Thanks Carol…was just wondering how I could be involved. I am so glad to see this major issue coming out into the open…literally! Will be heading in today to show my support.
The full article is behind a paywall but the 1% really like to skite:
‘“profit margins have reached levels not seen in decades,” and “reductions in wages and benefits explain the majority of the net improvement.” (Cembalest printed the latter quote in boldfaced lettering.) “US labor compensation,” he explained, “is now at a 50-year low relative to both company sales and US GDP.” ‘
In the Sunday Star Times today, Green Party marine issues spokesman Gareth Hughes said the government needed to call a halt to a new marketing campaign aimed at foreign oil companies to open up our seas to more offshore oil exploration.
The government plans to appoint a “provider” to head this marketing campaign later in the year.
I wonder who it could be?
No doubt the unconscionable Owen Glen will be the front runner;
#1 Owen Glen has a history vigorously seeking a government sinecure.
#2 Owen Glen is an a strident and extremist advocate of fossil fuels extraction.
…the government is pushing ahead with plans to tout New Zealand’s offshore oil resources to overseas buyers.
The grounding of the cargo ship Rena has raised questions about New Zealand’s ability to cope with a major oil spill, but the government is planning an international marketing campaign to boost offshore oil and gas exploration over the next three years.
The Ministry of Economic Development plans to appoint a provider this year to identify – and market to – exploration companies around the world ahead of block licensing next year. Promotional workshops in London, Singapore and Houston are part of the plan.
Acting Energy Minister Hekia Parata told the Sunday Star-Times the government was committed to realising the potential of New Zealand’s petroleum basins.
“New Zealand is blessed with an abundance of energy resources and the government wants to use those resources in an environmentally safe way to secure our energy future, and to lift our standard of living,” said Parata,
Hekias stats in the SST article seemed a little unlikely – we get 4% of financial benefits (according to Gareth Hughes) which Parata says adds up to 2 billion plus going to the taxpayer….(The only other figure I have seen was more like $400 million)
According to these sums the industry in NZ is earning 50 billion a year? Really?
Is anyone able to shed any light on the veracity of Paratas claims?
This site: http://www.economywatch.com/economic-statistics/country/New-Zealand/
puts the value in 2010 at 1.584 billion US dollars which suggests that Hekia is quoting the total value of oil exports and not actual contribution to the NZ economy which is considerably less…
of course she is, you do not expect a National Party puppet to tell the truth about the economy do you? Be it revenue neutral taxes or foreign ownership of our assets. The Nats would not know how to begin to share facts with the public. They have been swallowing each others lies for so long that the spin cycle has engrained itself in their collective psyche. I sincerely believe they are convinced that black is white and down is up and nothing will get thewm to admit the shadow we are driving towards is not a scenic view but a tip face
The appalling lack of leadership and management in the initial days of the grounding of the Rena continues to be critiqued…..and Joyce, Key and Co are not looking good. Fits nicely with Tom Scott’s carton!
Why is Colin Peacocke trying to undermine Bomber Bradbury?
Media Watch, Radio New Zealand National, Sunday 16 October 2011
On last week’s Media Watch, Colin Peacocke launched into an extraordinary broadside against Bomber Bradbury, calling him a “bombastic blogger”, labeling his criticism of the Prime Minister’s conduct “a rant” and condemning him for his “lack of balance”.
Today, Peacocke continued his campaign. Throughout the item, Peacocke maintained an attitude of lofty disdain for Bomber, again calling him a “bombastic blogger”, labeling his comments a “rant” (he repeated that word several times) and claiming that he “wouldn’t let host Jim Mora get a word in” and had “used the programme as a megaphone”.
Peacocke—or was it one of the producers?—also arranged for letters of support for Bomber and even an item by Gordon Campbell to be read out by a man in the rasping adenoidal falsetto of a simpleton, with the obvious aim of ridiculing or undermining the support for Bomber.
Is there something personal behind this campaign? Or is Peacocke about to jump to NewstalkZB? The standard of his commentary is about what is required for that.
Sometimes I wonder about Media Watch. Their taste for making sardonic (sneering?) observations often seems to trump serious examination of issues and principles; and a world-weary cynicism about the media’s ability to treat stories in a competent way seems to creep in. With so much at stake in contemporary politics, methinks they should restrain their desire to look clever, for a while. I stopped finding entertainment in the train-wreck of NZ media some time ago.
