Wednesday, March 27, 2013

A Hair-trigger away from Disaster

Here's a wee interaction I had with Trader Dan Norcini today:

"Hi Dan. Well written and I note your frustration! Here in New Zealand, our illustrious Reserve Bank will be bringing in a tool called the Open Bank Resolution policy (don't you love these names that crooks come up with) to respond to future bank failures. It works the same as the Cyprus theft of depositors funds. But get this PR spin. It is for OUR good as it enables the banks to keep open for trading in the event of a failure. Oh how happy we are.

Trader DanMarch 25, 2013 at 4:45 PM

Andrew- don't you feel better now that the officials are working in "your" best interests? I am sure that you are sleeping more soundly, your stress levels are normal and your blood pressure is perfect!

Seriously, we used to read about this sort of thing in the novel, "1984" and such. We are now living it!"

Dan is right. You can't make this stuff up. With gold coiling and ready to burst, and the fiat money debt bomb fuse running towards the business end, it appears we are a hair-trigger away from disaster.

Gold in New Zealand dollars: $1907.02 per oz
Previous all-time high: $2311.02 per oz (15 Nov, 2011)

Silver in New Zealand dollars: $34.30 per oz
Previous all-time high: $59.19 per oz (30 Apr, 2011)

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