Sunday, September 05, 2010

Expect more after shocks

Yes, there will be more aftershocks from Canterbury, both from the locality and from the financial wizardry revealed of late.
to raise money for the general operations of the super city council, with a duration of seven years, and offering a minimum interest rate of 6.45%

Speaking of financial dark arts, I see Lying Len Brown's beloved Manukau City Council is so broke and awash in debt, as it spends willy-nilly on big tickets, it can no longer openly ramp up the rates, but is now forcing ratepayers to pay via risk laden bonds. Toxic bonds ratepayers will stump up for in more ways than one.

The debt fuelled spendathon of the last decade has come home to roost. I wonder how many other councils about to merge into the Super City have similar debt devices well hidden from the gaze of the public?

The thieving socialists that infest councils, implementing their social engineering programmes, know they have a government guarantee. Just like the one revealed to the cost of the nation in the shocking fiscal wizardry of SCF's party with its recently acquired toxic debt structure. You see, they too had a gummint guarantee. The emphasis being on Mint.
They offer a bit more money than you can get from government stock, and technically they have a higher risk, but if the government is going to bail out private companies, then it is not going to let a council go bust.

One thing is for certain, I do expect more after shocks in local government. I wonder how many will be revealed after the Super City merger?

Note to self: Ring broker...

No comments: