GUEST BLOG: Bryan Bruce – The importance of economic sovereignty


While it was good to see the government take some action with regard to the Kiwisaver default saver fund in order to deliver a better financial outcome for investors it would be nice if it now looked to its own banking behaviour.

For over 30 years now the Australian owned Westpac Bank has been the New Zealand government’s banker .

With the Westpac apparently thinking of demerging its New Zealand operation isn’t it time to ask:

Shouldn’t a New Zealand owned bank be handling our government’s business?

Shouldn’t the profits from handling our money be staying here and not going overseas?

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.


      • We signed a treaty with a foreign power giving them the right to govern. Kinda makes a mockery of everything New Zealand was built on if we start banning foreigners from owning land and voting. Jesus’s christ fucking teach new Zealand history properly. These geezas don’t have a clue.

    • A better question would be :-?Shouldn’t every individual be barred from owning land? If that were done speculation on land would cease immediately. The land would not be owned by individuals, but would belong to all Kiwis collectively and be administered for all by the government of the day. Occupation of the land would be by long term 99 year rental.
      Obviously it is not possible for all the land to become government administered overnight but if the Government could buy selectively and never sell, over a long period the land would pass out of the hands of individuals.

  1. @ BB? You ask;
    “With the Westpac apparently thinking of demerging its New Zealand operation isn’t it time to ask:
    Shouldn’t a New Zealand owned bank be handling our government’s business?”
    That, is a very good and deep and meaningful question.
    But before we can write about a ‘New Zealand owned bank handling our gubbimints business’ we must first ask who owns ‘New Zealand’?
    Because it isn’t the collective ‘us’. We wouldn’t treat each other so shamelessly.
    When four foreign owned banks here can shamelessly take 6 BILLION dollars out of our economy ANNUALLY and from under the noses of our wretched homeless and hungry wee kids and our gubbimint does literally nothing about that then I think it’s safe to assume that (AO) NZ isn’t ours per se and hasn’t been for some time.
    Another damning indication that our AO/NZ isn’t ours is how our gubbimint literally encourages the foreign banksters to prey upon us by artificially inflating domestic house prices to reap huge financial rewards but wait? There’s more!? Foreign banksters advancing monies to buy ludicrously over priced houses is effectively a bloodless foreign invasion.
    You? People borrowing money to buy houses? You don’t own your home. They do. They also own you. And they own our government and by extension, they own our country. Put bluntly, when you go to a bankster for a mortgage you effectively go down to a shadowy street corner and put your life (Mortgage= Latin for debt until death.) on the line to loan sharks. It’s a scam. A literal scam.
    Has no one thought that there’s something a wee bit fruity about the median house price in AO/NZ being over $800K !? I mean, that’s a fucking shit ton of money, to use american vernacular. And that’s just the median price. Do any of you know the meaning of the word ‘median’?
    Going by the mindless march to enabling foreign money to take control of your government, I don’t think you do.
    Here it is:
    median |ˈmiːdɪən|
    adjective [ attrib. ]
    “1 denoting or relating to a value or quantity lying at the midpoint of a frequency distribution of observed values or quantities, such that there is an equal probability of falling above or below it: the median duration of this treatment was four months.”
    Westpac isn’t outa here because it’s no longer seeing us as a viable host for its parasitic, profiteering intentions, westpac’s out a here because its hit a price-point where it can guarantee that it now has on-going influence over our AO/NZ’s day to day affairs without lifting a cold, crooked finger.
    You seen this? :
    “MBIE said high-value international investment will play an important role in supporting New Zealand’s economic recovery.”
    That, right there, and let me go on record as writing? Is bullshit. It’s bullshit. MBIE’s speaking bullshit. MBIE’s bullshitting you. They’re lying to you.
    I bet you, anything you like. The next thing to happen will be a push to make AO/NZ a republic. A new flag, new money, new wank. New owners. And then? My God. We’re in the deepest shit imaginable. And again, let me go on record with that forecast.
    Wealthy investors due to arrive on new border exemption
    Our farmers make our money by growing our export revenue to supply foods etc to a soon-to-be hungry first world and our economy is growing rapidly because of that as I write, and that, by itself shows up MBIE as liars.
    MBIE? I’m calling you out. You are liars. You’re lying for your new masters. When you dance with the devil under the pale moonlight, aye boys?
    Go you @ BB for bringing this matter to attention.

