The Daily Blog Open Mic Sunday 26th July 2015

1. Labour’s position on the TPPA is depressing me. Seriously, could you just this once find it in yourselves to make a stand instead of pandering to globalist elites?

   • Labour does have some very concrete bottom lines however ….which the TPPA as it stands and as the jonkey Nacts support it will find very hard to meet…it will cease to be a TPPA

     ….so it is a great improvement on Labour’s previous position which looked a bit like fence sitting

     Labour’s five bottom lines are:

     * Pharmac must be protected
     * Corporations cannot successfully sue the Government for regulating in the public interest
     * New Zealand maintains the right to restrict sales of land and housing to non-resident foreign buyers
     * The Treaty of Waitangi must be upheld
     * Meaningful gains are made for our farmers in tariff reductions and market access.

2. Here is the scale of the housing problem…anyone who denies this is ignorant or disingenuous…this applies to Australia …..and New Zealand

   http://www.smh.com.au/business/comment-and-analysis/wall-of-chinese-capital-buying-up-australian-properties-20150628-ghztdf.html#ixzz3gVPV2Oew

   ….”That’s roughly $32 billion,” says Tee. “The Canadian government said: ‘We don’t want your money anymore’ and that capital is now hitting the Sydney market.”
   “There is a mountain of liquidity. China is bursting with flight capital. They can’t go to the US, they can’t get it into Singapore anymore, or Hong Kong.”
   Tee’s comments come at a time of increasing concern that a generation of young Australians have been locked out of the property markets of Melbourne and Sydney due to spiralling house prices….

   Tee says recent figures in the media which put Chinese investment in the Sydney property market at 25 per cent of total sales were too low. He says it might be twice this level but it is hard to tell because of the lack of transparency on ownership.
   Most Chinese purchases hide behind trustees and proxies. Third parties such as friends and relatives were often used.
   “Chinese students are being paid 2 per cent of the purchase price of the property to purchase property on behalf of relatives,” says Tee.

   Another person au fait with Chinese property transactions in Australia told Fairfax Media it was simple for Chinese investors to get around the foreign capital restrictions.
   “The money never really moves. In a simple example, Kunlun is a forex trading and money exchange company. It has bank accounts in many countries with significant cash balances. So if someone wants $40 million in Australia they put the money in a Kunlun China account and Kunlun transfers the money from their Australian accounts to the person’s friend’s Australian account.
   “Kunlun is just one example – any large trading multinational will hold large reserves of cash in each country so they can effect a transfer with an internal paper transaction. No banks or government scrutiny involved. And given that they don’t do effective reporting in this country, who will ever trace it?…”Kunlun is just one example – any large trading multinational will hold large reserves of cash in each country so they can effect a transfer with an internal paper transaction. No banks or government scrutiny involved. And given that they don’t do effective reporting in this country, who will ever trace it?
   “The current situation is that one of the best assets a local Chinese can have is a permanent Australian residence. They will have ‘friends’ lining up to ‘loan’ them money to buy properties in Australia.
   All the government needs to do is follow the cash.”
   Sadly, for a generation of young homebuyers it seems the government is not interested in following the cash. Otherwise our politicians, of both major parties, would have introduced the second tranche of AML legislation by now and real estate agents would have to prove that their clients’ funds were legitimate.

3. New Zealander’s land and culture and assets are in danger of being sold for a song…like Greece

   http://www.rt.com/shows/keiser-report/310334-episode-max-keiser-786/

   “In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss Greek prime ministers bearing referendums as privatisation schemes move full steam ahead as billionaires and celebrities begin buying up Greek islands on the cheap.

   In the second half, Max interviews Eddy Travia of Coinsilium.com about the company’s upcoming IPO on the Alternative Investment Market (AIM) in London. Coinsilium Group facilitates the implementation of blockchain technology products and services alongside media and corporate advisory services.”

   Some things are too important to sell….some things should not be sold!

4. A very powerful and extremely moving protest by the unions, Deborah and daughter Skylar.

   No words required.

   The 291 crosses, tell the tragic story.

   http://www.stuff.co.nz/national/politics/70548461/union-vigil-with-291-white-crosses-greets-delegates-at-national-conference

5. We are living in a highly speculator property market in Auckland and Sydney but the bubble will explode one day when we awake their will be a flight of capital and depressed price market that people will be walking out of their homes and leaving the door open.

   We have already seen it during the 1980s and 90s in US and Canada, and now its our turn soon.

6. Don’t know if New Zealand ‘can afford’ to wait until the next election to get this, sit on your hands, government out… We are going down the toilet, fast.

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