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CEC's 2013 election campaign
5th March, 2015
Looming signs of market crash—Australia needs Glass-Steagall, National Bank
The warnings of an impending crash in financial markets published in the 4 March Australian Financial Review (“Asset bubbles put investors at more risk than GFC”), underscore Australia’s urgent need for a Glass-Steagall separation of banking, and a National Bank that can direct investment into the productive economy.
The Citizens Electoral Council has consistently warned that Australia and the world is plunging into a new, but deeper, phase of the global financial crisis, because the financial gambling that triggered the GFC in 2008 was protected, and allowed to expand. For instance, Australian banks’ collective exposure to toxic derivatives gambling has more than doubled since the crisis, from around $13 trillion to $27 trillion. Globally, derivatives gambling has exploded to around $2 quadrillion ($2000 trillion). By contrast, global GDP sits at around $70 trillion.
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Radio interviews with CEC Leaders
Bailout or bail-in? Craig Isherwood reflects on the dangers facing Australia's financial system.