Tuesday, August 20, 2013

Selling it on credit

The government has announced its plans for selling Meridian Energy. The core of the proposal? Investors will only have to pay 60% up front, with the rest of their "investment" being due in 18 months. So, in their rush to flick off our assets to their cronies, they're selling them on credit.

And what generous terms. This is basically an interest-free loan to investors, and personal loan rates are in the range of 12 - 15%. So this is basicly a 5 - 6% free gift to National's rich mates. Plus, of course, they get all the dividends Meridian can gouge out of us, despite not having fully paid for them.

There isn't even a pretence any more. This isn't about revenue, if it ever was. It is about wealth transfer, about shifting the ownership of these lucrative assets from public hands to private ones. Its about shifting the dividend stream from paying for our schools, hospitals and public transport to paying for their yachts and holidays. It is about making something which is ours into something of theirs. And National wants to do this as quickly as posisble, before anyone can stop it, and pay its thieves into the bargain.

Again, we should not tolerate this. The next government should forcibly renationalise these stolen assets, at a loss to the thieves. Anything less, and we're letting these criminals get away with stealing from us all.