web analytics
The Standard
Advertising

Why bringing the bankers to heel is so important…

Written By: - Date published: 11:33 am, January 13th, 2012 - 88 comments
Categories: climate change, economy - Tags: ,

There’s an excellent article on energybulletin.net that you should read.

Written by ecological economist Brian Davey, he explains how while we need to fix the problems of peak oil and climate change, we’re not going to get anywhere until we deal with the psychopathic elite of bankers who have control of the world economy.

They created the financial crisis, and are now working to protect themselves from any damage from it – at our expense.

But in fact while in the US and UK there is righteous anger as bankers keep getting large bonuses from their bailed out companies, there are three crises, not one:

There is certainly a crisis of the financial system largely created by a massive amount of elite fraud during the “euphoric economy” of the bubble years. However there is also a crisis of uneven development where competitive imbalances between many parts of the world have reached their outer limits. Also, probably most important of all, there is a crisis caused by the global economy reaching the limits to economic growth – with constraints in resource availability, and destructive pressure on overused ecological sinks.

But…

without dealing with the bankers and the banking system we will not get far in resolving the other problems. During the boom a massive inflation of financial assets was created that only has value, ultimately, if these assets are able to function as claims on real wealth and real economic activity. But there is no prospect of expansion of real productive capacity. There is no sign whatsoever that a robust economic growth will get going again to make possible a servicing and repayment of the debts out of rising income. The result is that societies are being turned into debtors’ prisons for a psychopathic elite – although this process is being contested. As the Occupy Movement clarifies what it stands for it is to be hoped that the contest with the financial system takes a more definite form. In this respect we need some kind of manageable debt jubilee that is fair to all, including those who are not in debt. We need to take away from the banks the right to extend credit by creating new money. And we need to investigate and clean up the chief perpetrators of banking crime and fraud.

And there was massive fraud:

The “liars’ loans” in the sub prime market were criminal fraud. Lying on the loan applications was fraud. Giving loans when it was known there was no chance that they could be serviced to earn a brokerage fee was fraud. Overvaluing houses, so that even larger loans could be given out and even larger broker fees received, was fraud. Failing to keep adequate and truthful documentation about these loans was fraud. Packaging these ‘toxic assets’ and selling them on was fraud. Giving them AAA ratings without really looking was fraud or grave negligence.

Then knowingly taking out multiple credit default insurance and shorting these assets in the knowledge that these loans were toxic was fraud, as was using friends in the US government to ensure that AIG paid up on the credit default swaps when it went bust. At each step of the chain people made money by issuing and packaging up so called ‘toxic assets” that they knew were worthless – and by not taking out sufficient provisions against what was obviously going to be an avalanche of bad debts.

As early as 2004 the FBI warned of an epidemic of fraud in the home loans market and of the likely consequences. So what was done?

Nothing. Yet, Professor of Economics and Law, William K Black, estimates that there must have been at least a half million felonies committed.

Why the failure to act?

In part nothing was done because toxic economic theory said that nothing needed to be done – because markets were efficient and could price in risk for themselves. When it was assumed that nothing needed to be done the markets could be taken over by criminals.

Read the whole article (which of course recommends you watch Inside Job).  Without getting rid of these impediments – indicting the banksters for their crimes – this planet is going to get nowhere…

88 comments on “Why bringing the bankers to heel is so important…”

  1. Gosman 1

    This is just another giant waste of time along the lines of the pathetic Occupy movements. I have read this stuff for years but apparently there is suddenly an urgent need to radically redesign our global economic system before we can tackle the impacts of climate change. Well good luck with that because it is simple not going to happen anytime soon. No current major economy in the world is pursuing these sorts of goals nor is there any major chance that an opposition movement will seize power to implement them.

    • thatguynz 1.1

      Wow Gos, you must be really happy with the status quo of the world we live in. By inference you seem to suggest that there is no point in trying to fix anything because nobody else is doing it so it’d be a waste of time.

      I for one am pleased that there are other people out there that look at things holistically, identify that things really aren’t working, and take steps to try and make it right. Granted some of these may be slightly mis-focussed or in some cases become subverted a la the Occupy movement but that still doesn’t detract from their initial goals to improve things.

      I do however agree that expecting these step changes to occur by way of governmental led action is unlikely – hence why the bottom up change that you seemingly disparage is so important.

    • Draco T Bastard 1.2

      No current major economy in the world is pursuing these sorts of goals nor is there any major chance that an opposition movement will seize power to implement them.

