Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697641873175.pdf (Australia)
13 December 2017 Senate Standing Committees on Economics PO Box 6100 Parliament House Canberra ACT 2600 Dear Senators, RE: Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 [Provisions] I do not have an economics degree, but graduated with an honours degree in Mechanical Engineering in 1996.

Since then I’ve seen the continued destruction of the Australian economy, such as the loss of car manufacturing and the electricity and energy security crisis.
Anyone with an analytical mind after reading this Bill in question will understand it gives APRA the power to plunder the life savings of ordinary Australians in an attempt to preserve “financial stability”.

I want to see a productive economy that benefits the many—not a global banking mafia for the few.
When the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 was referred to this committee on 16 November 2017, two of the reasons as reported in Hansard of that day, were “to understand exactly what capital instruments are covered by the Bill” and “to understand what power the executive and/or parliament is ceding to APRA”.

These questions can be answered very easily by quoting the Bill itself.
Under the definitions in this Bill, “conversion and write-off provisions means the provisions of the prudential standards that relate to the conversion or writing off of: (a) Additional Tier 1 and Tier 2 capital; or (b) any other instrument.” Now, “any other instrument” says it all, doesn’t it?
Under the Conversion and write-off provisions for ADIs, general insurers and life companies, instruments may be converted or written off “despite other laws” including “any Australian law or any law of a foreign country or a part of a foreign country”.

This has the stench of economic fascism directed top-down from the Bank for International Settlements (BIS), (which financed Adolf Hitler’s war machine).
APRA Chairman Wayne Byres is the former chairman of the BIS’s Basel Committee on Banking Supervision, which specified in its September 2012 “Core Principles for Effective Banking Supervision”, that there must be “no government or industry interference that compromises the operational independence of the supervisor.” How undemocratic can you get?

Such a position cedes power from elected governments to an international banking mafia.
Why are we now considering “crisis resolution powers” if the economy is as strong as the government claims?

The notion that Australia has had 26 years of continuous economic growth is a fraud.

We have record debt, an unprecedented housing bubble, and a derivatives bubble that threatens the entire banking system.
As of June 2017, derivatives in Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 [Provisions]Submission 21 Australia’s banks (Off-balance Sheet Business) were at $36.7 trillion, compared with $14.2 trillion in 2008 at the height of the Global Financial Crisis.

Crisis resolution powers such as bailout and bail-in are an assault to the Australian people.
Bankers and members of parliament should be put on notice that if they support such crimes against the Australian people, there will be consequences.

A future just government will put politicians and bankers on trial.

Should they be found guilty, following the precedent of US Chief Counsel Ferdinand Pecora during the Great Depression of the 1930s, they will face jail time.

A solution to the current economic crisis exists.

Full bank separation following the US Glass- Steagall model is essential.
In addition, a government-owned bank must be established to direct credit to grow the physical economy.

Yours sincerely, Jeremy Beck Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 [Provisions]Submission 21