Freedom New Zealand: banks

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Showing posts with label banks. Show all posts
Showing posts with label banks. Show all posts

G20 - Terror Alert elevated in the U.K - Bankers told to dress down

⊆ 14:05 by Red Pill | ˜ 0 responses »


LONDON - Thousands of extra police are patrolling London's streets ahead of tonight's expected start of G20 summit protests amid fears that terrorists could capitalise on the presence of tens of thousands of unruly protesters to launch an attack.

The convergence of the two threats comes as Britain is already on "severe" alert, meaning security officials believe an attack is highly likely.

Bankers are being warned to dress casually to deflect populist anger and luxury hotels are securing their perimeters.

Concern is particularly high because the last major summit in Britain - the G8 meeting in July 2005 at Gleneagles - was marked by suicide attacks on London's transit network that killed 52 people.

"We will be challenged. We will be stretched," said Simon O'Brien, a police commander responsible for the 7.2 million ($18 million) operation to secure the city.

Tens of thousands of demonstrators plan four days of protests at sites across London, threatening to overwhelm police and potentially leave the capital more vulnerable.

The Home Secretary, Jacqui Smith, said that while no specific plot against the G20 summit had been identified, terrorists could strike "without warning at any time".

Michael Clarke, head of the Royal United Services Institute think-tank, said small terrorist groups might use the cover of protests by environmentalists, antiwar activists and unions to mount an attack.

"The protests will cause uncertainty and chaos, and if they turn violent could complicate the lives of those police and security service staff who are looking for terrorists," said Clarke, who sits on the Government's National Security Forum advisory panel.

Police arrested five people in Plymouth yesterday under terrorism laws and recovered replica weapons, fireworks and activist material. Officers are investigating whether they planned to target the summit.

The investigation was sparked after a 25-year-old man was charged with spraying graffiti on a wall in Plymouth city centre, prompting officers to search his flat. They discovered a replica Kalashnikov assault rifle and several minor explosive devices made from fireworks.

About 5000 police - some armed with Tasers - will guard London, and an extra 35,000 will be on standby for the summit tomorrow night NZT. Some will be at the summit venue in London's Docklands, with others protecting posh hotels and the sleek glass towers of the financial district.

In the light of November's seaborne attack on Mumbai, India's financial centre, extra patrol boats will guard the Thames, and police frogmen will scour the river for floating bombs.

Police will tap London's network of 10,000 CCTV cameras to monitor protests, while an Army special forces unit will be on alert to respond.

Pepe Egger, a senior security analyst at Exclusive Analysis Ltd, said banks and hotels had prepared for attempted raids or sieges.

Unlike previous summits, most protests in London would be away from the actual meeting venue at the ExCel centre, he said.

"The interesting thing is that the protesters are unlikely to target the G20 delegates, their anger is not directed at the G20 itself. They will target the banks and financial district."

Anger at bankers is high in both Britain and the United States, where some of the bailout money for stricken banks was spent on staff bonuses.

Banks have told staff to dress in casual clothes today and tomorrow, to forgo cigarette breaks outside and cancel all but their most critical meetings.

"I'm pretty worried," said Luke Keyser, a 28-year-old at the Royal Bank of Scotland. "We've already been told to dress down. If we want to, we can work from home."

People living near the G20 venue in Canning Town have been advised to carry photo IDs to ensure they can pass through police roadblocks and get home.

- AP, INDEPENDENT

 

Have we been told what goes on in the banking system?

⊆ 21:08 by Red Pill | ˜ 0 responses »

Solomon Star News
Friday, 20 February 2009

HISTORY is littered with commentaries by business, world leaders and academics on how the banking system is set up and what it was designed to do and has been doing ever since its creation.

It is fair to say that the masses may never know the real business of foreign banking. And yet, it is on the back of the masses that banks carry their successes in terms of profitability, year after year after year.

They make their money in a number of ways, including but not limited to charging phenomenal interest rates. In return they pay hardly anything to depositors.

Their practices border on daylight robbery – practices sanctioned by competent authorities and the legal system in every country.

Most, if not all, qualify for insolvency if they were to uphold the same rules imposed on ordinary folks.
But we will never know why they are allowed to continue in business.

And the reason we will never know about what banks do with your money [I don’t have any] is clear. No one in his right mind broadcasts the secrets of his success.

But history has been kind, leaving important indicators on the secrecy under which banks operate.
Many have left the door to banks ajar for those who care to peep in. People like Henry Ford, the man whose family name is synonymous with the United States auto industry.

Or Reginald McKenna, who was Britain’s Chancellor of the Exchequer and Chairman of the Board of the Midland Bank between 1915 – 1916.

Henry Ford, for example, once said of banks in the United States:
“It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning”.

Mr. McKenna said:
“I am afraid the ordinary citizen will not like to be told that the banks can, and do, create money … Those who create and issue money and credit direct the policies of government and hold in the hollow of their hands the destiny of the people”.

As indicated in this column last week, these are some of the issues I wish to discuss this week in the hope of enlightening us to the reality.

For example, given the practices by the banks, what do we as a nation need to do?
More work and less talking. Any meaningful intervention in this murky area, however, has to be spearheaded by Government and its monetary policy.

It is in this light that one, Kelvyn Alp, a New Zealander, has provided the Government a “must read” document titled, Solomon Islands Economic Reform – Monetary System and Taxation.

Copies were widely distributed to Members of Parliament, particularly Government Ministers and Members of Government Caucus last year. It was provided as a Parliamentary Discussion Document.
The 36-page document was dated 8th November 2008.

It is a ‘must read’ if one were to understand the banking system here, the monetary system and taxation and what is urgently required to deal with these problematic areas.

In the preamble, Alp says the document “is an urgent reminder of the need to look beyond the established and ultimately flawed economic theories that have caused such devastation to nations the world over”.

