Dominos are starting to fall... First Cyprus, now New Zealand

Originally posted by daryllyn
I have some advice that differs from the advice I have seen on this thread.

By all means, keep your money out of the bank, but, I wouldn't run out and spend it all on silver/gold.

You can't eat silver.

It won't be a bad idea to have some on hand, but, other things will be just as useful when it comes to trading for things you will need.

Instead, try to make yourself as self sufficient as possible. Plant a garden, raise some livestock, learn to can/preserve food, learn some actual skills, find alternative sources for heat/energy, etc. Do everything you can to lessen your dependence on the system.

If you get into those habits and start living the lifestyle now, the blow will not be as bad if/when the financial poo hits the fan.

Good advice!

Remember though, that Gold and Silver will enable you to recover a lot faster when things get better.

Remember also that the minute food becomes a little scarce or even look like getting scarce your lawmakers, yes, the ones that will be still sipping on champagne and eating caviar will enact draconian laws to make food hoarding punishable by life in prison. Anyone with more than a weeks supply of food will be locked up. Of course your food will be confiscated and go to feed the families of the LEOs that arrested you!

You will need to hide it where it cannot be found. Your hungry neighbors will be the ones ringing the LEOs.

If society crumbles completely you will need weapons to protect your food. It will get very ugly very fast.

Star for you!

P

Originally posted by solongandgoodnight
reply to post by FissionSurplus

 

could not agree more. glad to know there's someone close to me in texas with half a brain.

Um. Was that supposed to be a compliment?

Originally posted by solongandgoodnight
reply to post by FissionSurplus

 

could not agree more. glad to know there's someone close to me in texas with half a brain.

edit on 19-3-2013 by solongandgoodnight because: S

Also in Texas. Also have > half a brain.

This is rubbish. Banks there are not collapsing, it's a suggestion of what to do if one did.

In NZ as elsewhere, if a bank fails, depositors have always needed to understand that their deposits are not guaranteed.

So there is no news here.

Your a kiwi scaremongerer..... look the sky is falling,no it's aliens, whoa was that a meteor ...whew just a bird.... Go have a coffee and relax dude.


(actually keep off the coffee !!)

Reply to post by OptimusSubprime

Complete fear mongering. This is silly. I'd be willing to bet nothing comes of this. The people/banks doing this are going to see a huge backlash. Theres no way its going down like this. If it does, things will go bad very quickly. In a month or two this will all be forgotten though. Sometimes, people need a break from ATS or they start going paranoid.


Posted Via ATS Mobile: m.abovetopsecret.com

Im here downunder in NZ. Not hearing anything about this today in our news. Only heard a comment from a old fart from a small party here. Mr jim dunne. Hes a no body. He said we should tax people when they deposit into banks.
John Key blew it off last night.
Calm down people, its all good in this hood.

Actually Cyprus are not going the way you think they are...... You can have a coffee now!

reply to post by Danbones


Russia also added that they want a military base in Cyprus - for their bailout.

Look on the map where Cyprus is located. South of Turkey (supposedly NATO) and west of Syria, Israel.

WW3 anyone?

Originally posted by mypan
Connection between Cyprus and NZ is that Cyprus is the test tube for EU and NZ is the test tube for the entire western world (OECD). It has something to do with our isolation. Whenever they want something to go streamline globally later, NZ was the country to test it out usually. Small population, mostly white and quite high living standard and controllability.

But now this is John Key's government, a bagman to the globalist. At least, the former Labour government of Helen Clarke's moved very swiftly to allay fear in banks' run with an immediate 15 billions Dollars government's guarantee against any perceived losses back in the early days of 2008 GFC.

New Zealand's Open Bank Resolution (OBR) policy is "markedly different" from proposals to resolve the banking crisis in Cyprus, Reserve Bank deputy governor Grant Spencer said today.

Spencer, in a statement, said OBR would help to facilitate a "rapid and orderly" resolution of a collapsed bank.

He pointed out that depositors' money has never been guaranteed, apart from temporary periods, such as under the Government's deposit guarantee scheme from late 2008 to December 2011.

"If their bank fails, depositors have always needed to understand that deposits are not guaranteed," Spencer said. "What OBR does is facilitate a rapid and orderly resolution of a bank failure - it does not change the fact that depositors and other creditor funds are at risk," he said.

New Zealand banks are readying their IT systems for OBR - a Reserve Bank policy that in extreme cases like insolvency would see a bank's losses shouldered in part by its shareholders and creditors - including everyday depositors.

