The Briefing Room
General Category => Economy/Business => Topic started by: SouthTexas on March 19, 2013, 02:40:28 pm
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National planning Cyprus-style solution for New Zealand
Tuesday, 19 March 2013, 11:32 am
Press Release: Green Party
19 March 2013
National planning Cyprus-style solution for New Zealand
The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green Party said today.
Open Bank Resolution (OBR) is Finance Minister Bill English’s favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bank’s bail out.
“Bill English is proposing a Cyprus-style solution for managing bank failure here in New Zealand – a solution that will see small depositors lose some of their savings to fund big bank bailouts,” said Green Party Co-leader Dr Russel Norman....
http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-style-solution-for-new-zealand.htm (http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-style-solution-for-new-zealand.htm)
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Stunning. Simply stunning.
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Stunning. Simply stunning.
Makes you wonder doesn't it?
Sent the Cyprus thing to a friend Saturday morning and he said this may be the reason the government is buying so many bullets.
Math-R-Hard for the one, but it shouldn't be for the rest of us.
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Makes you wonder doesn't it?
Sent the Cyprus thing to a friend Saturday morning and he said this may be the reason the government is buying so many bullets.
Math-R-Hard for the one, but it shouldn't be for the rest of us.
And trying to take away as many guns as possible. I had this sent to me on another site. I can't vouch for the accuracy, but it makes me wonder:
"In 1987, a little known piece of administrative law was enacted via bureaucracy labeled Emergency Banking Regulation #1. It provides for American banks to give depositors the same kind of haircut proposed for Cyprus and New Zealand in case there is the potential collapse of the banking system. You will get a Form 1099 for the money you lost, and you can claim it on your income taxes. This was enacted via administrative law because there would have been massive protests had this been done in Congress in the light of day.
In 2004, the St. Louis Fed published a scholarly paper on how the government could seize 401(k)'s and IRA's in the event of a financial collapse. This has been in the works for some years. "
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the Green Party said today.
I stopped reading right there.