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

Remember also that our Prime Minister Shonkey John Key is an ex Merril Lynch trader who almost brought down the NZ dollar min the 1980s.
The guy is an Ass.

This is a matter of concern to me-even though we don't have savings,makes one wonder how safe that salary is,that gets paid straight into the bank.Being paid in cash is not an option here,if you work for any of the bigger companies,and its propably the same all over.I said to the hubby last night,that we should get a small safe-he just had money stolen from his bank account for the 2nd time,but that was by regular criminals,not the ones who run the banks.Three Pakistani nationals in our town was arrested here the last time that happened to us and quite a few other folks in town-card cloning,i believe it's called,at the Atm, the origin of this particular racket was in Malaysia,if memory serves.

reply to post by daryllyn

Star for you-that is excellent advice-and in case of every and any eventuality.Independence may literally make the difference between life and death,i always feel uncomfortable relying on other people,and to rely on a government to act in one's best interest is naive.Also even if one's government Did care for the average person and sincerely wished to help,there may be events occurring that may make it impossible to do so.We really are on our own,and left to our own devices,soonest folks realise this,the better.

Hello Everyone,

I have not read the whole thread yet, but being from and lived in New Zealand my whole life I wanted to say a few things.

New Zealand is pretty good with transparency, and standing up to big brother, such as the Dot Com case where the of the head of the equivalent of the CIA in New Zealand had to stand down because of illegal spying of Dot Com.

We also recently handed down JAIL sentences to three people running Capital & Merchant finance which lost hundreds of millions of dollars in a dodgy property investment company. Incidentally since NZ is such a small place, I actually ran their IT/Banking systems before the crash of Capital & Merchant and nearly invested my own money.

The pictures of Cyprus resonated with me, as it looked a lot like New Zealand in the way more affulent white people were milling around worried, but not revolting or protesting.

This has made the national news, but very briefly (the Cyprus clip was a few seconds on the news.)

VERY INTERESTINGLY, ASB BANK had a scheduled outage of all their online services for a handful of hours a weekend or two ago to 'upgrade' their systems. I do recall other banks having similar outage windows, and suspect the systems the finance minister Bill English talked about implementing for technical freeze which needs to be in place for banks with over 1 Billion in savings by JULY have already been put in place.

I also suspect those which put their money in Kiwibank thinking it would be very safe since it is a State Owned Enterprise and thus safer than a Australian bank may be the worst hit/easiest frozen.

Further to all this, real estate prices have become stupid expensive, and I've personally been waiting for the property bubble to burst for a few years, but it just keeps getting more expensive.

House prices of half a million dollars for a normal 3 bedroom house are common, and it's very hard to get something for 250,000 without moving to the sticks. A house made the paper because it was 60k (from memory) but was on leased land.

Also out of interest we have had one of the longest droughts in memory, and our capital Wellington is down to around 10 days of water before the rain last week. HARP? Who knows.

Also, for the first time in living memory we had a 4.x Earthquake in Auckland.

I have thrown a few off topic things in here, but I thought they may stirr the pot a little. Feel free to ask if you want to know general local information.

I have talked to a few people about this, but it's not on many peoples radars.

Originally posted by pacifier2012
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.

Quote from NZ Herald

...He said most OECD countries run deposit insurance schemes that protect people's deposits up to a maximum ranging from $100,000 to $250,00.

"A deposit insurance scheme is a much simpler, well-tested alternative to Open Bank Resolution. It rewards safe banks with lower premiums and limits the cost to taxpayers of a bank failure."...

www.nzherald.co.nz...

LETS BE CLEAR, this is a new thing, overnight x% of your bank account disapears, and the bank keeps trading the next day. No investigation, no Liquidator, no getting your money back or a Government backed insurance.

reply to post by exportgoldman


Hey you're exactly right. If you were a debenture holder or a creditor and the bank couldn't pay you, the bank would go into liquidation - if it didn't it would be insolvent trading.

When yo deposit money into the bank, it is not a bailment as some people may think.. a bailment is where you give your friend your car for the weekend..

It appears in most jurisdictions when you deposit money all you have is a chose in action..... you are an unsecured creditor....... thus if the bank goes broke and into liquidation - you get paid last (before the shareholders though I believe (correct me if i'm wrong), priority determined on when you asked for your money back.

The thing is, the bank will have substantial assets.. mortgages etc... monies owed to them, however these will be taken by the secured creditors..... so still no money for you.

.. The money you have put in as well... the money in your account will become the property of the secured creditors as well..

IMO banks should be trustees of the money..... that would at least make the funds traceable in many cases..