      That really just means that the major economies and all the rest that are following them are purposefully ignoring the reality that our present economic system is what’s causing all the problems.

    • Karl 1.3

      Now Now…. It’s better to ??? upon your feet than to live upon your ????.

      The Problem with the occupy movement etc is that they have not got their branding right…. it’s not chic enough… you need the middle class dear boy….. Its all about perception, marketing…..

      Srdja Popovic: How to topple a dictator:
      http://www.ted.com/talks/srdja_popovic_how_to_topple_a_dictator.html

      http://www.aforcemorepowerful.org/resources/nonviolent/methods.php
      198 Methods of Nonviolent Action.

      Practitioners of nonviolent struggle have an entire arsenal of “nonviolent weapons” at their disposal. Listed below are 198 of them, classified into three broad categories: nonviolent protest and persuasion, noncooperation (social, economic, and political), and nonviolent intervention. A description and historical examples of each can be found in volume two of The Politics of Nonviolent Action by Gene Sharp.

      The Methods of Nonviolent Protest and Persuasion

      Formal Statements
      1. Public Speeches
      2. Letters of opposition or support
      3. Declarations by organizations and institutions
      4. Signed public statements
      5. Declarations of indictment and intention
      6. Group or mass petitions

      Communications with a Wider Audience
      7. Slogans, caricatures, and symbols
      8. Banners, posters, and displayed communications
      9. Leaflets, pamphlets, and books
      10. Newspapers and journals
      11. Records, radio, and television
      12. Skywriting and earthwriting

      Group Representations
      13. Deputations
      14. Mock awards
      15. Group lobbying
      16. Picketing
      17. Mock elections

      Symbolic Public Acts
      18. Displays of flags and symbolic colors
      19. Wearing of symbols
      20. Prayer and worship
      21. Delivering symbolic objects
      22. Protest disrobings
      23. Destruction of own property
      24. Symbolic lights
      25. Displays of portraits
      26. Paint as protest
      27. New signs and names
      28. Symbolic sounds
      29. Symbolic reclamations
      30. Rude gestures

      Pressures on Individuals
      31. “Haunting” officials
      32. Taunting officials
      33. Fraternization
      34. Vigils

      Drama and Music
      35. Humorous skits and pranks
      36. Performances of plays and music
      37. Singing

      Processions
      38. Marches
      39. Parades
      40. Religious processions
      41. Pilgrimages
      42. Motorcades

      Honoring the Dead
      43. Political mourning
      44. Mock funerals
      45. Demonstrative funerals
      46. Homage at burial places

      Public Assemblies
      47. Assemblies of protest or support
      48. Protest meetings
      49. Camouflaged meetings of protest
      50. Teach-ins

      Withdrawal and Renunciation
      51. Walk-outs
      52. Silence
      53. Renouncing honors
      54. Turning one’s back
      The Methods of Social Noncooperation

      Ostracism of Persons
      55. Social boycott
      56. Selective social boycott
      57. Lysistratic nonaction
      58. Excommunication
      59. Interdict

      Noncooperation with Social Events, Customs, and Institutions
      60. Suspension of social and sports activities
      61. Boycott of social affairs
      62. Student strike
      63. Social disobedience
      64. Withdrawal from social institutions

      Withdrawal from the Social System
      65. Stay-at-home
      66. Total personal noncooperation
      67. “Flight” of workers
      68. Sanctuary
      69. Collective disappearance
      70. Protest emigration (hijrat)
      The Methods of Economic Noncooperation: Economic Boycotts

      Actions by Consumers
      71. Consumers’ boycott
      72. Nonconsumption of boycotted goods
      73. Policy of austerity
      74. Rent withholding
      75. Refusal to rent
      76. National consumers’ boycott
      77. International consumers’ boycott

      Action by Workers and Producers
      78. Workmen’s boycott
      79. Producers’ boycott

      Action by Middlemen
      80. Suppliers’ and handlers’ boycott

      Action by Owners and Management
      81. Traders’ boycott
      82. Refusal to let or sell property
      83. Lockout
      84. Refusal of industrial assistance
      85. Merchants’ “general strike”

      Action by Holders of Financial Resources
      86. Withdrawal of bank deposits
      87. Refusal to pay fees, dues, and assessments
      88. Refusal to pay debts or interest
      89. Severance of funds and credit
      90. Revenue refusal
      91. Refusal of a government’s money

