Any body in NZ know about this story? Then, Jim Sinclair is suggesting the extension of this Cyprus "bail-in" model was planned to replace QE as a bail-out mechanism and this inside information has seen the historic shorting of gold drive its price down in the face of increasing global uncertainty. http://www.jsmineset.com So, importantly, is there any truth to the NZ story?
Hi Gino, I think JulieW posted something like this a few hours ago from a different source I think. At first glimpse it would appear to be true but I can't confirm for sure
Making it's way into the MSM... http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10872361 http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10872285
When you think about it... this "bail-in" (as opposed to bail-out) process may return some sanity to the banking sector. Customers will think twice about which bank they put their money into if they suspect there's a chance they'll lose it. It'll reward banks that follow prudential lending and investment practises.
+1. The more of these scares the more the mainstream view will change (unfortunately the knee-jerk will probably be to boost the level of intervention by central banks ) The only problem is that the banking system itself is fundamentally unreliable because of FRB and even the "safest", most conservative bank is still heavily reliant on a reputation built on propaganda and perception of safety. If "sophisticated" investors can't even predict a Lehmann event with any significant warning what hope does the average punter using the bank as an alternative place to store depreciating fiat?
Closer than you may think. The BIG 4 in Australia own the BIG 4 in New Zealand ANZ - in both Australia and NZ WESTPAC - in both Australia and NZ BNZ - owned by NAB ASB - owned by COMMBANK There are 2 other banks in NZ smaller than the BIG 4 TSB - Independent Kiwibank - Government owned
The USA federal reserve bailed out two of Australia's biggest banks in 07/08 to the tune of over $4 bullion. MSM was very quiet on the matter! Maybe if NZ lets the nuke subs in, they too might get a bailout? Regards Errol 43
Simple really, keep only the bare minimum of cash in the bank and the rest in hard assets that they can't steal off you in a hurry.
Damn that is a little close for comfort! My Self Managed Super Fund uses ANZ by default, fortunately as money comes it in it converted to precious metals but I wonder if accounts in a SMSF would be protected in the case of an electronic heist. I have some money in an offset account against the mortgage, might as well pay it into the mortgage if this is the case, at least when I am in debt I am safe from confiscation.
This is so typical. They run these insane scenarios through the smaller countries first (like the CO2 tax) and slowly build up a base of adoption to counter any opposition in the larger more significant economies. It sounds to me like they have been working on this quietly for some time as Jim Sinclair observes, obviously so in New Zealand, and then saw an opportunity to rush it into the Cyprus situation, albeit prematurely. A calculated risk, that backfired because they didn't consider the fallout of screwing the Russians, perhaps. But now with the rejection of this policy in Cyprus, they will fall back to the slow and steady approach to boiling frogs, by focusing on first NZ, then extending the policy to Australia and so on. This is not the end, but just the beginning. Cyprus was a just a failure of an opportunistic application of the policy. NZ is the proof of concept and test case for these criminals, which of course means that the Australian Banks and RBA are right on board and already fully aware of the policy direction. Is it Tony or Julia? Can Rudd come through and extract revenge? Is Carr the dark horse that will win in the end? Stay tuned to the Days of our Politics ... and pay no attention while They prepare the ground work to steal your savings. Is there any clearer example of why politics doesn't matter?
Sorry, I don't know how we got two threads here. It is the issue with a fractional reserve banking system, that it is aways prone to collapse as there are never sufficient reserves to cover their loans. But instead of managing themselves appropriately and regulating them for the interests of the community, they will soon be able to just steal the money they need if push comes to shove. Wake up NZ! Stop it before it spreads. And if you don't think reinstating the role of gold into our banking system is important for restoring honesty and integrity to it, don't sign the petition to repatriate Australia's Gold. Anybody else, please give it some serious thought and if you believe in it, feel free to promote it through your networks.
Australia is a big country but a small population so it is ideal as a test bed. I remember eBay decided to set the only acceptable payments for auctions as Paypal, a company they own. Where did they try that out? Australia! The small group of Australian eBayers kicked up such a fuss that they canned the idea but obviously if you pay by any other method they will not give you any support if it goes wrong. If it had worked in Australia I am sure they would have had a few more trials. We owe it to the rest of the world not to cave in to these people!
Spain has changed it's laws to allow for a depositor levy http://www.zerohedge.com/news/2013-03-19/spain-preparing-its-own-deposit-levy
Its why i am slowly reducing cash at bank holdings. Let someone else lose money on a bank's failings.
Spain, NZ and Cyprus. It's just a coincidence! Definitely no global banking conspiracy to steal people's savings.! :lol:
