The Citizens Electoral Council has today issued a new mass-distribution flyer on policy solutions to the oncoming global financial crisis, “The five-point program for Australia to survive the new global crash”.
Glass-Steagall, National Banking, Infrastructure, Banking / Finance
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
Australia desperately needs a “People’s Bank”, but the scheme announced by the Greens on 4 April is not such a bank. The Greens’ finance spokesman Senator Peter Whish-Wilson is a former investment banker, and he has distorted the People’s Bank concept into a typical investment banker’s scheme to effectively funnel even more credit into the over-stretched housing bubble.
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. The latest example of this is a European Union move to amend existing “bail-in” legislation to enable bank regulators to freeze even bank deposits that are covered by a government guarantee.
“A ticking time bomb!” That is what outgoing Australian Securities and Investments Commission (ASIC) boss Greg Medcraft last week called the bail-in bonds, a.k.a. hybrid securities, that APRA has allowed banks to sell to thousands of Australians.
Treasurer Scott Morrison has today introduced into Parliament the bill to give emergency powers to APRA, the regulator that has allowed the banks to abuse their power and positions.
