Katter and Hanson table bank reform bill initiating another inquiry

The Senate Economics Legislation Committee on 14 February initiated an inquiry into the Banking System Reform (Separation of Banks) Bill 2019.

This landmark senate inquiry was ignored by big media which preferred sensationalising the dust-up between One Nation’s James Ashby and its former senator Brian Burston in the halls of the senate.

from Citizens Electoral Council

This is a major blow for the banks, which had assumed that the Hayne Report from the banking royal commission, which did not recommended structural separation, would be the final word on the issue—bank shares soared on the news they wouldn’t be broken up. They celebrated too early, however.

Pauline Hanson joins forces with Bob Katter to separate bank industry superannuation and insurance from banking

 

On 12 February, a week after Hayne’s report became public, Senator Pauline Hanson introduced into the Senate the same bill that Bob Katter had introduced into the House of Representatives in June 2018. This bill was carefully drafted by the Citizens Electoral Council based on the USA’s successful Glass-Steagall Act of 1933 and the updated “21st Century Glass-Steagall Act” bill currently before Congress, adapted for Australia’s financial system.

The bill separates traditional commercial banks that take deposits and make loans from all other financial activities. This solves the problems of both vertical integration—the gross conflict of interests involving banks advising their customers to buy products from other businesses the banks also own; and horizontal integration—banks mixing commercial banking with risky investment banking that puts customer deposits, and the whole economy, in danger. The bill also brings the failed bank regulator APRA (Australian Prudential Regulation Authority) under much tighter parliamentary control.

Support

 

Bob Katter joins forces with Pauline Hanson to separate bank industry superannuation and insurance from banking

Bank separation has the support of most cross-bench politicians in Parliament, including the Greens, Centre Alliance, One Nation and independents. It is also supported by key backbenchers in all of the major parties. The Labor Party had said they would support it if recommended by the royal commission; however, sticking with that position is untenable. They know that Commissioner Hayne’s terms of reference forbade the investigation of “structure”, which Labor had intended a royal commission would have looked at. Also, even Labor’s senior statesman Paul Keating has strongly criticised Hayne for not recommending structural separation.

(Hayne’s recommendation against structural separation is a scandal: that section in his report includes a blatant lie, and experts familiar with public inquiries have accused Treasury of a “dirty trick” to rig the outcome in favour of the banks.)

Opposition

The opposition to separation comes from the big banks, the discredited regulators which are captured by the banks, and the leadership of the major parties who take huge donations from the banks. The banks wish to keep the parasitical structure that has enabled them to amass huge profits, not only through gouging their customers but also through gambling with their deposits, which they use to underwrite their huge derivatives bets that collectively amount to more than $40 trillion. There is a revolving door between the banks and regulators: high-powered executives from banks take key positions in the regulators, such as ex-UBS chief John Fraser taking over as Treasury Secretary in 2013-18 and former senior investment bankers holding six of the nine positions on the executive of bank regulator APRA; and regulators retire to plum banking positions, such as former Treasury Secretary Ken Henry becoming chairman of NAB and former RBA governor Glenn Stevens joining the board of Macquarie Bank. And not only do the big banks donate to the major parties, but so does the Australian Banking Association which lobbies for them, as do the Big Four global accounting firms which audit the major banks and have a track record of covering up dodgy bookkeeping by banks all over the world.

Make a submission

This inquiry is the chance for the Australian public to force the debate on banking separation that the royal commission was not allowed to have. The Senate Economics Legislation Committee is taking submissions from the public, so every concerned Australian should make a submission.

Here are some points to note about the Glass-Steagall principle of full banking separation:

  • It works, as proved by its success for almost 70 years (1933-99) in America;
  • It ends the conflicts of interests of vertical integration, which is the only way to ensure the misconduct exposed by the royal commission can’t happen again;
  • It protects deposits from the dangers of speculation, which boosts confidence in the banking system;
  • It stops banks from diverting credit into unproductive financial speculation, thus making more credit available for lending to neglected sectors such as small business, industry and farming.

The submissions deadline is 12 April, but don’t delay—make your submission today!

How to make a submission

Written submissions can be delivered to the Committee in two ways: 1) by physical post; 2) online.

  1. Post your written submission to: Senate Standing Committees on Economics
    PO Box 6100
    Parliament House
    Canberra ACT 2600
    Phone: +61 2 6277 3540
    Fax: +61 2 6277 5719
    Email: economics.sen@aph.gov.au
Advertisements

About Editor, cairnsnews

One of the few patriots left who understands the system and how it has been totally subverted under every citizen's nose. If we can help to turn it around we will, otherwise our children will have nothing. Our investigations show there is no 'government' of the people for the people of Australia. The removal of the Crown from Australian Parliaments, followed by the incorporation of Parliaments aided by the Australia Act 1987 has left us with corporate government with policies not laws, that apply only to members of political parties and the public service. There is no law, other than the Common Law. This fact will be borne out in the near future as numerous legal challenges in place now, come to a head soon.

Posted on February 20, 2019, in Australian Bankers Association, Banking Royal Commission, Banks, bob katter, Pauline Hanson and tagged , , , , , , . Bookmark the permalink. 20 Comments.

  1. what about super and unions that also wants to be separated. Unions should not be in control of anyones money. They are unable to keep control of there own.

  2. dmkzmarwick@bigpond.com

    I wonder why Pauline has done that.

    Some time ago they put her in jail, presumably because they thought that she might not be a reliable “yes” woman for the Globalist itinerary.

    False flags are a very useful tool for the oligarchy/plutocracy. They can be a boogyman for the establishment to deflect their crimes around.

    Every Nation/State has a moral right and duty to issue currency/exchange medium to facilitate economic activity (production, distribution, exchange and consumption of goods and services).

