- #1719848arandar May 21, 2019 at 8:54 am
Decimal Day was in 1967. Our new $ was pegged to the $US at around $1/1.45 approx but then the UK devalued the £ and we dropped our $1/1.12US tho I never got why.
Around 1975 the US devalued and so did we.
Then in 1985 we floated our $ and it eventually settled around $1/44cUS. It went down to 39c US before settling again.
Our $ is determined by ‘the market’, is considered risky, and is one of the 10 most traded currencies.
I think it’s crazy, because I don’t understand or approve of currency speculation and I haven’t forgotten how a certain currency trader and his currency speculator client almost bankrupted this country, the trader’s own country, lest we forget, to enrich themselves personally, taking advantage of international financial turmoil.
Arandar#1719869paulinem May 21, 2019 at 1:02 pm
Decimal Day was in 1967. Our $ is determined by ‘the market’, is considered risky, and is one of the 10 most traded currencies. I think it’s crazy, because I don’t understand or approve of currency speculation and I haven’t forgotten how a certain currency trader and his currency speculator client almost bankrupted this country, the trader’s own country, lest we forget, to enrich themselves personally, taking advantage of international financial turmoil.
Aranda yeah the traders were Bob Jones Micheal Fay and Fay Richrite, they nearly bank rupt our country in 1984…by taking advantage of a very sick and stubborn proud old man Muldoon. They did this by using the media which they I suspect had influence with and their money played before the election, that Muldoon was bankrupting the country we must devalue our dollar and change to Roger Douglas liberal economy other wise NZ is stuffed. Muldoon redused to devalue the dollar. Before the election they deliberately sent their money over seas at the high dollar NZ was then. Then as soon as their friend Kirk?/ Douglas won the election he devalued the NZ dollar. And yeap suddenly all these three brought their money back into NZ making a financial killing of NZ money. Bob Jones wealth which he boast about even today, was as result of him skaming and his friends the NZ economy in 1984. Micheal Fay and Jones were also made into Knights, by Douglas Government. Fay didn’t stay around in NZ he immigrated elsewhere I guess he didnt like to be reminded by locals as to what he did to gain wealth.#1719876arandar May 21, 2019 at 1:37 pm
Bob Jones wasn’t that close or as influential as Michael Fay and David Richwhite.
Fay Richwhite were investment bankers, buying, asset stripping, selling, and avoiding tax, remember the Winebox inquiry? Advantages and enriched by the NZ taxpayer whose assets were being flogged off by the 4thLabour/ACT government.
Jones’s main contribution IIRC was, because of his fury at Muldoon’s National Party and his wage price freeze and his top tax rate of 66%, he set up the Libertarian Party, (I’d say the father of Douglas/Prebble/Cargill et al’s ACT Party).
The votes it gained it gained from National thus seeing the end of Muldoonism and the beginning of Rogernomics. A reminder we should all be aware of unforeseen consequences eh?
I doubt Jones knew ahead of time that would be the result. If he had, I’m sure he’d not have disbanded the Libertarian Party.
Jones made his money from commercial property investments. That’s what he was knighted for; services to business and the community. Cue ironic laughter.
He was and is a hard nosed businessman who really doesn’t give much of a …. for anyone else.
I remember he punched a tv journalist on the nose for disturbing his fishing.
And just last year or the year before he wouldn’t comply with the airline rules applying to people seated beside the emergency exit on an ANZ flight.
Arrogance is as arrogance does.
PS: the currency trader I was thinking of was John Key and the speculator was a NY banker called Kruger or Krueger: I can’t quite remember now but I do remember very clearly they nearly brought this country to its knees.
#1719879paulinem May 21, 2019 at 2:21 pm
- This reply was modified 1 month ago by arandar.
Yeah Aranda I suspected Keys was up to mischief, I believe what you said about him. But I am also pretty sure Jones speculated as well before the 1984 election as Fay and Richwhite were friends of his I believe Jones also sent his money out as Fay and Richwhite did before the election and then when the devalued happened brought it back in at enormous economic gain. It was called a that time The 1984 Exchange Crisis I saw Jones Libertarian party as just a front for his greedy ambitions, yeah and his hatred of Muldoon and the Keynesian economy we had back in that era. I dont believe Jones was ever really interested in going to Parliament.#1720059paulinem May 23, 2019 at 10:06 am
Media Release 20.05.19
From: Chris Leitch, Leader
Subject: Banks Crying Crocodile Tears Over Higher Capital Requirements
Social Credit is accusing the New Zealand Bankers Association of crying crocodile tears over the Reserve Bank’s proposals for banks to hold higher capital ratios.
