"Let's take the big banks head on over their crimes and their attempts to cover up their massive financial rip-offs, and nationalise them under workers' and community control," Peter Boyle, Socialist Alliance candidate for the seat of Sydney in the upcoming federal election, said on April 14. Boyle was responding to reports the banks were considering a huge advertising blitz against plans by the Greens and the Labor Party to launch a Royal Commission into the banking and finance sectors.
ASIC
Institutional corruption and lack of governance are serious issues requiring forensic and transparent public examination both in Australia and throughout the rich world.
The global economy has been stagnant since 2008, thanks to unregulated financial derivative markets estimated at the time at one quadrillion (one million billion) US dollars. Betting on interest rates and foreign exchange rates accounted for more than half of this amount.