“All too often there are those that are ever ready to give advice to developing nations like Solomon Islands, while at the same time, concealing the true nature and intent of that advice. Change will never come from systems that have been proven to fail time and time again.

“In this document, I shall deal with the truth and facts only,” he said.

Alp argued that many have studied and received degrees for subjects covered in the document, “yet have never comprehended the underlying mechanics of those lessons and how they relate to real-world economies”.
He urged readers to be willing to put the interests of the people and nation above their own.

“This must be done despite the constant pressure being applied by some to retain the status-quo and further have you implement disastrous policies that will place you, your family and the nation, in a continuous position of servitude,” the former military man turned businessman said.

An avid reader of a wide range of subjects, I must say I am fascinated by the clarity and indeed the message being conveyed in this document.

The more I read this revolutionary document, the more I want to be out there doing something. The feeling I have experienced will only be felt if one’s passionate about what needs to be done and fast.

For example, how do you feel about phrases such as “today’s money [is] created by private interests for private profit”.

Alp quoted Mayer Amschel Rothschild, a banker who in 1790 said and I quote: “Let me issue and control a nation’s money and I care not who writes its laws”.

Many will probably recall reading somewhere that Rothschild was one of the founding fathers of what we know today as America’s Federal Reserve, the equivalent of our Central Bank.

The US Federal Reserve was never a Government institution. It’s an invention by businessmen who want to control the world’s wealth. And they do today. Only six per cent of the world’s population control today’s wealth.

Commercial banking, including those in Solomon Islands are merely an extension of the greed that has now thrown the global financial economy into tailspin.

Next week, I’ll take you through the banking system, the monetary reform and the many faces of money that banks “sell” us – faces fully disguised in deception and falsehood.


By ALFRED SASAKO

- Source

 

Kashkari & Kucinich; Q&A on the banks and the U.S TARP (bailout)

⊆ 09:38 by Red Pill | ˜ 0 responses »




 

Credit and Living Life

⊆ 22:45 by Red Pill | ˜ 2 responses »

The credit crisis has been given many excuses, ranging from too many people spending beyond there means, to investments gone wrong and even failed trade agreements.

Put simply, it's the banks who loaned the credit (not money) and allowed it to that which could be given the exmaple of a drug addict to credit, to tick-up credit with the dodgy dealing bank, to get there next fix so someone could get a plasma, mortgage and car etc which the bank knows most of there applicants could not afford to pay back.

I mean an example is that most university students who make about $150 a week in N.Z from student allowance living costs, getting the bank saying here's a credit card for $5000, then another bank doing the same, then a finance company allowing around $2000 loaned, possibly more, so a total of $12,000 debt from one student. Did the bank assess this thinking the student would become a doctor or lawyer who could repay this? No, because most would take a part time job afterwards in some dodgy fast food place or call centre close to minimum wage in order to survive, and in turn these places hire and fire quicker than they over sales most of the time. They may end up at a WINZ office, and WINZ will push them onto anything other than unemployment to keep the unemployment benefit numbers down, so someone could then be falsifying a mental illness and be drugged up on med's to get by on direction from the government. I have interviewed many people like this or they pass uni and go oversea's only to come back not long after in a worse case and paying back IRD so much money and still the banks on the amount of thin air credit loaned and then interest to kill there wages.

This is the banks faults, its the big companies making a killing literally in some cases like weapons manufacturers, fast food outlets, oil companies and so on who market more and more there products and services which are made by P.R to look essential and con people into debt by credit.

Banks work from other deposits normal people make in good faith thinking 'we trust our bank', banks should be an optional service, not compulsory for your wages to be done as a commercial transaction, they (the banks) gain interest on the money in balance in there banks and loan out credit which is not based of there own books, but these deposits as some do know this harsh truth.

It's much the same with the reserve bank it has no real money but now will based on bonds, credit issued in the form of paper bills printed to the crown then passed to us. The national debt as its called.

To make the elite crash happen quicker everyone could withdraw all there money, buy a safe and store there own money and invest in gold, but remember last time people did this, the U.S government issued prohibition on gold, they did much the same on alcohol and tobacco. The N.Z government would likely follow, hence the guaranteed deposit scheme hoo-haa that most banker controlled states and nations of the western world are doing and have done.

Kiwibank currently is running somewhat anti-aussie-bank ad's, well Kiwibank is in debt if you look at logically, its government owned, which i would support nationalization as opposed to privatization of capitialist foreign powers,but anyway the crown owes the national debt, the citizens and persons who are registered with stock certificates as a security interest (birth certificates) vest debt based on liability to pay such things like compulsory taxes and fee's, foreign examples include insurances.

This in turn gives people less wealth and more wealth in the hands of the banks and governments as these are processed in N.Z prior to clearance, i mean tax is deducted before you can withdraw your pay, as is the case via PAYE, student loans, kiwisaver, ACC levies, other taxes, child support, court fines and possibly more examples. So the individual has alot less than what starts off, it puts wealth again to clarify out of the hands of the worker. Then to note this worker pays his or her bills and is expected to live, at this point they could be able to afford other things but if not a life on credit is led by a large flock of sheep in example. No one ever believed someone cried wolf, oops i mean banks.

 

New Paper AMERO Paper Currency Exposed!

⊆ 09:23 by Red Pill | ˜ 0 responses »

Story source here

North Bergen, NJ -- To the chagrin of the government, I have obtained new "AMERO" paper currency notes! You know, the "AMERO" . . . . the new currency that is going to replace the US Dollar, The Canadian Dollar and the Mexican Peso? Yea, the new currency that all three governments claim doesn't exist. . . . I have it. Here's what a 50 Amero note looks like:

In September, 2007 - over a full year ago - I first broke the story about AMERO coins being minted secretly at the Denver Mint. After that story ran, the Denver Mint announced on its web site that they were closing public tours of the Mint for 10 - 14 days in order to make renovations to the tourist area of the mint.

