The new face of banking

The great rip off

This is not about the new faceless service in you local bank branch, this is more a warming of a trend in the way banking is conducted and the collusion between banks and government.

The market crash of 2008 was reported in a way that a few people understood it and today the silent majority rather than inform themselves and find a voice on the matter, generally prefer to turn the minds toward some trivia than what really affects their lives.

The other day I wrote about the word response-ability that most of us know as responsibility. The old meaning is to have an ability to respond but the modern meaning is to take the blame or to have responsibility as in a position of authority.

You may remember not so long ago that Cyprus defaulted on some of its debts and the government used the savings belonging to the Cypriots citizens to pay the debts. That is they simply took the money from peoples bank accounts. Of course in the United States the government gave taxpayer money to the banks in order to keep them afloat and later the EU did the same.

Most people think New Zealand is a remote backwater unaffected by these world events, however the New Zealand government created a law allowing the New Zealand government to take taxpayer money - that is money from anyone's bank account which they could use to pay off the banks or even debts that they have created.

In this term in office, let's remember that our national government has run up a tab of some $85 billion - and back in 2013, this was costing the country $27 million a day. This is money that is owed to the World Bank, the IMF or other institutions, but out of our total gross domestic product which is less than $200 billion, the government is likely paying interest only as it is still borrowing more.  this is approaching an unsustainable level of debt on the whole country in addition to the personal debt which is even more substantial.

Under the TTPA and other trade agreements which undermine our sovereignty, New Zealanders will become totally dispossessed and in effect pay a rent in perpetuity to foreign financial institutions who hold a mortgage over our country.

A few people are educated enough and regularly take to the streets in protest about the government's mismanagement of the country, but as this mismanagement brings is ever closer to the crisis point of no return the entire population needs to wake up because of we don't everyone will be eating gently modified food, everyone will be paying exorbitant prices for healthcare and education making these things luxuries for those who still have jobs in what will be the only remaining industry which is likely to be tourism and the personal services needed to look after the country's new owners when they come for a holiday.

The situation reminds me of the tale of Jack and the Beanstalk. In this case the government is trading our sovereignty and our assets and there is no clear indication of where that money is going to, but because the money is borrowed and must be paid back; what we do?

In terms of the current state of the world economy that just means that we are in deep shit. It means that at some point our rights and values as human beings can also be traded away and as many people fear, under the TTPA there will be no stopping the import of the modified foods, the growing of genetically modified crops, the dropping of any requirement for food producers to list the ingredients in those foods and I could go on and on, but hopefully by now you get the point.

Now, if you really want to know what's going on in the world of finance in broad simple terms, you can watch the video below to see how one of the nastyest big banks plays and another excellent source of information is The Kaiser report.

Other links
View on Aljazeera


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