Envy or greed? – follow the money.

Written By: - Date published: 10:42 pm, August 15th, 2011 - 23 comments
Categories: uncategorized - Tags:

Two things stood out for me about the National Party conference, both on the Friday – John Key once again saying his Labour opponents were driven by the “politics of envy”, and Peter Goodfellow telling delegates National had more money for this campaign than ever before. Envy is one of the seven deadly sins. So is greed.

Key’s meme follows Farrar, Slater, Herald editorialists and political commentator John Armstrong. Paradoxically it reflects a vulnerability, evidenced by National’s surfeit of money. That’s why they want to change the subject from money to morality.

There are two issues worth examining about too much money in politics and the economy. First, while there is no shortage of money in the economy, there is some evidence that “long periods of unequal incomes spur borrowing from the rich, increasing the risk of major economic crises”. Those with more money than they need look for even higher rates of return, so push those with just enough to borrow more, and the result is  bubble-and-crash. In “Leveraging Inequality”, IMF economists Kumhof and Ranciere compare the 1930 depressions and the 2008 recession:

When—as appears to have happened in the long run-up to both crises—the rich lend a large part of their added income to the poor and middle class, and when income inequality grows for several decades, debt-to-income ratios increase sufficiently to raise the risk of a major crisis.

The second is that the pernicious influence of money in politics is growing across the democracies. We are increasingly seeing government of the rich, by the rich, for the rich. It’s as though those with much more than they need have decided that the way to hang on to what they have is to take over government for themselves.

It is no accident that as right-wing parties have come into government they have moved swiftly to change the law on political donations. One of the first things on Steven Harper’s Conservative government agenda in Canada was to move to change the law to remove their public subsidy on election expenses. The first thing the Tea-party Republican-controlled House of Representatives did after the 2010 election was to repeal the law to provide public funding for elections.

Rick Perry is the latest Republican candidate into the crowded field. Money will be no obstacle for him according to the New York Times. There are no restrictions on campaign contributions in Texas. Too much money in American politics – $3billion in donations in 2000 to $5billion in 2008 – and its pernicious influence on economic decision-making has led Howard Schulz, the chairman and chief executive of Starbucks to propose a campaign to boycott all political donations. It’s a desperate move but symptomatic of the beginnings of a shift away from excess.

Asset sales policy is a critical area where money does matter and Labour and National have very different approaches. I have no doubt that part of the reason why National’s coffers are bulging is because of their policy to sell publicly-owned assets, and will do another post or two on the connections between political donations and asset sales. Those with more than they need are greedy for more – investments with a secure cash-flow such as utilities are perfect in times like these. Forget the convenient cover of the mums and dads; they’ll never see a penny. Wanting to keep assets in public ownership for the benefit of all is absolutely not about envy.

 

23 comments on “Envy or greed? – follow the money. ”

  1. SHG 1

    If we’re talking Deadly Sins… jebus, did any of you guys read Parekura Horomia’s credit card bills? It was just food, food, food, petrol, food, food, food, motel, food, food, food. We could have the country back in surplus overnight if Fat Boy got one of the proposed food cards instead of a visa.

  2. Galeandra 2

    Wrong site, SHG. Back to the sewer,now. Off you go.

  3. Afewknowthetruth 3

    Dysfunctional: functioning in such as way as to produce an undesirable or bad result.

    Fascism: the melding of corporate, government and military interests.

    Oligarchy: a form of government with power concentrated in the hands of a few people.

    Opportunist: someone who takes advantage of a situation for personal gain.

    Propaganda: misinformation put out [usually by governments] to deceive people and persuade them to follow a particular line of thinking.

    Psychotic: having a mental illness which impairs the ability to connect with reality.

    Rort: slang for an illegal or semi-legal money-making scheme based on insider knowledge, manipulation of contracts, cartels etc.

    Sociopath: a person who is unable to relate to others, and exhibits antisocial attitudes and behaviours.

    Tragedy of the Commons: the hijacking or over-exploitation of common property by a person or group, such that they acquire additional benefits whilst the majority end up worse off.

    Vested interest: the situation arising after someone has put time, money or energy into a project, building, business or investment and wants a return.

    • Colonial Viper 3.1

      Good list. Please allow me to add:

      Plutocracy: Rule by the rich, for the rich.

      Kleptocracy: Rule by the rich, for the rich, but where the wealth obtained by them has been gained by theft from the many.

      Neofeudalism: Society where a rich and influential elite lord it over the classes of wage-serfs, debt-serfs and welfare-serfs. Frequently requires a figurehead leader like King John.

