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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: Global Bank Bail Out Model - What did KEVIN RUDD do that angered his colleagues? We know.

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What did KEVIN 09 SIGN?    Look what happens when decent people pool their limited resources and fight back.  Kevin Rudd omitted to send out one particular and vital memo to his colleagues.  The Rudd factor is not about political correctness or personality clashes.  That would be far too simple an explanation.  Did he cause Australia to become entrenched in the Global Financial Crisis?  Was Kevin simply being Just Kev?    So what did the Prime Minister SIGN back in 09?   Hmmmmm.  We know.

But was Rudd the cause of the looming catastrophe or did he inherit a diabolical Bankster Scam that had been running rampant in Australia for several years prior to the GFC?  Was ASIC just following the Nuremberg line?  We wuz just following orders?  Whose orders?

Lots more to come.............................all the little ducks are flying in a row and its all so simple really.  Truth always is.

Citizens Electoral Council of Australia

Media Release  Wednesday, 19 June 2013

Craig Isherwood‚ National Secretary
PO Box 376‚ COBURG‚ VIC 3058
Phone: 1800 636 432
Email: This email address is being protected from spambots. You need JavaScript enabled to view it." style="color: blue;">This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: http://www.cecaust.com.au
  

Stop Parliament from secretly legislating to steal deposits;
demand Glass-Steagall law instead

The Citizens Electoral Council has just discovered that legislation is being secretly prepared to give Australia’s banking regulator “bail-in” powers to confiscate the savings of the Australian people, just as in Cyprus.

The CEC is mobilising to expose and stop this secret plan, and force the Parliament to instead fully protect deposits and essential banking services from an inevitable collapse by passing a Glass-Steagall separation of speculative investment banking from banks that hold deposits.

Except for the CEC, the only information reported to the Australian people that “bail-in” is planned for Australia was the 3 June Australian Financial Review article reporting that the Bank for International Settlements (BIS) has “proposed” [sic] to the Australian Prudential Regulation Authority (APRA) that it grab creditors’ funds, including deposits, to prop up a failing major bank.

However, the CEC has discovered that six weeks earlier, on 15 April, the BIS’s global enforcer of bail-in, the Financial Stability Board (FSB), reported to the G20 that “legislation is in train” in Australia to give APRA deposit-confiscating bail-in powers. [See footnote.]

What is this legislation “in train”? Has it been passed? If not, is it planned to be rammed through Parliament in this current fortnight’s final sitting, under cover of the 200 (!) other pieces of legislation that the government intends to ram through in this fortnight?

 

The crisis is now!

The CEC is exposing this plot just as the global financial system is being rocked by the beginnings of the next phase of financial meltdown—and Australia’s banks are right in the way.

The U.S. Federal Reserve’s mutterings, that it is considering “tapering off” the torrent of hyperinflationary money-printing that it has been pumping into the global financial system for four years, have triggered massive turbulence and capital outflows globally, including the sudden rush of capital out of countries such as Australia and Brazil, which has caused currencies to plunge, and a sudden collapse of the global bond market—by almost 90 per cent in the U.S. last week—which the 13 June Financial Times warns is “threatening to halt a global refinancing wave”.

Australia’s banks are exposed to hundreds of billions of dollars of short-term foreign debt, and $20 trillion dollars of domestic and global derivatives obligations. The last time capital fled Australia this fast and caused such a plunge in the dollar, in 2008, the big banks found that they could no longer borrow to roll over their foreign debts, and had to go screaming to the Rudd government for guarantees, warning that otherwise they would be “insolvent sooner rather than later”.

The Big Four banks have gone on such a binge of derivatives gambling since 2008— led by CBA—that they are even more vulnerable today—a fact which makes the BIS and APRA desperate for the new “bail-in” powers, fully expecting to use them, and soon.

 

What you can do 

  • Join the CEC’s days of action. Thousands of copies of this flyer and the New Citizen newspaper are being distributed from coast to coast. Take extra copies for your bank manager, local councillors, and everyone else you know.

