Kenneth Hayne May Release Truth Bombs In Australian Banking Royal Commission: Change Terms Of Reference To Look At APRA & Demand Glass-Steagall

The highly political Royal Commission into Australian banking has commenced in Melbourne. Banks here have exploited the community with impunity for years in this country and it has been something brewing for a while.

The liberals have jumped before they were pushed in this case and defined terms of reference for what's being called a "bankers royal commission". It's clearly defined what this RC can touch and what it can't touch and, for reasons I'll cover, the terms of reference act to neuter the investigation.

Has Malcom Turnbull made a mistake however in selecting Kenneth Hayne as the commissioner? According to the latest Citizens' Electoral Council video I've linked to in this post, feedback indicates that he's a straight shooter and may provide more of an unbiased contribution that the political class has expected.

As a commissioner his name will be on this RC for all time. Despite the government and banking system being motivated for a predetermined outcome (aka a cover-up), Mr Hayne has a stake in this that may have been underestimated.

The banks and the AFR (the bankers' rag) were vitriolic about a RC and the AFR even went as far as specifying what they fear about a RC. They revealed that their biggest fear is that this Royal Commissioner will stray outside the terms of reference and demand that the banks are broken up.

They're not - of course - fearing that customers will demand compensation for their predatory and immoral behaviour, their fear is that the Hayne commission will look into how the Australian banking machine has been structured and put at risk their gravy train.

People right around Australia are hanging on the hearings for this. There's evidence that expectations are for pulling down the vertical integration of banking, planning and instruments of speculation. It is after all the structure of banking that has caused all of these problems. Now that bail in legislation has gone through (deposits are not excluded from instruments that are permitted to be stolen by the banks) the push for Glass-Steagall banking separation is on.

Note also that that this is a restricted RC in that it has one year to report. Other RCs have gone on for three, four or even five years. If this was a serious RC, it would be looking at the structure of the banks. The fact is that there is another global financial crisis coming and the establishment is trying to cover this up as much as they can. The RC must investigate APRA.

This is a political fight. The banks are no longer under the control of our government. They instead determine policy. Glass-Steagall separates the boring but essential deposit taking banking from the risky investment and derivatives side of bank operations.

The terms of reference need to be changed to look into APRA and the structure of banking in Australia. Go where the banks don't want us to do. As it stands, the legislation in this country is set to profit from the hard earned deposits of citizens and this is not a commonly know reality.

Please check out the CEC video and spread the word.