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

AMA: Scoop's 'Invisible Paywall'

Operation Chrysalis: The Final Countdown - Thanks & There's Still Time To Pledge

Phew! We are now counting down the hours to the end of this crowd-funding campaign at 11pm on Sunday. Thankyou to all those Scoop readers and supporters who have pledged already. You have been awesome. But this is not over yet. More>>

 
 

PARLIAMENT TODAY:

IPCA Reports: Significant Problems In Police Custody

In releasing two reports today, the Independent Police Conduct Authority has highlighted a number of significant problems with the way in which Police deal with people who are detained in Police cells. More>>

ALSO:

Inspector-General of Intelligence and Security: Inquiry Into GCSB Pacific Allegations

The complaints follow recent public allegations about GCSB activities. The complaints, and these public allegations, raise wider questions regarding the collection, retention and sharing of communications data. More>>

ALSO:

TPPA Investment Leak: "NZ Surrender To US" On Corporates Suing Governments

Professor Jane Kelsey: ‘As anticipated, the deal gives foreign investors from the TPPA countries special rights, and the power to sue the government in private offshore tribunals for massive damages if new laws, or even court decisions, significantly affected their bottom line’. More>>

ALSO:

Werewolf: The Myth Of Steven Joyce

Gordon Campbell: The myth of competence that’s been woven around Steven Joyce – the Key government’s “Minister of Everything” and “Mr Fixit” – has been disseminated from high-rises to hamlets, across the country... More>>

ALSO:

RMTU: No Public Submissions On International Government Procurement Deal

“The government is preparing to assent to the Government Procurement Agreement, a World Trade Organisation Treaty which opens up New Zealand Government contracts to foreign companies and closes the door on local businesses and their workers. However the Foreign Affairs, Defence and Trade Select Committee is refusing to take public submissions on the decision.” More>>

ALSO:

Gordon Campbell:
On Pacific Spying

So New Zealand spied on its friends and allies in the Pacific – and has not only been passing on the results to the NSA, but has apparently passed on the details of the Pacific’s relations with Taiwan to our other best friends, the Chinese. On the side, the Key government has also been using the security services to gauge the chances of Trade Minister Tim Groser landing the top job at the WTO... More>>

ALSO:

State Housing Transfer: Salvation Army Opts Out

The Salvation Army has decided against negotiating with Government for the transfer of Housing New Zealand stock.
More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news