15th November, 2017
Imperial rejig falters; defeating APRA bill is a key flank
In his infamous March 1946 speech at Fulton, Missouri,
launching the Cold War, British Prime Minister Winston
Churchill called for a world government to counter the Soviet
Union, through "the fraternal association of the English-speaking
peoples. This means a special relationship between
the British Commonwealth and Empire and the United
States", he proclaimed. Today, the Anglo-American establishment
is attempting to revive those Imperial and Commonwealth
networks, particularly Australia and India, to counter
both Russia and China. The effort to rebuild the USA-Japan-Australia-India
Quadrilateral Security Dialogue and the
Trans-Pacific Partnership (TPP) is a major military and economic
move to dominate the Pacific, but is running into
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15th November, 2017
APRA ‘protects’ banks; time for bank regulation that protects people
Outgoing chairman of the Australian Securities and Investments Commission (ASIC) Greg Medcraft has again taken aim at the Australian Prudential Regulation Authority (APRA) for putting the banks above the security of Australians.
Medcraft’s statements demonstrate how dangerous it is for the federal government to give bank regulator APRA sweeping powers to resolve a banking crisis, including powers that could be used to confiscate—“bail in”—savings deposits.
And it’s not an academic exercise, because a banking crisis is looming on the back of the collapsing housing bubble. On 6 November high-profile real estate agency McGrath’s shares plunged 20 per cent when the company downgraded its outlook based on the slowdown in the market and reduced number of homes for sale. Real Estate Institute of Australia (REIA) president Malcolm Gunning predicted 25 per cent of real estate agents in Sydney and Melbourne could lose their jobs. On the conservative REIA figures, which are taken from the 2011 census, that will be more than 5,000 in Sydney and 3,400 in Melbourne. Such job losses will exacerbate the collapse as those unemployed agents struggle to service their own mortgages as they seek other jobs, not to mention the thousands of builders, tradesmen and labourers who will also lose work.
Thorney Investment Group chairman Alex Waislitz told the 8 November Australian that Australia’s residential and commercial property could be “10-20 per cent overvalued”. This is a disaster looming over the banks, which have ploughed more than 60 per cent of their lending into properties at over-inflated prices. When the housing markets in the USA, UK, Ireland and Spain collapsed in 2008, they pulled down the banking system with them.
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