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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.
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.
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.. .
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
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.
Originally posted by ArtooDetoo
Did anyone mention that Ruskies hold an estimated €25bn in Cyprus banks ?!
Nothing important, just a minor detail
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.
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.