by Phil Hingston
What’s a Bail In, you may well ask? Read on and be horrified!
A big kerfuffle is quietly raging over whether our esteemed politicians will grant wide-ranging powers to The Australian Prudential Regulatory Authority (APRA) to appropriate (steal) your bank deposits. Hidden behind the usual gobbledygook, bankster-speak drivel, the title of the proposed legislation sounds harmless enough.
It’s meant to, so you don’t notice it.
Titled the “Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 [Provisions],” it sounds kind of boring and mundane.
Focus on the words “Crisis Resolution Powers and Other Measures”. Crisis? What crisis? Is something wrong?
Maybe a derivatives explosion, a US default on their debt (which would lead to a currency collapse), a stock or bond market meltdown, or, heaven forbid, ALL of the above.
Derivatives are the WMDs of the financial world.
So, back to the proposed Crisis Resolution legislation — which received over 800 written submissions (normally they’d get a dozen). For whatever reason, The Powers That Be have refused to allow public hearings on the matter. If one was less than inclined to trust our esteemed politicians, one might suspect that something foul was afoot. And you’d more than likely be right.
To put it succinctly, our bankster-beholden, “honourable” representatives will do exactly what their Masters (not We the People) instruct them to do — which means pass this legislation to give them the legal means to steal your deposits. Sneak this the specious piece of legislation when no one is watching and Voila!!
It’s a “fait a complis”!
It has a “Creature from Jekyll Island” ring to it – as they did when they snuck The Federal Reserve Act 1913 through in the wee small hours of the night on the 23rd December, 1913 — when everyone else had gone home for Christmas.
They’re planning on stealing your bank deposits. Got It!! Legally of course!
Don’t believe me? It’s been in the works for the last 5 years. These banksters are nothing, if not forward thinkers.
An article written in August, 2013 by an extraordinarily financially competent website called “Barnaby Is Right” (now defunct but still archived) pretty much lays out what is currently rearing its ugly head in Canberra. (I’d ask his permission to borrow his detailed analysis but I can’t find him, but in the public interest, it may be better to ask forgiveness than permission)
An important note: The bank’s derivatives positions are now double what they were when the article was written.
From “BarnabyIsRight.com“, the article reads as follows below: (slightly edited for simplicity, but still complicated enough for Joe Sixpack)
“It has been well-documented by others that the Cyprus-style bank “bail-in” scheme that is presently being prepared right across the G20, (that includes we Aussies) is really all about derivatives — those “financial weapons of mass destruction” that were at the heart of the GFC in 2008 (see Derivatives Managed By Mega-Banks Threaten Your Bank Account).
“To briefly summarise, a critical aspect of what the bail-in scheme is intended to do, is to prioritize the payment of banks’ derivatives obligations to each other, ahead of depositors. In other words, it is about stealing the public’s bank deposits, to pay out at least some of the big banks’ Death Star-massive — and toxic — derivatives positions.
“Yves Smith of Naked Capitalism explains:
“In the US, depositors have actually been put in a worse position than Cyprus deposit-holders, at least if they are at the big banks that play in the derivatives casino. The regulators have turned a blind eye as banks use their depositories to fund derivatives exposures. And as bad as that is, the depositors, unlike their Cypriot confreres, aren’t even senior creditors. Remember Lehman? When the investment bank failed, unsecured creditors (and remember, depositors are unsecured creditors) got eight cents on the dollar. One big reason was that derivatives counterparties require collateral for any exposures, meaning they are secured creditors. The 2005 bankruptcy reforms made derivatives counterparties senior to unsecured lenders.
“Note carefully that last point about the “collateral” for derivatives exposures, which means that derivatives counterparties (Banks) are deemed “secured” creditors, making them “senior” to unsecured “lenders”. (Note: YOU are an un-secured creditor)
“In layman’s terms, what all that means is that when banks take out a derivatives bet, the bank on the other side of that bet (the “counter party”) requires some collateral to be put up. Thanks to deregulation of the financial system over the past couple of decades, banks have — unbeknown to the public — been putting up their customers deposits as collateral for their derivatives bets.