My sources inside the Mint, however, reported Treasury officials were outraged that someone had leaked info about the AMERO to me and they closed the Denver Mint to the public so as to secretly move the AMEROS out of the Mint to prevent further leaks.

In October, 2008, I received word that the U.S. government shipped 800 Billion AMEROS to the China development bank. I did a story on that (here) and obtained an actual AMERO coin from that shipment!

I placed a video of the coin on YouTube, showing the coin and explaining that there is a deliberate effort underway at the highest levels of our government to intentionally exhaust the dollar as a currency. Over 600,000 people worldwide watched that video.

Two days ago, YouTube/Google notified me that my video had been deleted and my account permanently closed at the request of the United States Treasury Department. The Treasury department told YouTube/Google that my video was "destabilizing the U.S. Dollar and was thus a threat to national security."

Here we are, just two days later and my sources have once again come through; this time with proof the government is secretly printing new AMERO paper currency.

Not only do I have the 50 AMERO note, give look at the 20 and 100 AMERO notes below!

Not a single American citizen has been officially asked if they want a new currency. Not a single member of Congress has voted on authorizing a new currency. Yet a new currency is already being printed and quietly distributed around the world. This is being done without the consent of the American people, without a vote by Congress and has been intentionally covered up by every official who has been questioned about it.

The REASON they are creating a new currency has to do with how they plan to get rid of our national debt. On October 16, 2008, the "Global-Europe Anticipation Bulletin" told its subscribers that the present U.S. Dollar will be demonetized (it won't be "money" anymore) and a new currency imposed. "Old dollars" will be devalued by ninety percent (90%).

Think about that for a moment. A 90% devaluation. That means checking accounts, savings accounts, IRA's 401-K's, Pension plans, Certificates of Deposit. . . . are all worth ninety percent LESS than previously.

This AMERO currency will allow the government to literally grab 90% of all our life savings and owe 90% less than they presently do in one fell swoop! They get out of debt and the rest of us are left totally destitute. Broke. Busted. Poor. Helpless.

I believe the people perpetrating this secret currency change are in for personal visits of a violent nature. I think there are folks out here in real America who will not take kindly to having been deliberately lied-to.

I believe my fellow Americans might -- just might -- decide it is time to . . . . . "discipline". . . . . the public officials who have undertaken this outrage without our consent.

It's a tough thing to have to physically discipline a mis-behaving adult, but I say now, I'm up for doing just that.

There are officials in this country who deserve to get the shit kicked out of them and I really look forward to having the chance to do it. If they think their puny little Federal Reserve Police force can do anything about it, they're sadly mistaken.

PLEASE SPREAD THE WORD ABOUT THIS IMMEDIATELY. If they are already printing paper currency, the destruction of the US dollar cannot be far away. We are ALL in grave danger of losing our life savings to this currency scam.

 

We Won''t Pay for Your Crisis- public meeting THURSDAY 11th December 7pm, Auckland Trades Hall

⊆ 08:10 by Red Pill | ˜ 0 responses »

Uniting the Left- Building the Resistance

New Zealand is heading for recession. Our jobs, wages, homes, pensions, benefits and public services are all under threat. We did not cause this. It was the financial elite of wealthy bankers, investors and speculators who have put us in this situation, yet they expect us to pay for their crisis. Already we have seen job losses, cuts in services and price rises.

Socialist Aotearoa has invited a broad range of speakers; trade unionists, socialists, environmentalists, community groups, and interested individuals, to begin the debate on how to unite the left against the effects of the global financial crisis.

John Minto, UNITE Workers Union
Sue Bradford, Green Party
Frank Doleman, Socialist Aotearoa

and other concerned socialists, environmentalists, community activists and individuals

For more info, contact Joe Carolan at 021 1861450, solidarityjoeREMOVECAPITALS@yahoo.com
www.socialistaotearoa.blogspot.com
Join the Facebook Event Group HERE



Host:
Socialist Aotearoa






Date:
11 December 2008
Time:
19:00 - 21:00
Location:
Auckland Trade Hall,
Street:
147 Great North Road
Town/City:
Auckland, New Zealand

 

Discussions On The (U.S) Economical Crisis

⊆ 08:30 by Red Pill | ˜ 0 responses »

Three stories below sourced discussing the Economical Crisis in the U.S and it's effect on the globe with its pyramid model of a debt-interest-credit structure...


A Master Plan For China To Bail Out America

http://www.ft.com/cms/s/0/dd091644-946e-11dd-953e-000077b07658.html

The financial rescue plan passed by the US Congress is viewed as flawed but necessary to head off panic in financial markets and loss of confidence in the economy. It seems a holding operation, a Plan C or D that might need augmentation via a Plan A.

A vital component of a Plan A is likely to be additional money. For one thing, there is suspicion that the amount of toxic assets is considerably greater than the rescue plan provides for. For another, more money may be required to address the problem in the housing market by providing relief to subprime and marginal borrowers. And finally, further fiscal stimulus could become necessary if recessionary forces take hold.

Where will this additional money – perhaps as much as another $500bn – come from? The US taxpayer is wary. Joe Six-Pack has ponied up a lot already, and done so with no great confidence that the money was for a worthwhile cause or that it will be well spent.

Enter China. Ken Rogoff of Harvard cheekily characterised the vast Chinese accumulation of US Treasury bonds over the past five years as the biggest foreign assistance programme in history. Why not push that further? Here is a thought experiment.



Italian Prime Minister Silvio Berlusconi says leaders may close world markets
http://www.infowars.com/?p=5212

Steve Scherer
Bloomberg
October 10, 2008

Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they "rewrite the rules of international finance."

"The idea of suspending the markets for the time it takes to rewrite the rules is being discussed," Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis "can't just be for one country, or even just for Europe, but global."

