Big banks billed the plebs, businesses and countries, but provide essential finance for them all to do and get what they want.
Better banks or no banks?
There will be discussion on this at The Standard: Corbyn vs bankers
Corbyn threatens banks
by Pete George on December 3, 2017
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Posted by Pete George on December 3, 2017
https://yournz.org/2017/12/03/corbyn-threatens-banks/
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PartisanZ
/ December 3, 2017Robin Hood Tax time perhaps … ?
Corky
/ December 3, 2017Jeremy should hold off and watch the New Zealand experiment first.
PartisanZ
/ December 3, 2017The New Zealand experiment of ‘Rogered & Ruthanazed’ has already concluded rather badly Corky … I’d wager a Bitcoin Corbyn knows this, if I had one …
Alan Wilkinson
/ December 3, 2017So which of the laws that Ruth and Roger introduced have been rolled back in failure?
Trevors_elbow
/ December 3, 2017End badly? Higher living standards… first world living conditions in general…. more open economy where a car is easily obtainable … all unlike in the glorious 70s when unions struck at will, foreign currency was tightly controlled and the hovernment ran every thing with vast armies of make staff in various government own operations.
Dont you remember the wait to get a phone or power on? Nothing open on the weekends…
Youre kidding yourself if you think life was better in the 70s..
Blazer
/ December 3, 2017yes in the 70’s NZ’ers had houses to live in…now they have cars to..live in…if they’re lucky…motels..if they..aren’t.
Trevors_elbow
/ December 3, 2017Wat utter bollocks Blazer. No one except those who choose to live in cars…. energency housing is available. People have family to stay with.
Blazer
/ December 3, 2017I did mention…motels.
PartisanZ
/ December 3, 2017“Now they have cars to live in” …
While others drive around in cars the value of houses …
PartisanZ
/ December 3, 2017Cultural insanity …
PartisanZ
/ December 3, 2017@Trevors_elbow – “You’re kidding yourself if you think life was better in the 70s”
How very transumptive of you.
I didn’t say that. Please quote the words I wrote saying that …?
I wrote “has concluded rather badly” … “concluded” being a poor choice of word. It hasn’t actually concluded … In some ways the experiment is ongoing … viz “Social Investment” …
To elaborate –
Life was fairer and more equitable in the 70s. Life in NZ was more egalitarian …
The golden thread of NZ’s collective tapestry remained a social security ethos …
Please note I did not say “welfare” …
There was less real poverty and less ultra wealth …
The regions, upon which we apparently rely for agriculture, and much tourism, were in far better shape …
There was respite from relentless pressure to either work or shop …
Children walked to school …
And the list goes on …
Mostly, there was a ray of hope that ‘the decent society’ would transcend ‘wealth and power’ … but Friedman, Pinochet, Reagan, Thatcher, Douglas and Richardson took care of that on behalf …
It wasn’t all good. Its very interesting, ironic and somewhat suspicious that the progress in biculturalism and advancement in Maori causes has gone hand-in-hand with neoliberalism, don’t you think Trevor?
Trevors_Elbow
/ December 4, 2017Progress in biculturism? Yawwwwnnnnn.
I clearly remember the seventies about 67% owned their own homes now 63%ish….yip inequality has sky rocket
I remember how overseas trips were for the middle class and owning acar wasnt easy to achieve… in fact it wastough…
I remember the wharfies thieving and then striking during the worst moments for exporters… extort more conditions so they did less for more money…
Yip the seventies were brilliant
Blazer
/ December 4, 2017What was the % ratio of ave wage to house price in the 70’s Trev…?Inequality stats are quite compelling…inequality has exploded,especially since the embrace of globalisation/neo liberal economic madness.Thats a fact.
Corky
/ December 3, 2017Spot on, Trev. Countries don’t rate our economic fortunes highly just for fun. Unfortunately, once Labour is finished the question will be: ” Can National pull us back
from the brink of disaster, or are we destined to be some backwater south of Tasmania?”
Blazer
/ December 3, 2017I told you…all National did was borrow 100billion.
Corky
/ December 3, 2017I’m sure the countries that have lauded us have economists…Blazer.
Fight4NZ
/ December 3, 2017If higher consumerism = higher living standard.
Ignore the fact that those awfully inconvenient strikes meant ordinary families could have a single working parent while owning house on quarter acre and a car with a mortgage only 4 or 5 times income.
Terrible times. No weekends in a Westfield.
Trevors_Elbow
/ December 4, 2017Those strikes rotting export orders on the wharfs? Or strand innocent families in the wrong island? Yeah i remember them … they were shit days … we are far better off now.
As for the consumerism thing. People have choice you dont need to buy in consumerism…
Blazer
/ December 4, 2017consumerism is about buying Trevor..are you too thick to..understand the template of..Capitalism?
Alan Wilkinson
/ December 3, 2017Better be careful what he wishes for. If the country goes Bitcoin or similar the Government loses control of finance.
Blazer
/ December 3, 2017As if the govt really controls it…as it is.Does the Govt set the interest rates,the forex rates,the inter bank rates?
wackAmole
/ December 3, 2017A digital currency based on a distributed anonymous public ledger and cryptology means no centralised bureaucracy will have control.