“Now, because collateral (or “security”) has been put up for those derivatives bets (or “positions”), this means that those bets are considered “secured”. And in a bank “resolution” (ie, a “bail-in”), the secured creditor has seniority (i.e. priority) over “unsecured” creditors (i.e. depositors).”
Got that? It could not be made simpler than that!
The big banks are all counter-parties to each other on their derivatives bets. They have pledged “collateral” — often, your deposits — as “security” on those derivatives bets. When a bank fails, and is “resolved” under the new, Financial Stability Board (FSB) directed bail-in regime, payouts on those “secured” derivatives bets get priority over paying you back your deposit.
At Barnaby Is Right, they looked at the documents going back and forth between the Australian Treasury and the Australian banks. And it is here that they found confirmation of what has been reported by Yves Smith and others. To continue:
“The international bankers (the Financial Stability Board) who are behind the G20-wide bank bail-in scheme, have sought to portray it as being designed to “resolve” failing banks, while at the same time, “protecting” bank depositors.
“However, the truth is that the FSB bail-in scheme is really designed to ensure that the mega-banks — “systemically important financial institutions (SIFI)” (sounds like a venereal disease)— will receive priority for payout on their derivatives positions, in any “resolution” of a failing bank.
“Because for the bankers, propping themselves and their compadres up is all that matters. What we call “theft”, they call “ensuring financial system stability”.
“According to the RBA, our banking system holds $21.5 Trillion in “Off-Balance Sheet” derivatives exposure.
“Over $15 Trillion of that is the “value” of derivatives betting on interest rates. [That was in 2013. It is around $35 Trillion.]
“In the “bail-in” of an Australian bank, do you really think there would be anything left to pay you back your deposit, after the banks get “seniority” for payout on their “secured” derivative positions?”
We at Gumshoenews have bothered to warn you what is being planned for your financial future.
Take whatever measures you deem appropriate. You have been warned.
Good luck.
The senators participating in this skullduggery may be contacted at the following links.
Don’t forget to “Thank them for their service”!! (sarc)
They need to hear from you!!
Today!!!
Senator Jane Hume: Liberal Victoria
Prior to entering the Senate, Jane had a twenty year career in the financial services sector.
After completing a Bachelor of Commerce from the University of Melbourne, she began her career at NAB, and went on to senior executive roles at Deutsche Bank and Rothschild Asset Management.
senator.hume@aph.gov.au;
An uber-banker.
Senator Chris Ketter: Labor Queensland
Worked in Unions since he was 21. Has a commerce degree.
From his website “Prior to commencing as a Senator for Queensland, Chris was the Queensland Secretary of the Shop Distributive and Allied Employees’ Association from 1996 to 2014. Prior to this he worked in various roles in the organisation from 1982 onwards.”
senator.ketter@aph.gov.au;
An apparatchnik
Senator David Bushby: Liberal Tasmania
Bushby was born in Launceston, Tasmania, the son of the Hon. Max Bushby, OBE, a Tasmanian MP and later Speaker of the State House of Assembly. David completed the combined degrees of Bachelor of Economics and Bachelor of Laws at the University of Tasmania in 1990. David’s working life has seen him practice law in Launceston, Sydney and Hobart, as well as the role of director of a number of private companies.
senator.bushby@aph.gov.au;
A political silver spoon
Senator Ian Macdonald: Liberal Queensland
He was born in Brisbane, Queensland, and was a solicitor before entering politics. He was also a Councillor in the Burdekin Shire Council 1979–90. He was Vice-President of the Liberal Party in Queensland from 1987 to 1990.
senator.ian.macdonald@aph.gov.au;
Senator Jennifer McAllister: Labor New South Wales
Jennifer “Jenny” McAllister (born 21 February 1973) is a former President of the Australian Labor Party, and a Senator for New South Wales.[1] She is from the Socialist Left faction of the Labor Party. Between 2006 and 2010, she served as the Director of Climate Change, Air and Noise Policy within the New South Wales Department of Environment, Climate Change and Water. She subsequently joined AECOM Australia Pty Ltd as Strategic Advisor Water and Climate (2010–2013), progressing to Technical Director – Infrastructure Advisory (2013–2014) and was Managing Director, Water and Urban Development (2014–2015) and a member of AECOM’s ANZ executive when she resigned to join the Australian Senate.
