21st February, 2018
'Bail-in' means a crash is coming—break up the banks now!
The way the Australian government spirited the APRA bail-in
bill through Parliament on 14 February betrayed its whiteknuckle
desperation to enact the law before a financial crash.
Passing such sweeping powers with only seven senators
present (p. 3) was not a show of strength by the government
and the banks—it was the only way they could get it through.
The CEC's successful mobilisation of thousands of people to
oppose the bill had forced the government, the Senate committee,
and the regulators to scramble to coordinate their denials
that the bill allows the bail-in of deposits. If all MPs and
Senators had voted on the bill—as they should have—there
was a real risk that more would have asked questions and
would not have been satisfied with the flimsy answers. Not
only were the parliamentary debates conducted "discreetly",
but there is evidence that for this bill, the leaders of the major
parties did not follow the usual procedures for discussing
impending legislation in their caucus meetings. The only
reason there can be for this is that they wanted to keep their
members in the dark.
Articles include the following:
- Government sneaks through APRA 'Bail-in' law
- CEC's response to Treasurer's 'talking points' on APRA law
- Greens support bail-in but open debate on Glass-Steagall
- APRA charade will increase risk, not lower it
- Australian delegation to woo Trump on geopolitics, PPPs
- Crescendo to crash that only Glass-Steagall can pre-empt
- In effort to counter BRI, West forced to think infrastructure
- Catholic Bishop praises 'extraordinary' China
- Western Australia needs Belt and Road
- An admiral goes to Canberra
- Turnbull government's anti-China Jihad goes global
- Beware the 'democracy' drumbeat
- CEC's bail-in mobilisation goes viral!
- Build the Clarence River Scheme!
- The History of the Founding of Australia
Click here for more...
22nd February, 2018
CEC’s response to Treasurer’s ‘talking points’ on passage of APRA bail-in law
The outpouring of public fury at the passing of the APRA crisis resolution powers bill, and at the underhanded way it was passed, has forced Treasurer Scott Morrison to issue a new “form letter” to government MPs, with talking points to justify the government’s actions. Following is the form letter, with the CEC’s response to each point.
Morrison: Thank you for your representations concerning the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017, which passed in Parliament on 14 February 2018. The Bill was listed in the Senate Order of Business, as all Bills are, and every Senator had the opportunity to debate, move amendments and vote on the Bill if they so choose.
CEC: This shows the government’s defensiveness at the public’s obvious shock that a bill could be snuck through parliament with just seven senators present to vote in the Senate, and probably even fewer MPs present in the House. They are hiding behind the letter of the law, but flouting the spirit, because it turns out that what they did was technically legal. Many people have questioned the lack of a quorum, which is 19 senators, but it so happens that under parliamentary rules, a quorum is only necessary if someone present says “nay”, and the vote goes to a division. That is shocking, but it is a convenient rule for such purposes. We have witnessed a live demonstration of just how undemocratic parliament can be, belying its Westminster heritage, which is a parliamentary system that has evolved, yes, but always with a view to preserve the power of the ruling elite.
There is evidence, however, that those in the major parties who were determined to pass this bill, pulled a number of dirty tricks to ensure their MPs weren’t paying attention. An ALP source has revealed that the party leadership did not make a submission to the ALP caucus meeting on the bill. A caucus submission is standard procedure for all legislation, so MPs know what is coming up for vote, and can discuss how they should vote. The other dirty trick was ensuring the bill was rushed through while One Nation senators weren’t present in the chamber, knowing they intended to move an amendment to exclude deposits from the law.
Print latest media releases as flyers (A4 PDF)
Radio interviews with CEC Leaders