      • Bored 3.1.1

        The second is that the pernicious influence of money in politics is growing across the democracies.. Whilst on a feudal note I quote St Francis, “I come to rebuild a church”.

        Francis understood the corruption of his days church. He took a popular stand, but he came from outside the established order. There may be a lesson in that.

    • RedLogix 3.2

      the hijacking or over-exploitation of common property by a person or group, such that they acquire additional benefits whilst the majority end up worse off.

      Interestingly the ‘commons’ existed for tens of thousands of years, and where it was necessary people managed them just fine. In a society where everything anyone does is open and transparent, where social initimacy forces accountability with you neigbours via shame or peer pressure, then sustainably managing the ‘commons’ is plausible and achievable.

      It is only where a small privileged minority distance themselves with power and money that this system breaks down.

  4. Jenny 4

    Autocracy: rule by a minority elite, the opposite of democracy.

    Democracy: the counter to all of the above

  5. billy fish 5

    Idiocracy: Playing to the non thinking vote

    • Colonial Viper 5.1

      lol

      May also describe the requirements for promotion to the National front benches 🙂

  6. Bill 6

    A problem with asset sales is that no tangible connection exists for the citizens who currently ‘own’ them. And so the debate becomes solely guided by political ideology.

    If they are sold, then dividends would be paid to shareholders. Obviously, that is the attraction for those wanting their mits on them…dividend payments and building up their number of shares for the sake of trading them off etc..

    So why not apportion a %age of the net profit to paid as a dividend to each and every tax payer within NZ? That way, the SOEs stay ‘owned’ by us and we get some (perhaps nominal) payout every year. The payout would (I guess) be less than what might be realised through trading on speculative values, but would give us a tangible stake in them and kill off any talk of privatisation once and for all.

    • mik e 6.1

      Berlusconi must be practicing the politics of envy these days he closing lopholes on tax dodgers increasing tax by 10% on the wealthy 7.5% on shares divs and interest. Don’t let the National party find out they might change their spin dog whistling

      • Colonial Viper 6.1.1

        Max Keiser has a few things to say about David Carmeron

        http://www.youtube.com/watch?v=7iWKulQzeYw&feature=feedu

        Cameron having suggested that primary school children who loot should face jail time.

        • Bill 6.1.1.1

          Interesting. That was almost an expression of impotent rage towards the end. Where he threw words of some force propelled by self defeating rhetorical questioning, the kids propelled bricks. Now if only he had articulated a political agenda….. 🙂

    • @Bill. Because allocating individual shares continues to promote individual interests which can be harnessed in the future as actual tradable shares when such ownership becomes expressed as personal greed. Its going down the drain of Fonterra.
      Far better than personal ownership would be personal involvement in management. All SOEs should be put under workers management so that the profit motive is kicked into the grandstand. We would all elect delegates onto boards of management and keep them on a short leash.

      • Bill 6.2.1

        I’m all for genuine worker control. But for the moment, a tangible stake in what is theoretically already ours is a step in a better direction, no? I’m not suggesting it would lead to worker control. It wouldn’t. It embeds bureacratic control which I’m generally opposed to. But given the current state of play, better that than some utterly unaccountable CEO and his cronies.

        I’m not suggesting that every SOE becomes a Fonterra. Quite the opposite. Far better if Fonterra was nationalised (became a SOE) and made cash payments to all tax payers…not ‘producer partners’ or whatever the label for farmers mired in debt and utterly dependent upon Fonterra payouts is.

        Alongside all other present and future SOE’s.

  7. prism 7

    Funny that National are dissing money, and aspirations for more of it, their favourite thing.

    “long periods of unequal incomes spur borrowing from the rich, increasing the risk of major economic crises”. Those with more money than they need look for even higher rates of return, so push those with just enough to borrow more, and the result is bubble-and-crash
    You could call it bubble-and-squeak.

    • mik e 7.1

      Here their called loan sharks, But in the high finance world they are role models and leaders tall poppies.Their envious of one man one vote thats why they try and undermine it at every opportunity.

  8. KJT 8

    The politics of envy. “the rich are so envious of what little the rest of us have left, they want to take that too”.

  9. Locus 9

    Why is the politics of fairness and equal opportunity seen as envy?! Why do so many rightwingers think it’s a weakness to try to understand another person’s circumstances, point of view, thoughts, and feelings? And to give people a chance?
    Politics of envy? Good grief… why do these people so often accuse others of failings they don’t want to admit in themselves?

    • Colonial Viper 9.1

      Yep. It’s a professionally supplied marketing and PR framing that they use. It gives a veneer of self righteous rationale to their followers, confirming for them in their own minds, their moral superiority over the masses.