.
senator.mcallister@aph.gov.au;
Jenny McAllister, ALP President, September 2013.jpg
An apparatchnik
Senator Peter Whish-Wilson: Greens Tasmania
Peter attended the Australian Defence Force Academy from 1986 to 1988, where he obtained a Bachelor of Arts degree in Economics and Politics. He also attended Royal Military College, Duntroon.
He worked for Merrill Lynch in New York and Melbourne, serving as Vice-President from 1994 to 1998. He then worked in international sales for Deutsche Bank from 1998 to 2004, and as Lecturer in Economics and Finance at the University of Tasmania from 2005 to 2012.
senator.whish-wilson@aph.gov.au
Peter Whish-Wilson.jpg
Another bankster
Better still, send them all the same message using this link.
senator.hume@aph.gov.au;
senator.ketter@aph.gov.au;
senator.bushby@aph.gov.au;
senator.ian.macdonald@aph.gov.au;
senator.mcallister@aph.gov.au;
senator.whish-wilson@aph.gov.au
I’ve already made a submission to the Senate Committee and to various other pollies in related ministries and to all supposed to represent the electorates I’m in at both State and Federal level. Not a peep or acknowledgement from any of them.
However, with the info you have provided, I will confront the Committee members individually.
Thanks for the info.
Good on you David. I think I’ll be writing to Amanda Vanstone tomorrow. She had an article in The Age today about JFK. Need to point out the Fake News that she, the MSM and Canberra believe in, regarding the assassination.
Yair, good one, Dee.
We need to be distracted with all sorts of goings on in Yankee land while ‘Straya is being sucked into a quicksand bog owned and controlled by the City of London and their Kabbalist mindless minions.
Thank you Phil, for this important article.
As regular readers of Gumshoe will have observed, I too tried to warn real Australians in yesterday’s issue, of this vile legislation that should be denied passage by every decent AUSTRALIAN politician. However this animal is quite rare.
Think Ben Chifley, John Curtin and Gough Whitlam. Note each were from the Labor Party side. No other prime ministers have come near to these great Australians. All others seem to have been groomed from school days.
I have read that only one Australian prime minister came to that rank without the education of Jesuit schooling. I don’t know if that is so, but if it is, then that says something of our political system and the ever present Global Government.
I suspect that your reading re Jesuit PMs is in error.
Btw; There have been only two liberal catholic PMs; Lyons (lib?) and Abbott.
Only one? I have not researched it, (and care less) but Gillard, Turnbull, McMahon, Gorton, Menzies and Hawke make six that come immediately to mind at least, which is more than one.
The article you do not cite is way out and clearly fake.
That concludes that it says nothing!
I got wind of this years ago. After I removed my money from the Commonwealth Bank, they sent me a letter stating that if I wanted to withdraw my money from a term deposit I would have to give them 31 days notice (too late, I already got it!). In other words, if you figured out that things were going to go belly up, your money would be locked away for 31 days before you could get your hands on it. – No use showing up to the bank and joining that long line around the block, they got your money and they ain’t gonna give it back.
Perhaps a Credit Union has different terms?
I have a pensioner friend who uses the TAB.
He only goes to a bank every second Thursday to withdraw and rings me each time and says “thanks”.
Works full time (7/24) getting a tax free dividend …….. fights off Alzheimers as well.
Terry,
Slight correction if you please.