The Dow Jones Industrial Average fell as much 8.1 percent in early trading and pared most of those losses after Berlusconi's remarks. The Dow was down 0.5 percent to 8540.52 at 10:10 in New York.

Group of Seven finance ministers and central bankers are meeting in Washington today, and will stay in town for the International Monetary Fund and World Bank meetings this weekend. European Union leaders may gather in Paris on Oct. 12, three days before a scheduled summit in Brussels, Berlusconi said today, while Group of Eight leaders may hold a meeting on the crisis "in coming days," he said.

Berlusconi didn't give any details about what kind of rules leaders were looking to change, except to say that leaders are "talking about a new Bretton Woods."



How To Save The U.S Economy by Richard C Cooke

http://www.infowars.com/?p=5205


The crashing stock market has given its verdict. The financial rescue plan currently being implemented by the U.S. Treasury Department and the Federal Reserve System will fail to revitalize the producing economy, even with continued interest rate cuts. This is because the banking system is essentially a supply-side, trickle-down mechanism with a currency based on a pyramid of bank lending and debt. All the current plans being suggested by economists and others to save the financial system by varying degrees of tinkering are useless. Similarly useless is the pumping in of credit or liquidity by Treasury or the Federal Reserve because it is no more than new debt to roll over old debt.

The cause of the financial failure is that the producing and consumer economy is "maxed out" and is unable to repay existing loans much less new ones. This is because purchasing power in the U.S. has collapsed.

Purchasing power has collapsed not only because we have outsourced our industry abroad and allowed our infrastructure to crumble, but also because of structural defects identified decades ago by C.H. Douglas and John Maynard Keynes. These defects occur due to the need for retained earnings (i.e. savings) to overcome the Law of Diminishing Returns. This leads to insufficient aggregate demand; i.e., the gap between prices and purchasing power that is endemic in an industrial economy.

The problem is not the collapse of the stock market which simply reflects the deflation of the bubble economy. The problem is the oncoming recession/depression caused by the absence of an economic engine to generate new producing power.

Keynesian plans for top-down creation of jobs by government deficit spending has never worked and has always ended in an attempt by the government to inflate its way out of debt. Everything being suggested by the Obama/McCain campaigns is based on the failed Keynesian formula.

An entirely new paradigm is needed. This can be provided through dividend-based economics like the Alaska Permanent Fund, the 2008 tax rebate stimulus, and the basic income guarantee (negative income tax) discussed during the 1960s and 1970s.

Following is the "Cook Plan":

1. Non-taxable vouchers should be issued at the rate of $1,000 per month per adult and $500 per month per child which may be used for food, housing, fuel, communications media, utilities, and educational services provided at outlets within the U.S. Distribution of vouchers may be delegated to state and local governments.

2. Vouchers will be deposited by service providers and vendors only in a new network of local chartered savings banks—one for each county in the U.S. Deposits will be made to the bank in the county of the local point-of-sale.

3. Banks will lend locally at zero-percent interest using voucher deposits as capitalization. The banks may create loans at a 1:10 reserve ratio with borrowers paying administrative fees only. Borrowers must provide a 20% down payment as collateral or purchase default insurance at 2% of the loan principal.

4. Lending will be made only to business entities, including family or commercial farms, operating from an established location within the county.

This system will create a grassroots "bottom-up" economic infrastructure to parallel the "top-down" Federal Reserve System which is collapsing. Transfers between local savings banks and the banks of the Federal Reserve System will be denominated in U.S. dollars with vouchers redeemed within the banking system.

The system could be implemented within a matter of weeks through seed-money provided by the federal government. It could be replicated by any other nation.

It is requested that readers give this plan the widest possible distribution.


- The above posting is not necessarily the 'whole' view or opinion of Freedom New Zealand or it's contributors.

 

David Icke Newsletter Preview - 10 October 2008

⊆ 09:24 by Red Pill | ˜ 0 responses »

China has been incubating for hundreds of years being prepared for its role as a key player in these times we are now experiencing. I was told by an insider many years ago to watch for the emergence of China as an economic and military power because then the action would really start.

Well, here we are.

China's 'economic miracle', based on slave labour that undercuts production costs across the world, has produced a mountain of money which has been used to buy foreign debt. It holds in excess of one trillion dollars worth of US Treasury bonds (debt) and debt of the US government mortgage lenders, Fannie Mae and Freddie Mac, recently saved from collapse by political intervention.

But even this trillion dollars doesn't nearly tell the full story because it doesn't include Chinese investment in private US corporations and the use by the Chinese government of third parties to hide the extent of its holdings.

Put it all together and China is gaining ever more control of the US economy and it can use this power to destroy what is left of the American financial system. If it sells its massive dollar holdings the value of the 'mighty dollar' will plummet and if its debt is not repaid it can claim American assets, yes government assets, just as a bank forecloses on your house if you don't make the payments.

And the United States is now ten trillion dollars in debt with more being added by the minute. The 'superpower' is essentially bankrupt and at the mercy of its overseas creditors - not least China.

Given that the plan is for a war involving North America, Europe, Russia and China this takes on even greater significance, as does the involvement in the trillion-dollar (open chequebook) 'bail out' of US Treasury Secretary Henry 'Hank' Paulson.

To Sign-Up for a Subscription click here, Premium and Free option's available.

 

Lets Look Back At Economics 101

⊆ 09:18 by Red Pill | ˜ 0 responses »

Lets Look Back At Economics 101, things to note, ask yourself with so-called policy and rules of whatever theory of economics aside to start with;

Are prices on goods worth more because they're...

A) rare in supply, B) high demand for profitability or C) so-called market controlled increases set in policy of some nature?

Then think and ask, is the actual value of paper money worth alot less, thus these so called bills or notes are needed more of to acquire the power to purchase something with less of these objects called bills or notes, paper money.

