The Big Lie of the Australian financial system is that it remained sound during the global financial crisis in 2008, due to the effective oversight of the Australian Prudential Regulation Authority (APRA).
When the government and financial authorities assure you your deposits are guaranteed, don’t believe them. They have proven time and again that in a financial crash they will put the survival of banks and their powerful owners first.
Anyone still not convinced Australia’s property bubble is close to bursting should take note of a trifecta of recent warnings: forecasts of a major contraction in construction by industry insiders, a major reversal in international capital flows t
In the wake of the collapse of European banks including Spain’s Banco Popular, two regional Italian banks, and the bail-in/bailout of the world’s oldest bank, Monte dei Paschi di Siena, Europe has been debating new powers to allow bank accounts to
