Gutless Right Wing Government bow to the vampire Aussie scumbag banks – again!

14 Comments

1. First the shambles of reducing bank capital requirements, then the forced resignation of the RBNZ Governor, and now this.

   Almost unbelievable!

2. Well, we’ve all been saying for ages now, they look after their friends. And who’s friends with Luxon?

   This is another thing Labour can come out immediately and promise to repeal, in the first 10 days when they are back in office. It’s a going to be a long list.

   1. The list will indeed be long Joy, the longest in our political history and only those with so little intellect would disagree.

3. This amounts to the exact same problem as the supermarkets misrepresenting their pricing on the shelves so you are charged more at the till.
   Now, Nicola no Hope no Boats was on the wireless this very morning saying how the supermarkets needed a good kick in the balls because in 2025 they should have all the technology and expertise and training in place to ensure best practice and make sure customers are not screwed over.
   So why the hypocrisy when it comes to the diddums banks.
   Is their governance so incompetent they never understood the law and the consequences of breaking those laws. Perhaps a decade or two of incarceration could revitalise the minds of these executives and chair people and make them fit to be a member of a productive society.

   1. “Is their governance so incompetent they never understood the law and the consequences of breaking those laws”

      No, they just know who to give their instructions to

4. Fuck the banks. They always get the bail out the world over.

5. That’s one of the problems with New Zealand capitalism – the banks always run out of other peoples money and so latch onto the taxpayer. Happens about every 20 years or so. Less “international best practice” would be a good place to start.

6. The best way to rob a bank is to own one.

   The best way to rob a country is to own a bank.

7. The banks get to literally create our money ,,,,, which they loan out as mortgage funding etc …..

   Which also explains why only 2.5 to 3% of NZ dollars / money are in physical form,,, approx 9 Billion ,,, the rest, around 450 Billion is noughts and ones stored on and shuffled around our banks and financial institutes computers,,,, this bank created money is less real than bitcoin.

   But who do the banks lend it to and where do those people invest it or spend it on??? ,,,,, they lend it to people with money / collateral ,,, and they predominantly invest in / buy property …

   Which also explains why homes are unaffordable to a large sector of our young and working population. ….

   Look at the figures ,,,,,according to Treasury figures in the year 2000 the total value of NZ’s housing stock was $229 Billion ,,,

   In 2022 that figure was 1 Trillion 723 Billion and 371 million dollars …..

   This is a fucked method of money creation and economics ,,, High rents and large mortages costs suck money out of the general economy and into the pockets of the few ,,,bankers and landlords

   And its also part of the reason why China pisses all over us and other western neo-lib economy’s when it comes to growth and actually improving their citizens standards of living…..

   “China made money creation a public utility – an arm of the Treasury; it created money to finance tangible investments in capital formation, factories, housing – a little too much – huge public infrastructure, urban transportation, high-speed rail.”

Comments are closed.