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‘Playing fair’ makes us losers in currency wars

Written By: - Date published: 6:29 am, November 12th, 2010 - 49 comments
Categories: capitalism, Economy, monetary policy, overseas investment - Tags: , ,

The US Government has begun ‘quantative easing’, which is effectively creating new money out of thin air, to inflate away the value of its debt and lower its currency to make its industries more competitive. It’s not the only country playing this ‘beggar thy neighbour’ game. Nearly all the major currencies are engaged in the ‘Currency Wars’ and we’re in the cross-fire doing nothing.

China and Japan have been trying to hold their currencies down for years – it was key to the economic development of them both. Since the global economic crisis began the US and the UK have joined in along with a few other countries. Together these countries, and the 20-odd countries that have their currencies pegged to the US dollar, represent a huge portion of the world economy. With all these currencies being pushed down, the handful of floating currencies that aren’t taking the same measures are finding themselves pushed to catastrophic heights (on a side note, I see the Aussie unemployment rate is rising again, undoubtedly linked to their currency being at parity with the US dollar).

New Zealand, the first and last neoliberal puritian, is one of the few ‘good guys’ leaving it to the market to set our exchange rates with intervention. And we’re getting royally screwed as a result.

Hickey explains the consequences:

A world of a permanently weak US dollar and the refusal of China and its neighbours to let their currencies rise vs the US dollar essentially sentences New Zealand to being a farm and tourist destination, and a foreign owned one at that as foreign investors look to spend their newly minted US dollar on hard assets in stable, food-rich democracies with proper legal systems.

Any manufacturer trying to sell to Asia, America or Europe would have no hope. Any that remain would have to focus on exporting to Australia, assuming of course the Australians leave their hands off and allow their currency to rise even further above US dollar parity than ours.

Some would argue that the world wouldn’t end if New Zealand had no manufacturing base exporting outside of Australia.

However, I think this would be a mistake. Manufacturing implies factories employing lowly paid manual workers, but in a modern sense manufacturing actually refers to higher wage jobs that will keep our youngest and brightest from leaving the country permanently.

The idea that we shouldn’t be a manufacturing country is nuts but it was a cornerstone of the neoliberal revolution. In the age of peak oil, having our own manufacturing base is going to be all the more important.

The Hobbit was a perfect example. Fisher and Paykel Healthcare and the other companies in the TIN 100 technology companies that produce NZ$5 billion in exports annually, just behind Tourism and Dairy as one of our biggest export industries.

These are the jobs and businesses we need. Can we really build incomes and repay our debts with the promise jobs on dairy farms pumping out commodity products or more jobs in cafes and hostels cleaning up after Australian tourists?

So what should we do?

There are plenty of ways New Zealand’s government and its Reserve Bank can try to stop our currency and high wages jobs from being stomped on by the elephants.

It could move much faster to reduce consumption and improve savings, reducing the need to borrow or sell assets in a way that pushes up our currency.

Introducing a capital gains tax or land tax would make a good start. Such a move to improve our national savings rate would also allow lower interest rates, which would encourage investment in exporting businesses.

We should be taxing things that can’t be shifted (like land) and things that are undesirable (speculation, pollution) and taking tax off things that are desirable (work and savings).

The government could impose limited forms of capital controls to discourage big lumps of freshly minted US dollars (or their proxies) from entering the country. Big farm and property sales to foreigners could be banned or limited. Other asset sales to foreign interests could be discouraged or blocked.

Selling your productive base is stupid. Your just giving someone else your profit stream forever in exchange for a bit of cash in hand. It should be a measure of last resort but we’ve been indoctrinated with this belief that foreign investment is vital.

New Zealand’s savings institutions, particularly the ones with government mandates or subsidies (the NZ Super Fund and the KiwiSavers funds), should be encouraged or forced to invest in New Zealand.

I agree. If we want a prosperious economy we can’t keep on borrowing the capital from overseas. We have to save and invest in ourselves.

Foreign investments in New Zealand government or corporate bonds could be taxed.

Government companies could be directed to buy goods and services from New Zealand companies.

It’s insane that SOEs are forced to make decisions purely on their own costs and benefits and ignore the wider impact on the government and the country. Kiwirail wasn’t permitted by Steven Joyce to build the new railcars itself and keep the work and tax revneu in New Zealand, instead it’s going for slightly cheaper railcars from abroad.

The IRD could be much more aggressive in forcing foreign owned companies to pay their fair share of taxes. Its success in forcing the Australian-owned banks to pay a fair tax rate sharply reduced our current account deficit.

Allowing Google to make $150 million of revenues in New Zealand and to pay just $7,726 in tax here last financial year would be a good place to start.

Can’t see that happening with National. If Google threatened to up and leave tomorrow, National would give them some of our dosh and change whatever law they want.

In a world where it’s every country for itself, New Zealand needs to look after itself.

All of these suggestions are interventions in the free market and they are specifically designed to put New Zealand interests first. The neoliberals scream that we shouldn’t pick winners (something even Fran O’Sullivan now disagrees with). We’re meant to play fair and leave it to the markets. Well, countries don’t become economic powers by playing fair and that is becoming truer by the day as the major economies retreat from free-market ideology and try to protect their own economies first. ‘Playing fair’ while everyone else is ‘cheating’ is a recipe for distaster.

49 comments on “‘Playing fair’ makes us losers in currency wars”

  1. joe90 1

    A bizarre animation explains the US-Sino currency battle.

  2. Good comment. The “invisible hand of the market” has been used to make the wealthiest even more wealthy to the cost of the rest of us.

    David Cunliffe has a keen understanding of the issue and is advocating for both short term action to knock the top of the currency value spike and longer term change so that the currency can be valued down. His comments are at http://blog.labour.org.nz/index.php/2010/11/11/currency-intervention-two-clips/

    • smhead 2.1

      Cunliffe doesn’t understand shit. NZ is far too small to take on the US currency. The US currency becomes more irrelevant every time they devalue. Every time the US prints more money its relative value against the rest of the world goes down, and commodity prices in US dollars go up. That’s how the market works and Cunliffe’s too much of an opportunist asshole to either understand it or accept it.

      If the NZ government chucked taxpayer’s money at the currency it would only make speculators very rich. Speculators have far more money than the NZ government and if they know that the NZ government will intervene and game with them, they will come a-playing and they will win.

      The main reason why the NZD is appreciating against the US, Euro and GBP is because the outlook for our economy is so much better than theirs.

      • Jim Nald 2.1.1

        Yes, that is right. NZ can’t do anything at all. We should not, at all cost, do anything.
        Just learn to take it, call it ‘rebalancing’ if you will. If you are exporting and can’t handle it, the positive way forward is simple. Just close shop. Do something else. Or, for goodness sake, shut up. Even better, just leave NZ. If you friends, family and workmates haven’t done it, then tell them to just leave. And those who are crying out in pain can just do the same. Just bloody get a one-way ticket to Oz and don’t come back. Just go, for goodness sake. Just go somewhere else. The free market has served us very well. And will continue to serve us even better. The message for the NZ economy and you all is clear: put up, shut up, close up or piss off.

      • Bright Red 2.1.2

        New Zealand managed a fixed exchange rate for most of its history. Including its most successful years.

        Since the currency has floated, the economy has experienced long periods of recession and bubbles.

        captcha: ‘floats’ (get out of my head, captcha)

        • insider 2.1.2.1

          But there wasn’t the ability to instantly trade and transfer money then. We also had captive markets for much of our produce. The world is very different today so the strategies probably need to change too.

