I’ve just been playing Ben Clark’s asset sale game on his campaign website. (Ben is a fellow author here and Labour’s candidate for North Shore). In the game, you have to try to suck up the shares that John Key throws out before the big foreign buyers suck them up – it’s great fun and a little frustrating when they get the shares before you!
Fox News’ “virulent paranoid streak, the unending appeals to white resentment, the reporting that’s a political campaign attack ad” comes from a political consultant who repackaged Richard Nixon for television in 1968, stoked racial fears to elect George Bush in 1988, and waged a secret campaign on behalf of Big Tobacco to derail healthcare reform in 1993.
ACT’s Spending Cap Bill is coming to Parliament. It would cap government spending and only let it grow each year by inflation and population growth. At first blush, and assuming that you don’t want the government to do anything it doesn’t do now, this might seem like a way to maintain current services without adding more. But reality ain’t that simple.
National has brought out some of the biggest protests in decades. Petitions of tens of thousands have called on the government to raise the minimum wage, support Kiwi manufacturing through Kiwirail, and protect early childhood education. It’s core policy – asset sales – is opposed 2 to 1. The message from National: if you don’t like it, riot.
National will keep demonising the most vulnerable members of society for electoral gain, while turning a blind eye to much bigger problems.
Stuart Nash put Bill English’s feet to the fire yesterday on his economic record. English has been claiming that the economy is in better shape to withstand another economic crisis than it was in 2008. Does anyone seriously believe that? We’re poorer, we’re more indebted, we’re less employed, and costs are higher.
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A standard reader based in London has sent us this account of the riots.
Good to get some of the context the UK media doesn’t seem to want to talk about…
There are some interesting comments in the Standard and Poor’s press release announcing the US downgrade. They say fixing debt isn’t just about cuts but raising revenue too. They also note the US difficulty in reaching a consensus on fiscal policy, and the looming demographic that will drive age-related spending. New Zealand should be taking note.
I/S at NoRightTurn has John Key and Gerry Brownlee floundering to explain why Brownlee hired National Party crony Jenny Shipley and other members of the Canterbury Earthquake Recovery Review Panel at double the normal rate. Brownlee’s excuses are weak and nonsensical. It’s not good enough.
Can’t help but notice the international price peaked just when Fonterra put on their ‘generous price-cap’tm.
Lots of countries have daft old laws still on the books. Not many countries drag out these relics and start applying them again.
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A report in the Financial Times, that hotbed of socialism, says that PFI’s as PPP’s are known in Britain cost an extra 20 billion pounds in “extra borrowing costs” over the 53 billion pounds of the projects’ actual cost. Not only that, 4 billion pounds will go to consultants. Enough said. Another dumb idea from those who gave us collateralised debt instruments, self-correcting markets and “there is no alternative”.
The Maori Party leaders have racked up the highest ministerial expenses after the PM – despite not being in Cabinet. What is even more extraordinary is Tariana Turia’s response to being questioned on this.
Nats are skiting at getting some people off the dole. But what really happened. How much was really saved?
There have been two nights of rioting, looting and burning in London. The trigger was the police shooting of Mark Duggan. But the cause is the alienation of the permanent underclass, and the stresses of the current austerity programme.
Before the government launched its asset sales policy, the Treasury told it that “significant participation by foreign investors” would be “essential” to provide “pricing tension”. In other words, if they can’t sell to foreigners at a high price, they wouldn’t get the revenue they want. So, the second global financial crisis should scupper the plan, eh?
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It’s bad to have a senior frontbencher attack the media.
It’s really really bad when that frontbencher is in charge of your election campaign.
Study proves that our ‘wealth creators’ are actually bad managers. We have the natural resources. Got the skilled workforce. We’re held back by the capitalist elite. Not interested in capital investment and paying better wages. They’re just rentiers out to extract quick profits: a formula of low wages, tax cuts, and untaxed capital gains. Parasites.
National says that you’re a racist for not wanting to sell our assets to foreigners, particularly Chinese state-owned companies. It’s not racism. It’s about our sovereignty. We are never going to be able to choose our way in the world if we sell everything abroad and we do not want to become a vassal of the world’s newest empire.
We commonly hear the vested interests (Fed Farmers, National, Fonterra) saying that agriculture should continue to get a 100% subsidy on its greenhouse emissions because there’s no way for farmers to reduce their pollution aside from producing less. That’s rubbish. In fact, as BR shows, agriculture is already producing more value for less pollution.
Grieving families of Christchurch earthquake victims say that John Key has broken his promise to them. Key is refusing to even comment on the nature of the meeting. This must all sound very familiar to the families of the Pike River miners.
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Next week, a report will reveal the abuse of 2,500 foreign workers used as virtual slaves on ships employed by kiwi fishing quota holders in our waters. By rights, we should have a world renowned fishing fleet. Instead, we let our potential go to waste and employ foreign slaveowners and human traffickers to do the work instead.
Like the American debt limit deal, I always thought that Mana and Maori would find some kind of bloody compromise at the eleventh hour. But they’ve passed the point of no return now.
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Remember the fuss when Brownlee appointed Jenny Shipley and other cronies to the Canterbury Earthquake Recovery Review Panel at triple the normal rate? Brownlee tried to cover it up with a lie. I/S at No Right Turn has the scoop – go read it there.
Cuts are good for you.
January 2009. Jobs are being lost at 4,000 per week. Key and his government have just come back from a month long holiday. First thing he does: makes an audition tape for Letterman. Notice how all the jokes are taking the mickey out of our country. Makes you real proud.
The global financial system, which has never properly recovered from the recession, is poised on the brink of a second crash. The headlines are a parade of bad news…
Update: US credit rating downgraded from AAA to AA+ with negative outlook (same as NZ). Announcement was made after close of markets. It’s gonna hit the fan on Monday.
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BBC Radio 4 in the UK has a very interesting debate pitting followers of Keynes vs those of Hayek
