" It is human nature for people to make decisions which are rooted in self-interest. They do not need to collude to promote interests they share." - Vince Siemer
The problem with democracy is crown immunity. People get appointed to governing power are given immunity (permission) that failure is ok.
The immunity is allowing cover-ups, negligence and hidden agenda. And when people complain to the fiduciary in power he gets ignored.
Calm down. "The Encyclopedia of public choice", Volume 2, by Charles Kershaw Rowley, Friedrich Schneider- is just one of many
It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
Who said anything about how you spend- it's how the banks borrow and loan- it's about income vs debt ratios', about managing asset bubbles. Bollard suggests his loan-to-value restrictions will dampen credit bubbles- that ignores the fact values are inflated by motivated self interest parties. He also said the Reserve Bank has forced lenders to reduce their reliance on short-term overseas funding by introducing its core funding ratio. That is regulatory control. Measures to regulate over the years have incurred the endless lobby of lawyers working for self interest groups- banks, investment advisors, etc. The result- 3rd most indebted nation in the OECD and 232,000 investors with $8.5b on deposit being told their deposits are in many cases- gone. So if the lawyers played no part in all that then who did- who controls the rules?
Each year more and more of the red tape destroys macro and micro economic engines. The facts are that more lawyers equals lower growth, lower GNP.
As for the legal club- members don't need to be just friends, they just need to be attracted to the same aims, monopoly power and more income.
Regulatory control is set by the government who are advised by the lawyers who are employed by the bankers
I introduced a very wealthy Tauranga (Papamoa) property developer to a well know Rotorua barrister I will call Murray. Mr X from Papamoa had issues with a minority shareholder over a shopping centre.
My wife and I bumped into Murray one day, maybe 2 years later, and I asked-
"How is Mr X and you getting on with that case?"
Murray answered in glee "It's too good to settle" as he rubbed his money fingers together.
Too many lawyers ignore their fiduciary duty they owe their clients. Their conflict begins in earning themselves huge fees versus them honestly servicing the client's best interests.
Australian lawyers lashed over costs, delays
THE nation's top judge has launched an attack on cost and delay in the legal system, saying "intolerable" delays are now accepted in criminal cases and that expense is "the greatest blot" on the civil litigation landscape. High Court Chief Justice Murray Gleeson also urged judges to assert their authority over "well-resourced" parties who used the courts as "instruments of oppression".
Having wasted many millions of dollars in the NZ legal system I am not surprised the politicians are taking a shot. The legal club have ridden NZ like a mule. Lawyers need to start asking why is New Zealand failing, now the 3rd most indebted nation is the OECD.
I was interested to hear the New Zealand Prime Minister John Key wants the country developed into an international financial hub. But the Ministry of Economic Development first want Magna Carta type overhauls.
"There's been a whole series of advice coming from MED which basically says 'if you want to do this, you've got to deliver the Magna Carta of documents'," Key told the International Business Forum audience. What does that imply?
Craig Stobo - who chairs the Government-appointed group which was tasked with working out how an international funds services industry could be created here has stressed important issues must first be faced. "The country must ensure investor protection standards are adequate and it must promote the quality of the NZ Government regime."
Is New Zealand in need of a fiduciary overhaul at the highest levels?
Have some of our leaders become a club that protect eachother and to heck with all else ?
Read this and try telling me the legal system is not rotten. http://lawisanass-wingate.blogspot.com/2011/03/sir-peter-tapsell-asked-me-to-snapshot.html