        • JayMal 2.1.2.2

          Yeah smart guy… thats one of the main reasons the country was practically bankrupt in 1984 and forced the Lange government into a raft of changes which are still hurting us. Artificially maintaining a cross rate with the USD is a shitty idea. Can’t be sustained unless you want absolutely massive debt or can artificially control your cost (as in China).

          Anyone else aware of how much the Aussies lost trying to intervene in recent weeks and keep their dollar down? That was a success wasn’t it! Sure we’d all be over the moon if the NACT gifted currency traders a few billion dollars for no purpose.

          Only way to control the currency is to control the economy. Other thing to do is float Fonterra, stop bloody dairy futures traders using the NZD as a proxy for dairy commodity prices.

      • Bored 2.1.3

        The main reason why the NZD is appreciating against the US, Euro and GBP is because the outlook for our economy is so much better than theirs. So true. Ignoring the fatuity of the rest of your comments about Cunliffe you have a valid outlook. I see the larger picture as far more concerning. The US robber baron corporatism and financial larcenists have met their nemisis, a culture of several thousand years of shared understanding in such concepts as worth, value, price and cost. The Chinese are far too grounded in reality to allow some jumped up finance leader in Wall Street to make up rates and print valueless paper. They will respond in their own way, more in line with Sun Tsu than Smith.

        Unfortunately for ourselves we wont get much opportunity to take advantage of our comparitively (with the US) stronger economy. We may along with the rest of the world become collateral damage, at some stage soon we will have to choose which “empire” we will belong to. The world is not a happy place.

        • dave brown 2.1.3.1

          NZ capitalism has already chosen which side it is on with a free trade agreement with China. China is the rising imperialism. China props up the dairy industry. Haier has taken over F&P. China’s expansion acccounts for half of global growth.
          The US is hanging onto hegemony only by its military expenditure and feverish deployment. A token agreement for military cooperation with the declining US imperialism means nothing except NZers getting killed trying to defend the indefensible in the coming interimperialist wars. The FTA of the Pacific will collapse just as the FTA of the Americas died a few years ago because the US economy is technically bankrupt.
          The wild card in all this gloomy future is the Chinese working class that has the numbers and the tradition to challenge its own bosses as well as the US ruling class. US, Aust and NZ workers should form alliances with Chinese workers for the nationalisation of industry under workers control, so that the dynamic growth of China becomes the basis for global socialism and not a Third World War.
          NZ workers should be demanding land nationalisation, the nationalisation of the banks, and of all major corporates under workers control. Working farmers and iwi would not be expropriated as they would have rights protected to work land and benefit from the labour expended on it. What would go for good is the speculative rent that goes into the pockets of parasites who privately own a limited resource at the expense of the rest of us.
          The Labour Party is never going to stand up for a socialist Aotearoa, so it will need a new socialist party to lead this fight.

          • Colonial Viper 2.1.3.1.1

            Core banking functions should be treated as a utility needed by all to live – which it is – and taken out of private hands.

            The private sector can still do all the speculative financial stuff but the utility aspects of the financial system must be split away.

            • insider 2.1.3.1.1.1

              it’s not a core utility. Firstly you can always use cash for transactions and your mattress as a vault, secondly there are so many providers of financial services and so many ways to transact, there’s no need to mandate such a thing. Mandating would remove flexibility in how people choose to transact.

              • Draco T Bastard

                There’s only one way to transact today – electronically.

                • Nick C

                  Well of course you can use cash its just becoming less and less common. Thats because people are voting with their wallets and they generally trust banks to handle their money. Sometimes they make mistakes, but are overall a good thing for society. Its only crazies like you who would seriously consider hiding money under a matress if that were a viable way to conduct business and talk as if banks have some sort of sinister plot to control our economy.

      • Colonial Viper 2.1.4

        smh you just opened you rmouth and declared your ignorance. Cheers mate.

        The main reason why the NZD is appreciating against the US, Euro and GBP is because the outlook for our economy is so much better than theirs.

        To be clear, its because the NZD is highly speculated upon (it has nothing to do with the state of our real economy), and we are also one of the stable countries in the world where foreign money can still earn a lot more interest than in US treasuries (again, it has nothing to do with the state of our real economy).

      • Bunji 2.1.5

        Taking on the speculators is indeed a mug’s game, but there are other measures. For example, if we print money our currency will go down, like anyone else’s (as you essentially dilute wealth).

        But I’m sure your understanding of currencies and economics is far better than Cunliffe’s and his time as a management consultant, his Masters of Public Administration from Harvard and his post-graduate diploma in Economics mean nothing compared to your vast knowledge.

        The outlook for our economy isn’t exactly rosy, and it’s certainly not better than the Asian countries we’re appreciating against just as rapidly.

        Good post Marty.

        • Herodotus 2.1.5.1

          And Muldoon was on the Chair of the board of the IMF and World bank, and did he play on that with his omniscient view. So what the plebs at the mercy of some academic, and economics is no more than a specialist degree in history. They can tell you why something did happen but are crap weather forecasters !!!! Keep smiling and follow the clip
          http://www.youtube.com/watch?v=eZQyVUTcpM4

        • nzfp 2.1.5.2

          Hey Bunji:

          if we print money our currency will go down

          It is too simplistic to say that. I would ask you to prove this assertion – in doing so it will demonstrate that it is not a given.

          There are many factors which determine the health and stability of a nations economy.

          With regard to money alone, the factors include (but are not limited to) the following:

          1. The state of the government and consequently the law – without a stable government or enforceable laws, a FIAT (FIAT meaning, “by law”) money supply cannot be supported by the government – consequently it is likely to fail and loses its value on the world stage. This is regardless of the quantity of the money.

          2. The type of money – if the money is gold or silver or platinum or any other commodity or basket of commodities, it can manipulated. this has happened many many times and is research able. The commodity the money is based on can be manipulated in the market – consequently the “value” of the money can be lowered or raised. Irrespective of the quantity of the money. However an non convertible FIAT paper currency which will not be sold to speculators is much harder to manipulate – see this comment.

          3. The quantity of money – the amount of money (or credit) circulating in an economy will have a direct affect on the international and local value of the money. However more money does not instantly mean an increase in CPI (consumer price index) or price inflation. The American economies – such as Pennsylvania – who were experimenting with Government issued FIAT paper currencies found that an increase in money led to an industry boom which initially lowered prices before stability. However at a certain point – only found by trial and error – the price index rose as the economy reached a maximum capacity for industry, i.e. zero unemployment etc… At this point a continued increase in money supply led to price inflation and a lowering of the currency value. However, if the new money is spent on creating goods and services such as national infrastructure – while there is monetary inflation or an increase in money supply, there is not price inflation as the new money is soaked up by new products and services – until the economy reaches its industrial capacity.

          There is a great article on the related topics of fiscial and trade deficits by Chinese economist Henry C. K. Liu titled “The fighting twins”. Liu states:

          In monetary economics, the trade deficit and the fiscal deficit are referred to as the “Twin Deficits” as if they were genetically related twins merely because they both contribute to increases in the public debt. Yet these two deficits are genetically opposite and can act like fighting twins to neutralize each other in their adverse economic effects.

          A fiscal deficit is created by government spending in excess of revenue in the domestic economy. The external penalty of a persistent fiscal deficit is the devaluation of the exchange rate of the domestic currency in foreign trade.

