NZ’s Ardern government has dropped a planned bail-in law, to avoid a backlash from an angry public who won’t want their deposits stolen; Kiwis and Aussies should demand their governments jettison all bail-in powers.
The Australian government and major-party politicians have one response to concerns that bank deposits could be “bailed in”: don’t worry, you’re protected by the $250,000 Financial Claims Scheme (FCS) deposit guarantee.
If your federal MP has assured you that the CEC is wrong, and that there is no “bail-in” law—to prop up failing banks with seized deposits, Cyprus-style—planned for Australia,
The global bail-in Führer, Bank of England Governor Mark Carney, has just declared the target date for completion of a new global “bail-in” regime, which will legislate forced confiscation of bank deposits when major banks fail, to be the G20 summ