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Glass-Steagall

History: Glass Steagall Act: Definition, Purpose, and Repeal : This 1933 Law Would Have Prevented the Financial Crisis

Definition of The Glass Steagall Act: The Glass-Steagall Act is a law that prevented banks from using depositors' funds for risky investments, such as the stock market. It was also known as the Banking Act of 1933 (48 Stat. 162). It gave power to the Federal Reserve to regulate retail banks. It also prohibited bank sales of securities. It created the Federal Deposit Insurance Corporation (FDIC).
Glass-Steagall separated investment banking from retail banking.

Glass Steagall needs to be introduced into Australia to stop the next Financial Crisis.

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Why Europe’s financial casino fears Glass-Steagall in Italy

At the centre of the recent political turmoil in Italy is Glass-Steagall. The two parties that won the 4 March election, the right-wing Lega Nord and left-wing Five Star Movement (M5S), are very different but united by their opposition to the power of the European Union, and support for key financial policies, including a Glass-Steagall separation of commercial and investment banking, and a national investment bank.

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Government still lying about bail-in and deposits, to protect banks from Glass-Steagall

The Treasury official, Financial System Division head Diane Brown, made these false claims to justify why the government has “no intention of legislating to structurally separate retail and commercial banking from investment banking in Australia”, i.e. a Glass-Steagall separation, for which the CEC has drafted legislation that Bob Katter MP intends to introduce in Parliament.

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Australian political insider issues renewed warning of ‘economic Armageddon’

The urgency of a Glass-Steagall separation of deposit-taking banks from dangerous speculation, is that it is necessary to protect Australians from a financial collapse. A 27 May 2018 column in news.com.au has reported the warnings of former adviser to the Liberal-National Coalition, John Adams, that such a collapse, which Adams calls an “economic Armageddon”, is looming over Australia.

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CEC issues new handbook: ‘Time for Glass-Steagall Banking Separation and a National Bank’

The Citizens Electoral Council has just released a 100-page handbook titled “The Next Financial Crash Is Certain! End the BoE-BIS-APRA Bankers’ Dictatorship. Time for Glass-Steagall Banking Separation and a National Bank”, which deals with all aspects of the profound crisis of banking in Australia, and provides the urgently required solutions to rebuild the national economy.

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Treasury concedes to ‘benefits’ of breaking up the banks

In its last day of hearings on 27 April the banking royal commission asked Treasury, the regulators and the banks to justify so-called vertical integration, i.e. banks owning the businesses that create the financial products that the banks advise their customers to buy. In response, Treasury has done a backflip of sorts from its years of defending vertical integration, to concede that there will be benefits from a structural separation of banking. For their part, each of the big banks forcefully opposed structural separation. If anything, this is the best argument for it—if the criminal banks don’t want to be broken up, it must be right!

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APRA blatantly props up housing bubble to rescue the crooked banks

For the last fortnight the Citizens Electoral Council has displayed a banner outside of the Banking Royal Commission hearings in Melbourne that reads: “Investigate the banks’ accomplice APRA!” APRA’s latest action proves why it is absolutely necessary the Royal Commission investigate its practices and so-called “macroprudential” policies, if the causes of the extensive criminality in Australia’s banking system are to be fully exposed and expunged.

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To the Commonwealth Parliament: Pass Australian Glass-Steagall Bill to break up the banks

The Financial Services Royal Commission’s exposure of banking misconduct and crimes proves that the banks must be broken up. Traditional commercial banking, of taking deposits and making loans, should not mix with investment banking, insurance, stock broking, funds management, financial advice, superannuation, hedge funds and private equity funds.

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