          A trade deficit is created by excess imports over exports in foreign trade. One of the curative measures for a persistent trade deficit has been conventionally identified in trade economics as a devaluation of the domestic currency against those of its trading partners, or in multilateral trade, against a reserve currency. Currency devaluation is expected to make exports less costly and more competitive in price. It is also expected to make imports more costly in local currency terms.

          Therefore, there is logic in viewing a fiscal deficit as a solution to a trade deficit through its function in devaluing the domestic currency.

      • nzfp 2.1.6

        NZ is far too small to take on the US currency

        Malaysia did it and we could do exactly the same as Malaysia. American economist Professor Michael Hudson explains it best in a recent interview on Democracy Now: “New $600B Fed Stimulus Fuels Fears of US Currency War (November 05, 2010)” where he states:

        JUAN GONZALEZ: Well, in terms of how countries can respond, one of the things that obviously a lot of the Asian countries did during the financial crisis in late 1990s was currency controls—in essence, trying to prevent foreign capital from either leaving or entering the country. Is that something that you envision something this country is beginning to do?

        MICHAEL HUDSON: Yes, there is only one country that did that, and that was Malaysia under Prime Minister Tun Mohamad Mahathir. He would not sell the domestic currency to the foreign speculators, so George Soros and the others who sold the currency short, hoping that the central bank would use all of its money just to defend its currency and then be emptied out, they couldn’t cover their position, so they were squeezed.

  3. Pascal's bookie 3

    http://www.ritholtz.com/blog/2010/11/quantitative-mining-debasing-gold/

    Forget QE, the Gold Miners are doing QM Quantitative Mining. These irresponsible Miners are “printing gold” by scraping it out of the ground as fast as they can. They are debasing it as a store of value, and are no better than central bankers with their fiat currencies and printing presses.

    Silver, not Gold should be the reserve currency of the world!

    • Colonial Viper 3.1

      Its important that we never go back to a gold standard. The rarity of gold means that it can be even more easily manipulated by a few large holders of the metal and the money supply to society increased – or shrunk – rapidly and drastically at will.

      A silver standard is far better if we ever wanted to go back to a metals based currency.

      • joe90 3.1.1

        Or rare earth metals, a major component in the manufacture of clean energy products such as wind turbines and hybrid cars and key to the production of electronic equipment including iPods, flat-screen televisions and even some military equipment. And China controls 90 percent of rare earth metals production

    • nzfp 3.2

      Hey PB,

      Forget QE, the Gold Miners are doing QM Quantitative Mining. These irresponsible Miners are “printing gold” by scraping it out of the ground as fast as they can.

      This has happened. There have been periods of time when the quantity of gold has been increased so much so that it caused price instability. This happened in Europe during the Spanish destruction, rape and pillage of Central and South America.

      The end result was the export of vast quantity of Central and South American gold, harvested with indigenous slave labour, to Europe. The cost of the slave labour is never costed into the commodity price of gold – the price is artificial.

      The massive increase in “monetized” gold quantity drastically reduced the commodity price of gold and consequently the value of the monetized gold coins which in turn caused price inflation throughout Europe – it had the exact same affect as QE.

      It is not just the type of money – but the quantity of money and what that money is spent on that defines the economy.

      Gold is a commodity and like all commodities can and is manipulated by the giant banks – just as FIAT paper currencies are currently being manipulated.

      The gold standard of the US was manipulated in the 1800’s by the UK in an attempt to rape the American economy in the exact same way the FED is attempting to rape ours today. However the discovery of new gold fields in California and other places allowed the US to infuse new monetized gold into the economy to offset the amount of gold being drained by the UK – in effect, the new gold fields allowed for the QE of gold into the economy.

      However, had the US implemented a strict Greenback government issued FIAT paper currency and not made it convertible into gold, the private non government corporation, the Bank of England (BoE) would not have been able to manipulate the US economy and drain the US of its gold reserves.

      The history of money is clearly explained in the book “The Lost Science of Money” by american economist and head of the American Monetary Institue (AMI) “Stephen Zarlenga”.

      While highly critical of Austrian and English economists, Zarlenga is impressed with Austrian economist Murray Rothbard, and in particular his attack on Fractional Reserve Banking.

      • Colonial Viper 3.2.1

        It is not just the type of money – but the quantity of money and what that money is spent on that defines the economy.

        And the type of money is really irrelevant too. All you need is a currency which you can pay your taxes with, which people will accept as their salaries and which shops will take. The issuance and control of the quantity (‘supply’) of that in the economy is then crucial.

        The ancient Roman empire found that cheap minted copper coins could act as the commercial basis for an entire empire. A form of money created without an associated debt, owed to no one, and which efficiently allows the transactions of real economy commerce to occur.

  4. Herodotus 4

    \”New Zealand managed a fixed exchange rate for most of its history. Including its most successful years\”. BR there was the post war (ii and Korea) boom we also were bankrupt with Muldoon trying every form of intervention to readdress the issue he would/could not face. This resulted in the 84 Lab govt and Douglaus into their reforms that unfortunately were required (Many here may argure re Douglaus but many are too young or dont want to see what NZ was facing in the early 80\’s we were at a crossroad and Lab in 84 allowed us to continue on.
    Also by reducing consumption (Currently in place ) we then face higher unemployment. When the bubble bursts there are consequences, the bigger the bubble the bigger the mess, unless the govt manages this change opotentially reduce the adverse effects and pre-mpt favourable outcomes both earlier and to magnify them.
    Sorry MS we had currency intervention when Lab held the strings- nothing resulted except we then gave a platform for currency speculation to occur. If we enter the market at predetermined levels those speculators will carry off their winnings at the cost of Res Bank and NZ Ltd. D.C is still reacting no plan.
    Personnally we still have not addressed the property situation yet (By default it is still going its own way). Note: Yet we are 10k new houses short (This alone accounts for $500m in GST) + tax, employment PAYE etc.

  5. nzfp 5

    American economist Professor Michael Hudson during a recent interview on Democracy Now: “New $600B Fed Stimulus Fuels Fears of US Currency War (November 05, 2010)” describes the currency war with clarity. Hudson mentions Australia and from that we can infer the affect on New Zealand. Hudson states:

    MICHAEL HUDSON: Well, the object of warfare is to take over a country’s land, raw materials and assets, and grab them. And in the past, that used to be done militarily by invading them. But today you can do it financially simply by creating credit, which is what the Federal Reserve has done. It’s created $600 billion. It hasn’t gone into the economy. The head of the Fed is known as “Helicopter Ben” because he talks about dropping money into the economy. But if you see helicopters, they’re probably not your friends. Don’t go out and wait for them to drop the money, because the money is all going electronically into the banks. And the Fed has said, we want to give the banks so much money that they will lend it out so you can begin to bid up prices on real estate again and pull the banks out of the real estate negative equity that it’s in. So the purpose, according to the Fed, is to raise the price of real estate, to inflate asset prices. But that’s not happening. The actual banks have lent less today than they did in 2007. So the money is going abroad. And it’s going abroad not really to buy foreign companies so much, but to speculate in currency.

