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| Thread ID: 55965 | 2005-03-23 22:43:00 | I hate banks | KiwiTT_NZ (233) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 337343 | 2005-03-23 22:43:00 | From Here (www2.stats.govt.nz) "The New Zealand banking sector accounted for 63.7 percent of New Zealand's net international debt at 31 December 2004 (61.4 percent at 31 December 2003), and much of the increase in net international debt has been channelled though this sector. The net international debt of New Zealand banks measured in New Zealand's international asset and liability positions at 31 December 2004 was 9.4 percent higher than at 30 September 2004, and 21.8 percent higher than at 31 December 2003." They borrow money from overseas at 1-2% and charge bank borrowers 7-8% and make our current account deficit look bad by accounting for nearly 2/3's of our debt. |
KiwiTT_NZ (233) | ||
| 337344 | 2005-03-24 00:04:00 | Interesting report. Why do you think banks can do this? If people borrowed less or spent less, the situation would change. If there aren't many borrowers, then the banks have to drop their rates. Also if Kiwis saved more money, the banks would have enough locally without having to borrow from overseas. Isn't it ironic that in the best economic conditions this nation has seen for 35 years, instead of our wealth growing, it has remained stagnant because we have spent the extra income? |
Winston001 (3612) | ||
| 337345 | 2005-03-24 00:07:00 | I can't think of a single better idea then to spend the extra income... More steak meals for me now,More hospital beds when i need one in the future. |
Metla (12) | ||
| 337346 | 2005-03-24 00:18:00 | I agree Winston. I think if banks made debt less available (i.e. only from NZ sources) and cost more (higher Interest), people would spend less. If they spent less, they will save more, because you would get higher interest. However, the banks (and finance companies) make money by lending it, so they will continue to make it readily available as it is in their interests, to do so. Also, most retailers are just "fronts" for Finance companies these days too. |
KiwiTT_NZ (233) | ||
| 337347 | 2005-03-24 00:24:00 | Before 1984 when we spent up big, or even spent up small, that expenditure went mostly into New Zealand's own manufacturing firms/producers, and the money was re-circulated. Even Muldoons borrowing pales beside the current balance of payments deficit. Now, that expenditure goes to pay Chinese coolies wages. | Terry Porritt (14) | ||
| 337348 | 2005-03-24 03:03:00 | The major banks all need a 'heads up' Who the heck is going to put money away when most of the low interest paid that survives the tax man is taken in darn bank fees just to keep the accounts open. One has to have a bank account of some type to get paid and the banks rip you off from there. OK just balanced my Bank statements again....... mumble mumble :yuck: etc. No... I don't trust them. |
Sue (33) | ||
| 337349 | 2005-03-24 03:20:00 | I understand your point Terry, but next we'll have people telling us about our jobs being stolen by people in other countries, and the evils of globalisation. They never stop to think that the Chinese or Indian peasant might have just as much right as you and I to try and better their lives. And they have a long way to go to catch up. If they can put fridges together for $1/hour and consider that good pay, why not? |
Winston001 (3612) | ||
| 337350 | 2005-03-24 04:22:00 | I understand your point Terry, but next we'll have people telling us about our jobs being stolen by people in other countries, and the evils of globalisation. They never stop to think that the Chinese or Indian peasant might have just as much right as you and I to try and better their lives. And they have a long way to go to catch up. If they can put fridges together for $1/hour and consider that good pay, why not? Talk about the twain shall never meet. Terry is a socialist and will never see the point of the capitalist system. Sorry to personalise that,but T's point on the Chinese illustrates his point of view. No doubt about it,he should have left Sadam to do his thing. |
Cicero (40) | ||
| 337351 | 2005-03-24 04:25:00 | Just saying it as it is Winston, not implying anything else :) Another thing I don't understand is why The Reserve Bank is continually raising interest rates, (we have arguably the highest in the world) in order to dampen demand, and hence the possibility of inflation, YET, those very interest rises help fuel the rising NZ dollar value (even taking account of the weak US dollar). That then fuels increasing imports ( & balance of payments deficit), consumer spending, house prices, etc which the Reserve Bank has been trying to dampen down. I get the impression we are heading for melt-down. I know I've been spending a bomb on CD imports from Amazon due to the high dollar, which I would not have otherwise done, thanks Dr. Bollard. Also thanks Dr Bollard for the high rate of return on term deposits. |
Terry Porritt (14) | ||
| 337352 | 2005-03-24 05:02:00 | What even more interesting. The Reserve Bank raises interest rates, and banks borrow money from overseas anyhow and pretend that the rates they charge is based on the OCR and raise interest rates in unison, even when there has been no change to the interest they have to pay too their overseas lenders. The relationship between the OCR and Consumer Interest Rates is a sham. This is the biggest "lie" in New Zealand and no-one is discussing or investigating it in the media. |
KiwiTT_NZ (233) | ||
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