Citizens Electoral Council of Australia

Media Release Thursday, 1 August 2013

Craig Isherwood‚ National Secretary
PO Box 376‚ COBURG‚ VIC 3058
Phone: 1800 636 432
Email: cec@cecaust.com.au
Website: http://cec.cecaust.com.au

The real reason Rudd delayed the election? To plot stealing our deposits at G20 summit

Kevin Rudd delayed the election so he can attend the G20 summit in St Petersburg, to discuss the progress on implementing a global so-called “bail-in” regime, which the G20 is overseeing through the Bank for International Settlements (BIS) and its Financial Stability Board (FSB).

Rudd is an agent of the British intelligence apparatus which serves the Crown/City of London financial oligarchy.

As such, it is clear that his priority since resuming power is to ram through legislation for Cyprus-style bail-in powers in Australia, under which deposits will be confiscated to prop up failing banks; the financial oligarchy is dictating bail-in globally to preserve its monetary power, racing to impose it before the next and more catastrophic phase of the financial crisis erupts, which experts warn could be within weeks or at the most months. The City of London most fears the moves in the U.S. Congress and in other nations, spearheaded by U.S. physical economist Lyndon LaRouche, to restore the Glass-Steagall separation of commercial banks with deposits, from risky investment banks, which will both protect the people and destroy the financial oligarchy’s power over governments and economies.

Preparations for bail-in legislation were underway long before Rudd’s return to the top job, as a 15 April 2013 FSB report to the G20 revealed, which stated that bail-in legislation was “in train” in Australia.

But upon taking back the Lodge, Rudd, who had initially signed Australia on to the agenda at the G20 meeting in London in 2009, immediately stepped up the plans, by appointing as his chief of staff senior Treasury official Jim Murphy, one of a handful of Australian members of the FSB which is directing the bail-in program.

Rudd’s next step is to make sure he is at St Petersburg for the G20 leaders summit in September. Australia has a leading role in the G20, because we are scheduled to host the 2014 G20 conference in Brisbane. As such, Australia is already part of the so-called G20 Troika, the three-member steering committee of the past chair (Mexico), the present chair (Russia) and the future chair (Australia), and will take over G20 chairmanship on 1 December.

In preparation for the September summit, the G20 Finance Ministers and Central Bank Governors, including Rudd’s Treasurer Chris Bowen and Reserve Bank Governor Glenn Stevens, met on 19-20 July, and issued a communiqué declaring their agreement that each country will plough ahead with implementing bail-in:

Point 22 of the communiqué reads, “The FSB will report to the St Petersburg Summit on the progress made and next steps towards addressing the ‘too big to fail’ issue. We strongly support the work to establish robust resolution regimes and resolution plans consistent with the scope and substance of the FSB’s Key Attributes of Effective Resolution for any financial institution that could be systemically important beyond the banking sector, and look forward to pilot assessments by the FSB, IMF and World Bank using the Key Attributes’ assessment methodology. We will undertake any legislative and other steps needed to enable authorities to resolve financial institutions in an effective manner, including in a cross-border context. We further encourage the FSB and IMF to continue work to address cross-border resolution issues…” [Emphasis added.]

The communiqué’s reference to “the FSB’s Key Attributes” and “cross-border resolution” is jargon for bail-in—confiscating the funds of “unsecured creditors”, including depositors, to keep a too-big-to-fail bank afloat.

A key factor in Rudd’s urgency is fear that the Citizens Electoral Council’s nationwide mobilisation, launched just before Rudd’s return as PM, which exposed the secret plans for bail-in, could very well defeat the plot, which would unravel bail-in globally, and give a big boost to restoring Glass-Steagall.

With that potential firmly in mind, the CEC is escalating its mobilisation to make sure that the planned legislation is not sneaked through in the August sitting of parliament, which sitting ends one week before the G20 summit.

This mobilisation can win! Join the CEC, to make sure it does.

Click here to order a free Glass-Steagall organising pack and find out what Glass-Steagall would mean for Australia.

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