It is the bank’s money not yours, you are just one of the tens of millions of creditor peasants. If you gave the bank your money, it now is just has a book entry recording your ‘gift’.
I gave most of what cash I had to Ned Kelly to hold for me and that was a long time ago.
The bank teller wanted to know why I wanted the withdrawal for and I told him I had a good tip for a horse.
Should have told him what I really intended or invented the horse and which race it was for.
Ned,
I had the reverse problem. As I was depositing cash back in, (to buy some computer-coded assets), the teller asked me why I was depositing cash. Paying off my CC. She seemed satisfied with that. Too funny.
Next time I’ll tell them I’m trying to assist the bank with their liquidity problems..
I find it extraordinary that tellers are asking what you want to do with your money. Not having deposited or withdrawn in person for a very long time — have never been asked. Not much to withdraw anyway.
Terry,
If they seriously try this, then you’d have to be thinking “currency crisis” since our current system of currency, currently runs on confidence. (Why do they call it “currency”- because it’s only currently “money”)
There wouldn’t be a lot of trust and confidence left in the system.
You can bet that the drongos that live welfare cheque to welfare cheque would be laughing. In many of their eyes anyone that has money in the bank is a ‘rich’ person that deserves to lose their money. So, you wanted to save up for something instead of going into debt? Ha, Ha, you lose.
This is not the way to build a strong culture of thrifty and motivated citizens.
When this happens, and I believe it will, it is going to open the eyes of a lot of the sheeple. “There wouldn’t be a lot of trust and confidence left in the system” – now there is an understatement.
It will be a big wake-up call that opens up some other issues of inquiry about what’s been going on behind their backs. – Hey, let’s sit down and have a talk about ‘gun control’ and the Port Arthur Massacre – let’s see how much more trust and confidence these dumb bunnies can muster as reality starts to bitch slap them silly.
terry pull your head out of your rear end mate everybody has something to loose but just to enlighten you there are plenty of disabled and elderly drongo`s as you so kindly put it that have deposits in the bank and have just as much too loose as everybody else not that you get it. Let me explain this is not about bank bail ins or anything this about the ground to crush everybody outside of the 1% and there minions. This is about the elimination of cash and to digitize the entire financial system so rather than pointing fingers and making allegations about this group or that group you might better spend your energy constructively informing any group about how to hide there money and wealth from these vampires. Oh and by the way they have allowed the system to go to where it is currently so as to cause it to collapse, so who do you vote for. One more point in Australia you have the right to refuse to vote for any or all federal candidates at any election so rather than pointing fingers you might want to get off your rear end learn your rights and practice what you learn while informing others around you and finally have you ever wondered why they teach you more about the American constitution in Australian schools than our own constitution!!!!!!!!!!!!!!!!!!!! food for thought.
After WW2 I do not remember on the radio and early days of TV, the constant advertising of gold values and stock exchange prices and the constanyreference to money and the National debt, at least in Britain and I believe would be the same here in Australia.
The stock exchange was a elite club that was not played upon the popular culture, at some time the dawning that occured if one can get the public into this game would be those who were the mugs and outsiders and the elite were the insiders, whom had a legal right to be criminals and defraud the public with impunity.
I believe as example of what I mean is Dick Smith sold his name and business for twenty million dollars, this business went through a number of hands and the last sale was a turnover of five hundred million dollars, the mugs that is the general public end up with a inflated pup, are sold out and this process is pretty much what the stock market is all about, I forgot to say the public lost their money.
Turnbull, Trump made their momey on insider trading, I do not know how to explain in simpler turns howlegal theft works.
If you want to make big money do a degree in finance, the aged pensioners who broke into a bank vault in London were old style criminals, what went through the minds of these aged criminals to having lived a life should as far as I know all got caught, now doing time, how come these idiots were clever enough to work out this robbery and not realize the chances of getting away with this crime could be so dumb.
