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Jamie Dimon Lied About Australia Not Needing Glass-Steagall
August 20, 2013 • 9:37AM
JPMorgan Chase CEO Jamie Dimon lied in the 7 August Oklahoman when he asserted that “a lot of the rest of the world didn’t have Glass-Steagall and didn’t have problems, like Canada, Australia...” Here are the relevant facts:
By their own admission, Australia’s major banks all would have collapsed in the Sept.-Oct. 2008 global meltdown, had not the national government intervened with emergency guarantees to keep them solvent.
The same Australian banks each have well over 50 per cent of their loans tied up in the domestic property bubble and sub-prime mortgages—one of the worst property bubbles in the world—which forces the government to go to extraordinary lengths to prop up housing prices.
The total derivatives exposure of all Australian banks is $21 trillion, most of it concentrated in just four mega-banks that account for 80 per cent of total Australian banking; as of last year, the nation's biggest bank, CBA, took to hiding its true derivatives position.
The Synarchist apparatus pushing for a global banking dictatorship through the Bank for International Settlements and its Financial Stability Board knows very well that Australia has problems, which may be one reason—in addition to the more fundamental one of the British Crown’s plot for global genocide—why it is rushing to legislate bail-in powers. Already in October 2011 the FSB had identified Australia as a "globally systemically important financial sector", because each of its Big Four banks is ranked in the top 50 of the largest banks in the world. Given their interlocking derivatives contracts with other megabanks worldwide, without the powers to bail-in, the Bank of England/BIS gang perhaps fears that Australia's teetering banking system could itself trigger a global chain-reaction meltdown, maybe before they have their alternative, genocidal program fully in place.
It is precisely because Australia's financial system is in a dire crisis and because the Crown intends to use that crisis to commit genocide, that the Citizens Electoral Council is leading a massive campaign for a Glass-Steagall separation of the four major banks, as the only workable answer to the opposing globalist push to legislate Cyprus-style bail-in powers.
An editorial reply by E.I.R's Paul Gallagher to Jamie's Dimon claim can be found here.