Not known widely and not know whether fact or not, some well few get told the Reserve (of most nations) Bank prints more money when we spend more of it, example Christmas time and buying gifts, at this time some businesses put prices right up for large profit on each item purchased whereas others lower prices to acquire more items purchased of there business due to that there lower price beats the competitors prices which are higher. At this time also, such gifts are increased to retails and sales stores, thus the supply appears to have increased based on demand, however what is not known to only a few is that the quantity in supply may always be the same but still with the producer or in storage out the back of a store, thus at Christmas the special on sale signs comes out and so do more products and stalls etc.
Conclusion...
Supply and Demand and a free-market, ha, not always guaranteed. Private Companies: Care of profit over people always, privatization and central banks not owned by there own people teach us the lessons of ultimate loss.

- by Red Pill

 

7 International Bankers & Co. 'Credit Crisis' Meeting

⊆ 09:17 by Red Pill | ˜ 0 responses »

International Bankers from the world's 7 richest nations, meeting in Washington this morning, are expected to include a multi-trillion-dollar bailout plan as part of their response to the credit crunch.

The Group of Seven meeting follows the worst day of the worst week of the international financial crisis, in which the market turmoil afflicting America and Europecascaded into Asia and Australia.

At one point Japan's Nikkei index was down 11 per cent, and Australia's All Ordinaries closed down 8.2 per cent.

New Zealand's NZX50 closed almost 5 per cent down yesterday, its biggest one-day loss since 1987.

In the past week, $4 billion has been wiped off the value of companies listed on the local stock exchange.

The bad news continued to flow late last night (NZ time) as Europe's markets opened.

London's FTSE 100 index crashed almost 10 per cent as soon as it opened, but picked up to be down 7.4 per cent after four hours of trading.

Germany's DAX was down 9 per cent and France's CAC-40 lost 8.4 per cent.

In Vienna, the stock exchange was suspended until midday after stocks tumbled 10 per cent at the morning's opening bell, and in Russia the MICEX and RTS exchanges suspended trading until further notice under orders from financial regulators.

Today's Washington meeting will bring together finance ministers and central bankers from the United States, Germany, Japan, France, Britain, Italy and Canada for some collective thinking on the credit crunch and crashing stocks.

They are to be joined by counterparts from other nations, including Australia, Brazil, Russia, India and China, for a gathering of the expanded G20 group.

Also this weekend, the International Monetary Fund and the World Bank will be holding annual meetings.

Sources say Japan will propose an IMF loan scheme to give countries in financial crisis access to the trillions of dollars in reserves held by Asian and Middle Eastern governments.

Japan and China between them have US$2.8 trillion in reserves, and although Japan's market has been hit by selling, both countries have been relative oases of calm in a world financial crisis that has destroyed banks from Wall Street to Iceland, frozen money markets and drained capital from emerging markets.

Under the plan, the IMF would ask the country that was to receive the money to draw up a plan for revitalising its financial sector, including writing off its bad assets.

Today's meeting comes at the end of another horror week on money markets.

Japan's Nikkei stock average fell 9.6 per cent yesterday in its biggest one-day loss since the 1987 stock market crash.

The Nikkei, which has fallen for seven consecutive days, lost 24 per cent on the week, more than twice as much as in the week of the 1987 stock market crash. It has lost 46 per cent this year.

Things were little better in Australia, where market watchers called yesterday's trading "Black Friday".

The S&P/ASX200 index fell 8.34 per cent, or 360.2 points, to close at 3960.7, its biggest one-day percentage loss.

The wider All Ordinaries index tumbled 8.2 per cent in its biggest loss for 21 years. Yesterday's session wiped A$106 billion (nearly $117 billion) from the value of stocks.

But the BNZ saw a silver lining to the black cloud of international economic turmoil, saying it could result in falling prices, a reduction in inflation and cheaper petrol.

The bank said declining energy, commodity and oil prices showed inflationary prices had started to moderate in many countries.

"The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability," its forecast predicted.

"Some easing of global monetary conditions is therefore warranted."

This would result in a noticeable fall in New Zealand's inflation over the next one or two years.

"The immediate test of this will be the producers price index and consumer price index figures from around the globe," the BNZ said.

"We anticipate some big monthly drops, which will bring headline annual rates down sharply."

American crude oil futures fell more than US$4 a barrel yesterday as fears that market turmoil would slash demand for fuel outweighed news that Opec will hold an extraordinary meeting next month.

Investors are now putting cash into safer areas and have pushed oil's price down by more than US$60 from its record high above US$147 in July.

THE SILVER LINING
* It's not all bad news ...
* The BNZ says high prices will ease and inflation is expected to tumble.
* Oil prices are falling, yesterday reaching a one-year low of $US84 a barrel.

- Agencies

- Story Source

 

Economic Failure Predicted, Still Failing Worse

⊆ 17:18 by Red Pill | ˜ 0 responses »

Finance Minister Dr Michael Cullen has admitted the international credit crisis overtook "what we thought we knew", in revealing the Government would run a massive account deficit for the next five years.

Opening up the books ahead of the election, Treasury said today the economic outlook had deteriorated badly since the May budget and this meant reducing its revenue forecasts and increasing its predictions of costs such as benefits.

Cash deficits - the bottom line after all infrastructure funding and payments to the New Zealand Superannuation Fund are made - is predicted to blow out from around $3 billion a year to around $6 billion a year.

Dr Cullen noted for the first time since he became finance minister he was having to explain why the books looked worse than predicted.

"What we thought we knew, even five short months ago, has been overtaken by events," Mr Cullen said.

"Let us be clear. The dramatic scale and speed with which international financial markets have moved in recent weeks have been extraordinary."

He added that the Treasury "would be the first to admit that there are risks around the numbers because we cannot know how the most recent financial market volatility will practically effect real output - either here or abroad."

