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

Budget '17: Budget Spends Down Future Surpluses

Tax cuts for every working New Zealander, targeted to low and middle income earners, more generous assistance for families and renters, and a massive spend-up on public services infrastructure mark Finance Minister Steven Joyce’s election year Budget.

The package of changes to income tax thresholds, the Working for Families programme, and the Accommodation Supplement is the Budget’s political centrepiece and will cost $2 billion a year. More>>

Scoop Full Coverage: of Budget Announcements & Reaction
Latest: Scoop Search

ALSO:

 
 

Auditor-General Stands Down For Investigation: Gordon Campbell On (Not) Taking Responsibility

So Martin Matthews, our current Auditor-General wishes he could have detected “earlier” the fraud that occurred on his watch at the Ministry of Transport. Hmmm. But he could have detected it earlier, surely? That’s the point. More>>

ALSO:

NGOs Pleased: Govt To Halt Collection Of Client Data

Brenda Pilott, the chair of ComVoices and national manager of Social Service Providers Aotearoa, congratulates the government on its decision to call a halt to the collection of individual client data until the concerns of not-for-profit service providers have been worked through. More>>

ALSO:

Gosh: Blasphemy Law Repeal Struck Down

Chris Hipkins, the MP who tabled a Supplementary Order Paper to add our Blasphemy Law to the Statutes Repeal Bill, said this was a "sad day for freedom of speech, tolerance, and leadership". More>>

ALSO:

Gordon Campbell: On The Navy’s Dealings With Fat Leonard, And Twin Peaks

At an official level, our “she’ll be right” attitude routinely spills over into a keen resentment of anyone who suggests the outcomes may be less than satisfactory… The Navy has now gone one step beyond. It won’t even ask itself whether it did a good job. More>>

ALSO:

NZDF: Fifth Rotation Of Troops Heads To Iraq

The fifth rotation of New Zealand Defence Force troops left today for a six-month mission training Iraqi soldiers. More>>

ALSO:

Gordon Campbell: On The Demonising Of Iran

Will New Zealand still be willing to pursue its recent trade overtures to Iran, now that US President Donald Trump has used his speech in Riyadh to single out Iran as the main source of terrorism and instability in the Middle East? More>>

ALSO:

 
 
 
 

Opening The Election Supporters

 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election