Break the self-inflicted spiral of economic doom
With the biggest Australian housing collapse since the
global financial crash occurring in 2018, and international warnings that our bubble is in the "Top 30" crisis triggers
for a new GFC, the actions of Australian leaders—from Financial Services Royal Commissioner Kenneth Hayne to
our politicians—will be closely scrutinised in the coming
weeks as the Royal Commission reports (1 Feb.) and parliament returns (12 Feb.).
Articles include the following:
- Housing approval collapse shows the game is up
- Criminal masterminds: the real 'Big Four'
- 'Winter is coming': Subservience to bankers and failure to reform is leading us into another crash
- Italy's tenth-largest bank in receivership; Glass-Steagall solution raised
- A Wall Street felon and high frequency traders plan to form stock exchange
- Government shutdown is a no-win situation for all
- 'Global Britain': an attempt to retain power as global balance is disrupted
- Xi's Taiwan 'invasion threat' is just more Western hype
- Qld activists launch plans for potent 2019
- May's Brexit trap extends legacy of Thatcher, Blair
- ALMANAC: Frequently asked questions on the National Infrastructure Bank (NIB)
Click here for more...
18th January, 2018
Audit the Big Four banks!
The government should direct the Auditor-General to conduct an independent audit of Australia’s Big Four banks, in light of the collapsing property bubble to which the major banks are massively exposed.
Presently the banks are not independently audited. There is an even bigger “Big Four” that sign off on the banks’ books, the Big Four global accounting firms, an accounting cartel which audits 98 per cent of the world’s largest banks and corporations, and actively covers up the fraud and dodgy bookkeeping that has become the defining feature of the global financial system. The four firms are PricewaterhouseCoopers (PwC), Ernst and Young (EY), KPMG, and Deloitte.
An explosive new report commissioned by the UK Labour Party’s shadow chancellor of the exchequer, John McDonnell, called Reforming the Auditing Industry, exposes the Big Four accounting firms as complicit in the crimes of banks and big corporations. These Big Four are supposed to conduct the independent audits of companies mandated by law, but they make two-thirds of their tens of billions in revenue from consultancy services to those same corporations. The banks that triggered the 2008 crash in London and on Wall Street had all received clean bills of health from Big Four auditors—some, like Northern Rock in the UK, just days before they collapsed. The report also documents a “parade of scandals” involving UK and multinational corporations which have collapsed after being looted by their management and major shareholders, robbing employees, pension funds and small creditors of enormous sums of money owed to them. In every case, the Big Four firms covered up the looting. And the Big Four firms have captured governments and regulators, the most glaring example being their influence over tax laws, which they help to write so that they can help their corporate and super-rich clients avoid paying them.
(Click here to read the full report, Reforming the Auditing Industry. For a summary of the report click here to read a two-page article in the 16 January 2019 issue of the CEC’s Australian Alert Service, “Criminal masterminds: the real Big Four”, by Robert Barwick.)
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