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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: Iceland Jails Banksters. Australian MP denial re Debentures & Mortgage Fraud Scandals

Posted by on in ROYAL COMMISSION URGENT
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ICELAND understood the thinking put forward by Joe Stiglitz in his impressive array of thought-provoking books during the past ten years. Nobel prize winning economist Joseph Stiglitz says: "After all, the main driver of economic growth is a strong rule of law." Joe is telling the world:  "we have to prosecute fraud or else the economy won’t recover: The legal system is supposed to be the codification of our norms and beliefs. "

I am a big fan of Professor Joseph E Stiglitz. and so should we all be if we value equality.   Stiglitz has over 40 honorary doctorates and at least eight honorary professorships, as well as an honorary deanship.  In 2011 he was named by Time magazine as one of the 100 most influential people in the worldStiglitz's work focuses on Income distribution, Asset risk management, Corporate governance, and International trade, and is the author of ten books, with his latest, The Price of Inequality (2012), hitting The New York Times best seller list.

Joe is not a big fan of free fall markets or what he describes as "free market fundamentalists."  Stiglitz is one of the most frequently cited economists in the world according to Wikipedia.  He  worries that the US is setting a 'terrible example' with income inequality.  

Joseph Stiglitz has oft said that mere legislation is not enough: there has to be a strong enforcement of law.  Iceland must have read his books. Icelanders are probably wishing they had read some of them back in 2003.

However, it is critical that our Federal Ministers and Opposition Shadow Ministers get off the free market bandwagons: that markets look after themselves and ASIC and APRA can merely run alongside and "Monitor."    Banksters with fat bonuses of over $100 million plus being paid out to so-called "Masters of the Universe,"  must cease immediately and shareholders must shoulder the blame for that condition.

The inequality is the big end of town getting mega rich on the backs of the working slaves, has caused a cauldron of global financial crisis which our children will be burdened within for decades to come.

Governments who feed on the free market theories have run our nation into the ground and now we all must pay the price of such folly.  There has to be a fair and equitable MIX of what is "fair for all" not just fair to a privileged and corrupt few who are prepared to share their soul with the devil in search of their own greed and ambitions.  Hopefully the next generation will do away with the "I'm all right Jack" thought lines.

Like Icelanders we must follow in their footsteps.  We have all been lied to.  No-one from either sides of politics wants to hold a Royal Commission into the Banking and Finance sector.  Why is that?  Our Federal Governmental and Opposition are in denial that we have a Lo Doc, Full Doc, No Doc sub-prime problem.  Are they all wimps and slaves to the free market Bankster Masters and to Party Political Masters?  Time to weed out the culprits, I would have thought?

If that is true then please explain why 1000 people have come forward to date and, more on the horizon, as the truth is being fed out piece by piece on this website.

There are close to $100 billion possible toxic mortgages, engineered by at least 36 Banksters: Banks and Non Banks.  From 1000 inquiries there are no clean loans..........Does that worry you?  Its a key indicator of mass fraud as occurred in all other similar PONZI-like structures within the deregulated banking sector.

We used to be able to save up and buy a home.  We used to have full time jobs.  We used to be happy and content with one house and a back yard and a dog and a car that got us from A to B. We had very little DEBT.   The next generation has been financials wiped out - by the greed of the Banksters.  The villains are being protected by our own Australian Securities and Investment Commission.

No-one wants to be a hero and stand up against these Banksters.  Why?  We only have one weapon.  It's called a VOTE.  The first Party to agree to a Royal Commission wins MY VOTE.   What about yours?

Not one of the Regulatory Agencies, not one of our Politicians except for Nationals Senator John Williams, have acknowledged a frightening cesspool of fraud exits within the Australian Mortgage Market.  The rest of the Pollies are too weak to move closer to the cauldron for fear of reprimand by our political masters and minders.  Journalists have picked up on this phenomenon and stories have been written and still the Federal Government chooses to continue down  the road of denial, with the Federal Opposition quietly tip-toeing behind.

BFCSA Members will be out in force to ensure you all start listening to Joseph E Stiglitz and his wisdom on the world economies:  Enforcement of Law starts with a massive inquiry into our Mortgage Markets and why we keep lying to the rest of the world that we have no sub-prime problem.

The more you deny a Royal Commission into Debentures, Managed Invest Scams and every other dirty  financial time-bomb; the more you deny there is a problem, the more it is obvious you are lying to all citizens.  Look into the face of the nearest three year old and tell them the economy is safe and then explain what TRUTH means to the brave Eskimo's of Iceland.

Treasury tell the Senate they haven’t seen any systemic issues. That’s because they take advice from ASIC and ASIC don’t think some thousands of falsified loan applications across a hundred or more brokers and 36 lenders, falls short of systematic fraud. 

If your local MP says NO to a Royal Commission you know then that he/she is captured by Party Politics.  The YES/NO vote should be a CONSCIENCE VOTE.   Ask your local MP: "whose side are you on....the People or the Party?

As Australians we could stand out in the world as our Anzacs did.  The more Canberra denies the problem, the less our Parliamentarians are believed.  As individual representatives of Government and constituencies you should be telling the Party Machines: "enough is enough....bring on the Royal Commission into banking and Finance.  Lets expose all the players....let no Master of the Universe escape and heavy jail sentences imposed  for everyone involved.  If we have to set a  precedent and build a NEW CORPORATE JAIL to house the buggers then so be it.  Let that jail stand as a monument to the will of the people and be a reminder for the next hundreds years and beyond........

These scams will touch every family in some form and will infect future generations.  

At the moment we have no enforcement of corporations law.  As Joe said: "After all, the main driver of economic growth is a strong rule of law."  Like Iceland we have to hunt down the criminals, lock up the perpetrators and start again with a clean slate.  This can only be achieved with a Royal Commission.  So why are our politicians saying NO?  What are they fearful of?

 

SAY YES TO:  AN AUSTRALIAN ROYAL COMMISSION INTO BANKING AND FINANCE

 

http://www.avaaz.org/en/petition/Urgent_Call_For_Royal_Commission_Into_Australias_Banking_Sector/

 

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 Happy New Year to all our Members and Readers

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Guest Sunday, 31 May 2020