He blamed "skyrocketing global oil and food prices over the past 18 months" as well as rising international credit costs for the impact on the housing market and business here.

The most common measure of the health of the Government's books makes grim reading with operating balances after bookkeeping adjustments predicted to fall into deficit for the first time since 1994 reaching $3.2 billion by 2012/2013.

Treasury Secretary John Whitehead said forecast scenarios had Government debt increasing from under 20 per cent of GDP to about 25 per cent by 2012.

Mr Whitehead said since the Pre-Election Fiscal and Economic Update was completed the international financial crisis had become even sharper, creating even more risks. But despite this, if Treasury had been finalising its predictions today they would remain largely the same.

Tax revenue was predicted to be $3.1 billion less than predicted in the budget and costs had increased due to the popularity of KiwiSaver and the take up of subsidised early childhood education.

Since the budget the economic outlook had deteriorated even more than feared with households and businesses coming under pressure.

The slowdown would continue until the middle of next year with unemployment picked to rise to 5.1 per cent.

Dr Cullen said the Government's reduction of debt levels over the past nine years had left New Zealand in a strong financial position ahead of the challenging international economic times.

"This is a time of unprecedented challenge for the global economy," Dr Cullen said.

"The rainy day has now arrived."

Dr Cullen said the international credit crisis meant there were still real risks of serious harm to the New Zealand economy.

Despite that, Dr Cullen said now was the not time for "a slash and burn response" to government spending, or more tax cuts.

He said the Government was maintaining a steady as she goes, prudent approach.

Dr Cullen signalled an incoming government would have to look at forecast increases in spending such as the large boost signalled to the Foreign Affairs Ministry.

The tough times meant there would have to be review of such "low priority" spending to fund more productive new initiatives.

Dr Cullen said he had been told that both New Zealand and Australia's banking systems were sound and would emerge in better shape than many others around the world.

He was not too concerned at the increase in debt to 25 per cent of GDP and believed it could be trimmed back towards his 20 per cent target in the medium term.


-NZPA

 

New Zealand, The Crown, Politics and the Banks

⊆ 10:05 by Red Pill | ˜ 0 responses »

It would appear that the two major parties will still hold the majority of power, though the Greens may get an extra bump if fools believe they can fix this so called global warming.

So you have Labour who portrays to buying back assets under the state whereas National is appearing to sale any state assets and privatize things, we've already heard but not so loudly the sell off of ACC and just very recently Bill English saying when asked about selling off Kiwibank, "Well eventually, not now"

It's been said National Party policy is no state asset sales in its first term, though come the second term, bang auction time to the foreign bankers. Though the thing is, Kiwibank lends out loans, credit much like any other bank, its not fully owned by the state as the debt New Zealand is in to the Reserve Bank from borrowing would show that's it collaterial anyway, much like anything of WINZ, ACC, IRD and so on. All these departments are lodged with crown bank accounts, mostly Westpac from what i've seen when getting a crown payout, thus the Reserve Bank is not a government department and is not owned by New Zealanders, it has been many times by me and others (much like the U.S Federal Reserve Bank) a bank or system or credit owned by the international banks, with most of it tracking back to the City Of London or Swiss and Germanic rich and powerful masters of money and credit.

Last night on Talkback ZB a caller rung in approx 10:45 - midnight, he tried explaining in a nutshell basically how the above works out, though Oliver Driver the host of the show at the time remarked 'we were schooled Oscar' (Oscar Knightley his co-host) and terminated the call. This specific slot on Sunday appeals to the younger listeners and maybe its casted all of Martyn Bomber Bradbury's ex-Channel Z youth radio listeners, though ZB listeners were noted by Oliver Driver as alot of 14 and 15 year olds.

My point, shutting down the callers as most of the media do, for those who try to educate the future youth and others of the true way the banking and monetary systems work around this world and are screwing this planet up with elite populus control evil bullshit.

 

Homeowners start to panic with the banks

⊆ 06:29 by Red Pill | ˜ 0 responses »

Homeowners are flocking to the Government's online mortgage repayment calculator as rising living costs and high interest rates lead some people to re-assess what they can afford to repay.

People used the Retirement Commission's online mortgage repayment calculator 100,000 times last month - nearly twice the number of times the calculator was used in January.

The figure comes as struggling homeowners wait to see if the Reserve Bank lends them a helping hand when it reviews the official cash rate today.

In July last year, the online calculator received just 34,000 visits. In May this year, the number of visits peaked at 128,000.

Banks spoken to by the Herald said more people were seeking budget and mortgage repayment advice as living costs increased.

ASB head of business ventures Peter Hall said there had been a noticeable rise in people wanting to repay only the interest on their mortgages in the short term. More people were also approaching the bank to consolidate their debt, he said.

National Bank retail banking managing director Jenny Fagg said more customers wanted help with their financial arrangements, with some asking for help to rearrange their lending to cope with higher costs.

A spokesperson for Westpac said it was experiencing strong interest in its budgeting and money managing services. About 1800 people had visited Westpac's online money management tutorial since May.

Federation of Family Budgeting Services chief executive Raewyn Fox said budget advisers had seen a new demographic of clients in the past six months, as food, fuel and interest costs put pressure even on families with relatively good incomes.

People who had borrowed 95 or 100 per cent of the value of their homes were being particularly hard hit, because they had little equity with which to restructure their lending. "We are seeing people who have done everything possible to restructure their spending and who are running out of options," she said.

Ms Fagg said people who found themselves struggling should ask for help straight away. "Banks are in a much better position to help customers before situations start getting out of hand."

Last night, market economists were struggling to pick whether the central bank would cut the cash rate from 8.25 per cent, where it has been sitting since the middle of last year. The Reserve Bank has signalled that it will cut rates by the end of the year but economists were unsure whether the drop would arrive today or in September.

