New Zealand’s ‘ponzi scheme’ economy is being badly exposed. I thought New Zealand was supposedly a ‘very rich country’? Seems to be just the inflated property values which only exist on paper, and an awful lot of borrowing holding the whole thing together. Labour have borrowed their way up to a national debt of $193.63 Billion (as at 30 May this year) according to Liam Dann writing in the NZ Herald. Astonishing stuff, as I thought we were sitting at around $150 Billion.
And how are house-holds looking? Liam Dann says our total gross debt is now $790 Billion, up from $739 Billion at this time last year. Growing like Topsy in other words.
And then there’s this -
https://www.nzherald.co.nz/business/...F6NMW4VLS45AM/
Nation of Debt: Kiwis pay by credit, debt rises amid cost of living crisis
By Alka Prasad
26 Jul, 2023 05:01 AM
‘Kiwis are spending more on their credit cards to keep up with the rising cost of living, prompting a warning from a financial expert who says it won’t be sustainable in the long term.’