La­bor must bring the big banks to heel

Southern Telegraph - - OPINION - Mal Hughes, Waikiki

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.

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