Crime is now to work at a university, know how the system works and defraud the public, I am unable to use a language that breaks down to simple terms to be, a criminal and succeed and to also gain pop star status such as Trump, to be exalted is something to be.
Hang on Don,
Whilst I appreciate your comments in general, I think you might be off target by lumping “The Donald” in with the run-of -the -mill political and corporate criminals. Read his book, “The Art of the Deal”. Listen to his speeches. Research his background.
I am firmly convinced that Trump is attempting to do what we all thought was impossible- to bring down, once and for all, The Deep State. Remember them? The same guys that killed JFK, pulled of 9/11, tricked us into every war since time immemorial. The same guys who run the guns, drugs and kids.
Get off Trump’s back. He’s working for $1 per year. Is anyone doing this?
Phill,
As a optimist I will go along with that. ….. going to be intersting….. a mystery novel that cannot be bettered.
Last chapter is a work in progress.
Not to spoil, but ‘the bankers’ did it’!
Have to laugh!
So you think this is OK ?
https://duckduckgo.com/?q=reason+tv+youtube+home+forfeiture&t=ffab&ia=videos&iax=videos&iai=Z7TxYFxDf8E
Spot on Phil.
Trump, we might have a problem. I think he mates with jeffery epstein who is a finacial genius and convicted pedophile. He bought a judge and plead bargained to not name names to the fbi . Trump stood up for him saying he had known him 15 years and was a great bloke who knew how to party with young girls (plead included admission of sex with 14yo ). He films elites to comprise them . I think trump has been on the lolita express , as prince andrew and many others. Smoke and mirrors, hope its disinfo but lotta smoke
Speaking of politicians salaries, think about $200K a year(minimum) PM gets about $500-600K.
Hey Mal, how about matching Trump, dollar for dollar. i.e. $1 per year.
Didn’t think so, scumbag.
Not to mention the back scratching, enabling a political spiv to be a appointed a 24 hour gig as PM to load up the superannuation and retirement gravy train.
Will not hear the running dogs of the press gallery speak of it.
Terry Shulze said – “You can bet that the drongos that live welfare cheque to welfare cheque would be laughing.”
I deeply resent your remarks and your condescending and insulting insinuations you cannot prove. I call upon you to withdraw these remarks.
What kind of a person makes such remarks other than someone full of ignorance and hubris?
Frankly, I cannot understand why this website allows such comments to stand because it does not reflect well on the website, unless of course the owners endorse such views.
Does this website condone or endorse these remarks by Mr Shulze ?
I cannot get any work coordinating business management systems because of the end of the mining boom and also because I have the misfortune of being 62 years of age.
I’ve worked since I was 15-16 years old, I have spent the best years of my life working in mines saving every cent I could to save for a home for myself which I was eventually able to purchase.
I have managed over the years to accumulate some savings however these are rapidly running down because the dole is a mere subsidy these days and is not a sustainable income.
Soon I will have to sell my home because of dwindling resources and my inability to find alternative work.
A sad but a ever increasing common circumstance.
Please think upon why your reality is being experienced and be awakend as to the communist Et. Al., plan to further enslave you and turn you into a controlled peasant.
Try not to judge personalities, whose comments are trying to inform you.
Please concentrate on the significance of Phill’s article and what it means to you and your other loved ones.
Go back a few articles here at GS.
Kevin,
Concentrating on yor allegation that Terry is ignorant etc.
Compared to what you expose and do not disclose in your comment, my bet is on Terry.
The point is that “social security” was never intended to benefit anyone but the Fat Controllers. It’s the ultimate means of divide & rule/keeping everyone on a leash
Kevin has brought out a truism . There are many people that would like to work . But the jobs are not there anymore . Manufacturing here has gone the way of the dinasours . Yes there are cleaning and serving customer jobs , but look at who gets them .
They say we need immigration because there is a shortage of workers .
I call it bull$£!t . They just want people to work for less , be young fit experienced and prefebly good looking . Case in point “loolypop girls ” managing traffic , on roads and building sites , many from Brazil etc .