As bad as Peacocke’s nasty little vendetta against Bomber is, Media Watch’s nadir was plumbed several years ago, when a supposedly serious investigation into the dire state of sports journalism in New Zealand featured a deathly serious interview with ….wait for it…. Martin “Moron” Devlin.
Two weeks after gift duty was axed, accountants and lawyers are overwhelmed with calls from clients wanting to give assets and cash to relatives or family trusts.
Daniel Hunt, a tax lecturer who runs a training and consulting practice, said that millions of dollars in assets and cash had already changed hands
Love these people to go down to the local public hospital and explain to the staff and patients why they should have to suffer resource-wise so they can have a few dollars.
Amazing contradictory statements of principle and disrespect for the spirit of democracy shown by John Banks on Qu & A this morning, with Christine Fletcher in supporting role.
Banks advocated some core principles of individual rights and responsibility. Christine Fletcher said the rest of the country don’t understand the situation of people in Epsom. There are large numbers of Epsomites now struggling to pay big mortgages and school fees and having to do several jobs to do it.
Banks then went on to say that Epsom people want a center right government, and they know JK/National won’t be able to do it without him being elected to Epsom, while also bringing 4 or more Act MPs into parliament on his coat-tails.
UNBELIEVABLE – and no-one on Qu and A questioned the blatant advocacy of breaching democratic principle by encouraging Epsomites to use an MMP loophole to decide the government for the whole country…. a country that includes people who can’t afford decent food, let alone big mortgages and private school fees… and large numbers of people who can’t get jobs, while it seems many in Epsom have 2 or 3 jobs.
How much responsibility is this showing for the inequalities and disadvantages for the many, currently seen in NZ?
” There are large numbers of Epsomites now struggling to pay big mortgages and school fees and having to do several jobs to do it”
These rich pricks (I make no apologies for using that term), should take their own advise and send their kids to a cheaper state school. I guess that means that their darlings would have to be around grubby poor people though…
I really fear for this nation with John Banks and Don Brash in parliament, and at the cabinet table. I really do.
Hi Joe, I went down to the Occupy session in Wellington yesterday….the last thing any occupier would claim to be is anti Semetic…what a pile of *****. I despise John Key but his Jewish antecedence has f.a. to do with it. Typical smokescreen stuff, the banksters are now also accusing the OSWers as being “unsphisticated” and “not middle class”…what a pack of wankers.Sort of a Marie Antoinette utterance.
Yeah I saw a piece on RTV about a Republican lobby group now advertising that OWS was actually an anti-semitic, anti-israeli protest which had the tacit support of Obama.
RTV promptly went straight down to the protest, found a bunch of Jewish guys who said that was BS, 20% of NYC is Jewish and many of them were joining the protest.
There is a growing infiltration of OWS by ‘Anarchist’ groups, but many organisers of the Anarchist groups ( i know i know) have stated they are not part of it and want to support the OWS movement in their wish for NON-VIOLENT engagement with authority.
The anti-military sentiment experessed in the image being circulated has nothing to do with OWS or the Anarchist movement, although it is attributed to OWS/ Anarchist activists, it is complete horse shit. MEMBERS OF THE MILITARY HAVE BEEN ACTIVELY PARTICIPATING IN OWS so it suggests more BS from someone feeling threatend
The Police are refusing to release the names of those arrested as they know it can be proven they are not now or ever were associated with the movement. The reports of violence from various actions around the world are being rightfully identified as provocateur actions or the acts of a few idiots and you are always going to get that. The anti-OWS hysteria the MSM is fanning can easily be seen for the weak attempt at distraction that they represent.
Watching the news yesterday had me in paraxisms of rage at the pathetic MSM, dickhead media types reporting the Rena oil spill as our “greatest environmental disaster”. Fuckwits, yes its huge and nasty BUT where the fuck have all you glib little establsihment mouth pieces been all this time during which:
* Lake Ellesmere has been turned into a toxic algal soup.
* Taupo and the Rotorua lakes are being polluted by ground water full of agricultural chemicals and run off.
* the Manawatu river system is rated highly polluted by world standards.
* the Waituna lagoon is dying from dairy nutrients.
There are a heap more I could site, the environmental disaster is under our noses, everywhere in “clean green NZ”.
Radio sport: ignorant caller and ignorant host (What’s new?)
This typically pathetic exchange occurred last night on Radio Sport, half an hour after France had dispatched the gallant Welsh to the Bronze Medal match. I don’t know what’s more distressing in this little exchange: the abysmal ignorance of the caller, the equally abysmal ignorance of the host Mark Watson, or Watson’s nasty, racially charged “joke” at the end….