    Now, the Fed and the Congress, two weeks ago, said, “We want China to raise its currency by 20 percent.” This would create billions and billions of dollars of bonanza for Wall Street banks, and it would enable them to earn their way out of debt by essentially looting the China central bank, the Brazilian central bank, the Turkish central bank and the other central banks, because you can now borrow money in America at one percent. So you’d put down, let’s say, a billion dollars of your own—a million dollars of your own money, borrow $99 million of the bank’s money—that’s $100 million. You would buy Chinese currency, RMB, for $100 million. You then say, “Raise your currency by 20 percent,” which is what the Fed has asked them to do. That means that your million dollars now has turned into a $20 million gain, because $100 million is now worth $120 million. You’ve made a 200 percent profit. And for Wall Street, they deal in billions, not millions. And so, this would enable the banks to make up their money by buying out, essentially, foreign currency. They’re doing the same in Australia. It’s currency gamble.

    • Colonial Viper 5.1

      If we think a property/asset bubble is bad wait until the international value of our currencies pop. No economic activity – from your grocery shopping to buying a car – will be untouched.

      • nzfp 5.1.1

        At that point we will replace the bank credit with RBNZ dollars which cannot be sold abroad – rebuild our infrastructure, health, education, energy systems, telecommunications with our own QE from our own publicly owned central bank, spending our own interest free non-debt money, on our own people, citizens and nation!

        Captcha:stuff – stuff that English and Cunliffe and Key and Brash and Douglas and Richards et al know (it’s certain they know) – and yet for some “conspiratorial” reason they choose not to implement.

        • Colonial Viper 5.1.1.1

          Step by step I think does it…the private banks can choose to cripple our economy overnight if they feel under threat, simply by not renewing loans, not giving out new loans, and raising the interest charge on existing debt. Massive economic crisis ensues and the Government changes. Plutocracy in action.

          By the way, China has raised the equivalent of our core funding ratio up to 18% to control the massive liquidity in their economy.

          That is unprecedented.

          • Draco T Bastard 5.1.1.1.1

            the private banks can choose to cripple our economy overnight if they feel under threat,…

            At which point the government winds them up and appropriates all their assets with no compensation.

            simply by not renewing loans, not giving out new loans,

            Which the government then maintains with interest free money.

            At which point the people will have the power rather than the banks and democracy ensues.

  6. nzfp 6

    Hey Marty,
    Bernard Hickey is really ticking all the right boxes – finally an economist with a voice expressing common sense on economic matters in the corporate – widely read *sigh* – media.

    Go Bernard!

    • insider 6.1

      He’s not an economist he’s a journalist. I like him and his willingness to put himself out there, but IMO he seems to have got increasingly reactionary, saying he doesn’t like how things are panning out in various areas and demanding something be done.

      Remember in his theoretically core journalistic expertise area of housing he has been calling the market wrong for a while. So why think he has great insights to offer on macroeconomics and international currency issues?

      • nzfp 6.1.1

        So why think he has great insights to offer on macroeconomics and international currency issues?

        Maybe – and I’m speculating here – he’s changed his sources. His article reads like he’s been reading/listening/watching – Nobel laureate American economist Joseph Stiglitz, as well as American economist Professor Michael Hudson or Dean Baker or Steve Keen or many other economists who haven’t subscribed to neo-liberalism.

        Maybe just maybe…

        • insider 6.1.1.1

          There’s no doubt he’s had a seachange in his view. But changing your sources doesn’t make you more credible or authoritative. It just means you are quoting someone different.

      • Draco T Bastard 6.1.2

        Getting things wrong may have caused him to actually learn something.

        • insider 6.1.2.1

          I don;t read his blog too closely but not sure he has recanted from the view and come out with a reason as to why the market is different from his prediction. I think he still thinks ‘the housing crash is coming’ and history will prove him right

          • Draco T Bastard 6.1.2.1.1

            If we go into a double dip recession, which I believe is still possible, then he could end up being right in the medium term but I’m just saying that getting it wrong in the short term could have caused him to question and then research the underlying assumptions. He certainly has changed his tune about the “free-market”.

  7. M 7

    Marty, seriously impressed with this – Hickey is looking fresher these days as though a weight has been lifted off his shoulders.

    Joe90, cool YT can’t wait to forward it.

    • Colonial Viper 7.1

      Yeah Hickey has channeled the fear that his kids are going to grow up and simply leave as economic migrants to foreign lands into a motivation to do something about NZ so that they will not need to.

      • Jim Nald 7.1.1

        The choice seems to be getting clearer for us and our future generations as Jonkey & Double Dipton clutch on to the miracles of the free market:

        Be a tenant (or renter) in your own country, or take off and live overseas.

  8. Nick C 8

    So the Chinese want to discount their currency, making it cheaper for us to buy goods from them. It builds their industries, and gives them jobs; but those things are only a means to an end, the end being higher standards of living. Because they are producing more goods for us at a cheaper price, its us who gets the living standards benefits not them.

    Why should we object to them giving us foriegn aid? We’ve given them quite a bit.

    • Colonial Viper 8.1

      Because they are producing more goods for us at a cheaper price, its us who gets the living standards benefits not them.

      People can only buy cheap goods if they still have jobs. And if all that is left in our economy is are low numbers of cheap low paid jobs, cheap goods aren’t going to help our standard of living that much, are they?

      Why should we object to them giving us foriegn aid? We’ve given them quite a bit.

      Does being bent over a barrel = being given aid? Some might think so.

      Basically if we are willing to see more unemployed in our neighbourhoods, more industries closing down or shipped overseas, the lack of good jobs onshore telling young NZers they should go to Oz ASAP then we should definitely continue down this track of continuing to have access to cheap shite in our stores even as the economic foundations of our society deteriorates.

      In other words we are choosing to destroy our own economy and job market in order for those who still have money to have cheap overseas holidays and cheap TVs.

      PS what foreign aid have we ever given to China???

      • Nick C 8.1.1

        “Does being bent over a barrel = being given aid?”

        Does being sold cheap goods = being bent over a barrel?

        “People can only buy cheap goods if they still have jobs.”

        This bizzare situation where we all lose our jobs to the chinese is impossible. What do you think the chinese want in return for selling us all these cheap goods? Green pieces of paper with the number ’20’ and pictures of the Queen on them? No, what they want is what those pieces of paper can buy. So the chinese sell us goods, get paid in $NZ, and then use those $NZ in NZ (they are pretty useless elsewhere in the world) to buy things like Dairy products, tourism, movie tickets for the movies we produce, thus creating jobs.

        The only difference that their artificially low dollar makes is that we now have to produce relativly fewer movies/dairy products for every import we get from them. So we do less work for the same amount of goods.

    • nzfp 8.2

      Hey Nick C,

      … they are producing more goods for us at a cheaper price, its us who gets the living standards benefits not them …

      Hey, you’ve just described the USA. Except the USA has a world reserve currency and we don’t – look how great this Alan Greenspan economic model is doing.

      Oh check out what Alan Greenspan thinks of his economic model with this wee gem smuggled out of the Jekyll Island Federal reserve 100 year anniversary convention.

      Captcha:inadequate – Alan Greenspan was an inadequate economist.

  9. alloverrover 9

    “In the age of peak oil, having our own manufacturing base is going to be all the more important.”

    You are on to it Marty. Jeff Rubin former chief economist CIBC Global Markets and one of the few economists who “gets” peak oil summaries it thus..

    “In tomorrow’s economy, distance will cost money. Globalization was the product of cheap energy. De-globalization is the economic face of triple-digit oil prices.”

