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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Said it before. The Australian banks are shareholder owned. ACC and NZ Super can buy shares on the open market and get a comensurate share of the profits back here. Instead of the Government (Grant on his own) buying KiwiBank for $2.1b, they could have bought $2.1b of Aussie bank shares…….
Yes that would retain some bank profits from being exported, true. On the other hand the government has paid Kiwi owned ACC and NZ Super $2.1 billion rather than giving the money to Aussie sharholders. And if the government had attempted to buy up $2.1 billion of aussie bank shares stock brokers would have dicked them on the price. Nevertheless ACC and NZSuper now have $2.1 billion to buy Aussie Bank shares if they choose subject to balanced portfolio rules. 1st priority make half a billion kiwibank profit a year by moving government banking away from Westpac.
Yes that would retain some bank profits from being exported, true. On the other hand the government has paid Kiwi owned ACC and NZ Super $2.1 billion rather than giving the money to Aussie sharholders. And if the government had attempted to buy up $2.1 billion of aussie bank shares stock brokers would have dicked them on the price. Nevertheless ACC and NZSuper now have $2.1 billion to buy Aussie Bank shares if they choose subject to balanced portfolio rules. 1st priority make half a billion kiwibank profit a year by moving government banking away from Westpac.
?
Sorry, which Labour Party are you referring to?
The one with the absolute majority in Parliament right now today, or the future one that is dependent on the Greens and Maori Party for support?
Certainly not the current one Ada they’re not up to much.
Bob out Bob. Come polish my nob. Bad Boy Bot Bobby!
Silly childish humour.
i quite liked the bad boy bubby reference, a clever play on words. nicely done sinic.
Bobblehead Bob bot
Thankyou my devotee’s I’m overjoyed.
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.
Kiwi Bank a stagnant asset at best but more likely a failure and Grant Robertson used $2billion of our money to buy it?
Staggering.
the aussie bank shills are out today
Bad Boy Bobby
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”.
my thoughts too nitrium let’s elect the ‘spoilt ballots’ party.
Ditch your Aussie bank Bomber. Go on.
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.
Thanks Jimbob do you have his number by any chance?
his number is 1-800-fucktard
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!
The Left Wing mantra regulate.
I don’t bank with Kiwibank but would if it was financed like a bank, functioned like a real bank at commercial level and looked like a real bank. Having to go to the local dairy post shop to do business doesn’t do it for me. There is however an opportunity here. The large banks have been shrinking their presence from smaller towns for a long while, there’s most likely half the branches there were previously. Everything is internet based. So with a few decent Kiwibanks in the cities, and financed better, I can’t see why Kiwibank couldn’t compete. Instead of spending our money on those mindless inane Waka Kotahi Roading ads, the government could highlight our own Kiwibank. By all means regulate the Aussie banks as well.
Kiwibank since they started have had the best online banking interface and hourly transfer of funds which has been great for everday peoples banking. They are conservative mortgage lenders. Using them as a business bank has friction points.