Kevin I’m hearing you . Took me 45 years to hone my skills . Now find myself competing with “flat packs” from who knows where and young men (mainly new arrivals) with lots of attitude muscle but sadly lacking intelligence . But then again , who needs smart workers when all one needs to do is assemble kits made by robots .
Mass immigration causes high unemployment .
The real statistics are 25% or more . So far , none of the msm have spoken about ! Complicit , to grab the scraps that fall of the table .
Welcome to the system, I am sorry for your present situation. Terry’s comment is from a polarizing position that has been feed from above since the 80s . In the army they use malingering . Don’t buy into it , don’t label yourself, this is the intent. Unfortunately its impossible to not use polarizing terms to make a point. Like Ned says, its not personal. Some of the most aware people I know are bludgers, because they are at the sharp end of the system. Some work for cash to top up what they require, and don’t declare, so what, tax is theft and used to kill and impoverish others.
Joe Hockey gave us a blank credit card, and it will be used to destroy the middle class as the play (Australia has no debt ceiling ) is written.
But this site is free speech and free press . It is a gem, believe me this is very rare. Everyone one here is very respectful, and have their opinions (except trolls who I notice crash and burn when challenged). Please don’t think the people behind the platform have anything to to justify by allowing free speech and free thought and opinion. We have a common enemy that we resist, we are just trying to know this enemy. But its not me or Terry or the site that upsets you, its the system. I speak for me and Im sure everyone, i hope that your able to find work and stay in your home or you find another way to get what you need.
Read my comments on this article – https://gumshoenews.com/2015/08/10/that-is-all-we-have-got-now-debt/
“Unsecured creditors ( ie ; depositors ) .” wtf
Something must be going down , Australia’s thee richest men selling their main money earners .
CCP investment in Oz down 80% year to year (ie ; 2016 – 2017) .
nb : the government and banks have NO debt . All debt is in the hands of the people .
The bloodsuckers usury and taxation finance overseas wars of devastation .
The barbarism madness and terrorism of the military industrial complex has no limits .
Bring our girls and boys back home from Middle East !
Search General Smedley Butler from about 1933: ‘war is a rackett’.
His speech, by a presenter, sums it up.
Our politicians are traitos, they f’ the people and serve the bankers and corporates …. still.
Then the controlled msm claps over the dead and destruction.
Ivan Millatt is serving in solitary, for murdering about half a dozen and our murderous lot ( of millions plus) are free and feted.
Take that on board Kevin and be gratefull that you are not a ‘coallition of the killing” victim.
“Hey Mal, how about matching Trump, dollar for dollar. i.e. $1 per year.”
Kevin, sometimes we take what is written by our commentators, too personally. When I first read Phil’s comment, I thought he was answering me, for something that I had not said. However on further inspection, I realised that he was referring to Malcolm Turnbull.
Turn of the bull . Nut and yahoo . Put in . Trump .
O bummer . Abbot and Costello . etc …
You can’t make this stuff up . All actors puppets on a string for the hidden hand of the pyramid system .
400 people have more money than half the worlds population .
The ever increasing $30 million plus blue cruisers, in the harbour , is a sight for the changing seascape . They probably have a full time crew and get used a dozen times a year or maybe less .
And then the half – million $ plus cars cruising the streets . Sydney must be the gangster capitol of the globe .
Definition of a banana republic , the obscenely privllidged and the struggling masses .
As I said before , the fair go became fare go a long time ago . From pencils to digital voting change is not coming . The elite are entrenched in this global capitol . The computer age has made them more wealthy than even they thought was possible .
Dear All,
In the mean time, has anyone gotten off their backside and written a “Thank You” letter to the senators involved in this treason? If not , please do so. Now.
Or accept that you were led to “the gas-chambers” in knowing acceptance. (Sorry Dr.Tobin- I know it was a hoax but it serves my allegorical purpose)