Labor must bring the big banks to heel
Madeleine King regularly advertises in this newspaper, so it is only fair that she answer my queries publicly in the same media.
If the Labor Party wins the election, are the representatives and senators of Labor going to vote for the Banking System Reform (Separation of Banks) Bill 2019, which has already been presented to the Senate?
If not, you have no right to stand as our representative. This is the most important bit of legislation of our time. It is quite clear that there is going to be a worldwide financial collapse, as forecast by many knowledgeable people of the financial world.
When this collapse happens, the banks will legally take depositors’ funds and replace them with worthless shares, thanks to the legislation rushed through the Senate when only six members were present in February, 2018.
The Government had been warned an amendment was to be presented to the Bill to prevent depositors’ funds from being included in the ensuing rescue of the banks, so the Government panicked and rushed the Bill through when the chamber was virtually empty. It is sad that legislation can be passed by only six out of 67 Senators.
The reason why the big four banks will be in dire straits when this forecast financial crash happens is because of their huge gambling on derivatives, as well as the excessive lending in the housing market.
So, Madeleine King, if you are to be our representative, you must be prepared to vote for the “people” in regard to this legislation instead of trying to save the banks. This Bill will isolate the investment banking activity from the commercial banking activity and will therefore put a stop to the banks using clients funds to keep them from going under.
It has been said that even with depositors’ funds, the banks will not be financially viable.
I request that Ms King answer my query openly and honestly in this newspaper, so the constituents may know how to fill in their voting slips.