14th February, 2018
Take back the power to govern!
As the battle to stop the APRA bail-in law reaches a final
showdown in parliament today, the stakes in the overall
war for a just, productive financial system are clear.
With the Australian Labor Party goose-stepping in
line with the Liberal-National government, it is clear that
there is no Corbyn-style shift within the party's leadership,
despite a growing mass-strike sentiment among its base.
The ALP is clinging to the mythology that its actions (and
APRA's prudential supervision) saved the nation from the
2007-08 global financial crisis, which included initiating
Australia's adoption of bail-in powers.
Articles include the following:
- Labor colluding with Liberals on APRA bail-in powers
- Why the need for 'crisis resolution' powers?
- Financial Review reports on regulators' dispute with CEC
- Labor leaders gush over APRA legislation
- Commission reveals 'oligopolistic banking system'
- Bandt got one thing right: Australia needs an Iraq War inquiry
- Rumours grow that the US Fed is propping up the stock market
- To avoid a new financial crisis, look through China's eyes
- Indonesian general: US 'form of democracy' no help
- More proof of British state terrorism in Ireland
- Clinton-Kerry State Department caught up in Russiagate
- Syrian White Helmets planning to go global
- Up next: Glass-Steagall!
- The ALP's role in the global bail-in regime
- ALMANAC: Apply Hamilton's genius today, and save the US economy!
Click here for more...
16th February, 2018
Government sneaks through APRA ‘bail-in’ law, but fuels anti-bank revolt
Under siege from erupting public opposition, the Turnbull government whisked its APRA crisis resolution bill through the Senate and into law on 14 February. Of Australia’s 76 senators, only seven were present when the government rushed the bill to a vote, which passed “on the voices”, with no opposition from the Labor or Greens senators present. The process was hurried to ensure that senators who planned to move an amendment, to stipulate that the bill’s “bail-in” provisions must not apply to bank deposits, did not have the chance, and weren’t even present when it passed.
The passage of this bill was a live demonstration of the incredible power that banking interests wield over Australian politics. (Before it sold out to those banking interests and embraced neoliberal economics, the “old” Labor Party called them the “Money Power”.) This bill is going to backfire on the Money Power, however. In their desperation for a law that confiscates people’s savings to prop up too-big-to-fail (TBTF) banks, they have further fuelled the revolt in the population against banks and the political elites who serve them.
The biggest scandal about the bill’s rushed passage, is the dirty trick the government pulled at the last moment to ensure it couldn’t be amended to explicitly protect deposits. A CEC delegation was in Parliament House this week meeting politicians from all parties, to expose the true nature of the bill. After having it explained to them, Pauline Hanson’s One Nation party proposed an amendment to the bill to clarify that it wouldn’t include deposits, which was the government’s claim after all. In a meeting with the government on the morning of the Senate debate, One Nation notified government and Treasury representatives that they intended to move the amendment. The government offered to have their legal experts look at the wording of the amendment. However, it was while One Nation was waiting to hear back from the government’s legal experts that the bill was rushed through without their knowledge. Not only did One Nation not get to move their amendment, no One Nation senator was yet present in the chamber!
Print latest media releases as flyers (A4 PDF)
Radio interviews with CEC Leaders