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ROCKY BAY NEVER WAS OMIHA

A Waiheke Island Myth Part 1 On Waiheke Island, New Zealand, a myth has grown up among a handful of people in the Rocky Bay Village th...

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Monday, 24 February 2020

PONZI IN A COUNCIL DISGUISE

I found myself in conversation on the island with people who had emigrated to New Zealand and granted a residency visa. I remarked that that must have meant dealing with the Department of Immigration, which is a pig, pig, pig. They agreed. And they described the long list of information they had had to provide, and the things they had to do to get their visa, and that one of the latter was that they had to invest $1,000,000 in Auckland Council bonds, for at least five years.

Before the conversation had reached that point I had told them that my rates had multiplied by 10 during the time that inflation had only multiplied by 1.54.

They said they were very pleased with the return they were getting on their million-dollar investment in the Council bonds, and one very pointedly said, 'That explains why your rates have gone up.'

In a Ponzi scheme you invest in an outfit that makes glowing promises but is actually in perpetual debt (as is Auckland Council) but you get a very nice return from money constantly being put in by others. This Immigration/Auckland Council setup looks that very like a Ponzi scheme nicely disguised by some creative re-labelling, and, worse, one enforced by Immigration's wickedness.

Auckland Council's webpages for investments shows that security for investors is indeed provided by rates.

And its glowing blurb makes it look as if the money is being invested profitably--e.g., backed by Auckland's contribution to GDP. That is misleading advertising.

This is a scam, this is corruption, all done in the name of the people by a 'democratic' local government entity and enforced by a government department. So much for New Zealand's claim not to be corrupt...