Your Bank deposits are not safe anymore !

[Outback]

If you have money in a bank in Australia you better be concerned that it could be confiscated with the bill that passed through the senate last week .

This passed with bipartisan approval ! :N:

http://cecaust.com.au/releases/2018_02_16_Govt_APRA.html

 

[Moneybox]

That's true Jack but this rule has been in place forever but just not actually approved. Not much has changed and it's not likely to make any difference as long as our banks remain solvent

 

[Outback]

That's true Jack but this rule has been in place forever but just not actually approved. Not much has changed and it's not likely to make any difference as long as our banks remain solvent

Phil this is new legislation that has just been passed , our money in the banks can now be taken when the soon to be world financial collapse happens , this is inevitable inescapable & now unpreventable .

All fiat currencys are doomed , the debt levels will see to that .

 

[Goldtarget]

That's true Jack but this rule has been in place forever but just not actually approved. Not much has changed and it's not likely to make any difference as long as our banks remain solvent

Phil this is new legislation that has just been passed , our money in the banks can now be taken when the soon to be world financial collapse happens , this is inevitable inescapable & now unpreventable .

All fiat currencys are doomed , the debt levels will see to that .

Fiat no good, crypto no good...Bloody hell Outback nothing is safe anymore. :brokenh:

 

[diggit]

Setting up for the grand theft.

 

[diggit]

At least I 'lost' the private key to my cryptocurrency so nobody gets to steal that!

 

[Rockhunter62]

Guess we will all have to keep our gold and in a safe place then. ]

Cheers

Doug

 

[silver]

8) All the more reason to love Pauline on the day of reconing..... something about grabbing by the throat n ripping off their cods comes to mind.... but I'm sure there's no quote on that. ]

 

[Smoky bandit]

Dosnt concern me anyway..I have no money in the bank

 

[Manpa]

Okay as long as they don't look under the mattress.

 

[Magilla]

I don't think there is any chance of a world financial crash. The IMF basically run the world and if you look at how they have artificially inflated the value of the US dollar without any consequences it shows they can do what ever they want. The US is over 20 trillion dollars in debt yet their dollar is valued higher then the Aussie dollar, they don't have the gold reserves to support their currency, they just print money and it maintains its value. We live in an artificial world when it comes to finance.

 

[silver]

Dosnt concern me anyway..I have no money in the bank

Like brothers in arms Smokey !

 

[golddiggerart]

Dosnt concern me anyway..I have no money in the bank

That makes two of us....I have lots of jars full of money though... lol :Y:

 

[StoneTheCrows]

Hope the Super is safe

 

[golddiggerart]

Hope the Super is safe

That's an interesting thought...

 

[StoneTheCrows]

Hope the Super is safe

That's an interesting thought...

Haven't retired yet but in 2 years I hope some polly isn't buying cigars with my super...

 

[Whisp]

Haven't retired yet but in 2 years I hope some polly isn't buying cigars with my super...

Maybe not the polly yet, but the fund manager most probably is

 

[AKA_RedRimmed_Desert]

If you have money in a bank in Australia you better be concerned that it could be confiscated with the bill that passed through the senate last week .

This passed with bipartisan approval ! :N:

http://cecaust.com.au/releases/2018_02_16_Govt_APRA.html

We had a bill for several years can do that, it was called ObamaCare or The Affordable Care Act. Deep inside is buried a recovery provision, they could take your bank account, assets, maybe your home if needed.

 

[user 4386]

I don't think it has anything to do with confiscation of your money by the government - simply that the government guarantees the first $250,000 of your bank deposits. It means that if the banks go broke, like any other business the government does not guarantee to separately reimburse you more than that. It is not really the government taking your money away - the banks are private busonesses, not part of government! I also suspect that this is not a change in practice, simply a writing into law of what the government always said it would do (the same ever since the GFC I suspect).

And if the banks go broke we are all up the creek without a paddle anyway. Because housing prices collapse, any Super you have goes under - but perhaps gold goes up!

Pray not!

 

[Swinging & digging]

Hope the Super is safe

Out of all financial assets, Super is the one MOST likely to be seized by a government in a financial crisis.
Before asset prices fall the current value of all monies in Super will pay off the National Debt around 4 times with change.

If you followed the tax debate on Super last year from about this time of the year to federal budget, you would have heard some of the scary proposals. :N:

Some media outlets and certain political parties don't like it how some people have super and some don't? Women normally have lower balances partly due to them taking time out of the work force to raise children etc. Nearly all the self employed people i know do not have a single cent invested in Super as the government does not force them to contribute? Unemployed people also have no money in super along with recent arrived immigrants.

In the debate many were pushing for increases in taxes on Super? There excuse being they wanted to fund those who don,t have super? Also they are wanting to halt lump sum super payouts? Scrap discounts like tax free super once you retire?

Normally top end of town gets untouched by any changes? Turnbull's $180,000,000 AUD is safe? :N:

You can bet the future holds significant doubt for anyone with any money held within a super fund and that also is true for self managed accounts.
I bet my entire net worth i will be robbed of my personal savings to pay for others retirements.

Super is nothing but a grand ponzi scheme. Holding cash in a bank is also a significant risk.