____EDIT..


Thought I'd add something about the OP.. Sorry the above is just some musings, Someone who isn't me may or may not have burnt one down.

Yeah.. new zealand. Anyway, new zealand is a nice place. Interesting some other poster said something about it being in an odd legal position internationally? care to explain? .. I've always thought it an underrated place. Its amazing, its like a little Scandinavia (country side wise) at the bottom of the world. The have vast claims to various small islands... and thus their exclusive economic zone in the seas... thus they have quite large sea territory. Also they are close to Antarctica and have claims there aswell.. .

IMO its one of the least spoilt places on earth... absolutely beautiful and unspoiled wilderness and vre fertile soil..

Also very interesting history with the Maoris etc.. fact - the Maoris nearly beat the English back into the sea at one point, just lost on the numbers game.

In regard to the financial issues.. I think NZ is in pretty good economic shape.. however they may be exposed to risks we are unaware of (as may be Australia.. who is oft touted as being in grade AAA shape..) I Don't trust ratings agencies... they were partly to blame for the GFC...why should we trust their ratings now?

I think people would be pissed of down there.. Its really not fair, most people don't even read a bank contract or realize that they are an unsecured creditor, yet are forced in many cases to have their wages paid into it.. and by inflation to keep their savings in them.

In Australia I think the commonwealth guarantees bank deposits to a certain amount.. however that could be changed with a stroke of the pen.. so I wouldn't trust so called guarantees....

reply to post by exportgoldman


What this would do is close down industry as we know it, who would go to work knowing the bank was going to steal their pay?
They are more than likely going to introduce another tax of some sort, but they cant take too much as it would be too obvious.
If they took your whole account, people wouldn't work, there would be fighting on the streets, looting you name it.
The world as we know it would end.
So what is the point? These mega rich scum already have us where they want us, what is the point of bringing the society which in many ways they created tumbling down.
We know money isn't worth the paper its printed on, take all the electronic money away and what do they get out of it other then no workers, looting on the streets and the complete fiscal breakdown of the world.
I dont see it happening, they have us where they want us and earn wealth without working for it.
By taking all of our hard earned, what is in it for them?

reply to post by kudegras


I think there is much to be said for the theory that this is orchestrated...

TPTB , must, if they are not retarded, realize the capacity for this to lessen confidence in the banking system and possibly cause a bank run... I'd agree its possible its a scheme to crash the banking system and bring in a world banking system. ..

Originally posted by bigdohbeatdown

Hey you're exactly right. If you were a debenture holder or a creditor and the bank couldn't pay you, the bank would go into liquidation - if it didn't it would be insolvent trading.


It appears in most jurisdictions when you deposit money all you have is a chose in action..... you are an unsecured creditor....... thus if the bank goes broke and into liquidation - you get paid last (before the shareholders though I believe (correct me if i'm wrong), priority determined on when you asked for your money back.

One of the many issues I have with this, is it's such a quick thing, It literally is a liquidator overnight freezing your account and taking x% of funds and opening up again. Normally when a bank goes under, there are very detailed investigations, enquiries, the government steps in etc. Especially in NZ.

This whole thing feels designed to be a easy quick heist.

Originally posted by bigdohbeatdown
Yeah.. new zealand. Anyway, new zealand is a nice place. Interesting some other poster said something about it being in an odd legal position internationally? care to explain? .. I've always thought it an underrated place. Its amazing, its like a little Scandinavia (country side wise) at the bottom of the world. The have vast claims to various small islands... and thus their exclusive economic zone in the seas... thus they have quite large sea territory. Also they are close to Antarctica and have claims there aswell.. .

I read about that as well, we do punch above our weight on the political stage and are well respected, and recently were listed as the most free country in the world. About the law change, that was interesting, and appeared to be all the commonwealth countries needed to agree to new terms/laws to allow William and Kates child (if it's a girl) to be able to take the crown. It was about making male and female equal to rights to the crown.

Originally posted by bigdohbeatdown
IMO its one of the least spoilt places on earth... absolutely beautiful and unspoiled wilderness and vre fertile soil..

In regard to the financial issues.. I think NZ is in pretty good economic shape.. however they may be exposed to risks we are unaware of (as may be Australia.. who is oft touted as being in grade AAA shape..) I Don't trust ratings agencies... they were partly to blame for the GFC...why should we trust their ratings now?

In Australia I think the commonwealth guarantees bank deposits to a certain amount.. however that could be changed with a stroke of the pen.. so I wouldn't trust so called guarantees....

edit on 20-3-2013 by bigdohbeatdown because: sd

I have worked hard and have some savings in the bank, I don't want to help cause a bank run, and understand the money is best in circulation to keep the economy working, rather than 'gathering dust' tucked under a mattress, but what happens if the government passes this and takes our savings.

