The banks in NZ are so clever and devious that they can turn paying gst on financial services they provide as a tax on your KiwiSaver and we are all dumb enough to believe them!
That’s real power, when you can masquerade your profit margins as everyone’s interest.
It’s a very vivid lesson that when the Labour/Green/Māori Party come for the Banks, and come for the Banks they must, you have to be upfront and ruthless.
This country is built economically upon stealing Māori land and never paying it back, exploitation of migrant workers to ensure a low wage de-unionised economy and the criss-crossing old boys network of monopolies and duopolies that dominate NZ industry.
Normally this crony capitalism goes unnoticed because everyone is benefitting, but with Covid killing free market capitalism and the climate crisis interrupting the economy, people are stressed out and frightened and feeling poorer.
Suddenly the exploitative nature of NZs under regulated free market is under scrutiny like never before.
Why are we paying international prices for Dairy that is produced in this country using a monopoly?
Why are the Supermarket Duopolies killing us on food prices as food inflation explodes?
Why has the Medical Cannabis oligarchy market failed?
Why did the Gib board market fail?
And why the fuck are the Banks taking billions in profits while we suffer?
It’s time the Government had the balls to do what it’s supposed to fucking do!
REGULATE CAPITALISM!
The great jackboot of the State is constantly on the throats of the little people and the taxation yoke is pulled by them when the jackboot of the State should be on the throats of the powerful and rich with the taxation yoke lifted from workers onto corporates!
We need to be kinder to individuals and crueller to corporations!
Yes Government should buy and own and back Kiwibank and here is a list of other things that should be done to ensure NZs economic sovereignty in an age of geopolitical shockwaves which will demand more local infrastructure be it energy, pharmaceuticals, an expanded military, more manufacturing AND our own Bank!
- Take the Government contract for its banking needs from Westpac and give it to Kiwibank to boost our own.
- Open a KiwiBank branch in every town in NZ alongside other public services and use it as a community hub as well as banking.
- KiwiBank launch new flexible mortgage platforms for owner occupier first time home buyers that is Government backed AND offers to take any stressed out first time home buyers from other banks who are threatening to take them to a mortgage sale.
- Windfall tax on bank profits.
- Financial transaction tax that makes so much money from speculators and the super rich that it allows us to lower GST to 10%.
The Australian Banks have had it too good for too long, as late stage capitalism continues to implode and crash, we need new ways of ensuring our independence and self reliance.
Being at the mercy of Australian Banks in an under regulated market ripe for annual plunder is not a fucking economic policy!
We need to start regulating these monopolies and duopolies and oligopolies because that’s the job of a Government in a Democracy, to regulate capitalism so that its benefits are harvested and shared by everyone, not just by those making obscene profits at our collective expense!
Don’t sneak change through and allow the Banks to play victim, punch them in the nose and stand your ground.
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Do you have any idea that your Kiwibank proposal would cost? I imagine about $10 billion minimum. You are proposing increasing the size of Kiwibank by around 500%, so based on the $2 billion price for the bank as it is, such an increase would require another $10 billion. This would be required to maintain capital adequacy ratios in the bank.
What is the point?
There are surely more useful things to spend $10 billion on. For instance, a new hospital at Middlemore and 15,000 new state houses.
Most of the issues we are concerned with are a direct result of the current government, which are just carrying out the previous governments policy. It’s why democracy is no longer a system that serves the people, because almost no-one wants this. I’d like to see an election where either no-one votes, or every vote is invalid. See how they spin it as being “legitimate”.
Yep, lower GST to 10%, raise the top tax rates, call it “tax neutral”™.
Great post M B!
Bob , go talk to your mate Hosking.
Kiwi Bank has been a failure thus far. Market share is extremely low. It is under capitalised and doesn’t perform many functions expected of a trading bank. There are better uses of tax payer money than recapitalising Kiwi Bank which has failed to attract public support thus far and has not been a commercial success to date. Government has the power to regulate the “Australian” banks and that is a much simpler and more cost effective way to achieve aims!
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