Actually this is the follow on from the dirty deeds done by both side of 'government' in February LAST year.  It's been in the works since the start of the GFC. Summary below.


https://bradjamesmatthews.com/australia-new-bank-bail-in-laws/

I am not a financial advisor, but I do believe I have an obligation to at least make people aware of an incredibly pernicious act that the Australian government has quietly perpetrated against all Australians. It was sneakily pushed through parliament on the 14th of February 2018, with just 7 senators present.

Passed on a voice vote, it bears the Orwellian title: Financial Sector Legislation Amendment (Crisis Resolution Powers And Other Measures) Bill 2017.

What is this horrendous new law?

It has been referred to as the ‘ARPA Bail-in Law’, the ‘Crisis Resolution Bill’, or just ‘Australia’s Bail-in Law’. Referred to that is, by the half a dozen or so companies in Australia who have bothered to report on it. I was shocked how little came up when I Googled it.

To anyone who does find it, it’s being sold as ‘crisis resolution’. Which obviously means it’s good and just. After all, what kind of scoundrel would be opposed to resolving a crisis?

Essentially, legislation has been passed to use (read: steal, re-appropriate, seize, spend) investments and potentially deposited funds (the balance of your own savings account) to make insolvent banks solvent again.

This is a scam of monumental magnitude — it is pure evil.

I am not dramatising the significance of this. The Citizens Electoral Council of Australia even describes it as such:

Bail-in is the bankers’ scam developed after the 2008 crash, to enable banks to continue the wild speculation that caused the financial crisis, but cover their gambling losses by seizing the savings of unsuspecting “mum and dad” investors and even depositors. Everywhere it has been applied it has ruined savers and destroyed confidence in banks.


The whole article is worth reading.  Note how it was snuck through with only 7 senators present.

Bail-in is the bankers’ scam developed after the 2008 crash, to enable banks to continue the wild speculation that caused the financial crisis, but cover their gambling losses by seizing the savings of unsuspecting “mum and dad” investors and even depositors. Everywhere it has been applied it has ruined savers and destroyed confidence in banks.