19th September, 2018
Did the can kicked in 2008 stop in 2018?
The tenth anniversary of the 15 September 2008 collapse
of Lehman Brothers brought renewed warnings of
another global crash, and admissions of just how close
Australia came to a full-scale banking collapse. While
still claiming we "successfully navigated the GFC", thenPM
Kevin Rudd revealed that Treasury worked on contingency
plans for six months prior to the Lehman bankruptcy,
following the bailout of Bear Stearns. The Council of
Economic Regulators, comprising Treasury, the Reserve
Bank, the Australian Prudential Regulation Authority and
the Australian Securities and Investments Commission, put
together a "Memorandum of Understanding on Financial
Distress Management" to map out the regulators' various
roles and responsibilities for keeping banks afloat.
Articles include the following:
- 10 years after the GFC, financial system again on the brink
- Learn from Australia—UK needs in-depth inquiry into banking crimes
- Did Downer lie to launch 'Russiagate'?
- Woodward's fear: Trump is President
- Vladivostok Forum: strategic talks and economic development hopes
- Discussion of Glass-Steagall on the rise
- Why is British intelligence letting loose convicted terrorists?
- How London's Euromarket killed Bretton Woods
- The real Goldfinger
- Corbyn will take on the City
- Help homeowners and farmers: break up the banks!
- Unsung hero: Engineer L.B.S. Reid
Click here for more...
18th September, 2018
Learn from Australia—UK needs in-depth inquiry into banking crimes
A decade on from the 2008 financial crash, which required a UK government bank bailout that eventually cost £1.2 trillion, the City of London is still the centre of the worst financial practices that caused the crash, but there has not been a proper inquiry into Britain’s banks.
This is an enormous cover-up, which the British public should not tolerate.
The potential scale of the criminality in the UK banking system can be gauged by comparing Britain’s banks to Australia’s. Whereas Britain’s banks were at the centre of the global crisis, and up to their eyeballs in money laundering and market-rigging scandals, Australia’s banks were considered the best in the world—they supposedly avoided the global financial crash, and were thought to have the world’s best regulation.
That has all changed, however, since the Australian government in November 2017 caved in to public pressure and appointed a royal commission into financial services. To limit the inquiry and protect the banks, the government sought to hobble the royal commission with terms of reference approved by the banks themselves; the banks’ influence can be seen in the opening of the Letters Patent establishing the inquiry, which states: “Whereas Australia has one of the strongest and most stable banking, superannuation and financial services industries in the world, which performs a critical role in underpinning the Australian economy. And Australia’s banking system is systemically strong with internationally recognised and world’s best prudential oversight and regulation.”
Those words now read like the fatal promotion of the Titanic as “unsinkable”. Just the first fortnight of public hearings of that royal commission was enough to shred the banks’ image, and subsequent rounds of public hearings have added to the evidence against them. Australia’s major banks now stand exposed as cesspools of criminality, involved in mortgage control fraud, predatory financial advice, asset stripping, and stealing through hidden fees and charges, including from dead people.
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