13th September, 2017
Treasury exposed—replace APRA with Glass-Steagall!
The Australian Treasury is engaged in an effort to erect a
new unelected tier of power, over and above government,
to swing into action once a new financial crisis erupts.
There's a name for that—fascism! Bank regulator APRA
(Australian Prudential Regulation Authority), which presided
over the creation of the bubble that will bring the crisis
on, is being prepared for the role (p. 3). When the time
for the new "crisis management" powers comes, is there
any doubt that the survival of banks will be put ahead of
the survival of people?
Articles include the following:
- Dictatorial powers for APRA will not prevent a banking crisis
- Australian finance giants are just sheep
- Union super funds outsource Aussie jobs to India
- Construction crash, liar loans and leverage
- Trump's 'New York' moment
- China and Russia forge development path to war-avoidance
- A victory for humanity in Syria
- US intelligence takes aim at 'non-state' rivals
- It's time to forecast natural disasters
Click here for more...
14th September, 2017
Don’t let Treasury bureaucrats fob off calls for Glass-Steagall
Treasury is responding to requests for Glass-Steagall, even from MPs, with three-year-old form letters;
Such disdain reflects the banker influence in Treasury, and resistance to democratic accountability;
A three-year-old response does not take into account the developments in the financial system since then, nor the increase in political support for Glass-Steagall around the world, as demonstrated in the 2016 US presidential election;
Their arguments against Glass-Steagall are not just old, they are false: Australia doesn’t have a “high degree of structural separation”; commercial bank losses in other countries were not due to normal commercial banking, but property bubbles inflated by commercial banks doing securitisation/derivatives deals with investment banks.
Unaccountable bureaucrats in the Treasury department are fobbing off Members of Parliament who have passed on to the Treasurer their constituents’ requests for the government to look at a Glass-Steagall separation of Australia’s banks.
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