Thursday, March 21, 2013

A Country With No Money

Oh dear, so Cyprus closes its banks till next Tuesday. They have run out of money and the EU is threatening to leave them high and dry. Welcome to the new Europe where friends have money and old friends, well, see ya later.

And then Germany had the audacity to complain when desperation leads the Cypriots to Moscow's door. Wadayagonnado when Mum and Dads, armed with pitchforks and torches, are threatening revolt and the Russian mafia have been sending not so cryptic emails.

Simply put. It's a mess and a dangerous one.

So back to New Zealand.

The Reserve Bank of NZ has always had the powers to close banks, but not the means to do it quickly and overnight when you are sleeping contently in bed. The latest law change will now mean they have the power to close banks and take your money whenever they deem necessary.

I don't usually have much time for the Green Party here in NZ, but bringing this one out of the shadows was good work.

Gold in New Zealand dollars: $1952.38 per oz
Previous all-time high: $2311.02 per oz (15 Nov, 2011)

Silver in New Zealand dollars: $35.04 per oz
Previous all-time high: $59.19 per oz (30 Apr, 2011)

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