Blazer
/ December 3, 2017all currencies of exchange and credit transfers are reliant on trust and confidence.
wackAmole
/ December 3, 2017That is what is revolutionary about digital currencies that offer “smart contract” capability – the trust and confidence is already built into the software, no need for any middle man.
Blazer
/ December 3, 2017so how can ownership of resource be enforced?
Blazer
/ December 3, 2017as you know the ‘value’ of crypto currency fluctuates,what do you peg it to to assess that..value?
wackAmole
/ December 3, 2017Well now you are getting into economics/philosophy, and that is an interesting discussion which raises questions about what is a store of value etc.
How is fiat currency value established – notice how $10 today doesn’t buy you nearly the same amount of stuff as $10 in 1977?
“so how can ownership of resource be enforced?”
Note, most cryptocurrencies are providing a service/business solution, they are not a “currency” in the conventional sense. Owning these tokens as an investment like buying shares, or for actually using the service being offered.
Most Token Generation Events TGEs/ICOs are BS speculative pump and dump cons or just have no potential to serve a need in the market place. However some of them are the next generation of Amazon or Facebook – the trick is to figure out which ones those are and get in early.
Blazer
/ December 3, 2017‘the trick is to figure out which ones those are and get in early’…and…???
wackAmole
/ December 3, 2017“…and…???”
I will be sure to update you if I get buy that Lambo.
Blazer
/ December 3, 2017Better banks needed urgently.These private central banks in the City and Wall St have a licence to steal,and use it.Prosecuting errant bankers would pose a risk to the whole financial system ,was the former AG Eric Holders ‘call’ re the chicanery revealed in 2008.De regulation of banking a la Clinton repealing Glass Steagal allowed the rapacious behaviour ,which is still evident …today.The ‘too big to fail’ diktat prevails.When caught out with their day to day activities of fraud,money laundering,theft,market rigging and so on,the banks pay fines.A bit like robbing a bank,getting away with 5 mil and paying 1 mil to stay out of jail.The big 4 Australian banks whose favourite game is rinsing Kiwis ,have now accepted the need for a Commission to investigate their malpractice.The terms will be contoured to soften the blow,for sure.As they say ‘money does not grow on trees’…no..the banks create it,out of…thin air.Off sheet liabilities and exposure to derivatives means all the major banks are ..technically insolvent.The biggest magic show ever…conjured up.
artcroft
/ December 3, 2017Yet if all investment was made from realised returns and not potential returns we’d be living in small villages on river banks hoping the local sharman doesn’t decide we responsible for the bad harvest and puts bad magic us.
Blazer
/ December 3, 2017oh really ,so you think 3rd party players in derivatives and synthetic derivatives of derivatives…serve a…useful purpose.
artcroft
/ December 3, 2017Banks serve a vital purpose but good things can be used for ill ends and it’s hard to sort the gold from the glitter. I don’t believe Cornyn can. But the can sell a line to his true believes.
wackAmole
/ December 3, 2017“Better banks or no banks?”
Blockchain technology will render banks more or less obsolete because the middle man will be removed from the contract making and settling process, along with all the inherent risks of that – Wall Street malfeasance etc.
Blazer
/ December 3, 2017might happen one day ,but unlike the blockchain,the U.S $ as default currency for international commerce has a big economy and an even bigger …military to back it..up.
wackAmole
/ December 3, 2017“might happen one day”
Blockchain tech is in its infancy, like the internet circa early 1990s.
“military to back it..up.”
Blockchain doesn’t need force of arms and conversely I don’t see how a distributed digital network could be targeted with ICBMs.
The biggest threat is an attempt to co opt blockchain technology by state players. But I don’t think this will be successful in the long run.
Blazer
/ December 3, 2017so why is bitcoin quoted as a value in dirty old conventional..U.S $’s..then?
wackAmole
/ December 3, 2017Bitcoin is quoted in all currencies, digital and fiat.
Blazer
/ December 3, 2017how is the peg evaluated?
Blazer
/ December 3, 2017whats the..outlook for ..Monday..Al?
Alan Wilkinson
/ December 3, 2017More crap from you unfortunately, B.
Alan Wilkinson
/ December 3, 2017Obviously because users want to trade those assets letting the market set the price.
Why don’t you answer your own questions for yourself when they are childishly silly – which seems your usual level.
Blazer
/ December 3, 2017so please explain how/why miners’ say 1 bitcoin is ‘worth’ 10,000 U.S $’s.?
This is the contention…’Bitcoin is quoted in all currencies, digital and fiat’.
Blazer
/ December 3, 2017hey Al..do yourself a favour…theres a thread about an ‘early summer’…get into it.
Alan Wilkinson
/ December 3, 2017https://www.coindesk.com/price/
Obviously a bubble. And obviously a lot of suckers hoping for bigger suckers. But politicians like Corbyn could make the crash some time off.
Blazer
/ December 3, 2017childishly silly….too funny..Sir Alan!!Bol…you have very little understanding of economics and the banking system..stick to the weather.
Gezza
/ December 3, 2017Thanks Al. Keep working him. I’m still busy doing something better.
Blazer
/ December 3, 2017you’re probably the no.1 spammer on this site..Gezza.
Gezza
/ December 3, 2017Doubt it. Nice of you to offer me your WBS belt though. Ya a good sort sometimes. Not often … really.
Anyway, enuf of ya snarky nonsense for me for now. Not interested. Maybe later?