  10. The Baron 10

    I almost choked on my cup of tea. Mike, you have the gall to comment on electoral finance after Labour illegally overspent by how much in 2005?
    At least the right write the law before they spend the cash, rather than the other way around.
    Hang your shameful head, you fucking hypocrite.

  11. Bored 11

    Almost choked: take a note Mike, try harder.

    By the way: Baron or Barren?

Recent Comments

Recent Posts

  • EV road user charges bill passes
    Transport Minister Simeon Brown has welcomed the passing of legislation to move light electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) into the road user charges system from 1 April.  “It was always intended that EVs and PHEVs would be exempt from road user charges until they reached two ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • Bill targets illegal, unregulated fishing in international waters
    New Zealand is strengthening its ability to combat illegal fishing outside its domestic waters and beef up regulation for its own commercial fishers in international waters through a Bill which had its first reading in Parliament today. The Fisheries (International Fishing and Other Matters) Amendment Bill 2023 sets out stronger ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • Reserve Bank appointments
    Economists Carl Hansen and Professor Prasanna Gai have been appointed to the Reserve Bank Monetary Policy Committee, Finance Minister Nicola Willis announced today. The Monetary Policy Committee (MPC) is the independent decision-making body that sets the Official Cash Rate which determines interest rates.  Carl Hansen, the executive director of Capital ...
    BeehiveBy beehive.govt.nz
    8 hours ago
  • Stronger protections for apartment owners
    Apartment owners and buyers will soon have greater protections as further changes to the law on unit titles come into effect, Housing Minister Chris Bishop says. “The Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act had already introduced some changes in December 2022 and May 2023, and ...
    BeehiveBy beehive.govt.nz
    11 hours ago
  • Travel focused on traditional partners and Middle East
    Foreign Minister Winston Peters will travel to Egypt and Europe from this weekend.    “This travel will focus on a range of New Zealand’s traditional diplomatic and security partnerships while enabling broad engagement on the urgent situation in Gaza,” Mr Peters says.   Mr Peters will attend the NATO Foreign ...
    BeehiveBy beehive.govt.nz
    11 hours ago
  • Keep safe on our roads this Easter
    Transport Minister Simeon Brown is encouraging all road users to stay safe, plan their journeys ahead of time, and be patient with other drivers while travelling around this Easter long weekend. “Road safety is a responsibility we all share, and with increased traffic on our roads expected this Easter we ...
    BeehiveBy beehive.govt.nz
    13 hours ago
  • Cost of living support for over 1.4 million Kiwis
    About 1.4 million New Zealanders will receive cost of living relief through increased government assistance from April 1 909,000 pensioners get a boost to Superannuation, including 5000 veterans 371,000 working-age beneficiaries will get higher payments 45,000 students will see an increase in their allowance Over a quarter of New Zealanders ...
    BeehiveBy beehive.govt.nz
    14 hours ago
  • Tenancy reviews for social housing restart
    Ensuring social housing is being provided to those with the greatest needs is front of mind as the Government restarts social housing tenancy reviews, Associate Housing Minister Tama Potaka says. “Our relentless focus on building a strong economy is to ensure we can deliver better public services such as social ...
    BeehiveBy beehive.govt.nz
    14 hours ago
  • Kermadec Ocean Sanctuary plan halted
    The Kermadec Ocean Sanctuary will not go ahead, with Cabinet deciding to stop work on the proposed reserve and remove the Bill that would have established it from Parliament’s order paper. “The Kermadec Ocean Sanctuary Bill would have created a 620,000 sq km economic no-go zone,” Oceans and Fisheries Minister ...
    BeehiveBy beehive.govt.nz
    14 hours ago
  • Cutting all that dam red tape
    Dam safety regulations are being amended so that smaller dams won’t be subject to excessive compliance costs, Minister for Building and Construction Chris Penk says. “The coalition Government is focused on reducing costs and removing unnecessary red tape so we can get the economy back on track.  “Dam safety regulations ...
    BeehiveBy beehive.govt.nz
    15 hours ago
  • Drought support extended to parts of North Island
    The coalition Government is expanding the medium-scale adverse event classification to parts of the North Island as dry weather conditions persist, Agriculture Minister Todd McClay announced today. “I have made the decision to expand the medium-scale adverse event classification already in place for parts of the South Island to also cover the ...
    BeehiveBy beehive.govt.nz
    16 hours ago
  • Passage of major tax bill welcomed
    The passing of legislation giving effect to coalition Government tax commitments has been welcomed by Finance Minister Nicola Willis.  “The Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill will help place New Zealand on a more secure economic footing, improve outcomes for New Zealanders, and make our tax system ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Lifting economy through science, tertiary sectors
    Science, Innovation and Technology Minister Judith Collins and Tertiary Education and Skills Minister Penny Simmonds today announced plans to transform our science and university sectors to boost the economy. Two advisory groups, chaired by Professor Sir Peter Gluckman, will advise the Government on how these sectors can play a greater ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Government announces Budget priorities
