Wednesday, February 21, 2018

New law so banks can steal your savings?

In Australia a new law has been put in place, a 'bail-in' law supportive of the banking businesses.

Some people may say that it has been 'snuck' through, while the peasants were distracted.

Some even say that this law will allow the banks to take 'your' cash, in plain and simple terms steal it.

Should you be interested in this topic, your own research and correct comprehension of the law is of paramount importance to the matter.

On the 14th day of February, you know, Valentines Day, the Senate passed the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017.

Should you chose not to write a my will letter to your local federal MP, on this matter the people in government acknowledge, that your silence is acquiescence, where you are content with the actions of the people who apparently re-present you.

How many people have the capacity to pick this law apart to see whether it is in circulation lawfully?

1 comment:

Tony .w said...

My query about this is as follows..My employer employs me for a wage / salary which I earn during the course of the day, week, fortnight, month as the case may be. At the end of the period my remuneration is called Pay.. My employer now takes this amount less deductions and "Invests it" under my name and account number at the bank of (not) my choice...I must have one to receive payment. The bank considers this money an investment in their business which they now "own" until such time as I make a demand against this investment account.. The bank is under no obligation to pay this demand as the monies are not mine they are theirs until such time they give it up.. Now as with all "investments" the Broker (bank) has a set of fees for his services.. Currently ..or prior to this law being enacted they paid us interest (on basic accounts anyway) Not much mind you but interest all the same.. This will now change to a brokers fee something they are entitled to do as brokers.. My query would be as my employer now does not 'pay' me for my services but invests it in an investment account which is a form of "Speculation or gambling" under these new bail in laws.. When not if (just as sure as the sun rises in the east) this occurs and the bank needs to monies for itself..I am sure it will find a myriad of new ways to take it..and the banks refuse to honor the demand on my "investment" account (used to be called savings) what then... Under these conditions could the employer be deemed to have not paid my wages under the current agreement.. That would mean the business would still owe me.. I / we do not have a choice about the bank "investments" we under law have to have one to receive payments from employers or Govt pensions.. would be nice to have the answers.. Meantime I will only leave enough in the bank to pay a bill from pay to pay..the rest will be under the mattress so to speak as soon as it enters the bank.