     

  • Call your MP, Treasurer Wayne Swan and Opposition Treasurer Joe Hockey in Parliament House, which is sitting this week and next week. Call the switchboard on 02 6277 7111 and ask for their offices, and demand they scrap any plans for “bail-in” legislation, and enact Glass-Steagall instead.

     

  • Join the CEC as a member.

Footnote:
The FSB report reads: “(1) Completing the resolution toolbox for banks - It is critical that authorities have a broad range of powers at their disposal when faced with a crisis. This is not the case in all FSB jurisdictions. In many jurisdictions, resolution authorities still lack the powers set out in the Key Attributes to achieve rapid transfer of assets and liabilities and to write down debt of a failing institution or convert it into equity (“bail-in”), although legislation is in train in some jurisdictions (including Australia, Brazil, the EU, France, Germany, Indonesia, Singapore and South Africa) to align national regimes fully with the Key Attributes.” (Financial Stability Board:Implementing the FSB Key Attributes of Effective Resolution Regimes—how far have we come? 15 April 2013, p 3.) [Emphasis added.]

 

 


Click here to order bulk copies of a flyer of this media release and for a free Glass-Steagall mobilisation pack which includes background on Glass-Steagall, petitions, and our “Do You Intend To Die For The Banks?” New Citizen.

 

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Comments

  • doyla66
    doyla66 Friday, 21 June 2013

    WOW..

    ..."More details of the Cyprus bank bail-in were released early Monday and showed that the largest depositors in Cypriot banks are set to lose an astonishing 8.3 billion euros as part of the deposit levies.

    In total, depositors will lose a reported 10.6 billion euros, meaning small depositors, ordinary citizens with average deposit levels, will have to cough up 2.3 billion euros of what were once considered sacred and protected deposits. This number does not include the losses inflicted on investors in the banks...."

    Read more: http://www.benzinga.com/markets/bonds/13/04/3497583/largest-depositors-in-cypriot-banks-to-lose-8-3-billion-euros-in-bail-in#ixzz2WpAVTpbh

  • doyla66
    doyla66 Friday, 21 June 2013

    is this why kevin rudd is selling assets in australia and how much cash have the rudds moved overseas

  • doyla66
    doyla66 Friday, 21 June 2013

    Wow, I like many others would not know what legisation is being passed within the political circles. Without the CEC they could be unstopable. I for one will join even if it is just to give them monetary support. It is frightening what is happening to our money and what the banks and other financial institutions are up to insomuch as protecting their own. Denise you are worth your weight in gold for bringing us this and many other surprises to the average Joe Blow on the street.

  • doyla66
    doyla66 Saturday, 22 June 2013

    I don't know who is selling our assetts to overseas but in the last couple of years 4 farms have been purchased by an overseas consortium in our area. They have amalgamated them and milk about 600 cows now. This meant that 4 farming families left the district. Another nail in the coffin for farming districts and small communities

  • doyla66
    doyla66 Saturday, 22 June 2013

    "to the Australian Prudential Regulation Authority (APRA) that it grab creditors’ funds, including deposits, to prop up a failing major bank." 3 June Australian Financial Review article

    Which Bank I wonder??

  • doyla66
    doyla66 Sunday, 23 June 2013

    Re-regulation essential for Australian survival and security - one step to avoid the global "recession"