CALLER: Mark, you know tonight’s the 25th anniversary, don’t you.
MARK WATSON: Oh, is it? The anniversary of what?
CALLER: It’s the 25th anniversary of the Rainbow Warrior bombing by the French.
MARK WATSON: Oh is it?
CALLER: Yep, they blew it up today in 1986.
MARK WATSON: I didn’t realize that. Do you think we could get them to blow up the Waka?
Showing complete disrespect to the democratic choice of Kiwis not in the Epsom electorate, or the fact that Banks has already been rejected as the NAct/Hide choice for mayor by voters in greater Auckland, JOHN BANKS said:
Well, I care passionately about this country, about this city. I’m well-connected to Auckland. I’m experienced. I’m hard-working. I want to represent the people of Epsom in the Parliament, and I’m not going to Wellington just to bounce dead cats. The people are Epsom are deeply blue. 364 days of the year, they are National Party supporters. Once every three years, they decide to vote strategically. Paul’s going to be a fine member of Parliament. If they vote for me, I’ll bring three or four or five – a number of other high-quality ACT members of Parliament to the table so that we can have a continuation of John Key’s sensible government.
[..]
It isn’t a pipe dream. 50% of the people on the doorstep are saying they haven’t yet made up their mind. They want a National government. They don’t want a coalition Labour Party government with Hone Harawira, the Greens and the rest of them. They want to make sure that John Key’s the prime minister, and, Paul, on election night with the polls closing, Epsom will be critical to John Key’s future and the National Party government of New Zealand.
Activist depositors can destroy these investment banking terrorists. That is what Citibank is scared of.
Max Keiser described it very well.
a) Co-ordinate the mass shifting away, withdrawal or closure of the savings and deposit accounts belonging to many people.
b) Co-ordinate the mass strategic default (non payment) of mortgages due on a particular day or on a particular week.
Big deal you might say. So what if you could co-ordinate via Facebook etc 10,000 people withdrawing an average of $5000 each. The resulting $50M withdrawal isn’t going to sink a big bank, is it? Or is it.
Understand now: almost all these banks are blindingly overleveraged, often to ratios of 30:1, 40:1, 50:1 or even higher. They’ve played the casino game of ever increasing leverage to minimal reserves, which is why they are so scared.
At a leverage ratio of 50:1, that $50M withdrawal can hit a banks profitability by 50x. ie. putting a $2.45 billion hole in its quarterly profits.
These fucking banksters only understand money, not human values, so this is the kind of very clear message that they will understand.
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Latest update on
http://www.occupyauckland.org/general-assembly-1-15-october-2011
They invite people to join for an hour, a day, night, weekend… etc
and suggest ways to get involved
http://www.occupyauckland.org/get-involved
And here is a list of things to donate:
http://www.occupyauckland.org/donate
Global Peace and Justice Auckland have kindly allowed us to use their bank account until we set one up
Thanks Carol…was just wondering how I could be involved. I am so glad to see this major issue coming out into the open…literally! Will be heading in today to show my support.
The full article is behind a paywall but the 1% really like to skite:
‘“profit margins have reached levels not seen in decades,” and “reductions in wages and benefits explain the majority of the net improvement.” (Cembalest printed the latter quote in boldfaced lettering.) “US labor compensation,” he explained, “is now at a 50-year low relative to both company sales and US GDP.” ‘
http://www.tnr.com/article/trb/94938/wall-street-income-inequality
Charts: Here’s What The Wall Street Protesters Are So Angry About….
More charts: Wealth, Income, and Power
edit: More here. http://taxprof.typepad.com/files/129tn0251.pdf
In the Sunday Star Times today, Green Party marine issues spokesman Gareth Hughes said the government needed to call a halt to a new marketing campaign aimed at foreign oil companies to open up our seas to more offshore oil exploration.
The government plans to appoint a “provider” to head this marketing campaign later in the year.
I wonder who it could be?
No doubt the unconscionable Owen Glen will be the front runner;
#1 Owen Glen has a history vigorously seeking a government sinecure.
#2 Owen Glen is an a strident and extremist advocate of fossil fuels extraction.
This Should Be A Wake UP Call
Hekias stats in the SST article seemed a little unlikely – we get 4% of financial benefits (according to Gareth Hughes) which Parata says adds up to 2 billion plus going to the taxpayer….(The only other figure I have seen was more like $400 million)
According to these sums the industry in NZ is earning 50 billion a year? Really?
