NZ Banks make an obscene $6billion profit during Covid! Why the Left can’t respond

Record profit: NZ banks made over $6 billion in 2021, KPMG report

Despite battling the second year of a global pandemic banks operating in New Zealand collectively made more than $6 billion in 2021, according to a report by KPMG.

Its Financial Institutions Performance Survey of banks found net profits rose nearly 48 per cent last year to hit $6.13b – the first time it had gone over the $6b mark since KPMG began monitoring the sector.

Once upon a time when the Left were more focused on class and economics, we would have had a plethora of responses to this madness.

The economic stress TDB has been pointing out for sometime will hurt everyone except the very rich…

Leading economist says inflation will worsen, could see Kiwis pay ‘bit more’ towards their mortgage

A leading economist has a grim outlook for inflation over the rest of the year saying “it’s not going away soon” and could result in Kiwis paying more for their mortgages. 

…sadly the entire movement is infected by woke identity politics with no intellectual muscle beyond micro aggression policing and cancelling people on Twitter.

The Right look for recruits, the Left look for traitors and right now, the dangerous far right are winning. The Dumb Lives Matter violence on Parliament’s Lawns proved that.

Thanks to Middle Class Marxists, the Left have spent more energy on virtue signals than hegemonic economic reform.

Look at this…

…In 2010, the 388 richest individuals owned more wealth than half of the entire human population on Earth

By 2015, this number was reduced to only 62 individuals

In 2018, it was 42

In 2019, it was down to only 26 individuals who own more wealth than 3.8 billion people.

And now in 2021, 20 people own more than 50% of the entire planet.

This isn’t democracy, this is a feudal plutocracy on a burning Earth!

Labour have failed us over 4 years because they had no plan to scare the public service into serving the public. They see the lumpenproletariat on Parliament’s lawns as an embarrassing reminder that they haven’t been transformational and so label all protestors as Nazis.

They need 5 big Radical Centre ideas that actually do more than woke virtue signalling to challenge inequality and poverty .

1 – Financial Transaction Tax – TAX BANKS!

Society needs money for social infrastructure and to rapidly adapt to the climate crisis. It is unacceptable that citizens pay more tax. A Financial Transaction Tax set at .001 cent would capture all those speculators who trade and the banks that enable their gambling. Hit the corporates with this tax and the beauty is that it’s unavoidable because every electronic financial transaction is recorded. This would see billions available each year and start to push back on corporate power.

2 – Use Public Works Act to seize 90% of all golf courses in Auckland.

The Housing crisis needs an immediate solution, not more empty promises. Using the Public Works Act, central Government should seize 90% of golf courses in Auckland and build a mix of state houses and first time home buyer owner/occupier tiny houses using the best environmental & urban design housing. Fuck the golfers. We could solve homelessness, provide extra resources to these new communities while giving first home buyers an immediate way into the housing market. Why not turn golfing privilege into economic justice?

3 – Feed the bloody kids – all of them!

Not just some bullshit unhealthy food, I’m talking community garden, local produce, parents paid to come in and help serve up the most nutritious and healthy breakfast and lunch at every school we can provide. To actually care about our children and set standards of what is most healthy for us. Hungry children can’t learn and removing this cost from the poorest parents pockets would do more to put money back into those pockets than any welfare increase would do without getting clawed back by MSD. We would build community at schools, while providing healthy food to our kids, while putting money into the poorest parents. Make this universal.

4 – Break Supermarket Duopoly with 30% State owned competition 

A new Supermarket chain with a focus on better prices for consumers and producers with better conditions for workers is the very type of market regulation New Zealander’s are screaming for.

5 – Free Public Transport

You want Aucklanders to get out of their cars? Make public transport free. Again this would help save the poor money and force change by providing and enormous incentive to get people out of their polluting cars.

This Government is failing in every indicator except keeping us safe from Covid but that’s not enough.

What is required are some big ideas with immediate pay off that enables the Government to bypass the public service and their fiefdoms.

Keeping Covid out isn’t enough. Those 200 000 kids in poverty, those 25 000 on emergency housing wait lists, the 50 000 households living in poverty and the generations locked out of home ownership deserve better.

We need to be kinder to individuals and crueller to corporations.

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