    Australian needs to split retail banking from trading banking YESTERDAY.
    It really is that urgent IMHO.
    There is no other simpler solution at this stage as far as I can determine.
    How hard that will be to actually do - does anyone know - or how long it would take?
    In Parliament's collection of special powers are powers which permit them to call joint sittings, pass emergency measures and so forth.
    There are also "Policy" adjustments which can enable interim changes pending ratification by Parliament during sitting time.
    There is also the option of recall of Parliament out of sitting times for special purposes.
    Our vulnerable economic situation is one such "special purpose".
    This becomes particularly so if the incumbent Treasurer is going to follow conventional economic pundits, trend lines used to date, back the RBAs attempted stimulus of housing industry through monetary policy and leave Australian consumers of home loans vulnerable to whatever forces come into play both domestically and internationally.
    No one could foresee the full catastrophe of the Brisbane floods and other outscale weather events.
    Who would have believed anyone would get away with sucking out the savings of Cypriots in modern times?
    How many people are locked into investments and savings on the basis of the Government "guarantee" of $250,000?
    I wouldn't count on that - Government can bend the rules as required without compunction and the election after next would be a long way off.
    Information from ratings agencies and IMF suggest that there has been an "adjustment" in the way Australian ratings are being done. In essence it's a downgrade on the pretext that ratings agencies and others are changing the way they calculate these ratings.
    When you think back, one of the reasons Australia had good ratings was the Government backing of our Banks and thus the greater security that consumers were supposed to have in the event of anything untoward economically occurring. We were considered to be reasonably resilient and successfully managing the economy through the GFC and beyond.
    Since the Budget and what appear to be rubbery figures in our deficit calculations its likely that the downgrade is more related to Australia's reduced capacity to honour the savings guarantees and bailout banks again. Our resilience rating is slipping.
    Then there is the Fraud Loan Scandal which the government refuses to investigate with the speed that such revelations should create.
    There is some loss of credibility by our regulators - how accurate were their reports - remembering that the same people overseas that are wanting to know are the same type of people that send out the similar rants of spin about their financial institutions and regulators and downplay the negative reports with spin. No one knows who to believe as the liars lie to each other!
    An interesting Australian site that looks at these ideas in what I consider a rational way is MacroBusiness. Not everyone is going to like what they read there - it's not hearts and flowers economic spin and it can be hardcore truth. But I'd trust that as a digest of financial news before I'd trust the Australian Treasury.
    Here are two articles I found on the subject of ratings: I went to the site and typed "ratings" into the search. Plenty more to read on that subject.
    http://www.macrobusiness.com.au/2013/06/moodys-brings-cyprus-downunder/
    http://www.macrobusiness.com.au/2013/05/sp-downgrades-nz-banks/
    And there's other information around that seems to support the idea that something odd is going on in our economy...

    Home owners and savings account holders shouldn't have to worry so much about the international economy.
    If separation of retail banking from trading banking occurred then home owners and retirees could enjoy more security of tenure and resilience to stress, legally fire walled from the traders.
    I would also like to see the RBA setting the home loan interest rates to add to the security and safety of home owners. But that can come later after the separation, in a similar way to the US Glass Steagall re-enactment.
    Much has been said about consumer sentiment - this is what drives the possibility of people being willing to take the risk and buy homes, cars, Christmas presents and so on.
    Surely if the RBA were serious about raising consumer sentiment they would be doing everything possible to ensure that consumers felt more secure on the domestic front.
    So, I ask, why hasn't Parliament mentioned re-regulation in this sitting for the express purpose of protecting ordinary Australians from the graft, greed, instability and proven corruption of the international banking scene?
    Bottomline: Australia is at risk, far greater risk than it has seen since de-regulation. We can change that now with re-regulation. Why the silence from Canberra and all the pundits?
    What do we, the ordinary people have to do?
    Take all our money out of our savings accounts and store it in the secret bread bin at home?
    Banks and credit unions make taking cash out as hard as they can, from experience.
    Parliament has finished, or just about, leading up to the election.
    Does anyone have any suggestions on how best to handle the impending crisis, not to panic people, but to ensure that we all get home safely and survive whatever comes next?

    BTW - I remember watching the GFC develop overseas and the in Australia. We appeared to be going ok. Then it looked like we dived into the pity pot out of sympathy with the northern hemisphere and had a GFC of our own. Something didn't ring true in the hype. At my most cynical I thought, did someone engineer that in Australia and for what purpose? Nothing like a good crisis to bring Aussies together and listening and looking to their leaders to rescue them. So did Australians lose from the recession we had to have and the GFC that we were just victims of and whatever next ... and why? ... did someone secretly want to be Superman as a kid to rescue everyone and be a well-loved hero to compensate for the feelings of inadequacy as a child? ... it wouldn't be the first time ... looking forward to the evidence, Denise :)

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