no bail out for banks bail out for the victims, page-22

Some great comments on this thread.
What concerns me about these developments is this - I suspect there are many overleveraged Australians out there, for whatever reason. If enough of them get into strife all at once, the banks are in trouble. And guess where they turn to then for help? That's right - the Federal government, or in other words, us.

Suddenly the problems of both lender and borrower become the problems of the completely innocent. And thats where I get furious about the whole thing - not whether the borrower or lender are at fault (both are in my opinion, for what its worth).

Is this a likely scenario? I dont know. But who could have dreamed this would happen 10 years ago in Ireland, USA, Spain, etc. Whats the solution? There's probably many solutions, but one thing to think about is holding some of your assets in a completely different jurisdiction, so when the taxman comes looking for your share for the 'solution' (you know, like the damned Flood Levy, but this time on steroids), your foreign-domiciled assets aren't accountable.