However, economists warn homeowners should not get too excited about the Reserve Bank's announcement. The high number of fixed rate mortgages and the cost of borrowing offshore mean it could take some time before a lower official cash rate translated into lower average retail mortgage prices.

-

 

Our Political System - Corrupted Interest

⊆ 09:47 by Red Pill | ˜ 0 responses »

Well Helen Clarke buys the rail asset back and names it KiwiRail, headed by ex-Nat Jim Bloger, who also happens to run most of our infrastructure like NZ Post and KiwiBank. Even so Kiwibank and the Reserve Bank are controlled by the international bankers like most Western and European based governments. Therefore the governments national debt by borrowing from the Reserve Bank, the upper echelon creates out of thin air money and makes interest on high repayments on money that never existed in the first place, as such credit.

Furthermore there are plans by some in Parliament to buy and control a nationalisation of public transport, so bus companies and the like. In turn real control to the upper grasp of the pyramid. Another plan is to build prison systems close or interconnecting to rail lines, thus the plan with either party (as they're both puppets in the equation) wants to build more prisons, give police greater powers and guns. This in turn gets arms and private rail contractors rich and the result of a more evident police state.

As for National the conservative facing puppet party, my review and Scoop.co.nz found the same info recently.


Australian insurance company investors are being advised they would reap large profits if the ACC scheme was privatised, but it would come at significant cost to New Zealanders, says ACC Minister Maryan Street.

"The confidential Merrill Lynch briefing to Australian investors, made public today, says National has given insurers a strong message it would privatise the $10.3 billion public asset if ever elected - although the party consistently refuses to provide any policy details to the New Zealand public.

John Key used to work for Merrill Lynch, as we have seen he can not speak well, mostly his speechs and refusal on policy is pre-written. A recent example; "I do condone that, oh no I don't condone that."

"The briefing says privatisation of ACC could be a "very positive development" for Australian insurers which should be able to "capture" what will become the New Zealand injury insurance market.

Brenda Pilott is a Public Service Association National Secretary, she says...

"National needs to tell ACC staff if it is putting their jobs on the line by privatising ACC."

"They also need to tell the rest of New Zealand if they are going to increase the cost of accident compensation, and line the pockets of foreign-owned companies, by privatising our accident compensation."

John Key's interests are those in the ploy of big business particularly banking and finance. Just as Helen Clark's is a capitalist socialism, like a enslaved soviet union pyramid scheme runs by freemasons and there like, classism divided, as race is not a factor as per the multiculurism structure of N.Z, the E.F.B proves pretty much dissent will be silenced or must be registered.

Everything must be registered or on record; cars, persons, assets, cash, your political affiliations, your children, marriage, death, other forms of finance and commerce, so it can be tracked, taxed and tallied. Sure some might say so they can better serve us, sure they are servants to the people, but do they represent us in the so called representative democracy, looks at our needs, i don't think they have done much to improve anything but the interests of the rich and powerful and elite. No liberty i can see clearly, just a decrease of it overall.

If only more people could see what the Direct Democracy Party of New Zealand had said prior to the oil, food and credit crisis came into public view, thus which all runs on money, thus the DDP monetary policy is of major-fold significance. Oilcrash.com said much the same also. People need to wake up the truth is closer now, but behind a web of deep lies and corruption.

 

The Evolution Of The Pyramid Of Enslavement

⊆ 10:56 by Red Pill | ˜ 0 responses »

Sign #1 Banks loaning more money. Finance companies going under and monetary control centralized into banking only, governments trying anything from Kiwisaver to new taxes (carbon etc) to make people have less but actually spend *cough, borrow more money from the banks, so debt increases. The servicing of debt in which the people are the BORROWER and the bank is CREDITOR to issue the money. See the video 'Money As Debt' here


Sign #2 Gold & Oil prices increase - which is good for some reasons, they continue to rise even today. Changing the value of paper money issued by the private controlled foreign corporations otherwise known as Reserve Banks, i.e BoE, BoJ.

At this stage some things need explaining for those not full awaken to whats is going on...

In these times governments and central banks have in the past worked together against the people to prohibit persons from; possessing gold, trading gold, storing gold, use for commerce and gains. This in effect locked down the control of money, thus wealth into the elite rich few, hence a pyramid extending out as it goes down was created, this enslaves the majority. In turn, the public are led to believe they are free in a so-called 'democracy', when in fact more and more laws and statues were and are continued to be created to limit such freedoms whether related to commerce and finance or not.
In this point drugs and oil whether legal or not are passed through a echelon ranging from intelligence agencies, a nations army down to the street corner (not always in this order directly). For those who do not believe this, I simply ask for you to look at U.S Federal Reserve issued currency, there's a pyramid symbol on it, with a detached zenith at its peak, with an Egyptian eye or to some the sign of Big Brother.
Also to note the CIA (Cocaine Imports of America) and the OSS, the Contra's & the Vietnam war plus many others being involved, this is not a conspiracy theory, there is proof!

I quote what they always plan, 'Anything that can be regulated and registered by control of the international bankers whether it be puppets fronting as government or otherwise will be regulated, registered and put into a form of law with or without consent from the people.


Now an article I found from the mainstream below....

The US Federal Reserve has announced an emergency cut in interest rates and taken more than US$30 billion ($37 billion) of Bear Stearns' assets; the US dollar has flopped to an all-time low against the euro, and hit a 12-year low against the yen; the Bank of England saw fit to lend a further 5 billion ($12.5 billion) to the banks; the Mumbai stock market was down 6 per cent, Hong Kong fell 5 per cent and Frankfurt 4 per cent.

Even President George W. Bush admitted: "We are in challenging times."

Is this the moment? The moment, that is, when the world economy slides into slump? The collapse of Bear Stearns is a signal of much worse to come.