    The Budget will deliver urgently-needed tax relief to hard-working New Zealanders while putting the government’s finances back on a sustainable track, Finance Minister Nicola Willis says.  The Finance Minister made the comments at the release of the Budget Policy Statement setting out the Government’s Budget objectives. “The coalition Government intends ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Government to consider accommodation solution
    The coalition Government will look at options to address a zoning issue that limits how much financial support Queenstown residents can get for accommodation. Cabinet has agreed on a response to the Petitions Committee, which had recommended the geographic information MSD uses to determine how much accommodation supplement can be ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government approves extension to Royal Commission of Inquiry into Abuse in Care
    Cabinet has agreed to a short extension to the final reporting timeframe for the Royal Commission into Abuse in Care from 28 March 2024 to 26 June 2024, Internal Affairs Minister Brooke van Velden says.                                         “The Royal Commission wrote to me on 16 February 2024, requesting that I consider an ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • $18m boost for Kiwis travelling to health treatment
    The coalition Government is delivering an $18 million boost to New Zealanders needing to travel for specialist health treatment, Health Minister Dr Shane Reti says.   “These changes are long overdue – the National Travel Assistance (NTA) scheme saw its last increase to mileage and accommodation rates way back in 2009.  ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • PM’s Prizes for Space to showcase sector’s talent
    The Government is recognising the innovative and rising talent in New Zealand’s growing space sector, with the Prime Minister and Space Minister Judith Collins announcing the new Prime Minister’s Prizes for Space today. “New Zealand has a growing reputation as a high-value partner for space missions and research. I am ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Concerns conveyed to China over cyber activity
    Foreign Minister Winston Peters has confirmed New Zealand’s concerns about cyber activity have been conveyed directly to the Chinese Government.     “The Prime Minister and Minister Collins have expressed concerns today about malicious cyber activity, attributed to groups sponsored by the Chinese Government, targeting democratic institutions in both New ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Independent Reviewers appointed for School Property Inquiry
    Independent Reviewers appointed for School Property Inquiry Education Minister Erica Stanford today announced the appointment of three independent reviewers to lead the Ministerial Inquiry into the Ministry of Education’s School Property Function.  The Inquiry will be led by former Minister of Foreign Affairs Murray McCully. “There is a clear need ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Brynderwyns open for Easter
    State Highway 1 across the Brynderwyns will be open for Easter weekend, with work currently underway to ensure the resilience of this critical route being paused for Easter Weekend to allow holiday makers to travel north, Transport Minister Simeon Brown says. “Today I visited the Brynderwyn Hills construction site, where ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Speech to the Infrastructure Funding & Financing Conference
    Introduction Good morning to you all, and thanks for having me bright and early today. I am absolutely delighted to be the Minister for Infrastructure alongside the Minister of Housing and Resource Management Reform. I know the Prime Minister sees the three roles as closely connected and he wants me ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Parliamentary network breached by the PRC
    New Zealand stands with the United Kingdom in its condemnation of People’s Republic of China (PRC) state-backed malicious cyber activity impacting its Electoral Commission and targeting Members of the UK Parliament. “The use of cyber-enabled espionage operations to interfere with democratic institutions and processes anywhere is unacceptable,” Minister Responsible for ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • NZ to provide support for Solomon Islands election
    Foreign Minister Winston Peters and Defence Minister Judith Collins today announced New Zealand will provide logistics support for the upcoming Solomon Islands election. “We’re sending a team of New Zealand Defence Force personnel and two NH90 helicopters to provide logistics support for the election on 17 April, at the request ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • NZ-EU FTA gains Royal Assent for 1 May entry to force
    The European Union Free Trade Agreement Legislation Amendment Bill received Royal Assent today, completing the process for New Zealand’s ratification of its free trade agreement with the European Union.    “I am pleased to announce that today, in a small ceremony at the Beehive, New Zealand notified the European Union ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • COVID-19 inquiry attracts 11,000 submissions
    Public consultation on the terms of reference for the Royal Commission into COVID-19 Lessons has concluded, Internal Affairs Minister Hon Brooke van Velden says.  “I have been advised that there were over 11,000 submissions made through the Royal Commission’s online consultation portal.” Expanding the scope of the Royal Commission of ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Families to receive up to $75 a week help with ECE fees
