Australia’s formerly government owned bank, the Commonwealth Bank, is now a rapacious financial predator that has gouged and ruined thousands of customers and knowingly laundered money for drug syndicates and terrorists in the pursuit of mega-profits—$100 billion in the 20 years since it was privatised in 1997 for $7.8 billion.
Glass-Steagall, Banking / Finance, National Banking
With more and more indicators pointing to an imminent crash of Australia’s housing bubble, which will trigger a collapse of the banking system, the Turnbull government is pushing to legislate “crisis management” powers for the bank regulator APRA (Australian Prudential Regulation Authority).
Anyone still not convinced Australia’s property bubble is close to bursting should take note of a trifecta of recent warnings: forecasts of a major contraction in construction by industry insiders, a major reversal in international capital flows to Australian real estate, and leading bank executives issuing uncharacteristic warnings.
In the wake of the collapse of European banks including Spain’s Banco Popular, two regional Italian banks, and the bail-in/bailout of the world’s oldest bank, Monte dei Paschi di Siena, Europe has been debating new powers to allow bank accounts to be frozen during a financial crisis for between 5 and 20 days.
The National Electricity Market (NEM) is wrecking Australia’s economy and endangering lives. For the sake of the Common Good it must immediately be shut down, and the generation, distribution and retail of electricity returned to public control.
Banking / Finance, Energy & Resources, National Banking
Now that Australia’s banks have had a number of years to heavily sell hybrid securities to retail investors, the Australian Prudential Regulation Authority (APRA) has confirmed that such securities will be the first bank liabilities written off—“bailed in”—in a banking crisis.
