During the Brisbane G20 Summit The Financial Stability Board passed a Resolution called The Adequacy of loss absorbing capacity of Global Systemically Important Banks. Rather than reigning in the massive and risky derivatives, the new rules prioritise the payment of the banks derivatives obligations to each other ahead of depositors public and private. The main points to this new rule are: a. Bankruptcy is now called: Resolution Proceeding. This means that Banks are promptly recapitalized with their UN secured debt, b. Unsecured debt includes DEPOSITS so the insolvent bank is made solvent by turning our money (our deposits) into their equity. ( this includes your pension funds), c. The power is Statutory which means confiscations are to become The Law, d. Rather than Banks having their assets sold off and closing their doors, they will be kept alive and open for business at all costs meaning the customers deposits will be used to keep the bank alive i.e. your money will be stollen by the bank. The bottom line is that your money is no longer safe in the bank. Australian banks have only about 3.5 Trillion in assets but are exposed to over 21 trillion in derivatives. The chance of a collapse in the derivatives market according to many financial commentators and experts is high. This is what could bring about the worst financial crisis the world has ever seen. So why do you think they passed the Adequacy of loss absorbing capacity of Global Systemically Important Banks? My thoughts are because they know a derivatives collapse is coming and without having the legal authority to steal your money, the banks will go broke. Our government would rather see you go broke before its rich one percent of mates who own the big banks. The Australian government and politicians allowing this resolution to pass have committed treason on the people of Australia because the above resolution has not been explained to all Australian citizens before being accepted and passed. This is unconscionable and treasonous conduct by our government and Bank CEO s. We must protest to our government, our disgust at this decision and their willingness to pass this unjust criminal resolution without the express permission of the majority of the people.
Posted on: Fri, 26 Dec 2014 10:03:13 +0000