GUEST BLOG: Bryan Bruce – The greed of NZ Banks


The latest quarterly KPMG survey of the banking and finance sector shows collective profits for the 20 registered banks hit a record last year, rising 11 percent to $5.77 billion from $5.19bn in 2017.

The main banks also shed more than 200 staff, had 44 fewer branches, and slightly fewer money machines.

So they have no sense of social responsibility what- so -ever.They are entirely driven by profits for their shareholders.

I’ve just shared (in the post below this one ) the first of a series of very good short documentaries interviewing women working for minimum wage. Please check it out.

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Do you think there might be something unfair about the way we are still running our economy?

Do you think that Labour is living up to its name ? Iis it really standing up for working people, or allowing the greedy to plunder our economy by still permitting our deregulated banking and finance industry to pretty much do what it wants?

I believe that if you work all week you ought to be able to make ends meet for you and your family without getting into debt.

Frankly need more than talk of kindness. We need a radically progressive approach to our economy that really DOES tackle the huge gap between the haves and the have nots.

What say you?


Bryan Bruce is one of NZs most respected documentary makers and public intellectuals who has tirelessly exposed NZs neoliberal economic settings as the main cause for social issues.


    • Remember what Winston warned us of when he joined Labour?

      Global debt hits all-time high of $184,000,000,000,000
      In the US, Google, Microsoft, Netflix, Facebook, Apple and Amazon have cornered two thirds of the global stock market returns so far this year. In no way is that sustainable.

      China’s economy has begun to slow and Europe’s biggest economy, Germany, has gone into reverse. After the boost to the US economy when President Trump slashed taxes for the rich, economic growth in the US is expected to slow down next year to 1.9 percent next year.

      Americans are nervous which means they are buying less and saving more. This has led the IMF to warn of the negative impact of the US economy on the rest of the world.

      The simple fact is that you do not sustain economic recovery based on increasing levels of debt. We are now back to the same volatile situation we were before the 2008 crisis. Governments around the world have failed to reform the system with President Obama doing nothing to change America’s dodgy markets through his eight years in office.

  1. Ellen Brown was a lead founder of the Public Banking Institute, and author of the ground-breaking books Web of Debt – The Shocking Truth About Our Money System And How We Can Break Free and The Public Bank Solution – From Austerity to Prosperity. She has presented on public banking in North America, Europe, and Asia. She conducts the radio show “It’s Our Money” and the TV show “The Public Bank Solution.” She currently chairs the Public Banking Institute. Her Blog “Web of Debt” has hundreds of articles shining a bright light on the many advantages of public banks for a better world.

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