      Action by Governments
      92. Domestic embargo
      93. Blacklisting of traders
      94. International sellers’ embargo
      95. International buyers’ embargo
      96. International trade embargo
      The Methods of Economic Noncooperation: The Strike

      Symbolic Strikes
      97. Protest strike
      98. Quickie walkout (lightning strike)

      Agricultural Strikes
      99. Peasant strike
      100. Farm Workers’ strike

      Strikes by Special Groups
      101. Refusal of impressed labor
      102. Prisoners’ strike
      103. Craft strike
      104. Professional strike

      Ordinary Industrial Strikes
      105. Establishment strike
      106. Industry strike
      107. Sympathetic strike

      Restricted Strikes
      108. Detailed strike
      109. Bumper strike
      110. Slowdown strike
      111. Working-to-rule strike
      112. Reporting “sick” (sick-in)
      113. Strike by resignation
      114. Limited strike
      115. Selective strike

      Multi-Industry Strikes
      116. Generalized strike
      117. General strike

      Combination of Strikes and Economic Closures
      118. Hartal
      119. Economic shutdown
      The Methods of Political Noncooperation

      Rejection of Authority
      120. Withholding or withdrawal of allegiance
      121. Refusal of public support
      122. Literature and speeches advocating resistance

      Citizens’ Noncooperation with Government
      123. Boycott of legislative bodies
      124. Boycott of elections
      125. Boycott of government employment and positions
      126. Boycott of government departments, agencies, and other bodies
      127. Withdrawal from government educational institutions
      128. Boycott of government-supported organizations
      129. Refusal of assistance to enforcement agents
      130. Removal of own signs and placemarks
      131. Refusal to accept appointed officials
      132. Refusal to dissolve existing institutions

      Citizens’ Alternatives to Obedience
      133. Reluctant and slow compliance
      134. Nonobedience in absence of direct supervision
      135. Popular nonobedience
      136. Disguised disobedience
      137. Refusal of an assemblage or meeting to disperse
      138. Sitdown
      139. Noncooperation with conscription and deportation
      140. Hiding, escape, and false identities
      141. Civil disobedience of “illegitimate” laws

      Action by Government Personnel
      142. Selective refusal of assistance by government aides
      143. Blocking of lines of command and information
      144. Stalling and obstruction
      145. General administrative noncooperation
      146. Judicial noncooperation
      147. Deliberate inefficiency and selective noncooperation by
      enforcement agents
      148. Mutiny

      Domestic Governmental Action
      149. Quasi-legal evasions and delays
      150. Noncooperation by constituent governmental units

      International Governmental Action
      151. Changes in diplomatic and other representations
      152. Delay and cancellation of diplomatic events
      153. Withholding of diplomatic recognition
      154. Severance of diplomatic relations
      155. Withdrawal from international organizations
      156. Refusal of membership in international bodies
      157. Expulsion from international organizations
      The Methods of Nonviolent Intervention

      Psychological Intervention
      158. Self-exposure to the elements
      159. The fast
      a) Fast of moral pressure
      b) Hunger strike
      c) Satyagrahic fast
      160. Reverse trial
      161. Nonviolent harassment

      Physical Intervention
      162. Sit-in
      163. Stand-in
      164. Ride-in
      165. Wade-in
      166. Mill-in
      167. Pray-in
      168. Nonviolent raids
      169. Nonviolent air raids
      170. Nonviolent invasion
      171. Nonviolent interjection
      172. Nonviolent obstruction
      173. Nonviolent occupation

      Social Intervention
      174. Establishing new social patterns
      175. Overloading of facilities
      176. Stall-in
      177. Speak-in
      178. Guerrilla theater
      179. Alternative social institutions
      180. Alternative communication system

      Economic Intervention
      181. Reverse strike
      182. Stay-in strike
      183. Nonviolent land seizure
      184. Defiance of blockades
      185. Politically motivated counterfeiting
      186. Preclusive purchasing
      187. Seizure of assets
      188. Dumping
      189. Selective patronage
      190. Alternative markets
      191. Alternative transportation systems
      192. Alternative economic institutions

      Political Intervention
      193. Overloading of administrative systems
      194. Disclosing identities of secret agents
      195. Seeking imprisonment
      196. Civil disobedience of “neutral” laws
      197. Work-on without collaboration
      198. Dual sovereignty and parallel government

      • thatguynz 1.3.1

        Lol, personally I think distilling their objections down to 3-5 concise key points may have been enough to appeal to the wider populace but I’m not sure which of the 198 potential actions that may have come under :)

        • Karl Sinclair 1.3.1.1

          Yeah, a top 10, but that seems so cliche

          • Colonial Viper 1.3.1.1.1

            I disagree strongly that the number of potential action points should be reduced; they probably should be better categorised however.

