Prime Minister Scott Morrison’s announcement of the Australia-United Kingdom-United States (AUKUS) alliance explodes the myth that by standing up to China, Australia is defending its “sovereignty”.
More evidence has emerged that the APRA bail-in law passed in February does not exclude ordinary deposits from being converted into worthless shares or written off to prop up failing banks, a.k.a. bailed in, as some politicians assumed.
The urgency of a Glass-Steagall separation of deposit-taking banks from dangerous speculation, is that it is necessary to protect Australians from a financial collapse.