    ” The whole notion of sourcing supply from halfway around the world to save on labor costs will no longer make any commercial sense. From making our own steel to building our own furniture to growing our own food, the soaring cost of oil-fired transport will bring production back home to the local markets it once served.”
    http://www.jeffrubinssmallerworld.com/2009/10/30/deglobalization/

    Problem … while this may be true for USA and Canada who have massive large internal markets, NZ on the other hand is a tiny market and is as far as you can get from our trading partners (other than Aussie). When the oil crunch comes as soon as 2012, prices spike and we face a series of oil-restrained recessions can NZ’s tourism and trading economy keep afloat ? Seems to me we will have no alternative but to do more of everything locally – including manufacturing

    more on this theme at http://oilshockhorrorprobe.blogspot.com/

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    Greens | 07-10
  • Media Advisory
    MANA Leader, Hone Harawira will not be available to speak with media today regarding his release “Recount Just One Step To restoring Credibility”. He is however available for media comment tomorrow, Tuesday the 8th of October, all media arrangements are...
    Mana | 07-10
  • RECOUNT JUST ONE STEP TO RESTORING CREDIBILITY
    “I have applied for a judicial recount of the votes in the Tai Tokerau election because it is one step in trying to restore credibility to the electoral process in the north, and, I suspect, in all other Maori electorates...
    Mana | 07-10
  • MANA SEEKS TAI TOKERAU RECOUNT
    The MANA Movement is supporting Leader Hone Harawira’s application for a judicial re-count in the Te Tai Tokerau electorate for the 2014 general election. President Lisa McNab says there are a number of serious issues of concern regarding the ability...
    Mana | 07-10
  • Ideological Blitzkrieg – Privatization of state housing, more charter sch...
    Pundits in pundit land will tell you that this Government is boring, that Key is the great pragmatist and that it is his ability to create elegant solutions that keeps him the firm favourite in many Kiwi eyes. This ability...
    The Daily Blog | 24-10
  • Hegemony rules but resistance is fertile
    The Prime Minister is a puppet. Not just our current Prime Minister, but given the forces of multinational globalisation, the role of any head of state, is less as independent actor, and more as a puppet of international trends and...
    The Daily Blog | 24-10
  • An open Letter to Sir Bob Jones: demanding a ‘liveable wage’ is not “...
    How out of touch with reality is Sir Bob Jones? You know, that white dude who invested in privatised SOEs after the selling off of our assets in the eighties and made a ludicrous and disgusting amount of money and is...
    The Daily Blog | 24-10
  • My insecurity about the Security Council
    As I write this (on 24 October) it is international UN Day. Of course, you all knew that already, right? Well, the day celebrates the entry into force of the UN Charter in 1945. With the ratification of this founding...
    The Daily Blog | 24-10
  • GUEST BLOG: Catherine Delahunty – Back in That House
    Parliament opened this week and I still find it a very odd place. Most of the people are reasonably courteous and friendly, but the rituals are archaic and the rules around issues like the swearing in oath are oppressive and...
    The Daily Blog | 23-10
  • Marae Investigates No More
    TVNZ yesterday announced the closure of their Māori and Pacific programmes department. That means they’ve chosen to stop making Fresh, Tagata Pasifika, Waka Huia and Marae Investigates to let independent producers get their hands on these lucrative contracts. This is...
    The Daily Blog | 23-10
  • BLOGWATCH: An Un-Civil War in Labour, eh?
    Earlier today, my attention was directed to an entry that’s just recently appeared on the Slightly Left of Centre blog. It purports to contain the ‘inside word’ from a highly placed NZF source – which is funny, because I’m pretty sure...
    The Daily Blog | 23-10
  • Santanomics 101
    Santanomics could mean a number of things. It could be the study and practice of giving. Or it could mean the study and practice of rampant end-of-year commercialism. However, for me today it is the economics of erectingAuckland’s giant Santa...
    The Daily Blog | 23-10
  • SkyCity boss misleads public over workers lost shifts
    SkyCity CEO Nigel Morrison has defended the employment practices at his company in an “Opinion” piece entitled “Human Capital key to corporate success” in the NZ Herald on Thursday. A number of his claims are misleading, contain only partial truths...
    The Daily Blog | 23-10
  • Review: Perfect Place
    I went to a Perfect Place on Tuesday night, and what a delight it was. The marshmallows sweetly (and forcefully) handed out pre-show, set the tone for the next hour. Walking up the stairs at The Basement was a complete...
    The Daily Blog | 23-10
  • 5AA Australia – NZ on UN Security Council + Dirty Politics Lingers On
    5AA Australia: Selwyn Manning and Peter Godfrey deliver their weekly bulletin Across The Ditch. General round up of over night talkback issues: Thongs, Jandals and flip-flops… ISSUE 1: New Zealand has been successful in its campaign to become a non...
    The Daily Blog | 22-10
  • When I mean me, I mean my office & when I call whaleoil I mean not as m...
    This. Is. Ludicrous. Green Party co-leader Russel Norman put the first of what are likely to be many questions about Mr Key’s relationship with Slater, asking him how many times he had phoned or texted the blogger since 2008. “None...
    The Daily Blog | 22-10
  • A brief word on describing the Government as ‘boring and bland’
    The narrative being sown is that this Government will be a boring and bland third term. Boring and bland. Since the election, Key has announced he is privatising 30% of state houses without reinvesting any of that money back into housing society’s most...
    The Daily Blog | 22-10
  • More Latté Than Lager: Reflections on Grant Robertson’s Campaign Launch.
    BIKERS? SERIOUSLY! Had Grant Robertson’s campaign launch been organised by Phil Goff? Was this a pitch for the votes of what few Waitakere Men remain in the Labour Party? Was I even at the right place? Well, yes, I was....
    The Daily Blog | 22-10
  • About Curwen Ares Rolinson
    Curwen Ares Rolinson – Curwen Ares Rolinson is a firebrand young nationalist presently engaged in acts of political resistance deep behind enemy lines amidst the leafy boughs of Epsom. He is affiliated with the New Zealand First Party; although his...
    The Daily Blog | 21-10
  • About Kelly Ellis
    Kelly Ellis.Kelly Ellis – As a child, Kelly Ellis didn’t so much fall into the cracks, but willfully wriggled her way into them. Ejected from Onslow College – a big job in the 70s – Kelly worked in car factories,...
    The Daily Blog | 21-10
  • About Kate Davis
    Kate Davis.Kate Davis – Having completed her BA in English and Politics, Kate is now starting her MA. Kate works as a volunteer advocate at Auckland Action Against Poverty and previously worked for the New Zealand Prostitutes Collective. Kate writes...
    The Daily Blog | 21-10
  • Parker does a Shearer – oh for a Labour Leader who can challenge msm fals...
    Sigh. It seems David Parker has done a Shearer… Like a cult and too red – Parker on LabourLabour leadership contender David Parker says Labour borders on feeling like “a cult” and must look at its branding – including its...
    The Daily Blog | 21-10
  • A brief word on the hundreds of millions NZ is spending on the secret intel...
    The enormity of the mass surveillance state NZ Government’s have built carries a huge price tag… Kiwis pay $103m ‘membership fee’ for spyingThe $103 million taxpayer funding of New Zealand’s intelligence agencies is effectively a membership fee for joining the...
    The Daily Blog | 21-10
  • Where. Is. Jason. Ede?
