Citizens Electoral Council of Australia

Media Release Tuesday, 25 June 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

Thieves in pin-stripes:

Joe Hockey—covering for the banks who intend to steal your deposits?

The Citizens Electoral Council’s urgent mobilisation to expose the plan to steal your deposits to prop up faltering banks (“bail-in”)—just like in Cyprus—has caused an uproar in Canberra, sending MPs scurrying in all directions.

Virtually no MP wants to be caught voting for “bail-in” legislation. Such legislation, as used in Cyprus in March and reportedly drafted and ready to enact in Australia, will provoke absolute fury among the public whose savings will be confiscated.

There is a real danger, however, that such legislation could be sneaked through Parliament this week with most MPs having no idea what they are voting for.

CEC representatives who are on the ground this week in Parliament House report that with more than 50 bills still being rammed through in the last three days, the bells are ringing constantly for votes in both houses, and the MPs, especially from the major parties, do not have any time to read what they are voting for. They get into the chamber, and they are told which way to vote.

The danger is that the legislation for bail-in powers that the Financial Stability Board in Switzerland reported on 15 April was “in train” in Australia, could be slipped through via a confidential agreement between current Treasurer Wayne Swan and probable future Treasurer Joe Hockey.

Right now in Canberra, Joe Hockey is going all-out to placate his colleagues who are asking him about the plans for “bail-in”, assuring them that everything is fine, there’s nothing to worry about, etc, etc. He is covering for the banks, of course. But what else is new?

This is the same Joe Hockey who on 21 August 2007 replied to a CEC member’s warning that the U.S. sub-prime crisis was leading to a global financial crisis, “I however disagree vehemently with your analysis that the world is facing a collapse of the financial markets.”

Hockey is surrounded by international bankers such as his chief of staff Grant Lovett, formerly of global giant UBS, and even his own wife is a superstar trader with the world’s biggest derivatives gambler, Deutsche Bank.

The bankers and regulators with whom Hockey rubs shoulders are all demanding these bail-in powers to steal deposits to keep themselves afloat, especially now that the next phase of the global financial meltdown is underway, as evident in the present global financial turmoil.

Don’t let your MP be swindled by Joe Hockey!

What you must do to stop deposit-stealing

Call Parliament House today on 02 6277 7111 and ask to speak to your federal MP’s office. Ask the MP, or their staff, the following question: “Do you know for sure that the legislation you are voting on this week does not include powers to steal deposits to prop up banks?”
Join the CEC as a member and an activist
Take bulk copies of this flyer and the New Citizen newspaper “Do You Intend To Die For The Banks?” and give them to your local bank managers, local councillors, and everyone you know.

Click here to order bulk copies of a flyer of this media release and for a free Glass-Steagall mobilisation pack which includes background on Glass-Steagall, petitions, and our “Do You Intend To Die For The Banks?” New Citizen.

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.