Financial Armageddon!!

[chook]

I do sincerely hope that NZ banks are free from the coercion and corruption common to all things communist Chinese.

Bank runs are happening in China where their sharemarket and property market has already tanked big time. The rest of the world appears to be following suit about 6 months behind China..
I am expecting the Eurozone to be one of the first to capitulate..they are in big trouble.

[chook]

Didnt Cindy 'verbally' guarantee any NZer that had upto $50k in the bank, I recall this statement about a year or two ago?.

Also another option is "Kiwibonds" which instead of having your money in the bank it is basically held by the Govt at a very low rate of interest.

They increased it to $100k...but would you trust them????

https://www.stuff.co.nz/business/124915006/deposits-of-up-to-100000-guaranteed-under-new-scheme

[Chris W]

They increased it to $100k...but would you trust them????

https://www.stuff.co.nz/business/124...der-new-scheme

When the Government announced it, they announced plans that they were going to introduce a Bill to Parliament to that effect.

Bill has not yet passed into legislation, so CURRENTLY, bank deposits not guaranteed.



"It is anticipated that this Bill will be introduced to Parliament mid-2022. Measures to enact deposit insurance will be prioritised in order to have the scheme up and running in 2023."

https://www.treasury.govt.nz/news-and-events/reviews-consultation/reviewing-reserve-bank-act/deposit-takers-bill

[Perry]

Something / anything 'guaranteed' by any gummint isn't worth the oxygen used to say it or the electrons & toner used to print it.

Remember life-time drivers licences?

Remember drivers' licences will not be used as a form of general ID?

Outside the building industry, I'm not seeing any significant supply / commodity shortages.

One place I went to on Tuesday said it was not quoting on new work until November. Another place I dropped a repair job off in the morning, phoned that afternoon to say it was fixed.

What are you seeing in your area that demonstrates all is not well?

[donna]

^^ You things are not good when the owner of a $$multi-million mitre 10 can not get his house finished. Our local M10 owner has foundations and outer wood frame on a ‘huge’ 2 - 3 floor house but work has stalled on it and its been weeks.

cheers Donna

[Jeffa]

A good watch and a pre warning for developed wealthy countries.

[JBM]

I was talking to Olly Newland in 2008 as the GFC was happening, he said "Watch out for bank runs, get your money out of the bank!" I was a bit shocked, obviously it didnt happen but this time its all a lot bigger, its global and the whole house of cards is shaking.

Good I only have mostly debt with the bank ...

[chook]

Update;
Chinas property market is looking more and more like a ponzi scheme that is collapsing. 70% of the Chinese economy is tied up in their Real estate market, Chinese citizens are boycotting (not paying) loans in 86 cities, the amount of loans is ..wait for it ..9.2 TRILLION! banks that have bad debts are now scrambling for survival. Is this a Chinese Lehman moment happening?

Europes energy prices have skyrocketed for example France 1 year baseload per mega watt has averaged 50 for the last 10 years, it has just hit (euro) 600. Europe and UK are asking consumers to save power now , this is even before winter has started!

Sri Lanka is old news, latest is Pakistan to go Bankrupt they need 6 billion yesterday to pay some bills

Oh yeah another one, US just passed the "Inflation reduction bill" cost will be 750 Billion (yes 3/4 of a Trillion) of printed money to fight inflation when in fact all that will do is create more inflation.

Plenty more updates to come...

[Chris W]

Sri Lanka is old news, latest is Pakistan to go Bankrupt they need 6 billion yesterday to pay some bills

More sovereign debt defaults likely, and IMF likely to have more lending programs.

[chook]

I cant appear to post a graph on this site so I will explain..

BIG big problems in Europe with scary energy costs starting to happen now BEFORE winter has even started.

French electricity year ahead price went over 1000 (euros) per mega watt per hour, and German prices are not far behind. To put this in perspective the average is well below 200.

People just wont be able to afford this. Putin has Europe on a string...

[Perry]

And the UK. is not looking that much better with an 80% hike in electricity prices.

And Oz is going to be savaged the same way, it seems.

[chook]

I cant appear to post a graph on this site so I will explain..

BIG big problems in Europe with scary energy costs starting to happen now BEFORE winter has even started.

French electricity year ahead price went over 1000 (euros) per mega watt per hour, and German prices are not far behind. To put this in perspective the average is well below 200.

People just wont be able to afford this. Putin has Europe on a string...

Lots of massive protests in France, Germany and all over Europe over skyrocketing energy prices and its not even winter yet.

This is a small gathering in Prague..

https://www.youtube.com/watch?v=0yFSlTrgp-s&ab_channel=OneindiaNews

[Chris W]

Lots of massive protests in France, Germany and all over Europe over skyrocketing energy prices and its not even winter yet.

This is a small gathering in Prague..

https://www.youtube.com/watch?v=0yFSlTrgp-s&ab_channel=OneindiaNews

Seeing protests in Indonesia.

Seeing strike action in Auckland due to higher cost of living.

[chook]

Snakes and ladders with out the snakes folks.

Amongst other things bye bye Kiwisaver, I knew you so well..

[Jeffa]

Snakes and ladders with out the snakes folks.
Amongst other things bye bye Kiwisaver, I knew you so well..

I'm all in Chook!! I'm all in!! You only live once!!!
I'd rather die broke than die wondering!!!!
Hahahaha!!!

Crazy Jeffa just bet a 100k on the SP500, ...well borrowed 100k at 3.9% i.o on margin.

Ask me in 2 years how it worked out, or if the sharemarket crashed and I got a margin called and lost my underwear!!!!




disclaimer: a stop loss will be in place to save my undies.

K.Jeffa