On the same day last week that the Australian Prudential Regulation Authority (APRA) chairman Wayne Byres claimed that the banks had passed stress tests conducted by the bank regulator in 2017, the Citizens Electoral Council’s Australian Alert Service published an article by Robert Barwick entitled, “Are Australia’s Big Four banks effectively bankrupt?”
Glass-Steagall is the only solution to the dangerous derivatives risk building up in Australia’s banking system, and the conflicts of interests being exposed at the royal commission that enabled banks to exploit customers.
Glass-Steagall, Royal Commission, Banking / Finance
Dr Wilson Sy of Investment Analytics Research, and former Principal Researcher at the Australian Prudential Regulation Authority (APRA), on 4 July issued the following explanation of why Australia needs a Glass-Steagall structural separation of banks. Bob Katter and Andrew Wilkie introduced Glass-Steagall legislation for Australia, the Banking System Reform (Separation of Banks) Bill 2018, in Parliament on 25 June.
Former economic adviser to Australia’s coalition parties, John Adams, has continued to sound his warning of “economic Armageddon”, in news.com.au on 18 June.
Click here to read “Six pathways to Australia’s ‘economic Armageddon’”.