Is anyone able to shed any light on the veracity of Paratas claims?
This site: http://www.economywatch.com/economic-statistics/country/New-Zealand/
puts the value in 2010 at 1.584 billion US dollars which suggests that Hekia is quoting the total value of oil exports and not actual contribution to the NZ economy which is considerably less…
of course she is, you do not expect a National Party puppet to tell the truth about the economy do you? Be it revenue neutral taxes or foreign ownership of our assets. The Nats would not know how to begin to share facts with the public. They have been swallowing each others lies for so long that the spin cycle has engrained itself in their collective psyche. I sincerely believe they are convinced that black is white and down is up and nothing will get thewm to admit the shadow we are driving towards is not a scenic view but a tip face
The appalling lack of leadership and management in the initial days of the grounding of the Rena continues to be critiqued…..and Joyce, Key and Co are not looking good. Fits nicely with Tom Scott’s carton!
Herald on Sunday editorial
http://www.nzherald.co.nz/opinion/news/article.cfm?c_id=466&objectid=10759326
Matt McCarten
http://www.nzherald.co.nz/opinion/news/article.cfm?c_id=466&objectid=10759318
Tom Scott
http://www.stuff.co.nz/blogs/opinion/cartoons/1251886
You gotta love that cartoon… This is a PR Own Goal for National… the more they put Joyce out there, The more the Populice winces…
There is a cruel irony that Joyce’s reputation has been Tarr’ed with “National Significance”
I realise Bernard Hickey is no leftie, but his column today tells me he’s been reading his Steven Keen.
Why is Colin Peacocke trying to undermine Bomber Bradbury?
Media Watch, Radio New Zealand National, Sunday 16 October 2011
On last week’s Media Watch, Colin Peacocke launched into an extraordinary broadside against Bomber Bradbury, calling him a “bombastic blogger”, labeling his criticism of the Prime Minister’s conduct “a rant” and condemning him for his “lack of balance”.
Today, Peacocke continued his campaign. Throughout the item, Peacocke maintained an attitude of lofty disdain for Bomber, again calling him a “bombastic blogger”, labeling his comments a “rant” (he repeated that word several times) and claiming that he “wouldn’t let host Jim Mora get a word in” and had “used the programme as a megaphone”.
Peacocke—or was it one of the producers?—also arranged for letters of support for Bomber and even an item by Gordon Campbell to be read out by a man in the rasping adenoidal falsetto of a simpleton, with the obvious aim of ridiculing or undermining the support for Bomber.
Is there something personal behind this campaign? Or is Peacocke about to jump to NewstalkZB? The standard of his commentary is about what is required for that.
Sometimes I wonder about Media Watch. Their taste for making sardonic (sneering?) observations often seems to trump serious examination of issues and principles; and a world-weary cynicism about the media’s ability to treat stories in a competent way seems to creep in. With so much at stake in contemporary politics, methinks they should restrain their desire to look clever, for a while. I stopped finding entertainment in the train-wreck of NZ media some time ago.
As bad as Peacocke’s nasty little vendetta against Bomber is, Media Watch’s nadir was plumbed several years ago, when a supposedly serious investigation into the dire state of sports journalism in New Zealand featured a deathly serious interview with ….wait for it…. Martin “Moron” Devlin.
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10759301
Two weeks after gift duty was axed, accountants and lawyers are overwhelmed with calls from clients wanting to give assets and cash to relatives or family trusts.
Daniel Hunt, a tax lecturer who runs a training and consulting practice, said that millions of dollars in assets and cash had already changed hands
Love these people to go down to the local public hospital and explain to the staff and patients why they should have to suffer resource-wise so they can have a few dollars.
So?
Amazing contradictory statements of principle and disrespect for the spirit of democracy shown by John Banks on Qu & A this morning, with Christine Fletcher in supporting role.
Banks advocated some core principles of individual rights and responsibility. Christine Fletcher said the rest of the country don’t understand the situation of people in Epsom. There are large numbers of Epsomites now struggling to pay big mortgages and school fees and having to do several jobs to do it.
Banks then went on to say that Epsom people want a center right government, and they know JK/National won’t be able to do it without him being elected to Epsom, while also bringing 4 or more Act MPs into parliament on his coat-tails.