    Where. Is. Jason. Ede?...
    The Daily Blog | 21-10
  • Labour’s Din of Inequity
    Watching Labour’s leadership candidates on Q+A on Sunday, I noticed the ongoing use of terms like “opportunity” and “aspiration”, and “party of the workers”. What do these mean? We glean much from Labour, and from the media about Labour, but not...
    The Daily Blog | 21-10
  • “Blue-Greenwash” fails the test when it comes to endangered dolphins
    National’s pre-election promises saw some wins for the environment – perhaps as the party sought to appease its “Blue-Green” voters and broaden its popular appeal. Some of the ecological gains were a long time in the making, overdue even– such...
    The Daily Blog | 21-10
  • Reasons not to be cheerful, Part #272b
    Why don’t you get back into bed? The next few years — the rest of this century — are not going to be pretty. There is an obvious disconnect between any remaining political ambition to fix climate change and the...
    The Daily Blog | 21-10
  • OIA protocols and official advice ignored to hide Child Poverty
    It might not seem so now, but child poverty was a major election issue. What a pity we did not have the full debate. In that debate it would have been very helpful to have seen the Ministry of Social...
    The Daily Blog | 20-10
  • Previewing the 4 candidates for Leader of the Labour Party
    The extraordinary outbursts by Shearer last week highlights just how toxic that Caucus is. Shearer was on every major media platform as the ABC attack dog tearing into Cunliffe in the hope of diminishing Cunliffe’s support of Little by tearing...
    The Daily Blog | 19-10
  • GUEST BLOG: Kate Davis – the sudden explosion of ‘left’ blogs
    Time to Teach or more people will suffer from P.A.I.D. Political And Intellectual Dysmorphia.I was on the Twitter and a guy followed me so of course I did the polite thing and followed him back. He wrote a blog so...
    The Daily Blog | 19-10
  • Ego vs Eco
    Ego vs Eco...
    The Daily Blog | 19-10
  • We can’t let the Roastbuster case slip away
    Those of us (like me) left with hope that the police would aggressively follow through on the large amount of evidence on offer to them (let’s not forget they forgot they even had some at one point) in the Roastbusters...
    The Daily Blog | 19-10
  • Food, shelter and medicine instead of bombs and bullets
    The on-going conflict across the Middle East – due in large part to the US-led invasions of Afghanistan and Iraq – has created another humanitarian crisis of biblical proportion. The essentials of life are desperately needed in Iraq and Syria...
    The Daily Blog | 19-10
  • The politics of electorate accommodations
    National’s electorate accommodations with ACT and United Future were a big factor in it winning re-election. Interestingly, there is another electorate accommodation scenario whereby the centre-left could have come out on top, even with the same distribution of party votes....
    The Daily Blog | 19-10
  • Why you should join the TPPA Action on 8 November
    On 8 November 2014, thousands of Kiwis will take part in the International Day of Action to protest the Trans-Pacific Partnership Agreement (TPPA). The rally cry for us is TPPA – Corporate Trap, Kiwis Fight Back. Why should you join...
    The Daily Blog | 19-10
  • GUEST BLOG – Patrick O’Dea: no new coal mines
    Green Party and Mana Party policy is “NO NEW COAL MINES!” Auckland Coal Action is trying to put this policy into action on the ground. ACA after a hard fought two year campaign waged alongside local residents and Iwi, in...
    The Daily Blog | 19-10
  • Comparing Police action – Hager raid vs Roast Buster case
    This satire had the NZ Police contact TDB and threaten us with 6months in prison for using their logo.   The plight of Nicky Hager and the draconian Police actions against him has generated over  $53 000 in donations so...
    The Daily Blog | 18-10
  • Malala Yousafzai, White Saviour Complexes and Local Resistance
    Last week, Malala Yousafzai was the co-recipient of the Nobel Peace Prize. Since her exposure to the worldwide spotlight, her spirit, wisdom and strength have touched the hearts of people everywhere. However, there have been cynics who have argued that...
    The Daily Blog | 18-10
  • Jason Ede is back – but no media can interview him?
    Well, well, well. Jason Ede, the main figure connected to John Key’s office and the Dirty Politics black ops is back with a company with deep ties to the National Party. One thing you can say about the right –...
    The Daily Blog | 18-10
  • GUEST BLOG: Curwen Rolinson – Leadership Transitions In Other Parties: A ...
    As cannot have escaped anyone’s attention by now, the country is presently in the grips of an election and campaign that will help determine the fate of the nation for years to come. It’s gripping stuff – with clear divides...
    The Daily Blog | 17-10
  • SkyCity worker says she faces losing her house
    SkyCity worker Carolyn Alpine told the company annual shareholder’s meeting today that she faced the prospect of losing her house because the company had cut her shifts from two a week to one without consultation. The solo mother, has worked...
    The Daily Blog | 17-10
  • Greg O’Connor’s latest push to arm cops & 5 reasons not to
    I was wondering at what point within a 3rd term of National that Police Cheerleader Greg O’Connor would start trying to demand cops be armed. O’Connor must have thought to himself, ‘if bloody Key can get us and the GCSB vast new...
    The Daily Blog | 16-10
  • You can’t have crisis without ISIS
    So the new scary bogeyman ISIS might have chemical weapons that the US secretly found in Iraq, but America didn’t want to expose this find because the WMDs were actually built and made by the US and Europe, the two powers...
    The Daily Blog | 16-10
  • NZ WINS UN SPIN THE BOTTLE! Privately sucking up to America for a decade me...
    Oh, we are loved! Little old NZ, the 53rd state of America after Israel and Australia, gets to sit at the adults table for the special dinner party that is the UN Security Council. How delightful, a decade of privately...
    The Daily Blog | 16-10
  • MEDIA BLOG – Myles Thomas – A World Without Advertising
    Non-commercial broadcasting and media. It’s a solution for all manner of problems ailing our tender nation… voter engagement, unaccountable governance, apathy, stupefaction, public education, science in schools, arts appreciation, cultural cringe… But no-one could’ve guessed that non-commercial media might solve...
    The Daily Blog | 16-10
  • March against war – 2pm Saturday 25th October
    March against war – 2pm Saturday 25th October...
    The Daily Blog | 16-10
  • Whack a mole as US govt foreign policy
    Whack-A-Mole was a popular arcade game from my youth.  It consisted of a waist high cabinet with holes in the top. Plastic moles seemingly randomly pop out of these holes. The purpose of the game was to hit as many...
    The Daily Blog | 16-10
  • In Paean of Debt
    This week is ‘Money Week’. It’s an opportunity to promote to the middle classes, and anyone else who will listen, the virtues of wise ‘investment’. The aims are to promote the mystical (and indeed mythical) virtues of saving for the...
    The Daily Blog | 16-10
  • The last 48 hours – Poverty denial, war denial and unapologetic abuse of ...
    The bewildering speed of events that simply end in Key shrugging and proclaiming he doesn’t really give a shit is coming think and fast as the Government suddenly appreciate the full spectrum dominance they now enjoy. Here is Radio NZ...
    The Daily Blog | 16-10
  • GUEST BLOG: Pat O’Dea – Mana 2.0 Rebooted
    Internationally the news is that Evo Morales of Bolivia won big with Left Wing policies But what are the chances that the Left will make a resurgence in this country? As the internecine struggles between the Left and the Right...
    The Daily Blog | 15-10
  • The Blomfield IPCA letter – Has Dirty Politics leaked into the NZ Police ...
