Meaner Pastures

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Wed, 05 May 2010 12:31p.m.

Many of our farmers are weighed down with debt and the banks are losing patience. 60 Minutes reporter Rod Vaughan heads down country to see just why so many famers are leaving the land and whether our best hope of economic salvation lies with the Chinese.

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Producer: Chris Wilks
Reporter: Rod Vaughan
Camera: George Murahidy
Editor: Toby Longbottom
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27 May 2010 10:00p.m.

Ross wrote:

If the farms in New Zealand are sold to overseas interests, there will be no way Kiwi farmers (or Kiwi business`s) will ever be able to match foreign dollars to buy back the farms for Kiwi ownership. That goes for any foreign ownership of New Zealand land!!

24 May 2010 08:12p.m.

Sue Hamill wrote:

Well put Warren, a great idea. It's all the more galling when one realises that the bank created that loan money out of thin air at no cost to itself through fractional reserve lending. That's how it works - banks creating nearly all of our money supply. What a pity Mr McKenzie didn't mention this. Warren has hit on somehting novel - where is the creative side of the federated farmers or Fonterra shareholders?

06 May 2010 08:57p.m.

Simon and Kim Donelley wrote:

If you never missed a payment and the banks thought the proposition was viable at the start, what problem should the bank have? Chin up, hopefully the bank sees sense.

06 May 2010 11:13a.m.

Ross Scholes wrote:

I'm a bit surprised that 60-Minutes didn't put this story into the context of what happening globally - see: http://farmlandgrab.org/12200 where the World Bank is facilitator for MASSIVE land acquisitions by banks, TNCs and foreign governments. We too could become slaves on our own land - thanks Sir Roger for getting the ball rolling! There is another future - see Cochabamba - join the global backlash against the banking/agro-industry/TNC landgrabbers.

05 May 2010 09:49p.m.

warren wrote:

Hi, I'm just an ordinary kiwi upset that the farms are going to foreign hands ( Chinese) and this seems to me to be a profit making scheme by foreign owned banks (like National bank, or should i say ANZ bank which funny enough owns 19.9 percent of Shanghai Rural Commercial Bank and 20 percent of Tianjin City Commercial Bank ( http://en.wikipedia.org/wiki/Australia_and_New_Zealand_Banking_Group#Asia-Pacific) conflict of interest?). Are the same chinese poeple seeking loans from these ANZ part owned banks?

I would like to see some kiwi ingenuity to keep these farms kiwi owned, so how about floating shares which only kiwis citizens can buy, to cover the debt and then get bought back over a set term?

Or government bonds, set against the debt,maybe even Facebook donation site? There must be a way to ensure the land is not used as a food bank for china without us kiwis benefiting from the profits, ensuring income for our children.


Warren Willetts.