It worries me that these options are being pushed, and we have a Prime Minister which is a banker which has worked for the big US firms and some would claim is a bag man for TPTB. The greens which have a good share of the vote are totally against it.

We stood up to America often, like with our Nuclear stance, but did take their Copyright draconian laws, and a watered down Agenda 21 food law.

It also worries me that so many pots are bubbling right now, there are preparations for civil unrest in America, there's that 22 March date which keeps popping up which is this weekend, and the whole South Korea hacking of banks and broadcast networks.

I often think back to John Titor which said don't make war with people in the country, they stop growing your food, hide in the bush and take pot shots at you.

reply to post by jimmiec


Retirement comes from money you've paid in over your entire working life, it's not an "entitlement". I'm sick and tired of people making this mistake.

Cyprus lawmakers have rejected the proposed bank bail out tax. Cyprus could possibly now default ?? Go to NPR news for this story.

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.

Eh. This has absolutley nothing to do with socialism. This is the failure of capitalism in full view for all to see.

Originally posted by ArtooDetoo
Did anyone mention that Ruskies hold an estimated €25bn in Cyprus banks ?!

Nothing important, just a minor detail

That was, indeed, part of the misguided reasoning of the Eurocrats. Upon which many asked: "Why then, pray tell, aim at the sub €100,000.- too. Because those are mostly the "true" savings-accounts, meant for downpayment for a mortgage, savings for a great marriage, savings for retirement etc. Those sub-100,000 savings are hardly that of Russian Mobsters trying to white-wash millions via Cyprus'banks.

It wasnt the haircut of the above €100,000.- that caused a wave of anxiety and undiluted anger. It was the fact that the Germans, (and The Dutch and the Fins, via the ECB) were demanding that thóse smaller accounts got a "shave" too. And, above all, the precedent it would create for Government and banks to freely, unhindered claw into f.i. the pension-funds (technically also savings-accounts) when they got into trouble. After the bail-out of Banks in 2008, Europeans have kept a weary eye on the colluded Banks&(right-wing, like Merkel's) Governments

The Pension-funds in f.i. The Netherlands are véry VERY well filled, and Banks and Finance-vultures have been salivating at the thought of getting their grubby hands into that all-you-can-eat monetary buffet.

IF a haircut like the ECB wanted from Cyprus, as a guarantee, had been allowed, then whát would have stopped Banks&Government from bleeding the pension-funds dry?

Luckily the Cypriot parliament threw that ill-begotten bit of legislation back into the greedy faces of the Eurocrat banking-elite.
Apparently Cypriots don't like blackmailing.

reply to post by tinhattribunal


Who are you referring to as the 'previous bloodline'?

As the pure bloodline has no connections to this. The 'previous bloodline' may think they are the rightful heirs but they are unfortunately not.

reply to post by wtbengineer


I agree, yet you watch them give it away to people who don't want to work. I don't consider savings paid in to the government which is returned to you when you retire an entitlement. Where the problem comes to a head is when they decide one day when their economy is good that they can make promises based on the good economy. Economy's fluctuate, markets crash. wars happen. They give your savings to moochers and elite thugs for political favors. Then when something happens to the economy you pay, not them.

Originally posted by Starwise
If everyone started pulling everything out of banks the whole system would collapse wouldn't it?? I think it is both stupid and dangerous! Maybe this is part of the grand plan, have the entire system collapse then introduce a new system...hmmm NWO anyone? Something to think about.

Perhaps this will be the catalyst for governments to go to eMoney and do away with paper. If you can only pay via ePayments this will not be an issue, as people will have no choice to have their money in a banking institution.

Hopefully people won't forget this when they start to push for a cashless society.

They need to start raiding the accounts of the people running the banks. They will keep running them into the ground until the day the people doing the running have to start paying the piper.

reply to post by jimmiec


I agree with that, and what makes me mad is when we do have a surplus (govt.) we have to go figure out where we can spend it. Can't we just save it against the hard times we know will come? That's what I do with my personal finances.

Are people morons on here ????

Bank savings are NOT guaranteed.

It has nothing to do with National or Labour or anyone else who has been in power in NZ. It has to do with current law.

Oh,so I guess I've answered my own question...they are!

Originally posted by Starwise
If everyone started pulling everything out of banks the whole system would collapse wouldn't it?? I think it is both stupid and dangerous! Maybe this is part of the grand plan, have the entire system collapse then introduce a new system...hmmm NWO anyone? Something to think about.

Good, let the system collapse. It is going to anyway, do it on your terms, not the bankers.