  2. However no NZ owned bank has the scale of operations to provide the banking services the Government requires. But most commentators would have no knowledge of that.

  3. Kiwibank was a good idea, but the service levels needed to be a lot higher for it to attract a wider range of NZer’s. There is a cost to change banks for the government and individuals and bank loans tie you into the bank in many cases. Government could look as less tie in regulations for banks so people can change banks easier.

    The OZ banks service levels have been declining for some time, if Kiwibank wants to compete now is time to make the challenge, but first they need much higher service levels and aim it at a wider group of NZer’s.

  4. Shouldn’t NZ cease being a vassal state of Australia and a dumping ground for their criminalised people?

  5. One more little thing…?
    The gubbimint’s casting about, looking for any industry to heap praise upon for the, I’m sure, unexpected prosperity we’re seeing despite c-19 etc. Anyone, except farming. It was tourism before c-19 and now it’s engineering. ( Ba Ha!)
    Anyone except farming. Why is that, do you think?
    Well, I think I can tell you. As I’ve endeavoured to try to do since the dawn of Tumeke!
    Farmers can’t be thanked for our AO/NZ’s bountiful survival against all odds because that’d give the game away, aye boys? Our farmers have had the boots of urban crooks, and more often than not one time farmer-traitors pressed down on their necks. Our farmers have been a cornucopia of cheap, indeed I’d argue free money for generations of kiwi crooks and that game can’t be given up. Can it Boys? I bet you hope old age takes you to Hell before you’re found out.
    Scam meet desperation?
    bnz. One of The Four.
    Manufacturing sector activity continues to expand

  6. Yes the government needs to look at their own banking behaviour. I use to bank with Westpac by default as they took over the Wellington Savings Bank but l got sick and tired of Westpac always trying to sell me products and services I didn’t need. And they tried to get me to put my kiwi saver with them when they already had most of my money. I preferred it when I got my weekly pay in a little brown envelope in cash with a white pay slip as banking has been forced on us further eroding our privacy. I now bank with a small NZ owned bank called the Cooperative Bank. NZers need more education and lobbying around money and banking we tend to be a bit, shall be right, not a good attitude to have.

  7. Jim Anderton fought hard to get the Govt to allow Kiwibank to be set up.
    Jim was alarmed at the total take of dividends derived from the NZ workers that were exported to foreign investor groups.
    A reasonably recent study tracing the shareholdings og the four Ozzie based banks that harvest billions out of NZ each year, showed that it is a common pool that owns the substantial part and control of those 4 Ozzie banks.
    I have heard for years the myth “that NZ needs over seas capital”. That is absolute bullshit as any overseas capital is a conduit to siphon off Kiwi earned money to off shore investors, or used to increase their hold on NZ earnings by expanding their holdings here.
    A concerted program of channeling NZ money into NZ enterprises with Govt backing and subsidy where necessary is sorely needed. Buying back out Energy sector and unraveling the roger douglarse destruction of corpratising government owned (by the people) infrastructure would be a start.
    The international neoliberal machine is eating up NZ, holding down wages, pushing up house prices and creating poverty.
    A new direction – YES.
    Workers cooperatives can be very sucessful where you hasve democracy working in the workplace and profits stay with the workers in NZ. Jeremy Corbyn got crucified by the Zionist faction of UK politics because he was sympathetic to the Palestinians. But his economic policies were far reaching and aimed towards greater equity for the common person

    The expanding “elite” group suck trillions out of the world economy, money that is created by workers. Hence they have money to burn used to buy up companies and invest in privatised govt functions.
    This will continue unless it is stopped. A battle ground of large numbers of citizens against a small financially powerful owner of the MSM and many in parliament.


  8. Kiwisaver put hard earned wages into private investor hands to play with , gamble and take profit plus charge the Kiwis for holding their money.

    THE NZ GOVERNMENT needs to open a Kiwisaver option where the workers opting in have their money held in Govt coffers safe from any downturn where the private.sector “investment” funds are likely to disappear.
    The money would be kept safe onshore and used to help reduce Govt debt so only a small rate of interest would be needed to attract Kiwis into the scheme.
    Govt backed, onshore, supporting Govt and NZ people.

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