One of the biggest “Too big to fail” banks , and one of the ones deepest in bed with our government, has just put in place regulations that limit cash withdrawals and prohibit all outgoing international bank wires. As you can see I needed to link to a foreign article to get this information sourced, as our news media here in the US seems to be uninterested in talking about this baffling event. This is the sort of shit banana republics do when they fear people will move money out of the country right before they do a currency devaluation or some kind of monetary confiscation. I think we need to remain vigilant and see if other banks follow suit. If they do then we got a serious problem and some real nasty shit coming our way it looks like.
Tag: What you talking about Willis?
While we are constantly getting told by our resident collectivists how well their particular socialist paradises are doing, I must admit I was suprised that one of those paradises is looking to follow in Cyprus’ confiscatory practice to fix their financial woes footsteps:
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.
“The Reserve Bank is in the final stages of implementing a system of managing bank failure called Open Bank Resolution. The scheme will put all bank depositors on the hook for bailing out their bank.
“Depositors will overnight have their savings shaved by the amount needed to keep the bank afloat.
“While the details are still to be finalised, nearly all depositors will see their savings reduced by the same proportions.
If they are doing so great, why the need to do this? Inquiring minds want to know. CM, can youre details on this bro?