The value of money has dropped by two thirds in 30 years

[Ocean1]

They would have been in a better state if they had have told them to fuck off. Instead, as you say, they fulfilled their promise and then got stabbed in the back for their efforts. I would have thought that giving them a helping hand instead of raping the populous would have been a nicer way to have done it. But this is standard business practice after all.

Stabbed in the back? They borrowed money they now can't pay back, it's that simple. All the squeeling about the consequences of that decision won't change the fact that they've had the benefit of someone else's efforts and don't see fit to put themselves out so far as to repay those people.

[mashman]

Stabbed in the back? They borrowed money they now can't pay back, it's that simple. All the squeeling about the consequences of that decision won't change the fact that they've had the benefit of someone else's efforts and don't see fit to put themselves out so far as to repay those people.

Well that happens in business some times too. The EU should suck it up.

[Brian d marge]

Mine. You can piss about with definitions of the ownership of the currency itself all you like, the fact remains that the value represented by the money in my posession was earned by me, it belongs to me, I have the right to negotiate exchanges for whatever goods or services I see fit and expect the reserve bank to honour that trade.

Money borrowed by someone in exchange for promises of future reimbursement and whatever other conditions imposed by the lender performs exactly the same, it can be tendered as payment for exactly the same goods or services as the above, indeed there's not much point in borrowing it if you can't. The promise of reimbursement remains, though, dunnit? And we tend to have a dim view of people who don't keep their side of an agreement, innit? They often find it difficult to find people to enter into any sort of agreement with.

its dropped in value , trade it for something that increases , such as a Ducati widecase single

Stephen

[Ocean1]

its dropped in value , trade it for something that increases , such as a Ducati widecase single

Stephen

I'm onto it mate. Only I reckon the Duc is past it's peak, I'm on the hunt for an early Honda CT90.

[Ocean1]

Well that happens in business some times too. The EU should suck it up.

They may yet have to. But if they do that EU won't include Cyprus, who will nonetheless still owe the $15B and will have run out of people to borrow money from to repay older debts.

Life's fucking hard when you're a fuckwit, innit?

[mashman]

They may yet have to. But if they do that EU won't include Cyprus, who will nonetheless still owe the $15B and will have run out of people to borrow money from to repay older debts.

Life's fucking hard when you're a fuckwit, innit?

That's if they decide to pay their debts I guess. Praps the Russians will pitch in.

Not really.

[Zedder]

I'm surprised they're only just bringing that up now, I'm fairly certain the "haircut" legislation was put through last year!! Came across it while researching for something else.
The fact there was barely any media attention on it at the time illustrated how economically illiterate kiwis are, and I don't mean that in a rude way!
I think with this Cyprus situation, the so called fiscal cliff put off until April, the warnings over the housing bubble again, unless there IS an alternative - Kiwi's and anywhere else best be "sitting tight" for a long time yet!!

From what I saw, it's in the "first reading" stage:http://www.nzherald.co.nz/opinion/ne...ectid=10872568

[Banditbandit]

Mine. You can piss about with definitions of the ownership of the currency itself all you like, the fact remains that the value represented by the money in my posession was earned by me, it belongs to me, I have the right to negotiate exchanges for whatever goods or services I see fit and expect the reserve bank to honour that trade.

Money borrowed by someone in exchange for promises of future reimbursement and whatever other conditions imposed by the lender performs exactly the same, it can be tendered as payment for exactly the same goods or services as the above, indeed there's not much point in borrowing it if you can't. The promise of reimbursement remains, though, dunnit? And we tend to have a dim view of people who don't keep their side of an agreement, innit? They often find it difficult to find people to enter into any sort of agreement with.

Yes - and Godzone's national debt is expected to reach $70billion this year ... would you be happy for some economist to raid your bank account to contribute to paying that debt?

[Genestho]

From what I saw, it's in the "first reading" stage:http://www.nzherald.co.nz/opinion/ne...ectid=10872568

Perhaps it was the consultation that I read last year but, the info - clearly outlined was on the reserve bank's website almost a year ago, just after the 20k Govt guarantee to depositers was dropped. I've been watching events since then very very carefully.

Media are only now running with 'negative speculation', surprise surprise.... first reading is better late than never, I suppose.

[Zedder]

Perhaps it was the consultation that I read last year but, the info - clearly outlined was on the reserve bank's website almost a year ago, just after the 20k Govt guarantee to depositers was dropped. I've been watching events since then very very carefully.

Media are only now running with 'negative speculation', surprise surprise.... first reading is better late than never, I suppose.

Yep, the good ole media. The latest is a submissions deadline of 15 April this year: http://www.rbnz.govt.nz/finstab/banking/4430900.html

[Banditbandit]

Stabbed in the back? They borrowed money they now can't pay back, it's that simple. All the squeeling about the consequences of that decision won't change the fact that they've had the benefit of someone else's efforts and don't see fit to put themselves out so far as to repay those people.

Who's the "they" Mr Ocean ??? I know that you can equate the Cypriot Government with the Cypriot people ... but if that happened here you'd be one of the first to scream ...

Sure, the Cypriot people can vote out their Government, but once the money has been borrowed it won't matter if the Government changes .. the debt is stil there .. and the financiers were expecting the actual people (Ones like you and me) to bail out the sdebt the Government created ...

You'd never wear that here ... why expect them to do it there?

[Ocean1]

Yes - and Godzone's national debt is expected to reach $70billion this year ...

Fortunately most of that is private debt, making this:

would you be happy for some economist to raid your bank account to contribute to paying that debt?

extremely unlikely. Even less likely when you consider that a bank is not a place you'd ever find a great deal of my money.

[Ocean1]

Who's the "they" Mr Ocean ??? I know that you can equate the Cypriot Government with the Cypriot people ... but if that happened here you'd be one of the first to scream ...

Sure, the Cypriot people can vote out their Government, but once the money has been borrowed it won't matter if the Government changes .. the debt is stil there .. and the financiers were expecting the actual people (Ones like you and me) to bail out the sdebt the Government created ...

You'd never wear that here ... why expect them to do it there?

Yes, the Cypriot government. The one elected on the promise of more public spending using borrowed money.

And yes indeed I get upset when our government spends money buying votes, no matter who's money they use, because that's exactly the way to follow Cyprus, Greece etc etc.

Your point is taken, individuals are held responsible for their governments failures whether they agreed with the government's actions or not. All the more reason to limit voting to those who actually contribute to the economy.

[jonbuoy]

Fortunately most of that is private debt, making this:



extremely unlikely. Even less likely when you consider that a bank is not a place you'd ever find a great deal of my money.

It is likely that private debt will become government debt in a housing crash. Its a hard call to say whos to blame. Ultimately if you apply and are given a handfull of credit cards and max them out and struggle to make the repayments its your fault. The bank can´t really cry too much about not getting its money back either they know how much you earn and whats left over every month - doesnt take a genius to see you can´t afford the credit cards.

lending vast quantities of money to countries with terrible credit history and ratings and the fiscal sense of a teenage girl was never going to end well.

[Akzle]

It is likely that private debt will become government debt in a housing crash. Its a hard call to say whos to blame. Ultimately if you apply and are given a handfull of credit cards and max them out and struggle to make the repayments its your fault. The bank can´t really cry too much about not getting its money back either they know how much you earn and whats left over every month - doesnt take a genius to see you can´t afford the credit cards.

lending vast quantities of money... to countries with terrible credit history and ratings and the fiscal sense of a teenage girl was never going to end well.

. .