The debt bogeyman has been unleashed in NZ, which we will examine – but even on face value, National Party debt is 25% more than Labour’s full debt contribution over 6 years – with no global pandemic
Again, we were woken up by a bunch of hoodrats drifting on the intersection by our house. Great clouds of smoke and lots of noise. As you do at three o clock in the morning, my brain started tying this together with recent articles about private helicopters in urban areas, and other forms of antisocial “Fuck You’s” to the rest of us.
Current & planned debt will surpass Labour’s full term debt in less years. Willis also admitted Budget 2024 had a higher deficit than all of Grant Robertson’s bar Covid.
Over the last year, the Coalition has unleashed a series of cuts which have been devastating for the disabled community. These cuts are part of a class war — and it’s time to organise and fight back, writes Elliot Crossan.
A fascinating expose from Michael Hudson on the causes and implications of the recent rise in the price of gold. When Nixon took the US dollar off the standard in 1971 you could get an ounce for $35. Not now; Hudson explains why.
See for yourself.
Debt is the most destructive and addictive form of economic behaviour we have in New Zealand. And mortgages are New Zealand’s very high grade heroin and we are being forced to come down off a most spectacular high into a rage-inducing forced withdrawal.
In his …and forgive them their debts, my favourite economist and Jubilee advocate Michael Hudson states that Jesus driving the money-changers from the Temple was “the act that inspired the city leaders to plot his death.”
To pay for recent flood damage Grant Robertson has to decide on what proportion of this will be paid by new debt, what proportion by reallocation of expenditure, and what proportion by special tax levies. Is an Australian style levy under consideration?
The repair bill for the recent cyclones will be similar to the direct cost to government of the Canterbury earthquakes, in the $13 billion region. Banks are currently making obscene profits. The time is right to impose a one-off banking windfall tax. If a conservative Margaret Thatcher can do it, it is pretty hard to argue why a Labour government can’t.
82-year old polymath Michael Hudson is my favourite economist. He currently lectures in China to million-strong audiences. His latest book is The Destiny of Civilisation: Finance Capitalism, Industrial Capitalism or Socialism. His latest article is well worth a read.
It would be tidy for New Zealand and Australian leaders to blame China’s debt within Sri Lanka for its collapse, so that they could scare Pacific Island nations back into the fold. It would be wrong.
Today February 15th is the 80th anniversary of the fall of Singapore in 1942, described by many as Britain’s worst military disaster. It was a massive strategic fail, and its effect is still powerful today, most notably with Australia’s lockstep with the US. Current British strategists don’t seem to have learnt a thing.
Remarkably low Covid death and infection rates, good and improving vaccination rates, low unemployment and debt to GDP …
In recent news Standard and Poors has improved New Zealand’s credit rating because of its success in handling Covid, and a vast majority of kiwis support the Goverment increasing income support for those on low wages or not in paid work. The Government has the budget space and the majority’s backing to do something about poverty.
Without much fanfare, Minister Robertson has used 2020’s crisis to bury the historic scourge of monetarism and within it the excuses of the governments that used it as a pretext to sell off our key government income generators.
The Government’s finances are in remarkably good shape. Who would have predicted that dealing properly with a global pandemic would have had better results for the economy than timidly dealing with it and trying to ensure that economic activity continued? But by international levels our Government debt is already low and maybe now is the time to spend on vital areas such as poverty, climate change and the housing crisis.
National has released a social media ad suggesting that New Zealand’s per head of population Government debt figure will be worse than Greece’s by 2014. But the data used presumes the effects of Covid 19 in New Zealand’s figure but no effects of Covid 19 in Greece’s figure.
“Othering” has long been a staple of Governments that want to remain in power for the benefit of an Oligarchy, an “Elite”, a small ruling class, or the ones with, “the money”. Deflecting blame for economic and social issues on, an ethnicity, a class, the elderly, the poor, the young, the unemployed, young solo mothers, the disabled, immigrants, or any other convenient group that can be demonised. Very soon more of us may become the “others” we didn’t care about.
US Treasury Secretary Steve Mnuchin has attacked Greta Thunberg for not understanding the economics of climate change. But he has then been roundly criticised by a number of people, including his wife.
Nick Kelly on UK austerity and who should have paid for the financial crisis.
With the United States – China trade war well underway, the sick chaos of Brexit is shrinking the U.K. economy and slowing much of Europe’s economy, and smaller economies such as that of Mexico in the crosshairs through further politically manufactured trade disputes, the second half of this year looks for New Zealand nowhere near as rosy as the first half.
Grant Robertson has announced there will be a relaxing of the fiscal responsibility rules, although not until after the next election.
Economist Ganesh Nana and Alan Johnson from the Salvation Army have urged the Government to relax the fiscal straight jacket imposed by its budget responsibility rules.
It’s that time of year where we start making predictions for 2018. I see it looking not too hot, not too cold.
The possible introduction of debt to income lending ratios will potentially have an enormous effect on New Zealand’s housing market.
Am I the only one who is upset, over mealy mouthed politicians making flowery speeches saying “We will remember them”
when they manifestly don’t.
The IMF warns that our household debt is far too high, as desperate tenants start raiding the Kiwisaver accounts to pay the rent.
Bernard Hickey: “It is extraordinary for the Prime Minister to call the Treasury’s short and long term forecasts a “load of nonsense” and yet rely on the medium term ones to promise all manner of riches to voters on the eve of an election.”
The bright orange trigger for a sharp rise in mortgage interest rates may have just arrived. Our over-indebted home owners are highly vulnerable.
Herald: “…the Government ought to be banking surpluses, just as Sir Michael Cullen did during the boom of 2000-2007”.
Hickey in The Herald on Sunday: “Our household debt to income ratio of 165 per cent is now about 5 per cent above those previous highs of 2008 and rising quickly as debt rises around twice as fast as incomes.”
A right wing “think-tank” wants to load students up with even more debt.
“Revealed: Labour’s plan to wipe student debt”. Nope. Saved you a click.
Financial capital is way over powered in our current political economic system. Every aspect of our lives has been financialised and securitised, from our homes to our educations. From our drinking water to our power supply.
