUSTRAC, Banking / Finance