The Reserve Bank has the power to freeze bank deposits but up until now has lacked the technical infrastructure to implement it - hence their requirement for banks with retail deposits of more than $1 billion to change their systems and meet their requirements by July 1.

Bank failures in New Zealand are rare and the main banks operating here are among the most highly rated in the world.

Spencer said the OBR policy bears little resemblance to proposals to resolve the banking crisis in Cyprus.

He said the alternative to OBR is for the government to bail out banks with taxpayers' money - which comes with potentially enormous fiscal costs - or to close the failing bank, which comes with large economic costs.

"The Cyprus situation is very complex, it is a systemic collapse and not a case of just one institution failing," Spencer said, adding it needed to be seen in the context of the broader European sovereign debt and banking crisis.

The Cyprus banking system is dominated by a large foreign deposit base, from Russia in particular.

Spencer said deposit insurance is not a substitute for OBR or any other resolution tool.

The New Zealand Government had looked at deposit insurance schemes and concluded that they blunt the incentives for investors and banks to properly manage risks, and may even increase the chance of bank failure.

"Deposit insurance is widely used in Europe, including Cyprus, but hasn't prevented banking failures, as we saw during the global financial crisis," Spencer said.

See a Reserve Bank Question and Answer publication on the Open Bank Resolution here.

Overnight, Cyprus rejected a proposed levy on bank deposits as a condition for a European bailout, throwing international efforts to rescue the latest casualty of the euro zone debt crisis into disarray.

The vote was a big setback for the 17-nation currency bloc, angering European partners and raising fears the crisis could spread. Lawmakers in Greece, Portugal, Ireland, Spain and Italy have all accepted austerity measures over the last three years to secure European aid, Reuters reported.

On Tuesday, the New Zealand Green Party seized upon the opportunity to draw parallels between OBR and the initial Cyprus proposal.


www.nzherald.co.nz...

reply to post by pacifier2012


What kind of alternate reality do you live in? They are stealing people's money. The banks are closed to keep people from taking their money out of them.

Maybe you have enought money and wouldn't miss them taking 10% - or next week 50% - the rest of us have sacrificed to have a little bit of cushion - monetarily speaking.

This is stealing.

reply to post by mypan


So, you put your money in a bank, and then it's gone. The Reserve Bank? Does that mean that the rich people take what's left of other people's money when their gambling has only brought them losses? And F^(& the rest of the "depositers"?

So, they're stealing your money if you're stupid enough to have given it to them?

reply to post by Happy1


That's the way of the game. Privatised winnings and socialised losses.

It is downright theft but they'll come up with a sweet sounding name for it.

Originally posted by jimmiec
This will happen in America. It is just a matter of time. Socialism is great until you run out of other peoples money.

THAT is capitalism. Pure and true capitalism.

And it stopped working about in the eighties or early nineties - remember Japan?

Stealing - that's the word, as someone rightly said.
As for the stock markets, someone's doing very nicely about all these financial crises!

This was a comment on the NBR (NZ's National Business Review)
"I happen to be a corporate and investment banker, and we find the more Europe stuffs up, the more money we get flowing into our shores. OBR isn't new, it's been in consultation for a couple of years now. All the major trading banks were required to be prepared for it months ago.

OBR is far more sensible than the too-big-to-fail experiments in the US and Europe, and, in fact, there is a raft of 'bail-in' measures, like subordinating bondholders, occuring in the EU and US right now which are to the same basic effect as the OBR."

The first "BANKER MURDER" will get them scared. The second one will maybe change their minds.
There is only so far you can push people before they push back. The moment you start messing with peoples ability to feed their children is when blowback may occur.

reply to post by mypan


It seems it's just The Greens trying spread panic to pull down the National Party Government for their own political gains. It's irresponsible and typical of a party that want to print money to bring down the NZ dollar. The Greens should NEVER be let anywhere near the purse strings of our country or else we would soon be just like Cyprus.

If this policy isn't quickly reversed, society will go the way of "The Walking Dead" minus the zombies.
Zombies are dumb and easy to kill when not in hordes. Millions of hungry half-insane savages wont be as easy to deal with. Talk about population reduction.... When businesses and farmers can no longer count on their savings being safe, they will shut down. People will only grow enough food to survive.... I don't even like guns, but now I guess is the time to get one, despite my previous felonies.

I pledge, to take at least 1 of you out with me.

reply to post by Mykey057420


I have only one thing to say - Know your target.

This is sketchy at best.

My guess is that NZ are suring up their banks credibility in anticipation of a credit crunch. This way they can still get funds to lend and their dollar will appreciate in value while others will drop.