            IMO there must be something that every single member of society can do, no matter who they are, what position they hold, how old they are, their skills or qualification, their intellect, how much or how little money or time they have.

            • thatguynz 1.3.1.1.1.1

              I agree that every one can and should do something. The reason however that I believe they should have had a small number of key points they wanted addressed is because it would make it considerably easier for people to understand what they stand for and are trying to achieve. This in turn makes it easier for people to relate to the goals and to gain buy in which makes the likelihood of achieving said goals more likely.

              As it was it seemed that there were multiple agendas which while valid had the net effect of muddying the water such that “Jo Public” didn’t really understand what they were doing and how it related to them. Whether that was deliberately maneuvered by “outside” interests is of course a matter of debate.

              It doesn’t however preclude additional points from being added as initial outcomes are achieved :)

      • LynW 1.3.2

        Wow, that’s a very comprehensive list. No excuse for inaction or giving up then! What’s most frustrating for me having watched ‘Inside Job’ is that the main perpetrators remain in power, the lobbying continues and little accountability has occurred. Is it simply that more people need to know the truth or that most just accept the situation and focus on personal survival?

      • dave brownz 1.3.3

        Well one item has come to the fore and with it no hope of clinging to pacifism – Longview bravo!

        http://www.youtube.com/watch?v=BLY_Nk1lVuE

        ILWU officials try to disrupt meeting building solidarity between rank and file and the Occupy Movement building the massive protest at Longview, Washington. Officials don’t want solidarity strike action in support of the Longview Local 21 because it breaks ‘Taft-Hartley’ the reactionary bosses law that prohibits solidarity strikes and exposes the officials to law suits. This is why the labour bureaucrats are called ‘labour lieutenants of capital’ in the labour movement. Workers have never won any serious struggle without breaking the bosses law. From Greece to California, “Wildcats now, everywhere!”

    • Dun Brush aka jaymam 1.4

      Well if the fraudsters aren’t going to be prosecuted as they should be, at least somebody could publish a list of their names, so that people can avoid giving them any more money.

  2. RedLogix 2

    Yup. TINA.

    We can all go home now, our lords and masters have it under control.

  3. mik e 3

    Gooseman the toxic worthless assets. Have to be written off sometime in the banking system.It has only been delayed and sidelined so far.
    $580,000 trillion is the latest figure available.
    most of it belongs to American companies but Europeans have plenty as well as the Chinese.
    The G20 are covering up the problem at the moment so as not to spook the markets .
    Shonkeys old firm in which he was an integral part as chief currency trader, Owes $79 trillion
    now absorbed into the bank of America which key has shares in .

    • Gosman 3.1

      What absolute rot. The world GDP is not anywhere near 580,000 Trillion USD so it is idiotic to state the amount of toxic assets is the you mention.

      I suspect you are using the value of derivatives to arrive at this figure. However that highlights a fundamental misunderstanding of the nature of derivatives.

      Most derivatives for speculative purposes zero themselves off in terms of the accounting equation i.e. if Company A is liable for 100 billion dollars worth of derivatives then other companies ae the counter party to that on the asset side for the equivalent amount.

      They do complicate matters of liquidity and when it comes to ascertaining the risk profile it is true but their impact is nowhere near what people have scaremongered about. If they were how come we have yet to see the complete meltdown that has been predicted for a number of years?

      It is beyond belief to suggest that it is all down to central governments ‘hiding’ the problem. Markets are far too perceptive to be fooled by mere PR over a long period (i.e. 2 to 5 years).

      • Colonial Viper 3.1.1

        More bullshit from Gosman

        The neoliberal assumption that total liabilities are irrelevant because one party’s debts are another party’s assets (i.e. that they can be “zeroed off”) has been proven wrong time and time again as matters of liquidity, solvency and counter party risk are key drivers of financial collapse and that is what you get when liabilities (potential and actual) far exceed the productive capacity of an economy.

        If they were how come we have yet to see the complete meltdown that has been predicted for a number of years?

