NZ turning Cypriot - Confiscation contagion?

doomsday surprise said:
His chancellorship of the Exchequer in the mid 1920's is actually a very interesting part of his political career which is not very well known about.

That's true. The emphasis has always been on his role in the Gallipoli campaign (his crusade to open a third front) and as PM in WW2.

As Chancellor of the Exchequer wasn't he instrumental in putting the UK back on the gold standard but cocked it up by not allowing for all the paper money that had been printed during WW1? I seem to recall something along those lines in Currency Wars. Hmmm, that's three major cock-ups! No wonder I don't like him very much!
 
menotcrimex said:
It would be good for the average Kiwi to consider Gold /Silver, maybe this will get them on the bullion wagon?

Unlikely, I'm afraid. The average person in the street is financially illiterate.

I was reading somewhere the other day that when a store advertises "30% off" (for example), a lot of people don't even know what that means. Well, obviously they know it means there's a discount, but the whole "percent" thing kind of goes over their heads.
 
spreadingtruth said:
Gino....your forgetting canada!!!! Canada on page 145 of their new provisions have included such bail in measures.

There's another recent thread on this forum discussing how all Western governments are adding the "bail-in" provision to existing laws. This change is being driven by the IMF.

My only question is do they have a time frame in mind for when this shit gets contagious? Months? Years?

When do you really begin to panic and bail out of cash deposits? I'm going to start on Tuesday by exiting a term deposit. At least then all my cash will be on-call (and spread between four different banks).
 
Gold Kiwi said:
Business commentator Rod Oram identifies a massive flaw in the Open Bank Resolution policy...
Oram: Reserve Bank's depositor farce

That's ridiculous!

Once a bank is bailed out by a "bail-in" it isn't subject to another bail-in, BUT all other competitive banks are. The article makes the point that if you are a depositor who is fortunate to have money in a bank and an alternate bank is bailed-out with the bail-in (forced confiscation), you are faced with the very real prospect that if you don't move your money to the bailed-out bank, you could be faced with confiscation if the problem is systemic and your bank suddenly needs a bail-out.

That is, the first bank to be bailed-out becomes an instant safe haven bank for all other depositors in the country!

Hopefully, they will correct their stupidity before the legislation is enacted.
 
Gold Kiwi said:
Business commentator Rod Oram identifies a massive flaw in the Open Bank Resolution policy...
Oram: Reserve Bank's depositor farce


Logically, therefore, depositors in all the other banks would flee their institutions and try to head for the rescued bank. Lucky ones with accounts there will succeed in transferring their money. But the bank won't and can't accept all the money offered so chaos will ensue and public confidence will evaporate.

Why?
 
mmm....shiney! said:
Gold Kiwi said:
Business commentator Rod Oram identifies a massive flaw in the Open Bank Resolution policy...
Oram: Reserve Bank's depositor farce


Logically, therefore, depositors in all the other banks would flee their institutions and try to head for the rescued bank. Lucky ones with accounts there will succeed in transferring their money. But the bank won't and can't accept all the money offered so chaos will ensue and public confidence will evaporate.

Why?

I think what he means is that if you're not an existing account holder you won't be able to deposit funds with the bailed-out bank while it's under government administration.
 
nonrecourse said:
^^^^ How does the song go ? St Peter I can't go because I owe my soul to the company store ? :P

Kind Regards
non recourse


From Wikipedia

While the song is usually attributed to Merle Travis, to whom it is credited on his 1946 recording, George S. Davis, a folk singer and songwriter who had been a Kentucky coal miner, claimed on a 1966 recording for Folkways Records to have written the song as "Nine-to-ten tons" in the 1930s.[1] Davis' recording of his version of the song appears on the albums George Davis: When Kentucky Had No Union Men[2] and Classic Mountain Songs from Smithsonian.[3]
According to Travis, the line from the chorus "another day older and deeper in debt" was a phrase often used by his father, a coal miner himself.[4] This and the line "I owe my soul to the company store" is a reference to the truck system and to debt bondage. Under this scrip system, workers were not paid cash; rather they were paid with non-transferable credit vouchers which could be exchanged for only goods sold at the company store. This made it impossible for workers to store up cash savings. Workers also usually lived in company-owned dormitories or houses, the rent for which was automatically deducted from their pay. In the United States the truck system and associated debt bondage persisted until the strikes of the newly formed United Mine Workers and affiliated unions forced an end to such practices.

[youtube]http://www.youtube.com/watch?v=tfp2O9ADwGk[/youtube]
 
mmm....shiney! said:
AngloSaxon said:
He and General Patton were adamant they could prevent the problems of the future as they saw them

Bit like the guys that came up with the EEC idea too I spose?

Churchill always said Europe needed more co-operation but that the UK was too different to join them. This was in the context of co-operating in a fashion like NATO, which was successful, and not in a customs union like the EEC/EU which is proving to not be successful.

As for the Gallipoli plan, Churchill proposed and drafted the strategic plan then was removed from position of 1st Sea Lord before the tactical plan was even begun. He's a convenient scapegoat for the unsuccessful campaign and was so on-the-nose politically before the troops left for Turkey that he rejoined the Army as a front line infantry officer. He sought out combat and served capably on the Western Front, another reason I admire him.

I'll always stand up to revisionist history trying to deconstruct the reputation of a great man. That's a tactic pioneered by the left.
 
Back to the original topic and the NZ Open Resolution farce, given how close Australia and NZ are in so many matters, can there be any doubt we are next in line to hear of some 'discussions' in a little known parliamentary committee (chaired by Doug Cameron or a Green) on this exact topic?
 
AngloSaxon said:
Back to the original topic and the NZ Open Resolution farce, given how close Australia and NZ are in so many matters, can there be any doubt we are next in line to hear of some 'discussions' in a little known parliamentary committee (chaired by Doug Cameron or a Green) on this exact topic?

Well if Swan's "3 year inactive bank account seizure bill" was anything to go by... the committie has already met & deliberated 3 months ago.... probably in NZ :(
 
Now there's a petition you can sign:

Petition to New Zealand Government for a Parliamentary Enquiry into the best options for securing the ongoing stability of NZ registered banks to ensure they never need to be bailed out by their customers or NZ taxpayers. We also request this enquiry should include:- 1. An examination of The Chicago Plan Revisited by Jaromir Benes and Michael Kumhof on the IMF's website. 2. The ways New Zealand can initiate or support this important reform.

http://www.avaaz.org/en/petition/Reform_the_banking_system_so_that_no_more_bailouts_are_ever_needed/?tsGHOdb
 
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