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Contagion! Depositor Haircut Bail-Ins Spread To New Zealand, Govt Discussing Cyprus Style Solution For Bank Failure!
Tuesday, March 19, 2013 9:12
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March 19, 2013 By The Doc
*BREAKING!
Depositor haircut wealth confiscations have just gone from a one-off in Cyprus to the new thing in 2013.
The New Zealand government is reportedly pursuing a policy of Cyprus style depositor haircuts for all future bank failures!
The plan would not limit the haircuts to any percentage, but would steal whatever is necessary from depositors to prop up the failing bank institution: Depositors will overnight have their savings shaved by the amount needed to keep the bank afloat.
New Zealand Planning Account Seizures?
The rule of law in the entire Western financial world is apparently vaporizing faster than the spent fuel at Fukushima. [Read more...]
Reposted with permission.
Talk about cut your nose off to spite your face. What is the point of bailing out a bank by stealing the account holders money? It will very effectively destroy the banks, not save them. My money isn’t in a bank so can’t see that happening to me, but the best bet is to send a message to the banking industry that is type of solution is unacceptable by closing your bank account. Put it in a specialised savings account. eg, a building society instead.
The clever people need to work out how to get around the bankster monopoly problem, in that without banks and electronic money transfer, the world comes to a grinding halt. They have everyone by their proverbial balls.