        It is beyond belief to suggest that it is all down to central governments ‘hiding’ the problem. Markets are far too perceptive to be fooled by mere PR over a long period (i.e. 2 to 5 years).

        LOLOLOLOLOL

        The above sentences are so full of misunderstood SHITE that I don’t even know where to begin to unpick it.

        For starters, banks, central banks and governments aren’t “hiding” the problem with PR, they are hiding it by:

        1) Refusing to mark assets to market.
        2) Keeping toxic (false) assets and known liabilities off balance sheet.
        3) Using massive injections of liquidity (quantitative easing, currency swap lines, etc) to paper over the cracks.
        4) Preventing any serious investigation and criminal charges against massive financial fraud from proceeding.

        You should be embarassed that a self confessed Marxian like myself has to teach you, a Righty, these basics.

        I do agree with you however that the 580,000 trillion number can in no way be correct. The last figure I saw re: notional derivative liabilities was $708T, just over 10x global GDP.

        • Gosman 3.1.1.1

          Whatever C.V. As opposed to you I have actually worked with these instruments of ‘mass financial destruction’ rather than just read and writen about them on the internet. But as a self professed Marxian you are obviously far more economically literate than anyone else. That would explain how Marxian economics has been flourishing for years in places like Cuba and North Korea.

      • mik e 3.1.2

        good wind up gooseman but the true figure is available on bloomberg it is $5,800 trillion.

        • nadis 3.1.2.1

          5,800 trillion. Please, take a sensibleness test. Provide a link to the Bloomberg data. US GDP is around 15 trillion, global GDP around 60 trillion. At 5,800 trillion you’re looking at around 100 years of global output at current levels.

          Re derivative exposure – the actual number after net offs is significantly lower. When Lehman went bankrupt the biggest fear at the time was how the 500 + billion of derivative exposure would impact on the rest of the banking system. But after netting off all the exposures, the actual exposure was around 23 billion. The nominal exposure adds up all the transactions a bank has – where A pays B and B pays A, actual expoure would be nil but nominal number would show as 2. O when A pays B, B pays C and C pays A. More complicated,but still a net exposure of nil and if documented correctly, the default of one party may not result in losses to the others as transactions can be assigned amongst the non-defaulting counterparts. The biggest cleanup for OTC derivatives would be the requirement of a central clearing house with assignable contracts which is the reform the US and Europe are following. At least then we would know what the net exposures are rather than the gross.

          Another thing about reported exposures. I may enter into a 100 million swap transaction, but to close that out I would have to pay the difference between the open price and ghthe clase price which may be positive, negative or nil, but only a small fraction of the nominal value. if the counterparty defaults its not the nominal value owing, just the mark to market.

          So the nominal amount of exposure seems incredible but the true economic exposure is likely only 5 or 10% of that number – still a big number though.

          But throwing numbers around like 5,800 trillion means you have zero credibility and no one will ever take you seriously.

          • Colonial Viper 3.1.2.1.1

            Fuck nadis why are you talking about “credibility” but still promoting that ‘net offs are all that count’ bullshit? Look mate, this ain’t personal but please grow a brain.

            Once a major counterparty fails, there is no more netting off, geddit? The perfect example is AIG.

            Major financial institutions around the world had bought CDS’s via AIG to enable them to “net off” any liability that their various asset and derivative positions might incur down the track.

            The only problem was that of counter party risk.

            So when AIG failed their “netting off” approach went down the tubes and the tax payer was conned into stumping up for all their losses.

            This is exactly the same as when a Christchurch house owner buys insurance to ‘net off’ the potential liability of having their house destroyed by an earthquake. Great in principle – except when counter party risk is realised and AMI sinks down a hole itself. No more netting off.

          • mik e 3.1.2.1.2

            GDP and Debt are 2 separate entities .The derivative debt at just 4 companies fred&fannie Goldman Sachs Merrill Lynch adds up to nearly $200 trillion.
            World wide its huge even China has a huge liability Europe as well.
            Thats why right wingers like Merkel and Sarkosy want to introduce a financial transaction tax
            to make these dodgy dealers pay back just a part of the giant Ponzi fraud.