    Hardworking families are set to benefit from a new credit to help them meet their early childcare education (ECE) costs, Finance Minister Nicola Willis says. From 1 July, parents and caregivers of young children will be supported to manage the rising cost of living with a partial reimbursement of their ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Unlocking a sustainable, low-emissions future
    A specialised Independent Technical Advisory Group (ITAG) tasked with preparing and publishing independent non-binding advice on the design of a "green" (sustainable finance) taxonomy rulebook is being established, Climate Change Minister Simon Watts says.  “Comprising experts and market participants, the ITAG's primary goal is to deliver comprehensive recommendations to the ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Chief of Army thanked for his service
    Defence Minister Judith Collins has thanked the Chief of Army, Major General John Boswell, DSD, for his service as he leaves the Army after 40 years. “I would like to thank Major General Boswell for his contribution to the Army and the wider New Zealand Defence Force, undertaking many different ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Minister to meet Australian counterparts and Manufacturing Industry Leaders
    25 March 2024 Minister to meet Australian counterparts and Manufacturing Industry Leaders Small Business, Manufacturing, Commerce and Consumer Affairs Minister Andrew Bayly will travel to Australia for a series of bi-lateral meetings and manufacturing visits. During the visit, Minister Bayly will meet with his Australian counterparts, Senator Tim Ayres, Ed ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government commits nearly $3 million for period products in schools
    Government commits almost $3 million for period products in schools The Coalition Government has committed $2.9 million to ensure intermediate and secondary schools continue providing period products to those who need them, Minister of Education Erica Stanford announced today. “This is an issue of dignity and ensuring young women don’t ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Speech – Making it easier to build.
    Good morning, it’s great to be here.   First, I would like to acknowledge the New Zealand Institute of Building Surveyors and thank you for the opportunity to be here this morning.  I would like to use this opportunity to outline the Government’s ambitious plan and what we hope to ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Pacific youth to shine from boost to Polyfest
    Minister for Pacific Peoples Dr Shane Reti has announced the Government’s commitment to the Auckland Secondary Schools Māori and Pacific Islands Cultural Festival, more commonly known as Polyfest. “The Ministry for Pacific Peoples is a longtime supporter of Polyfest and, as it celebrates 49 years in 2024, I’m proud to ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • 2024 Ngarimu VC and 28th (Māori) Battalion Memorial Scholarships announced
    ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Speech to Breast Cancer Foundation – Insights Conference
    Before moving onto the substance of today’s address, I want to recognise the very significant and ongoing contribution the Breast Cancer Foundation makes to support the lives of New Zealand women and their families living with breast cancer. I very much enjoy working with you. I also want to recognise ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Kiwi research soars to International Space Station
    New Zealand has notched up a first with the launch of University of Canterbury research to the International Space Station, Science, Innovation and Technology and Space Minister Judith Collins says. The hardware, developed by Dr Sarah Kessans, is designed to operate autonomously in orbit, allowing scientists on Earth to study ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Speech to the New Zealand Planning Institute
    Introduction Thank you for inviting me to speak with you today and I’m sorry I can’t be there in person. Yesterday I started in Wellington for Breakfast TV, spoke to a property conference in Auckland, and finished the day speaking to local government in Christchurch, so it would have been ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Support for Northland emergency response centre
    The Coalition Government is contributing more than $1 million to support the establishment of an emergency multi-agency coordination centre in Northland. Emergency Management and Recovery Minister Mark Mitchell announced the contribution today during a visit of the Whangārei site where the facility will be constructed.  “Northland has faced a number ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Celebrating 20 years of Whakaata Māori
    New Zealanders have enjoyed a broader range of voices telling the story of Aotearoa thanks to the creation of Whakaata Māori 20 years ago, says Māori Development Minister Tama Potaka. The minister spoke at a celebration marking the national indigenous media organisation’s 20th anniversary at their studio in Auckland on ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Some commercial fishery catch limits increased
    Commercial catch limits for some fisheries have been increased following a review showing stocks are healthy and abundant, Ocean and Fisheries Minister Shane Jones says. The changes, along with some other catch limit changes and management settings, begin coming into effect from 1 April 2024. "Regular biannual reviews of fish ...
    BeehiveBy beehive.govt.nz
    7 days ago

Page generated in The Standard by Wordpress at 2024-03-28T11:01:46+00:00