UNBELIEVABLE – and no-one on Qu and A questioned the blatant advocacy of breaching democratic principle by encouraging Epsomites to use an MMP loophole to decide the government for the whole country…. a country that includes people who can’t afford decent food, let alone big mortgages and private school fees… and large numbers of people who can’t get jobs, while it seems many in Epsom have 2 or 3 jobs.
How much responsibility is this showing for the inequalities and disadvantages for the many, currently seen in NZ?
” There are large numbers of Epsomites now struggling to pay big mortgages and school fees and having to do several jobs to do it”
These rich pricks (I make no apologies for using that term), should take their own advise and send their kids to a cheaper state school. I guess that means that their darlings would have to be around grubby poor people though…
I really fear for this nation with John Banks and Don Brash in parliament, and at the cabinet table. I really do.
You mean they should budget to live within their means? Budget? Like a poor person?
Next you’ll be saying that if they can’t afford to live in Epsom they should sell their house to someone who can, and go live somewhere more suitable.
easy there felix, thems are sensible words, Epsomites don’t like that type of carry on.
They much prefer hysterical scaremongering.
Look out Epsomites everywhere, the 99% know where you live.
p.s. did anyone else want to throw a heavy blunt object at Coddington this morning?
http://thinkprogress.org/security/2011/10/13/343414/hedge-fund-bankrolled-emergency-committee-for-israel-smears-occupy-wall-st-protests-as-anti-semitic/
Hi Joe, I went down to the Occupy session in Wellington yesterday….the last thing any occupier would claim to be is anti Semetic…what a pile of *****. I despise John Key but his Jewish antecedence has f.a. to do with it. Typical smokescreen stuff, the banksters are now also accusing the OSWers as being “unsphisticated” and “not middle class”…what a pack of wankers.Sort of a Marie Antoinette utterance.
http://www.nytimes.com/2011/10/15/business/in-private-conversation-wall-street-is-more-critical-of-protesters.html?_r=1&pagewanted=all&src=ISMR_HP_LO_MST_FB
Yeah I saw a piece on RTV about a Republican lobby group now advertising that OWS was actually an anti-semitic, anti-israeli protest which had the tacit support of Obama.
RTV promptly went straight down to the protest, found a bunch of Jewish guys who said that was BS, 20% of NYC is Jewish and many of them were joining the protest.
http://economix.blogs.nytimes.com/2011/10/11/bankers-salaries-vs-everyone-elses/
edit: More attempts to undermine OWS. http://www.reddit.com/r/occupywallstreet/comments/lda6k/this_picture_has_been_making_rounds_on_facebook/
There is a growing infiltration of OWS by ‘Anarchist’ groups, but many organisers of the Anarchist groups ( i know i know) have stated they are not part of it and want to support the OWS movement in their wish for NON-VIOLENT engagement with authority.
The anti-military sentiment experessed in the image being circulated has nothing to do with OWS or the Anarchist movement, although it is attributed to OWS/ Anarchist activists, it is complete horse shit. MEMBERS OF THE MILITARY HAVE BEEN ACTIVELY PARTICIPATING IN OWS so it suggests more BS from someone feeling threatend
The Police are refusing to release the names of those arrested as they know it can be proven they are not now or ever were associated with the movement. The reports of violence from various actions around the world are being rightfully identified as provocateur actions or the acts of a few idiots and you are always going to get that. The anti-OWS hysteria the MSM is fanning can easily be seen for the weak attempt at distraction that they represent.
Here is a much more hoest image to circulate
http://www.flickr.com/photos/freedom4nz/6233632814/in/photostream
Our defense spending deals with ideological ghosts and not reality.
http://localbodies-bsprout.blogspot.com/2011/10/maritime-new-zealand-underfunded.html
Rena Cleanup Protection Recommendations for Response Workers.
If you’re involved in the cleanup of oil from Bay of Plenty beaches, please wear the appropriate Personal Protective Equipment (PPE) at all times…
I’m totally gutted by the overuse of the word gutted.
Gutted gutted gutted gutted gutted. Gutted gutted gutted gutted gutted gutted gutted gutted gutted gutted gutted gutted gutted gutted.
FFS – reach for a thesaurus, and if you don’t know what one is or how to use it please reconsider commenting in public.
I refuse to be drawn into this debate 😉
devastation, devastation, devastation – aghhh!
