The last Treasurer questioned the safety of super fund derivatives, but the biggest derivatives gamblers are the banks. Only a public post office bank will keep deposits truly safe.
NZ’s Ardern government has dropped a planned bail-in law, to avoid a backlash from an angry public who won’t want their deposits stolen; Kiwis and Aussies should demand their governments jettison all bail-in powers.
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.
Are federal MPs willing to vote for a bill that could allow the deposits of their constituents—individuals, businesses, non-profits—to be confiscated to prop up a failing bank?
“A ticking time bomb!” That is what outgoing Australian Securities and Investments Commission (ASIC) boss Greg Medcraft last week called the bail-in bonds, a.k.a.
