Are you all aware of this

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grandduke
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Are you all aware of this

Post by grandduke » 10 Feb 2020, 17:00

We all assume governments have our best interest at heart, well it appears not when they introduce legislation
behind our backs that puts whatever money we have in bank accounts at risk and there is nothing you can do
about it should there be another financial crisis you lose you wealth to bad.

https://www.youtube.com/watch?v=EZ4efmSDwz4

i for one will be seeking assurances from my bank come friday.
“You see things; and you say, ‘Why?’ But I dream things that never were; and I say, ‘Why not?’”
George Bernard Shaw

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Perrorist
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Re: Are you all aware of this

Post by Perrorist » 10 Feb 2020, 18:29

My daughter is an expert on this kind of thing and she says it's rubbish.

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grandduke
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Re: Are you all aware of this

Post by grandduke » 11 Feb 2020, 13:11

Then listen to this commentary first but with the state of not only this economy
but the global economy anything is possible.

https://www.youtube.com/watch?v=UtqZ8ttyypg

and this https://www.youtube.com/watch?v=ZEJyQlXt0zw

I hope your daughter is right Perry because something big is coming and banks and the government are gearing up for it
why did they bring in this bail in legislation in that puts the responsibility for bank failures onto depositors not the government
and there is no redress you can’t sue the government can you believe that, so you tell me whats going on.???
“You see things; and you say, ‘Why?’ But I dream things that never were; and I say, ‘Why not?’”
George Bernard Shaw

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Perrorist
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Re: Are you all aware of this

Post by Perrorist » 11 Feb 2020, 14:37

GD, I watched the first video, but the second was too long. I agree with the professor (as does my daughter) that the next recession is going to hurt. I've been saying this for quite a while now and it's definitely getting nearer. The US situation is particularly bad, as Trump has bought his so-called economic success by swelling the national debt. That price has yet to be paid.

Where my daughter takes issue is with bail-ins. She did a lot of work starting in 2010 explaining to banks outside of the US the implications of what was called Basle 3. This limits exposure if properly observed. In Australia, personal bank deposits are guaranteed up to $250,000. Business deposits are fully guaranteed.

Of course, who can say what might happen if there was a total economic collapse. We got close to it in 2008. One can only hope it never comes to that.

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grandduke
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Re: Are you all aware of this

Post by grandduke » 11 Feb 2020, 21:43

But Perry it keeps happening so is it democracy or capitalism thats failing
because its the under dog that always suffers and people are sick of it.
“You see things; and you say, ‘Why?’ But I dream things that never were; and I say, ‘Why not?’”
George Bernard Shaw

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Re: Are you all aware of this

Post by Perrorist » 12 Feb 2020, 06:15

It's not democracy. Capitalism by it's nature is boom and bust. When governments regulate it, they help to smooth out the undulations.

If you take 2008 as an example, most countries went into recession because the they refused to interfere with the cycle, preferring austerity instead (in other words, let the people pay the price for capitalism's failure). Australia chose a Keynesian solution: invest public money to boost the economy. It worked. Can you imagine what the outcome would have been if the current mob had been in power then! The government copped a lot of flak for its measures from the Opposition at that time.

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