Perhaps the most significant barometer of the economic health of the world today isn't the FTSE-100, the Dow or the Nikkei, dreadful though they were at times, nor even the free-falling dollar or the soaring value, yet again, of gold.

Rather it is the suddenness with which the situation is being compared with the 1930s, the most miserable decade in a century of economic history.

That may be an apocalyptic view, a typical product of the mood swings of markets suffering from bipolar syndrome; but the world economy is sick.

It is suffering from illnesses that are beginning to feed on each other, creating a vortex of downward spirals. Grim forces have gripped the world economy, a combination not seen since the Great Depression.

 

Anticipation of the U.S economy crash

⊆ 09:44 by Red Pill | ˜ 0 responses »

According to LEAP/E2020, the end of the third quarter of 2008 will be marked by a new tipping point in the unfolding of the global systemic crisis. At that time indeed, the cumulated impact of the various sequences of the crisis (see table below) will reach its maximum strength and affect decisively the very heart of the systems concerned, on the frontline of which the United States, epicentre of the current crisis.

Read the rest of this story here

 

What is to blame for the disappearing Government surplus?

⊆ 13:50 by Red Pill | ˜ 0 responses »

The NZ Herald online (not that I like the mainstream media) is running an interesting thing here...


The Government's accounts have dropped into an operating deficit for the first time in almost 15 years. The Treasury has revealed the Crown's operating balance for the seven month period to January 31 was a deficit of $394 million -as much as $4.2 billion away from the forecast surplus of $3.8 billion. What is to blame for the disappearing Government surplus? Click here to see more.

 

Tax in Liechtenstein

⊆ 09:52 by Red Pill | ˜ 0 responses »

Inland Revenue yesterday confirmed it was working with a number of overseas tax authorities to investigate alleged tax rorts involving the use of bank accounts in the tiny European country of Liechtenstein.

International pressure on Liechtenstein to lift the cloak of secrecy from its banks intensified this week as tax agencies across the globe widened probes into tax evasion involving some of its banks, including LGT, which is owned by the state's billionaire royal family.

The US said it was examining more than 100 American taxpayers it suspected could be hiding money in the principality and was co-operating with tax administrators in seven other countries including New Zealand.

A spokesman for the IRD yesterday confirmed there were "less than a dozen" New Zealand taxpayers involved in the alleged tax dodges.

"We are aware that some offshore activities and investments of New Zealand taxpayers are operated on the assumption that Inland Revenue may not be able to obtain information from sources in other countries," Inland Revenue commissioner Robert Russell said yesterday. "These assumptions are no longer safe in today's environment of international co-operation."

The US Inland Revenue Service has examined Liechtenstein bank accounts that contain amounts of up to US$100 million.

The Inland Revenue spokesman said early stages of its audit process suggested the amount of New Zealand tax involved was $1-$2 million.

The quiet mountain enclave of just 35,000 residents tucked between Austria and Switzerland has lured funds from thousands of wealthy investors from around the globe, earning it an unwanted spot on an international blacklist of tax havens.

German prosecutors have been leading the Liechtenstein crackdown prompting 91 people to admit their role and pay up nearly €28 million ($51.5 million) in back taxes. The probe has already forced the resignation of one of Germany's best-known business figures - Deutsche Post chief executive Klaus Zumwinkel.

- Adam Bennett

 

Financial News

⊆ 00:51 by Red Pill | ˜ 0 responses »

I believe give it until 2012, most economies globally look screwed, that is if there based off the bankers evil credit and servicing-off-debt systems with a corrupt-backed reserve central bank in place and not the people of the nation in control of there monetary system. I guess it's all part of there plan for digitalization and ID, the path to tyranny and ultimate police state enforcement.

Below is some mainstream media articles of some financial news...


The New Zealand dollar took a peek at US82c and then eased back as traders took profits.

It hit a new 23-year post-float high against the greenback of US81.83c but closed on US81.46c against US81.15c yesterday.

In the U.S, Federal Reserve vice chairman Donald Kohn said a weak economy was a bigger worry than inflation risks, suggesting a willingness to keep cutting rates from 3 per cent as the central bank tackles "difficult times".

Meanwhile Oil surged to a record on Tuesday as weakness in the US dollar, following a batch of gloomy economic data, spurred a broad-based rally across the commodities markets.

Strong heating fuel demand in Europe and the United States in the midst of a cold spell and signals from Opec that the group will not raise production at its meeting next week added support to crude's gains, dealers said.

US crude gained $2.20 to a record $101.43 a barrel - close to the inflation-adjusted peak of $102.53 hit in 1980. London Brent crude rose $2.34 to $100.03 a barrel.rst level in five years while inflation soared among producers, sparking fears of stagflation.

While a weak dollar can sometimes trigger commodities buying as dealers seek to preserve nominal value in other currencies, worries about an economic slowdown have tempered oil's rally in recent weeks by dimming the outlook for global energy demand.

In the United States, crude oil supplies are forecast to have risen last week by 2.5 million barrels, the seventh increase in a row, as refineries undergoing maintenance have built up stocks.

A preliminary Reuters poll of industry analysts predicted US distillates stocks, including heating oil and diesel, were expected to maintain their seasonal decline due to cold temperatures and a dip in production and imports.

- NZPA & REUTERS

 

Britain - Nationalisation of Northern Rock

⊆ 10:10 by Red Pill | ˜ 0 responses »

British finance minister Alistair Darling has announced the temporary nationalisation of troubled bank Northern Rock, which was hit by the global credit crunch in August.

"The government has decided to bring forward legislation to bring Northern Rock into a temporary period of public ownership," he said during a press conference at the Treasury in London.

Britain's fifth-largest mortgage lender already owes taxpayers 25 billion pounds ($49 billion) and has been put on the government's books as around 90 billion pounds of public debt.