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Citizens Electoral Council of Australia

Media Release Thursday, 5 January 2017

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
 

Glass-Steagall bank separation in 2017!

The tumultuous political events of 2016, especially Brexit and the election of Trump, were first and foremost economic rebellions against the globalisation agenda of the City of London and Wall Street. Populations will continue to revolt unless governments implement measures to reverse the economic collapse caused by four decades of financial looting. The most urgent measure is Glass-Steagall—the separation of commercial from investment banking, so that the banking system that serves the real economy and everyday people is protected from the swamp of toxic speculation that continues to smother the global financial system.

2017 must be the year of Glass-Steagall. Donald Trump campaigned for it in the presidential election. Leading political and financial figures in the USA, UK, and across Europe acknowledge it is absolutely necessary and urgent. The world’s most successful economy, China, already has it in place. The Citizens Electoral Council is a leading force in the worldwide campaign for Glass-Steagall, which is stepping up in 2017: to force Donald Trump to deliver on his election promise; to get Glass-Steagall legislated in the UK and the other nations of Europe; and to break up Australia’s Too-Big-To-Fail banks to protect the Australian economy from the inevitable collapse of the property bubble, which will wipe out the big banks.

In late November 2016 the CEC launched the following petition to Parliament to be tabled in the near future. We are now launching it as a simultaneous e-petition on change.org, which doesn’t get tabled in Parliament, but sends an email to the leaders of the government and all of the parliamentary political parties every time someone signs. As the two forms of petition have different functions it is important to sign both. If you have already signed the parliamentary petition, click on the link below to sign on change.org. (If you haven’t yet signed the parliamentary petition, click here to sign it as well.)

Petition to Parliament

Break up the big banks now—pass Glass-Steagall!

To the Honourable The Speaker and Members of the House of Representatives assembled:

This petition of the Citizens Electoral Council draws to the attention of the House that even such institutions as the IMF, the Bank for International Settlements, and the US Federal Reserve are now warning of a new, far more severe financial crash than that of 2008.

Transatlantic and Commonwealth governments have bailed out the Too-Big-to-Fail (TBTF) banks with US$19 trillion since 2008, virtually all of which has been used for speculation; the banks are now 40 per cent larger; and the derivatives exposure of Australia’s own banks has soared from $14 trillion in 2008 to $38 trillion now. Moreover, these TBTF banks have repeatedly been caught in criminal activity like drug-money laundering, terrorism financing, mortgage fraud, interest rate and exchange rate rigging, and more.

The world must replace this disastrous, corrupt system now, before the next crash. We the undersigned therefore call on the House to do Australia’s part, and legislate the following:

  • a full Glass-Steagall separation of Australia’s banks to protect normal commercial banking and deposits from the wild speculation of today’s TBTF banks;
  • a national bank modelled on the original Commonwealth Bank to create massive new credits to revive our manufacturing, agricultural and other productive industries;
  • a program of major water, power and transportation infrastructure projects, in Australia and in our region, cooperating with China’s “One Belt, One Road” program—in which 100 nations are already participating—to spur global economic recovery and provide for an enduring peace.

Click here to sign the petition on change.org

Click here for a free copy of the CEC’s pamphlet Glass-Steagall Now!, which explains the dangers lurking in Australia’s banking system that only a full Glass-Steagall separation can fix.

Click here to join the CEC as a member.

Click here to refer others to receive regular email updates from the Citizens Electoral Council of Australia.

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