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Update on'Bail-In' Banking Legislation : The Truth is Out!
I mentioned last time that we have joined the growing chorus of voices fromminor parties and independents calling for reform of the banks, andestablishing our own national, government owned and operated bank. There is anurgent need to separate genuine banking from risky 'investment' banking - thisis known as Glass-Steagall legislation.
This is evenmore urgent now that the government passed the Financial Sector LegislationAmendment (Crisis Resolution Powers and Other Measures) Act 2018. It has beenconfirmed by LNP Senator Stoker that - despite government denials - it DOESfacilitate bail-in as a type of resolution power which is available for dealingwith financial institution distress, to ensure there are mechanisms in place tostop the ‘domino effect’ of system wide bank failures.
This meansthat the depositors of the bank will be sacrificed to supposedly 'save thebanking system'.
This meansYOUR MONEY WILL BE TAKEN BY THE BANK WHEN THE NEXT FINANCIAL CRISIS HITS.
Government"guarantees" about your savings are worthless - as the people ofCypress found out in 2013.
As I mentionedlast time, most people still do not realise that the banks are in debt up totheir eyeballs because they have been making money out of thin air every timethey make a loan - they are not lending money they have, they are simply'creating' credit. .... which inevitably must collapse in on itself.
See the linksto two short videos below which explain how this happens. One is 8 minuteslong, and the other is less than 2 minutes - if you don't have time to watchthe first one, please at least take 2 minutes to educate yourself about howthese "banksters" are operating so we get the political momentum toforce change.
8 minuteversion : https://www.youtube.com/watch?v=JobaR9LLcfA
2 minuteversion : https://www.youtube.com/watch?v=x47MkWJqaKo
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CivilLiberties, Consumer Rights & No-Tolls
