Corona virus expert: “You can’t expect anything else of capitalism”

Posted by in Culture, Economics, History, Politics

Australian immunologist Professor Peter Doherty, age 88, wrote “Pandemics: What Everyone Needs to Know.” In an interview this week with Radio New Zealand he said: “I’ve felt for a long time that our society is essentially unsustainable. But I would hope that after this is over – and it will be over, in about 18 months and if we get a vaccine, we’ll be looking at it much like the flu – I’d like to think we could rethink a lot of that, but I have no great confidence we…read more


Farmers force banks to pay for interest rate swap losses

Posted by in Activism, Culture, Economics, Politics

Interest rate swaps are enormously risky financial derivatives, so complicated that most of the bank managers selling them didn’t understand what could happen if things went wrong. But New Zealand banks, including The National Bank, ASB and Westpac, sold these swaps to hundreds of farming customers in the period before the global financial crisis in 2008. Banks told farmers swaps were a great way to reduce the risk of having to pay more money on their bank debt. Don’t worry, said the banks. Interest rate swaps seem complicated, but actually…read more


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