Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


No bank bailouts says new petition – reform banking instead

February 11, 2013

No bank bailouts says new petition – reform banking instead

The New Economics Party has launched a petition to ask for a Parliamentary Enquiry into the options for making banks stable so that no bailouts are ever needed. Spokesperson Deirdre Kent said they wanted Parliament to include examination of a new report from two IMF economists revisiting a good idea after the 1930s Depression.

“The Government hasn’t yet publicised that the Reserve Bank of New Zealand is working behind the scenes with the registered banks to set in place a system where customers will bailout a failing bank out instead of taxpayers. Their account will be frozen overnight and the bank will take a haircut from the top. A customer will wake up in the morning with less in the bank”.

“But that is unfair. No one should have to bail out a bank. Banks should be stable in the first place and there are ways to make them stable”, she said.

“We have requested a Parliamentary Enquiry because we know that it has to be brought in simultaneously in all countries. A small country like us can work on it and take initiative. We have the skills here to work out a better banking system so we are not vulnerable to financial contagion,” she said.

“When I took this petition briefly to our local Otaki market yesterday, one man stalked off declaring they won’t get away with this. There was no antagonism to the petition, just amazement that such a proposal was on the books and they hadn’t heard about it.”

She said the organisers had a Facebook page for the petition and had just started an online petition as well. The petition has the support of Positive Money NZ, the Living Economies Educational Trust, The Awareness Party, and the Democrats for Social Credit. “We are expecting more support from political parties and organisations. Nearly everyone has a bank account so we are all vulnerable,” she said.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Parliament Today:

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Road Crime: Wicked Campers Vans Classified As Objectionable

The definition of publication includes any "thing that has printed or impressed upon it, or otherwise shown upon it, 1 or more (or a combination of 1 or more) images, representations, signs, statements, or words", The Classification Office has previously classified such 'things' as billboards, t-shirts, and even a drink can. This is the first time the Classification Office has classified a vehicle. More>>

ALSO:

'When New' Repairs: Landmark EQC Settlement

The Earthquake Commission has cut a deal with 98 Canterbury homeowners that affirms the government entity's responsibility to repair earthquake-damaged property to a 'when new' state, as well as covering repairs for undamaged parts of a property and clarifying its position on cash settlement calculations. More>>

ALSO:

Gordon Campbell: On Kiwirail’s Latest Stint In The Dogbox

The denigration of Kiwirail continues. The latest review (based on a 2014 assessment) of the options facing the company have enabled Kiwirail to be hung out to dry once again as a liability and burden on the taxpayer. More>>

ALSO:

Royal Society Report: Good Opportunities To Act Now On Climate Change

There are many actions New Zealand can and should take now to reduce the threat of climate change and transition to a low-carbon economy, a report released today by the Royal Society of New Zealand finds... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news