  4. Phil B 4

    Economist Steve Keen – http://debunkingeconomics.com – recommends governments bankrupt the banks, nationalise the financial system and pay off people’s debt. Basically start again with a clean slate, and a new economic theory. He argues that bailing out the creditor side was tried and has not worked so its time to look at the debtor side. Here’s a link to his BBC interview:
    http://news.bbc.co.uk/2/hi/programmes/hardtalk/9641873.stm

    • Problem is that banks are already nationalised as they are controlled by central banks that are part of the state. http://www.bbc.co.uk/news/business-16413230

      So the question becomes who controls the state. The state is controlled by finance capital. The personnel are interchangeable and when faced with the bankruptcy of nations the bankers step in to manage the state directly as in Greece and Italy. The left can see this is the road to disaster, the right see salvation at the end of the tunnel. That is salvation for them from the angry masses. No chance.
      US ‘masses’ are becoming concerned about the rise of ‘class tensions’. 55% Elephants and 73% Donkeys say that class conflict is on the rise.
      http://www.nytimes.com/2012/01/12/us/more-conflict-seen-between-rich-and-poor-survey-finds.html?nl=todaysheadlines&emc=tha23

      Therefore for the people to control the banks the state has to be taken over and run by the people so that the banks can be EXPROPRIATED and run according to the needs of the people arrived at in democratic assemblies.
      http://www.marxists.org/archive/lenin/works/1917/staterev/

      • Colonial Viper 4.1.1

        The Federal Reserve is NOT controlled by the state, it is privately owned with a large part of its board of directors seconded from the private banking industry.

        I’m sure you know this already, but thought I would re-emphasise.

        The Rothschilds and Bilderbergs of the world control the banking industry.

        • dave brownz 4.1.1.1

          Well the banks are not the problem. They are a symptom not the cause of the disease.
          Banks have money and money doesnt create value, its a measure of value and a means of exchange provided there are things that can be exchanged. Banks are there to facilitate the circulation of money and exchange of commodities.

          The problem is whoever owns the means of production (MP) controls the production of value. The means of distribution and exchange are secondary but still part of the overall circuit of capital. http://www.marxists.org/archive/marx/works/1857/grundrisse/ch01.htm

          The system is fucked because for all their dedication to exploitation new forms of slavery etc the bosses who own the MP cannot force workers to produce enough value to get a return on their pile of money. The result is an overproduction of capital that sits in banks looking for the opportunity to increase in value. So money does not get invested in production of value but speculating in existing values causing bubbles and then burst bubbles.

          So there is no point in just treating the symptom, banks that speculate and interrupt the circuit of capital bringing a halt to production. Keynes was onto this circuit breaker but his fix didnt work cause he still had to get the capitalists to invest somehow. Wars and depressions help but usually they snaffle the money back out of production into their pockets. China makes it work because who is going to disagree with their state.

          Therefore need to expropriate the MP, and take control of central banks so that money is invested in production not speculation. But this will mean taking over the state because the state defends the status quo and private ownership of the MP, ME and MD.

          That’s why OWS is interesting, how long will it take for people to wake up that Wall St is just the grisly face of capitalism and that workers have to unite to takeover the big chunks of capital that own and control production? Not long, already we see the penny drop as OWS people realise that FINANCE CAPITAL isnt just the banks but the fusion of industrial and banking capital as in the ports. And that Finance Capital controls the state and local bodies including their Mayors who call the cops the riot squads and the paramilitaries.

          So one short very steep learning curve.

          • thatguynz 4.1.1.1.1

            OK notwithstanding the other flaws in your assessment of central banks and money creation etc you have heard of fractional reserve lending right? To make an assessment that money is solely a means of exchange is patently incorrect.

            A more appropriate analogy would be that money = debt. As an example – when a bank writes a mortgage to you and in essence “creates” the majority of the money being lent, where in the whole money supply chain is the interest that you also have to repay created?

            • dave brownz 4.1.1.1.1.1

              That guy. You don’t understand money. Its worthless unless it can be exchanged for commodities (which have value). That’s why all the paper money ‘created’ that can’t be exchanged for anything of value is worthless. Marx called it ‘fictitious’ capital. Today we might call if ‘virtual’ capital. Value ultimately arises from the labour that is embodied in commodities. Debt that cannot be paid off by exchange for commodities is bad debt. If you own the Greek debt yuv already had a haircut, and the Greek people will soon make sure that you lose your head as well because they arnt going to be turned back into slaves to produce the commodities to meet Greece’s debt. When the rest of us wake up and realise that our ggkids will be slaving to pay of worthless trillions of paper money debts today the system will go up like a bonfire. A lot of the kids are already waking up, in tents, and feeling the power…

              • thatguynz

                Dave – in some respects we are saying the same thing but from different angles. I initially said that money isn’t solely a means of exchange – not that it wasn’t at all. I completely agree that until money is exchanged for something of value it is worthless – hence why it is called fiat as it carries no intrinsic value of its own. My point however was that there is more of what you term “fictitious” or “virtual” money being created (by various means – be it central bank or institutional/trading bank creation) than there are commodities or items of value to underpin it. Therefore to use your terminology, it is “bad debt” and by its very nature has no physical ability to be repaid – ever.

