So Mighty River Power is first on the block, to be sold in the third quarter of next year (market conditions permitting).
John Key was typically nowhere near the announcement, leaving unpopular news to henchman Bill English and Tony Ryall. But up for sale it is. Rich New Zealanders will be given first chance to buy the company we already own. Ryall says the company won’t be sold for as much as it could be to enable them to be able to get in (and subsequently sell at a profit). This will be a massive wealth transfer to those wealthy enough to afford shares while New Zealand “muddles through” high unemployment and low growth.
Instead of subsidising our education and health systems, the profits will soon head overseas, worsening our foreign debt in the long run – impoverishing (most of) New Zealand; leaving us tenants in our own land.
The fightback needs to start now. What are we going to do about it?
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