More evidence has emerged that the APRA bail-in law passed in February does not exclude ordinary deposits from being converted into worthless shares or written off to prop up failing banks, a.k.a. bailed in, as some politicians assumed.
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 former principal researcher at bank regulator APRA has revealed in a submission to a Senate inquiry that, contrary to government reassurances, Australian bank deposits are not guaranteed.
When the government and financial authorities assure you your deposits are guaranteed, don’t believe them. They have proven time and again that in a financial crash they will put the survival of banks and their powerful owners first.
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