Party leader Chris Leitch says any extra costs involved in the higher capital ratios should not be passed on to consumers nor should they hurt the economy.
Those pronouncements are simply scare mongering by the Bankers Association in support of the big banks they represent.
It should be remembered that every single loan a bank grants to a borrower is created by the bank out of thin air. Banks don’t lend money people have deposited with them. They create new money in the process of lending.
This was confirmed by the Bank of England in two reports it produced in 2014 as highlighted by investment specialist Brian Gaynor in a NZ Herald column on the 9th of February. The Bank of England report noted “Whenever a bank makes a loan it simultaneously creates a matching deposit in the borrower’s bank account thereby creating new money.”
This ‘licence to print money’ has seen substantial year on year profit increases by the four big overseas owned banks which saw them pull 5.1 billion out of the New Zealand economy last year – four times more profit than the ten largest companies on the New Zealand stock exchange.
The banks are huge money making machines that can well withstand the higher capital ratios the Reserve Bank is proposing without the need to pass any additional costs on to bank customers.
Any moves by the big banks to do so should be met by the Reserve Bank directly creating funds to either support government spending on infrastructure, or re-establish a State Advances Corporation to lend to first home buyers at rates below those offered by the banks.
Banks already have the ability to skim money out of depositors’ accounts should a banking crisis eventuate. The Reserve Bank’s move to make them increase their capital reserves should make such action much less likely.
The banks have had it too good for too long and the move by the Reserve Bank is a breath of fresh air to rein them in.
For further comment contact:-
Social Credit Party Leader
Ph 021 922098#1720071Hero42MemberMember since: July 18, 2008
Replies: 11825Hero42 May 23, 2019 at 1:21 pm
It would appear National’s attempt at setting up a coalition partner and relying on the christian vote is foundering before it has got off the ground with Brian Tamaki announcing he is going to launch a political party. Looks like the christian vote will be split between two or three parties which will prevent coat tail MPs even if they gift their coalition partner a seat, which at present they have said they won’t.
Cheers 🙂#1720072arandar May 23, 2019 at 1:36 pm
Tamaki’s ego is boundless. Apostle. Bishop. Bikie. Counsellor.
It appals me that so many are so gullible.
I console myself with one of my favourite scriptures despite my being a cynical atheist.
“It is easier for a camel to pass through the eye of a needle than it is for a rich man to enter the kingdom of God”
Arandar#1720078huiatahiMemberMember since: March 22, 2017
Replies: 933huiatahi May 23, 2019 at 2:16 pm
I see his wife Hannah is going to led the party….she’s just as bad as he is. 😡 😡 😡 😡 😡
huiatahi#1720080Hero42MemberMember since: July 18, 2008
Replies: 11825Hero42 May 23, 2019 at 3:14 pm
But they have extended a hand of friendship to National MP, Alfred Ngaro.
Mrs Tamaki opened the door to working together saying he appeared to be “a reasonable man looking for somewhere to call home”
Earlier this week, Mr Ngaro confirmed he was considering setting up a Christian party, similarly contending that mainstream political parties in New Zealand failed to engender Christian values in policies.
It will be interesting to see if they join forces or split the vote.
It will also be interesting to see where the support comes from.
Cheers 🙂#1720100jensMemberMember since: May 3, 2006
Replies: 7630jens May 23, 2019 at 4:00 pm
Good to see paulinem and Social Credit to support the Reserve Bank’s demand for a higher capital reserves ratio for overdraft bank credit, thereby admitting that bank credit does not come “out of thin air”, and is not the same as “debt free” money printing.
Is not the latter just “out of thin air”, at direct expense of the currency value ?
And yes, I also think National is in a hopeless situation if hoping to gain ground with the help of a christian party rather than through some innovative more widespread productivity and wealth ownership per head increasing policies.
But if Labour’s wealth redistribution exceeds its creation, it is in danger of losing its current majority support.
- This reply was modified 1 month ago by jens.
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