http://www.nexusmagazine.com/index....tegory_id=239&option=com_virtuemart&Itemid=44 Just finished reading an artical in "nexus" about bank bail-ins around the world and it talked about Australia. Aparently we have one of the most streamlined systems set up to implement deposit bail-ins that could be put in place over night, not even needing a bank holiday to implement and unlike some other countries that list depositors as the last on the chopping block, we are straight off the mark. Talks about derivitives trades as being the first to be paid out and through a little personal research, found out the Commonwealth bank is very heavy into these. The deposit insurance we have in Aust only covers the first $20 billion per bank per crisis. Anyone else looking into this or are concerned? Has anyone looked into or are using a bullion bank where the money deposited is backed by gold and/or silver? If so, can you recommend one or more to look into? What would be the tax requirerments if using such a bank? If for example someone deposited $100 000 @ $25/oz and next year it was at $50/oz, would it be classed as capital gains while still in the bank or if you had used it as an everyday account, would you need to work out each transaction and any capital gains/losses oweing at year end? Anyone else think this maybe a good way to get out of the traditional banking sector and the associated risks involved?
Yep RT..Great post^^^Is your deposit in the bank really safe? That is the ?.. NZ has just past legislation to make the bank in legal in the time of a financial crisis. The people of NZ are asleep at the wheel.. Seems like we, in Australia have been ZZZZZZ for some time. Now is the time to ask Tony and Kevin about the bank in! Expected Answer, I havn't heard anything about this but I will look into it..I do know that your money is safe at Australian banks. Regards Errol 43
A lot of Australians, particularly pensioners, have an antiquated notion that banks are one of the safest places to store their wealth. My in-laws sit on a pile of cash in the bank and refuse to even contemplate that a Cyprus type event could happen in Australia. If a bail-in does happen here it'll be pensioners who feel it the most.
Yeah been researching this for a while now, ever since Cyprus and it seems that everything is set to go except for putting forward the actual legislation to make it happen. Your fiat and PM's will not be safe in a bank. Some further reading here: http://www.apra.gov.au/adi/Publications/Documents/130808-CLF-letter-final.pdf Basel III Liquidity Framework http://www.apra.gov.au/MediaReleases/Pages/13_25.aspx APRA proposed to introduce the LCR requirement from 1 January 2015, in line with the-then internationally agreed timetable. http://www.apra.gov.au/adi/Prudenti... III liquidity reforms in Australia - May.pdf It's full of wankerese so I didn't understand much of it, but my wife deals with it all the time, when I asked for a quick explanation here's the reply. "Think of Westpac being able to access all depositor funds to secure their own Liquidity Fund in a time of global Financial Crisis." The letter was dated 8 August 2013 I just love one of the key requirements of setting up the Fund: "appropriate remuneration arrangements for those executives responsible for the ADI's funding plan and liquidity management." Framework is to be implemented by all banks etc. by January 2015 Bunch of crooks. The CEC is also all over it. http://cecaust.com.au/bail-in// "After five years of budget-sapping "bail-out" packages for the international banks and unlimited money-printing by the U.S. Federal Reserve, Bank of England and European Central Bank under megatrillion-dollar "quantitative easing" programs, the global financial oligarchy has now hoisted the banner of "bail-in" for their terminally ill Global Systemically Important Financial Institutions (G-SIFIs). Banks in trouble from gambling with derivatives will no longer be "bailed out" at government and taxpayer expense, so the line goes, but "bailed in" by docking their own shareholders and creditors, including depositors. As shown by the Cyprus confiscation template and the involuntary conversion of ordinary depositors into shareholders in Spain, "bail-in" means unlimited stealing from businesses and the population. Major international forums like the G20 have been stampeded into endors ing the "bail-in" model. The Financial Stability Board of the financial oligarchy's Bank for International Settlements also deems it essential for every major nation to adopt individual enabling legislation for bail-ins. Australia is no exception, but the FSB's minions hope you won't find out about it beforehand. Even members of Parliament have difficulty obtaining information from government financial institutions about the status of this legislation. But the FSB confirms that it is "in train." The documents cited below illustrate the bankers' intense push for an Australian bail-in law during 2010-13. Read on, then scroll down to join the mobilisation against bail-in." The big 4 banks are down the derivatives hole to the tune of about 25 trillion!!!!! dollars AFAIK.
Derivatives as stated ^^^ will bring the whole bloody banking structure come tumbling down and then let the peasants eat sh..! Regards Errol 43