                I also said that money creation isn’t solely conducted by the central banks (+ the IMF/BIS/World Bank etc.). Because of fractional reserve lending, the trading/institutional banks themselves are also creating money which is where I disagreed with your original post. Banks do more than simply providing facilitation for the circulation of money and the exchange of commodities.

        • nadis 4.1.1.2

          Colonial Viper says “The Federal Reserve is NOT controlled by the state, it is privately owned with a large part of its board of directors seconded from the private banking industry.”

          i’m calling bullshit on that. Board members of the Fed are appointed by the President and confirmed by the Senate. Which shadowy conspiracy controls Janet Yellen?

          And the old turkey about ownership. I would argue the fed system is actually a socialist collective. The individual district banks are owned by over 3000 banks who are part of the US banking system. The actual decision making part of the Fed (the Board of Governors of the Federal Reserve – Bernanke, Yellen, Duke etc) has no capital and is a Federal Government Agency – not a private or public corporation.

          They are required to deposit 3% of their capital and receive dividends of 6% per annum. Any profits the Federal REserve system makes above that is given to the US Govt. In fact just recently the Fed district banks paid a dividend of 79 billion to the US treasury. From memory I believe the NY FRB acts as agent for the governors and generates most of the profits. But by statute these profits go to the government, not any shareholders of the NY Fed.

          Five minutes on Google finds the following:

          http://www.usagold.com/federalreserve.html
          http://webskeptic.wikidot.com/federal-reserve-system
          http://www.federalreserve.gov/faqs/about_12784.htm
          http://www.bloomberg.com/news/2012-01-10/fed-s-rising-balance-sheet-generates-76-9-billion-for-treasury-department.html

          Like most of these stupid conspiracies, the most simple explanation is that there is no conspiracy. But of course then you must realise that the absence of a conspiracy is actually incontrovertible proof that a deeper, more secret conspiracy exists. And then if you cant find proof of the deeper conspiracy it just shows how devilishly clever those greedy Jewish bankers are.

          • thatguynz 4.1.1.2.1

            Oh my word. You’re honestly taking the piss aren’t you? You’ve taken the time to research it and THAT is the conclusion you’ve come to?

            And by the by, I didn’t see anyone else introduce the “Jewish banker” theorem. Personally I judge bankers on their ideology, not their race, sexuality, faith or other.

            • nadis 4.1.1.2.1.1

              Ok that guy- Please educate me. And are you familiar with irony?

              I would hardly call reciting things I already knew and 5 mins on google researching, but you obviously are more knowledgeable than me. Please educate me and explain where anything I said is wrong.

      • Phil B 4.1.2

        thanks for the links. We may start to see more democratic control of the banks, as Christine Lagarde said in “Inside Job”, the role of the financial services sector is to serve…….other alternatives are being discussed …Kiwibank gets a mention:
        http://webofdebt.wordpress.com/

    • mik e 4.2

      economic research shows this method does work in the 1998 asian contagian.
      South American countries tried different methods, the countries that nationalized their banks recovered very quickly while those countries let their banks go bankrupt economies floundered.
      Our country is a perfect example in the 1930’s Labour nationalized our bankrupt banks as well as many struggling companies.The US let their banks crash and their economy took 20 years to fully recover ,NZ on the other hand recovered immediately after such actions.By a labour led coalition.

  5. queenstfarmer 5

    This confuses (or overlooks) cause and effect. The toxic subprime crisis was a direct result of government unwisely intervening in the market, as summarised here:

    The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to “meet the credit needs” of “low-income, minority, and distressed neighborhoods.” Lenders responded by loosening their underwriting standards and making increasingly shoddy loans. The two government-chartered mortgage finance firms, Fannie Mae and Freddie Mac, encouraged this “subprime” lending by authorizing ever more “flexible” criteria by which high-risk borrowers could be qualified for home loans, and then buying up the questionable mortgages that ensued.

