What commercial experience has Cullen ever had.  The only reason that I can see for a National party Gov't to put him in this position is for him too fail.  Hopefully he won't disappoint them.

This is one crown asset that has to be 100%  sold - but is there any bank or other financial organisation gulible enough to do so, I'm not sure ?

But the one thing you can take for granted is that majority of the NZ public would vote to retain this sink hole of tax payers dollars, thinking that someone other than themselves is the one actually pissing it away.

Old Cullen aye? The Doctor of religious history made Minister of Finance by Labour because he was the only one with Dr. in front of his name that the sheoples might actually swallow is not a complete monetarist finger puppet. I would say he has now advanced beyond that to the title of Monetarist Duke Box that one Mike Moore achieved where by the world government of money downloaded them with their favourite tracks that transcend party politics so that they could be wheeled out where the monetarists wanted them, the track numbers punched in and let the performance begin. They pick out New Zealanders because they make the best flag bearing monetarist finger puppets to front predatory financial invasions because as Stephen Jennings one of their ex NZ Treasury favourite sons said " New Zealanders are not seen to have the same ideological baggage as others"

Kiwibank is the international wholesale bankers greatest threat and they want it destroyed! 

Grant,

Kiwibank is still the most profitable operation within NZ Post Office. Kiwibank would be much more profitable if it was not just circulating through its veins the private sector debt that circulates as all but a fraction of our national money supply, but was circulating our own NZ originated primary liquidity base to mobilise labour to unlock our natural resources and then provide our necessities of life and essential infrastructure as a public service as a launch pad and fall back position for private enterprise to deal in desirables at the cheapest possible cost.

Kiwibank also gives us access to our own independent clearing house system should we ever take back our sovereign right to issue our own public credit to fund our infrastructure and build our assets, or expropriate what has already been stolen under false pretences.

It is what Kiwibank, atleast well it had a political party with the will to do so, had and would have continued to save the nation in foreign interest repayment by offering local competition gouging foreign banks that would have saved the nation most in the longterm.

Kiwibank announced cheapest mortgage rates would benefit New Zealanders.

Might have been true under Labour Government, who although having little indepth financial literacy could atleast see benefit of having state owned bank doing what the TSB "did" for Taranaki residents by circulating through its veins the mainly foreign private debt that circulates as all but a fraction of our national money supply in order to cut a profit margin from plain vanilla bank lending and return the profits after cost as dividends to local resident shareholders. Using local competition to keep foreign banks from gouging.

Then came National Government who believe all necessities of life and essential infrastructure belong in the hands of private profit seekers. They set up a subsidiary of Kiwibank, Kiwi Capital Securities LTD, within New Zealand Post Office Parent to start borrowing from international wholesale banks to expand lending into riskier areas. This at a time of global credit crisis when many allied democratic nations are questioning the authenticity of the created credit these banks issue.

This nullifies local competition aspect and see's more revenues by way of interest or dividend flowing off shore.

I say the TSB "did" do the same for local Taranaki community shareholders, as it to has recently started borrowing from international wholesale banks for the same reasons as Kiwibank, which will have same outcome.

When did the local shareholders get asked if they want to cut international wholesale banks in on their business?

Its partial privatisation of both! 

Grant,

Your above post contains much that is not as you say it is.

I have to go get behind the hamster wheel for ten odd hours today, but will give you a little to think about and research until I can contest indepth this evening.

The RBNZ only increased the length of the term of borrowings banks claim to act as reserves. Those so-called "deposits" are infact only really circulating debt as all but a fraction of money supply originates as interest bearing debt owed to the financial sector.

As for money borrowed from international wholesale banks being someones "savings" and the banking system being "sound", I would suggest you need to do a little research on just what happens at the treasury Bills and Debt bond exchange process, what role the primary bond dealers play and just where their "money" originates!

It is implied that NZ has a fractional reserve system, but it has infact been a multilayered confidence trick of creative accountancy since 1989 when official documents state we moved to a zero reserve system to a prudential reserve system based on bank self internal risk assessment and them being deemed to be solvent provided they could keep their customers confidence that they could meet their day to day liabilities.

The current international banking model is insolvent by design and debt peonage trap to every non-insider subjected to having to participate in it by way of it being decreed their "funny money" is the only thing accepted as payment of tax. 

You know a truly proffessional investigative media used to not publish stuff if it was not the truth, now when it comes to monetary, banking and credit systems the now corporate concentrated tag alongs dont publish stuff because it is the truth.

What an upside down world we serve?