    It’s difficult to know what to make of the IPCA letter to Matthew Blomfield over Slater’s continued insistence that the hard drive taken from Matthew wasn’t stolen.  Slater has selectively cherry picked the Police referring back to his claim that Blomfeild perjured...
    The Daily Blog | 15-10
  • ​Media release: Rail and Maritime Transport Union – Auckland move for K...
    The Rail and Maritime Transport Union is questioning a KiwiRail proposal to progressively relocate its Zero Harm personnel from Wellington to Auckland. “The purpose of the Zero Harm team is to drive KiwiRail’s performance in health and safety.  Rail is a...
    The Daily Blog | 15-10
  • Amnesty International – Friend request from an IS militant
    There’s always that one person, that one Facebook friend, usually a musician or event promoter, who, when you so foolishly accept their friend request, will completely inundate your news feed with copious event invitations and promotions. The person who, despite...
    The Daily Blog | 15-10
  • NZ should follow the UK and recognize the Palestinian state
    Over the past two weeks, the United Kingdom and Sweden have made headlines through their decisions to recognize the state of Palestine. They are hardly the first nations to do so. Indeed, 134 countries have, in various ways, given formal...
    The Daily Blog | 15-10
  • Pike River Families Group Press Release
    The Families can now but hope that Solid Energy will consider closely the response of the Families’ expert mining advisers, Bob Stevenson and Dave Creedy, and the independent legal advice by Hugh Rennie QC as to why re-entry to the...
    Scoop politics | 24-10
  • On The Nation this weekend
    This weekend on The Nation… with dairy prices falling, China growing its agriculture sector, and the environmental costs piling up, we ask the Fonterra chief executive Theo Spierings if New Zealand is too dependent on milk powder and if we’ve...
    Scoop politics | 24-10
  • NZ Government Urged to Do More to Fight Ebola
    As Ebola continues to tear through West Africa, Save the Children NZ is urging the government to do more in the fight against the deadly virus....
    Scoop politics | 24-10
  • Korero Mai Ki Ahau – Saturday 25 & Sunday 26 October 2014
    Broadcast on Waatea 603AM Saturday 12.00 - 12.30pm Sunday 12.00 - 12.30pm Both shows repeated 5.00pm – 6.00pm On Sunday...
    Scoop politics | 24-10
  • Putting whānau foremost in Family Dispute Resolution
    Dispute resolution company, FairWay Resolution, has developed a uniquely New Zealand approach to family dispute resolution (FDR) that is underpinned by the cultural needs and values of the parties to a family dispute. In support of its role as a...
    Scoop politics | 24-10
  • Anglican Family Care staff to rally industrial action rises
    Public Service Association (PSA) members working at Anglican Family Care (AFC) in Dunedin will hold two rallies in Dunedin next week as they seek a fair pay offer, following a week of low-key industrial action....
    Scoop politics | 23-10
  • Flying Visit for Adventuring Kiwi Socialpreneur
    12 Months on, this former Alexandra barista is changing lives in Buenos Aires Slums with free lunches, music, art, drama and toothbrushes...
    Scoop politics | 23-10
  • March in Solidarity with Kurdistan Against ISIS Attacks
    The New Zealand Kurdish Community will march in solidarity with Kurdistan in light of the heinous genocidal attacks in Kobanê by ISIS. We will begin with silent demonstrations then commence marching. We will start from Britomart, Queen Street (outside Dick...
    Scoop politics | 23-10
  • No Problem for Henare & Jones, But “No Way” for Harawira
    “Just before the election I broke the story about the gutting of Maori Television’s News and Current Affairs department by MTS’ new CEO Paora Maxwell. I pointed out that Carol Hirschfeld and Julian Wilcox, two of the country’s most experienced...
    Scoop politics | 23-10
  • Corruption: Positive developments for NZ but more to be done
    Global anti-corruption group Transparency International today released a report on OECD Anti-Bribery Convention enforcement and called for New Zealand to implement draft legislation to ratify the United Nations Convention against Corruption....
    Scoop politics | 23-10
  • Government to Blame as Much as Council for Marryatt Payout
    The Taxpayers' Union is calling on the Government to fix the employment law regime that has forced Christchurch ratepayers to fork out $800,000 to former Council boss Tony Marryatt....
    Scoop politics | 23-10
  • Unanimously Call for Commissioner to Arm Police Full Time
    In the wake of a series of recent armed offender incidents, delegates to the Police Association Annual Conference today called unanimously on the Commissioner to arm Police full time....
    Scoop politics | 23-10
  • Bank gets behind NZ wildlife icon with sizable donation
    It will be easier than ever this summer for holiday-markers to dip into their pockets to support the yellow-eyed penguin....
    Scoop politics | 23-10
  • WorkSafe report raises concerns about asbestos
    The union representing construction workers in the Canterbury rebuild is surprised at WorkSafe’s conclusion that no action needs to be taken against EQC and Fletcher EQR over asbestos exposure in Canterbury homes. “This report was an opportunity...
    Scoop politics | 23-10
  • Union accuses SkyCity CEO of misleading public
    Unite Union has accused SkyCity CEO Nigel Morrison of misleading the public over the cut in hours for a staff member who raised the issue at the company's AGM....
    Scoop politics | 23-10
  • Last Hurrah on the Taxpayer
    Responding to the NZ Herald report that Hone Harawira spent up $54,000 on the taxpayer in his last three months as an MP, Taxpayers’ Union Executive Director Jordan Williams says: “It is absolutely disgraceful that an MP managed to rack...
    Scoop politics | 23-10
  • Press statement in relation to search of Nicky Hager’s home
    On 2 October 2014, Nicky Hager's home in Wellington was searched by police. Mr Hager asserted that documents kept at his house were protected by privilege, including because they contained information that might identify confidential sources....
    Scoop politics | 22-10
  • The Sam Simon arrives into Auckland for new campaign
    This morning Sea Shepherd ship, the Sam Simon, arrived into Auckland harbour after its journey from Melbourne. The ship and its 25 crew from around the globe have come to New Zealand to source supplies and prepare for the upcoming...
    Scoop politics | 22-10
  • Low inflation – time for meaningful wage increases
    With inflation low, now is a good time for workers to negotiate for pay increases that outstrip price rises and deliver real increases in wages and salaries. “For too many people, real pay increases have been missing for several years...
    Scoop politics | 22-10
  • Auckland Rates Rises Out of Control
    Responding to the NZ Herald report that Auckland ratepayers will face an average of a 29 percent rates increase, Taxpayers’ Union Executive Director Jordan Williams says: “These rate rises show that Len Brown's spending is out of control.”...
    Scoop politics | 22-10
  • Protest at New Plymouth Oil and Gas Expo
    About 30 protesters from Climate Justice Taranaki, Frack-free Kapiti, Te Uru Pounamu Action Group, Oil Free Wellington, Frack-free Manawatu and the east coast protested yesterday outside New Plymouth's biennial Oil and Gas Expo at the TSB Stadium....
    Scoop politics | 22-10
  • FMA warns consumers about cold-calling investment offers
    The Financial Markets Authority (FMA) is warning New Zealand consumers and investors to be wary of cold-calls asking them to buy shares or put their money into offshore firms....
    Scoop politics | 22-10
  • Comprehensive plan needed to end child poverty
    Child Poverty Action Group says it is vital the newly re-elected National government takes a planned and comprehensive approach to reducing child poverty in New Zealand....
