Personal finance

Is Wongaland between Wogistan and Bogo Bogo Land?

We have heard about Wogistan and then Bongo Bongo Land, but what on earth is Wongaland?

Britain has an “Alice in Wongaland” economy in which people are taking out payday loans and raiding their savings to fuel shopping sprees.

Retail figures, published by the Office for National Statistics this morning, are expected to show that people are returning to Britain’s High Streets.

Experts have said that the warm weather, increased consumer confidence and the “feel good factor” created by the Royal Wedding stimulated growth.

However Ann Pettifor, of Prime Economics, warned that the improved figures were fuelled by debt and will ultimately prove to be “unsustainable”? Read more »

Winston wants to nationalise your Kiwisaver

? NZ Herald

Winston Peters has announced he wants to steal your savings…by force…to buy back the minority stake in the assets the government is putting up for sale:

Finance minister Bill English has attempted to blunt Opposition attacks on the asset sales plans by challenging them to confirm that they felt strongly enough to buy the assets back under a future Government.

NZ First leader Winston Peters has made that pledge, but both Labour and the Green Party have said they could not make that commitment because it would be fiscally irresponsible.

On 3 News’ The Nation over the weekend, Mr Peters said NZ First would pay no more than the opening price of the initial share offer. Asked where the money would come from, he said there were many options rather than borrowing offshore – including borrowing from the Super Fund or KiwiSaver.

“Or more importantly, why couldn’t we just ask the New Zealand people at that time – are you in to get this back in our name and I have enough belief in New Zealanders to know that they will have a memory of what happened here, how they were sold down the drain, to put their hand up.”

In order to force Kiwisaver accounts to buy back the shares he would have to pass legislation appropriating control of those Kiwisaver accounts. In other words steal your savings from you to pay for the buy back of minority shares in a state controlled asset.

This is nothing short of an attempt by Winston Peters to nationalise Kiwisaver accounts.

Of course Winston Peters hasn’t thought through that a great many Kiwisaver funds as well as the SUper Fund will probably already be large shareholders in these assets….infrastructure companies are prized by super funds and so it is highly likely they will invest substantially in the state assets now that they will?have?the transparency of full disclosure provided by a listing.