  3. I have submitted my submission! Everyone should do this..Please!

  4. My guess is that the Senate doesn’t give a damn. They know that their fat salaries and pensions are not even slightly dependent on their representation of the electorate. Few of them even show up for policy debates. Talk about dole bludgers!! I bet that at least 10 dole bludgers could live very comfortably on what one of them get for nothing; except the necessary lack of integrity, that is. Lack of integrity can be fairly expensive if CEO’s “remuneration” and bonuses are any indication.

    • Hi Oldavid you probably haven’t heard of Bob Katter the icon of North Queensland. Don’t lump him in with the other political party hacks. His input has been legendary. Read cairnsnews stories over the past five years and you will see.Ed

      • I’ve known of Bob for several years. As has been obvious, anyone playing at the politic table must play by their rules. Look what they did to Pauline when it was only suspected that she might not be malleable enough. Opportunists are like flies drawn to a rotting carcass.

        There are some things that one can say or do to attract a following but one must not pose a serious threat to the supranational establishment.

        Now then, Mr Ed, the crooks have got the whole political and “justice” system stitched up with a host of lackeys bound by ideology, blackmail and perfidious and idiotic oaths. The only way out is to bypass the corrupt system if there can be found enough guts and righteous indignation to do so.

      • Hi Oldavid the only legitimate court left in Australia in the court of the senate, ie, the entire senate above which there is no lawful authority provided it sticks to the Commonwealth Constitution. Senator in exile Culleton has effectively destroyed the unlawful Australia Act 1987 which does not permit any appeals from Australia. Hanson might be easily swayed by the Liberals but right now Katter is running Australia. Just ask the Prime Minister.
        Katter has never been pushed or swayed by any politician or party in the 35 years we have known him. Editor

  5. Another pathetic, limp-wristed, gutless gesture. Katter and Hanson are just a couple of bumbling sooks. The banksters are thieves working the greatest and most diabolical swindles on the people of Australia. First, there is the Variable Interest Scam. “Variable interest rates render a contract void for uncertainty”, i.e.: those contracts are f-r-a-u-d and obtaining money by fraud is stealing. And, of course, there is the Fractional Reserve Banking Scam of “creating money out of thin air”. The banksters will continue on with their racketeering until someone has the balls to bring them to justice….and that means, before a fully informed jury who will imprison the scumbags.
    Yours sincerely,
    John Wilson.

    • Really – I understand what you have said but in the absense of anyone fronting up to save us – you for example – it’s a start..

      • No, pcwwp, no one will front up to save us. It’s only the quiet, concerted action of the “little people” that are so dispersed that they can’t be “politically assassinated” by media vilification of a “leader” and thus their legitimate aspirations.

      • Hi pcwwp John Wilson has done far more than his fair share towards saving the mess of a country. He has been jailed, lost his property and profession and has been beaten by dodgy cops and a whole lot more. John has done his share. Editor

      • Fair enough – the system can be very unfair..I feel the CEC is doing something..We all have to try and do a bit I guess is what I am saying..

      • Dear Fellow Freedom Fighters,
        I have been branded an outlaw and a terrorist and denied access to courts to prosecute the real criminals and traitors. Therefore, I have had to cause them to take me to court. This is where I want to be. This Wednesday, 27/02/2019, in the Parramatta Local Court I am being charged with trespassing on my own property that the banksters (operating their kangaroo court operandi) unlawfully seized. I have the cold-hard evidence of the fraud and treason and am ready to do battle.
        Yours sincerely,
        John Wilson.

      • John, I have nothing but loathing for the criminal Courts ( Companies collecting money on behalf of the COMMONWEALTH OF AUSTRALIA – a corporate entity registered on US (SEC)) The courts are completely illegal and the Banksters are just criminals. Good luck..

      • Hi John if you enter their court you will be unlawfully judged. They have no jurisdiction under the Queen of Australia.
        Trying to get a jury will never happen. Tell them they have no jurisdiction and walk out. Editor

  6. Dear Ed,
    So Bob Katter runs the government, eh? So we have him to thank for the accelerating plunge into international slavery?

    I doubt it. He’s only a noise to distract the gullible with shallow dreams that avoid the real issues of the ideological perversity of a pervasive secretocracy that wields enormous influence in all levels of politics, media (information), “finance” and schooling (formation of children).

    Hey! send me an email so that I can attach some documents. The usual “contact” page you proffer seems like all the others: it goes nowhere and elicits no response (perhaps because I didn’t promise a heap of money).

    Anyone can contact me at:
    dmkzmarwick@bigpond.com

    • Dear Old David I suggest you look at the RH column of Cairnsnews and you will find an email address to which you can attach to your heart’s content. And yes Katter is the only true statesman this country has had for decades. Come to North Qld and you will discover what really goes on.Editor

      • When I was young I believed the BS media about Katter – Now I have had time to look at what is going on Katter is a great man – perhaps flawed but hey – aren’t we all – who really has some great ideas for the Australian people – I especially like the way he explains the sinful way the government has dismantled our productivity on behalf of the International Globalist – Lima etc.. In fact my new rule is “ If the media and the Government are against something or someone – they must be the good!”

  7. Oops! I forgot to mention the blanky Senate.

    Yair! it should be the highest legal authority in the land but if you’ve ever tried to inform any of the “bumbling sooks” (John Wilson’s apt description) you’d know that they pay as much attention to the gripes of their constituents as they pay to the issues and policy debates. They are disgusting fat cats who can only be relied on to “rubber stamp” the dictates of the “Party”.

    We gotta get well supported honest men into that area to confront and criminalise the traitors.

Leave a Reply to Oldavid Cancel reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.