30 votes

Now New Zealand Considers Raiding Depositors' Accounts

Another "small" country tinkers with the idea of a big move to confiscate depositors'
money.

Once indebteded governments get a taste of this practice, the issue won't be will they do it but how much will they take and how often.

Nothing to see here....

http://www.scoop.co.nz/stories/PA1303/S00306/national-planni...
http://rt.com/business/new-zealand-cyprus-style-banking-fail...

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The problem is the swift announcement which is defacto

Theft as they remove the insurance at the exact time they claim they are insolvent

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Ok. We are moving closer to

Ok. We are moving closer to agreement now. I've just become seriously concerned that everyone is crying about not having government insurance. We are supposed to be about eliminating government guarantees and reintroducing risk into the world because the world is risky. Thank you for clarifying your position.

I think our conclusions are the same

You viewed the elimination of the insurance as Itself a sign as a move towards a free market

I say it wasnt , it was the governmemt backing down on their promise in order to confiscate money

This type of government thuggery should lead to a free market as a reaction but the government did not drop the insurance because they believe in free markets

Indeed they did it because they dont believe in free markets and believe in their monopoly power to enforce and BE the law

A reform towards free markets would be an orderly withdrawal by the government from the insurance business not a sudden "oops we dont want to pay so we will cancel the insurance" type of move

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I agree i dont want govt insurance precisly

For the moral hazard it creates BUT its completely immoral for the government to offer it and have people rely on it and then take it away with out notice

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