Debt ceiling raised, thats the tip of the iceberg...what lurks beneath!....
It a appears that Australia is being prepared for a Cyprus style haircut. Depositors will have their savings confiscated in the event of a systemic
risk from Banks “too big to fail”
From the IMF website
All in the name of alleviating the problems faced by the administrators in the wake of the Lehmann Bros bankruptcy where depositors money was mixed
and used to gamble…The IMF solution is...
You thought your deposits were covered by the Govts guarantee right…? Well you’re wrong.
“Australia’s so-called “guarantee” for deposits up to $250,000 only provides for up to $20 billion in Federal (borrowed) money per bank —
less than 1/10th of the amount that each of the Big Four has in (electronic) obligations to bank account depositors (ie, “creditors”).
Or should I say, it ( the guarantee )“only promises to provide for up to $20 billion…”.
There is no money actually set aside to “guarantee” any depositors.
And “Under the new FSB-directed global regime agreed to by the G20 in 2010 — now being implemented by Australia, Canada, Europe, the UK and USA
— just as in Cyprus, all “unsophisticated” bank depositors will get screwed overnight.”
The reason behind it?....
“Australian banks not only have ten times more in deposit obligations than the government has guaranteed promised to provide as insurance for each
bank’s eligible deposits…..as of March 2013, the banks also have a new record $21.5 Trillion in Off-Balance Sheet “business” that is mostly
derivatives; an increase of $2.5 Trillion in the March quarter alone, including a $2.2 Trillion increase in Interest Rate derivative contracts:”
Rudd delayed the 2013 election so he can attend the G20 summit
“Kevin Rudd delayed the election so he can attend the G20 summit in St Petersburg, to discuss the progress on implementing a global so-called
“bail-in” regime, which the G20 is overseeing through the Bank for International Settlements (BIS) and its Financial Stability Board (FSB).”
Basel III was signed and the public were never made aware of how the game has changed.
Depositors will now rank lower than Bond holders and third party counter party derivate owners will be bailed out by depositors all in the name of
relieving the taxpayer of bailing out banks
Was Rudd proposing the deposits tax to the big banks as a vote grabbing measure? as ultimately the cost to the banks will be passed on to
Are Australian banks at risk and have they been at risk in the recent past?
Westpac increasingly suffers unexplained glitches Aug 1, 2013
May 5 2011
NAB and Westpacs secret bailouts revealed
How the RBA borrowed billions from the US Fed on the banks behalf
So was Cyprus a “test run” to gauge and measure the resolve of ordinary people in demanding their money? They used spurious excuses like “it
was Russian criminal money” to justify and set the haircut in process.
With the extent of the Australian Banks derivatives exposure they’ll no doubt find some few “laundering accounts” “ linked to criminality “
or perhaps plan a better excuse between now and when they (haircut) announce an Aussie bank holiday.
Failed banks will be restructed and depositors given equity in the new bank and be ranked lower than Bondholders
If you think deposits are safe think again...
Remember your politicians are complicit in this theft set up.
Stop this Labour/Liberal blame game and open your eyes as to how all sides of the political fence are complicit in enslaving all taxpayers and
Tell your friends, do the research, make up your own minds. Aussie banks are now no different than Cyprus Banks.