    Scoop politics | 22-10
  • Metiria Gets Feed the Kids
    Yesterday the Speaker of the House advised that he had accepted my request to transfer my Feed the Kids (Education (Breakfast and Lunch Programmes in Schools) Amendment) Bill to Metiria Turei of the Green Party....
    Scoop politics | 22-10
  • DIA undercover investigation leads to jailing
    An undercover Internal Affairs investigation has led to a Hastings man being jailed for three and half years....
    Scoop politics | 22-10
  • Call on Minister McCully to pursue the case of Balibo Five
    Media Information: Call on Minister McCully to pursue the case of journalist Gary Cunningham and the Balibo Five...
    Scoop politics | 22-10
  • Australia and NZ actions on press freedoms alarming
    Global support for investigative journalism in Australia and New Zealand is a welcome response to law changes and a police raid, says the Pacific Freedom Forum...
    Scoop politics | 22-10
  • Call for release of French journalists in West Papua
    West Papua Action Auckland, the EPMU Print and Media Council and the NZ Media Freedom Network call on the Minister of Foreign Affairs to speak out in support of the two French TV journalists whose trial has just begun in...
    Scoop politics | 21-10
  • Court of Appeal: Dotcom v 20th Century Fox Film Corporation
    A The appeal is dismissed. B The 20 August 2014 order of the High Court dealing with confidentiality and the 29 August 2014 order of this Court dealing with confidentiality are set aside. C The confidentiality orders set out in...
    Scoop politics | 21-10
  • Glassons Blasted For Glamourising Animal Cruelty
    Clothing brand Glassons have found themselves embroiled in another controversy after launching a new advert featuring a girl riding a bull. Animal advocacy organisation SAFE have asked them to remove the ad immediately as it glamourises animal cruelty....
    Scoop politics | 21-10
  • Smuggling honey into New Zealand isn’t sweet
    Smuggling honey into New Zealand isn’t sweet Federated Farmers Bee Industry Group applauds the tough line taken by Ministry for Primary Industries (MPI) Border Staff at Auckland Airport. In deporting the couple found trying to smuggle bee products...
    Scoop politics | 21-10
  • Taxpayers’ Union Responds to Joyce on Corporate Welfare
    Responding to Economic Development Minister Steven Joyce’s defence of corporate welfare , Jim Rose, the author of Monopoly Money , a Taxpayers Union report on corporate welfare since 2008, says:...
    Scoop politics | 21-10
  • Speech from the Throne brings welcome focus on children
    Today’s speech from the Throne confirms the Government’s focus on children, youth and their families in the areas of health, education, youth employment, poverty alleviation and Whānau Ora; now the challenge is to ensure every child in New Zealand...
    Scoop politics | 21-10
  • John’s Job Fairs no fix for unemployment and poverty
    “John Key has clearly been looking to the US for his latest bright idea on dealing with employment issues,” says Auckland Action Against Poverty coordinator Sue Bradford. “Job fairs where the desperately unemployed queue in their corporate best to compete...
    Scoop politics | 21-10
  • Speech From the Throne Foreshadows More Corporate Welfare
    Responding to the Governor General’s Speech from the Throne, which outlined that the Government’s intentions for the next Parliamentary term would include further Business Growth Agenda initiatives, Taxpayers’ Union Executive Director Jordan...
    Scoop politics | 21-10
  • Green MP to speak at panel on Rainbow Mental Health
    Hamilton, New Zealand: Recently re-elected Green Party MP Jan Logie will be a guest speaker at a panel on the mental health of Gay, Lesbian, Bisexual, Trangender, Takataapui and Intersex people taking place on November 1st as part of the...
    Scoop politics | 20-10
  • Evidence Supports GE Moratorium
    Federated Farmers spokesman Graham Smith's call for a 'rethink' on release of GeneticallyEngineered organisms is misguided, and instead it is time for a formal moratorium on GMOs in the environment.(1)...
    Scoop politics | 20-10
  • Chatham Rise mining could have impact on whales and dolphins
    Wellington, 21 October 2014--Mining phosphate on the Chatham Rise, off the east coast of New Zealand’s south island, could potentially have many impacts on marine mammals like whales and dolphins, the Environmental Protection Agency was told today....
    Scoop politics | 20-10
  • Council endorses Nanaia Mahuta as the next Labour leader
    Te Kaunihera Māori, the Māori Council of the New Zealand Labour Party, have passed a resolution to endorse the Hon Nanaia Mahuta as the next leader of the Labour Party...
    Scoop politics | 20-10
  • Kaumatua to organise petition to end Maori seats
    Ngapuhi kaumatua David Rankin has announced that he will be organising a nationwide petition to seek support from Maori voters to end the Maori seats. “These seats are patronising”, he says. “They imply we need a special status, and that...
    Scoop politics | 20-10
  • Announcing a New Voice for The Left
    Josh Forman is pleased to announce the creation of a new force on the Left of politics in New Zealand....
    Scoop politics | 20-10
  • Public services held back by poor workplace culture
    A new report by Victoria University’s Centre for Labour, Employment and Work shows that public servants are working significant unpaid overtime to ensure the public services New Zealanders value are able to continue....
    Scoop politics | 20-10
  • iPredict New Zealand Weekly Economic & Political Update
    Andrew Little’s probability of being the next leader of the Labour Party has reached 70% and Jacinda Ardern is favourite to become his deputy, according to the combined wisdom of the 8000+ registered traders on New Zealand’s predictions market, iPredict....
    Scoop politics | 20-10
  • Prison Drug Treatment Unit marks a milestone
    Christchurch Men’s Prison’s Drug Treatment Unit (DTU) celebrated the completion of its 50th six month Drug and Alcohol Programme today, with the graduation of a further twelve offenders....
    Scoop politics | 20-10
  • Security Council seat a chance for NZ to empower women
    The UN Women National Committee Aotearoa New Zealand (UN Women NCANZ) welcomes New Zealand winning a seat on the United Nations Security Council and is calling on New Zealand to use its position to proactively promote effective implementation of the...
    Scoop politics | 20-10
  • Waipareira and ACC sign Partnership
    Waipareira and The Accident Compensation Corporation (ACC) have signed a Memorandum of Understanding at Whanau Centre, Henderson – marking a special day for the West Auckland Urban Maori organisation....
    Scoop politics | 20-10
  • Humanitarian aid desperately needed in Iraq and Syria
    Global Peace and Justice Auckland is calling on the government to provide humanitarian funding for non-aligned NGOs (non-governmental organisations) in the Middle East rather than give any support whatever for the US-led military campaign in the area....
    Scoop politics | 19-10
  • Court Judicial Decision: Dotcom v The USA: 17 October 2014
    The United States of America is seeking the extradition of Messrs Dotcom, Batato, Ortmann and Van Der Kolk. The matter has been before the Courts on numerous occasions, and no further recitation of the facts is needed....
    Scoop politics | 19-10
  • Marshall Island poet speaks at UN climate summit
    “The fossil fuel industry is the biggest threat to our very existence as Pacific Islanders. We stand to lose our homes, our communities and our culture. But we are fighting back. This coming Friday thirty Pacific Climate Warriors, joined by...
    Scoop politics | 19-10
  • Many tourist car accidents preventable
    Simple steps could dramatically reduce the number of accidents involving tourists, says the car review website dogandlemon.com ....
    Scoop politics | 19-10
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