At the centre of the recent political turmoil in Italy is Glass-Steagall. The two parties that won the 4 March election, the right-wing Lega Nord and left-wing Five Star Movement (M5S), are very different but united by their opposition to the power of the European Union, and support for key financial policies, including a Glass-Steagall separation of commercial and investment banking, and a national investment bank.
The urgency of a Glass-Steagall separation of deposit-taking banks from dangerous speculation, is that it is necessary to protect Australians from a financial collapse. A 27 May 2018 column in news.com.au has reported the warnings of former advGlasiser to the Liberal-National Coalition, John Adams, that such a collapse, which Adams calls an “economic Armageddon”, is looming over Australia.
The Citizens Electoral Council has just released a 100-page handbook titled “The Next Financial Crash Is Certain! End the BoE-BIS-APRA Bankers’ Dictatorship. Time for Glass-Steagall Banking Separation and a National Bank”, which deals with all aspects of the profound crisis of banking in Australia, and provides the urgently required solutions to rebuild the national economy.
Glass-Steagall, National Banking, Banking / Finance
In its last day of hearings on 27 April the banking royal commission asked Treasury, the regulators and the banks to justify so-called vertical integration, i.e. banks owning the businesses that create the financial products that the banks advise their customers to buy.
Australia’s banking royal commission could be the shot heard round the world in the global battle for nations to take back control of their financial systems from predatory speculators. There are signs the inquiry is starting to cause concern among the elite bankers of the City of London and Wall Street.
Royal Commission, Glass-Steagall, Banking / Finance
