Bank on local Credit Unions for security

Lessons learned from Europe's dealing with its financial difficulties.

Dear editor,

What can we learn from Cyprus? A new bailout method is replacing the unpopular taxpayer grab that has worked well up until now.

European finance ministers have come up with a plan to divide banks into “good” and “bad” (perhaps they draw straws, or roll dice) and salvage the one by shifting the deposits and liquid assets to the first while loading all the toxic debt onto the other. In a bold move to secure a prosperous future, 60% of the deposits over 100,000 euros will be collected in a one-time savings tax called the “Mandatory Stabilization Contribution” (MSC).

It’s too bad that ordinary Canadians can’t get ahead of the curve somehow, and begin to move all of their savings and make all of their deposits into a local Credit Union account, removed from the stormy uncertainty of the teetering global economy. That way, when the Federal Reserve of the United States finally allows interest rates to rise, (causing an eruption of hyper-inflation and the inevitable tsunami of bankruptcies and lay-offs, leaving behind the desolation of crushed stock markets around the world), we can breathe a sigh of relief and continue on a local scale of commerce.

When our elected representatives start pounding on their desks and vote unanimously to bring in the MSC as the salvation for our precious charter banks, we can politely shake our heads, herd these ravenous dinosaurs together and cheer as they stampede into the pages of history.

Blair Hamilton

Port Hardy

 

Just Posted

FILOMI Days sees massive crowd arrive in town to enjoy weekend festivities

The North Island Gazette was at just about every event this weekend.

Rumble on the Runway returns to Port McNeill Airport

In fact, the event is so popular that officials say it is usually sold out months in advance.

Bradshaw’s Photo Highlight: Fireweed in full bloom

“This year is shaping up to be a good year for fireweed.”

Tahsis Inlet voted BC’S top boating destination for 2019

Tahsis Inlet is located midway up the west coast of Vancouver Island

Oceanfront RV campground in Port Alice is open for business

Anstee plans to have other amenities besides camping, “but for now, this is it.”

VIDEO: Missing teens named as suspects in three northern B.C. killings

Kam McLeod and Bryer Schmegelsky are wanted in the deaths of Lucas Fowler, Chynna Deese, unknown man

Vancouver Island teacher suspended for professional misconduct

Grade 8 shop teacher admits to use of vulgar language and profanities toward students, parents

Northern B.C. double homicide, suspicious death: A timeline of what we know

Two teens from Port Alberni are now wanted Canada-wide in connection to the three deaths

B.C. wine industry legend Harry McWatters dies

Among his accomplishments, McWatters founded the province’s first estate winery, Sumac Ridge Estate

Provincial health body refuses to release full findings of cancer triage system audit

Information and Privacy Commissioner asked to review redactions

Southern resident killer whale died of blunt trauma, likely from ship

J34 was found more than two years ago near Sechelt, but the necropsy findings have now been released

B.C. rail crossing death highlights risks for people in wheelchairs: watchdog

Transportation Safety Board points to ‘persistent risks faced by persons using assistive devices’

B.C. teens wanted in double homicide, suspicious death spotted in Manitoba

Kam McLeod and Bryer Schmegelsky were thought to have been seen in the Gillam area

Vancouver Island man wanted after walking away from halfway house in Victoria

Warrant issued for Jesse Goodale, convicted of aggravated assault

Most Read