Watching the news yesterday had me in paraxisms of rage at the pathetic MSM, dickhead media types reporting the Rena oil spill as our “greatest environmental disaster”. Fuckwits, yes its huge and nasty BUT where the fuck have all you glib little establsihment mouth pieces been all this time during which:
* Lake Ellesmere has been turned into a toxic algal soup.
* Taupo and the Rotorua lakes are being polluted by ground water full of agricultural chemicals and run off.
* the Manawatu river system is rated highly polluted by world standards.
* the Waituna lagoon is dying from dairy nutrients.
There are a heap more I could site, the environmental disaster is under our noses, everywhere in “clean green NZ”.
Our greatest environmental disaster is our poisoned rivers, which will still be there after all the effects of the Rena wreck have biodegraded.
Of course Fed farmers, as their boss made plain in NBR, would like our attention to be distracted from their mess.
The environmental disaster is capitalism. Taking far more than we need from the environment to boost profits for the few.
Radio sport: ignorant caller and ignorant host (What’s new?)
This typically pathetic exchange occurred last night on Radio Sport, half an hour after France had dispatched the gallant Welsh to the Bronze Medal match. I don’t know what’s more distressing in this little exchange: the abysmal ignorance of the caller, the equally abysmal ignorance of the host Mark Watson, or Watson’s nasty, racially charged “joke” at the end….
CALLER: Mark, you know tonight’s the 25th anniversary, don’t you.
MARK WATSON: Oh, is it? The anniversary of what?
CALLER: It’s the 25th anniversary of the Rainbow Warrior bombing by the French.
MARK WATSON: Oh is it?
CALLER: Yep, they blew it up today in 1986.
MARK WATSON: I didn’t realize that. Do you think we could get them to blow up the Waka?
CALLER: Ha ha ha!
Funny that you comment on this call as I heard it to. I could not be bothered ringing up to correct the caller or Watson as both were thick.
The date of the bombing of the Rainbow Warrior was just before midnight on 10 July 1985.
Sadly, Mark Watson does not seem to know a lot about anything.
Five alcohol-fuelled predictions for last night, and one sensible one
Watch this video. For a display of hive-mind and sheer purblind complacency, it takes some beating. Only Michael Jones, at the end, seems to have actually watched France play. Significantly he is the only non-drinker….
http://www.stuff.co.nz/sport/rugby/5788408/Inspired-Wales-to-keep-Dragon-juggernaut-rolling
http://tvnz.co.nz/q-and-a-news/epsom-debate-4466837
Showing complete disrespect to the democratic choice of Kiwis not in the Epsom electorate, or the fact that Banks has already been rejected as the NAct/Hide choice for mayor by voters in greater Auckland, JOHN BANKS said:
Do you know the percentage of votes Banks got from Epsom in the last local body election for mayor of Auckland?
Banks and Brash were in buisiness with the white collar criminal Hullich.
Why would we want them in pariment running our finances?
The Personal Impact of Tertiary Ed Cuts
Thanks NAct+Mp for really ruining our society.
She’s not the only one… 🙁 Poor people…
Have a look at these clean, well-equipped ‘rebels’ in Sirte…
http://globalresearch.ca/index.php?context=va&aid=27092
🙂
http://www.dailykos.com/story/2011/10/15/1026740/-Breaking:-30-Citibank-customers-arrested-for-closing-their-account?via=siderec
Activist depositors can destroy these investment banking terrorists. That is what Citibank is scared of.
Max Keiser described it very well.
a) Co-ordinate the mass shifting away, withdrawal or closure of the savings and deposit accounts belonging to many people.
b) Co-ordinate the mass strategic default (non payment) of mortgages due on a particular day or on a particular week.
Big deal you might say. So what if you could co-ordinate via Facebook etc 10,000 people withdrawing an average of $5000 each. The resulting $50M withdrawal isn’t going to sink a big bank, is it? Or is it.
Understand now: almost all these banks are blindingly overleveraged, often to ratios of 30:1, 40:1, 50:1 or even higher. They’ve played the casino game of ever increasing leverage to minimal reserves, which is why they are so scared.
At a leverage ratio of 50:1, that $50M withdrawal can hit a banks profitability by 50x. ie. putting a $2.45 billion hole in its quarterly profits.
These fucking banksters only understand money, not human values, so this is the kind of very clear message that they will understand.
And that is why Fractional Reserve banking doesn’t work and why usury needs to be banned – again.
Is it just me or is Mary Holm conducting an implicit campaign to have NZ Super scrapped and replaced with private savings?
the tide has turned and key is not looking so ” slick”