Whether it’s bail-in, regional branch closures or restricting cash, Anthony Albanese’s Labor Government is continuing the Liberal party’s tradition of running protection for the big banks.
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It seems Stephen Jones is to the Labor Party as Josh Frydenberg was to the Liberals: the bank’s man in the government.
Whether it’s defending the right of the banks to bail in the cash in your account; whether it’s turning a blind eye to banks closing their rural bank branches, which has increased this year under Minister Jones; whether it’s allowing the King’s currency to be shunned so the banks can force everyone onto electronic banking, with every transaction helping bank profits and every sale providing a data- and profit-rich environment for the banks; or whether, as it is today, it’s letting banking executives off the hook for egregious behaviour, that should be criminal.
These hideous, inhuman banking crimes were brought to light during the Senate’s Select Committee on Lending to Primary Production Customers in 2017, an inquiry that Senator Pauline Hanson got and that I chaired.
Four years later, not one of those victims has been compensated nor a banker prosecuted. Minister Chalmers is protecting the banks over the best interests of the people.
Most of the corruption in banking was started by the worlds greatest treasurer Paul Keating. Keating wiped out 80% of the banking top banking institutions, major banks CBA & CBC, all the State Banks and all the major building societies, all the savings banks, effectively all the finance companies and merchant banks and credit cards eroding the need for credit unions. Maybe that’s 98% just leaving the big 4 with 96% of the business. With all types of financing now in these 4 pillars, it made them inherently unsafe but no government could afford them to fail, so they are periodically bailed out instead of fixing the root cause of the problem. However the biggest change way back then was guaranteeing finance for them so that they didn’t have to chase deposits but needed to lend to survive. That was a disaster and they were all notionally bankrupt in 1990. So Labor allowed the banks to go out & screw their customers to recapitalise the banks. When Liberals got in they ignored the problems and all the rotten practices were embedded in the system. So banks only advertise to lend and that inflates house prices and to accommodate that money that should be in super so that Aussies own Aussie businesses instead of foreigners is diverted into a debt ridden Aussie household sector but worse still is the rise in homelessness. I could expand but…..