I have been watching with increasing interest the weekly videos produced by the Australian Citizens' Electoral Council. This is a group that provides exceptionally well researched information on the state of Australian politics in relation to APRA and financial governance in this country.
I have found myself so impressed by their engagement in the political process and their desire to make the masses aware of the nefarious bills and proposed legislation that are now common place that I felt they well and truly deserve some coverage here on Steemit.
This is their most recent publication from the 12th of January. It's hosted by Robert Barwick (Media Spokesman, National Research Director, Writer and Editor) and Craig Isherwood (National Secretary, Editor and CEC Co-Founder)
and discusses the next stage in the fight against bank bail-in legislation in Australia.
In a fascinating update, the gentlemen cover the success of their recent push for submissions to the Senate Economics Legislation Committee on the APRA Bail-In legislation. Critically important too is their debunking of one of the most fundamental tools for complacency as consumer depositors; the $250,000 federal deposit guarantee.
I have been suspicious of the effectiveness of such a "guarantee" for some time. The fact that it is conditional (requires activation in the event of a crisis which is in no way guaranteed), is underfunded and is predicated on only one "too-bit-to-fail" bank failing at any one time is reason for pause to say the least.
They produce free pamphlets that people can request in order to digest a condensed version of the research that they conduct and, impressively, suggest that people who come to the same conclusions as they do should send the pamphlets in to their local members and actually educate the politicians on the importance of avoiding bail-in legislation. It's the case that politicians themselves are misinformed and tend to take the deposit guarantee as an argument for stability.
Those wanting to learn more about the CEC can find their website here. Those after a particularly fascinating journey through "The secretive British cult of neo-liberalism" should treat themselves to the 24 minute special video that the CEC released about a week ago posted below.
Let me know what you think of the material and whether it's given you any food for thought in terms of how the banking system runs and how it is not focused on the protection of the depositor.
Thanks for reading!
When it comes to government guarantees and banks, don't hold your breath. If things go south the first ones to bail will be the government pleading no funds to cover. Banks and the governments are common bed fellows. Banks have too much say in what policies the government decides.
Couldn't agree more @cecicastor!
I'm really interested how banking system runs in "organised" countries like Australia.
How big are their taxes in the Australia?
In my country, banks have the power over politicians and they can do basically whatever they want to do.
There are some new people in the politics of my country... Hopefully they
can change something.
Banks being political players of influence is not unfortunately limited by nation state borders. It's a global issue. Here there's "the big four" referring to the major 4 banks and between them they amass huge financial and political power. The financial sector is the largest in our stock market for example. Thanks for the reply!
Thanks for the videos nolnocluap.
My pleasure. I hope you get something from them.
Yes l have laernt alot .thanks once again.
Verry good post
Verry good post
Was a very nice write up and I so much recommend it to the world.. Thanks @nolnoclauap
I have something you will like
https://steemit.com/life/@ozumba/the-person-you-looked-down-today-may-turn-out-to-be-the-person-you-need-tomorrow
Your Upvote will be encouraging.. Thanks
Good move. Wish you people the best of luck.
wow.. nice very nice pic . i like your post all time..
awsome pic..good job.@nolnocluap
Thanks for your post! I got something to note from it!
That's great to hear @ nismhd