    • thatguynz 5.1

      Oh balls. To suggest that it wouldn’t occur in a pure free market and it is solely due to governmental interference is simply ludicrous. Notwithstanding that it is also a gross over-simplification of how and why the sub-prime market imploded which in and of itself is still only the tip of the iceberg for the economic calamity that is still unfolding.

      • queenstfarmer 5.1.1

        So which part of the factual narrative outlined above do you disagree with, and upon what evidence?

          • queenstfarmer 5.1.1.1.1

            That does not challenge any of the known facts, of which there is little dispute. It simply offers a different theory on why things played out the way they did. The key politician behind the federal scheme, Barney Frank, said very similar things and declared that Freddie Mac & Fannie Mae were in great shape and there were no problems pending. Of course, we all know what happened next.

            • Colonial Viper 5.1.1.1.1.1

              Don’t be an asshole qstf, Freddie Mac and Fanny Mae were amongst the last lenders to enter the subprime and liars loan markets.

              This has always been driven by the private sector, and the private sector used lobbyists and huge campaign donations to bring crooked politicians onboard.

              The banksters now run the governments of the world, and they do this by controlling the money supply.

        • Colonial Viper 5.1.1.2

          The banksters and the government are in it together. They are part of the same meta-entity now.

          And don’t say that it can’t happen in NZ.

          That’s why we have an international bankster as Prime Minister. Same as in Greece and in Italy. See how well that works for them.

    • Pascal's bookie 5.2

      A fairly through smackdown of the ‘CRA cuased the meltdown’ myth here q.

      Be sure to take the time and follow the links if you’re unconvinced:

      http://www.cjr.org/the_audit/a_community_reinvestment_act_r.php?page=all

      • nadis 5.2.1

        There were many causes of the GFC but mostly too much liquidity and debt and not enough common sense. Securitisation was another contributing factor allowing transactions to occur with no sensible alignment of interest. Originator arranges a mortgage for a deadbeat borrower. Bank sells shitty loan to FNMA, FHLMC, GNMA or a private aggregator. Aggregator packages pools up and sell via securitisation market. Ratings agency rate based on flawed correlation structure. Investors buy tranches at stupid prices. There was a willing buyer and willing seller at every step of the transaction.

        Too big to fail = too big to start with. Nothing should be too big too fail, and if it is, then that signals a breakdown in a properly functioning market. Which should be the preserver of regulators but regulators don’t have the fortitude to stand up against vested interests. I actually think it is a tragedy of the commons or a game theory problem. What is rational for one bank – (fewer controls, more leverage, sweetheart deals with govt agencies) is actually toxic for the wider system and eventually each individual bank.

        I worked for investment banks for many years and was at ground zeroduring many crises, but I believe the ability of banks to socialise losses is a massive rort. They should have failed. The most ironic aspect of the GFC to me is that banks were essentially subsidised for loan losses via the TARP and similar, but at no point were they forced to actually cancel the obligation of the borrower. So the banks sold the defaulted loan at a premium to the Fed, and still foreclosed on the borrower. The US would be a very different place right now if some of trillions of TARP and QE money went to individuals and not just banks. I guess there was the cash for clunkers scheme though.

        • thatguynz 5.2.1.1

          Now that nadis – I largely agree with. Unfortunately instead of common sense prevailing under a mindset that would benefit all Americans (or more accurately – all global citizens) we’re left with the concept of socialise the losses and privatise the profits which benefits largely only those that initially created the issue…

          Of course there was counter-party willingness as the loans were onsold – there was $$$ to be made or risk to be taken off their books (dependant on which side of the transaction you were on). Guys like John Paulson had a field day – in his case primarily because he was taking insurance on the credit default swaps failing – which was a fairly logical outcome. What was more concerning was the likes of GS, JPM et al taking counter positions to products that they were selling their own customers and as you said, the regulators are toothless beasts as you don’t bite the hand that feeds.

    • mik e 5.3

      Qsf that is just a small part of the problem overall the likes of Meryll Lynch and other merchant banks around the world owe trillions their is no insurance for them.AIG went bust as well.
      if these insurance futures junk bond traders had the backstop their would be a problem.
      High risk borrowers included countries.
      fannie & freddy were the srtaw that broke the camels back.
      Their losses are barely 1% of the ponzi banking world.

  6. randal 6

    there is no such thing as a free market.
    show me where there is one?
    and I dont mean some guy selling eggs on a saturday morning.

    • aerobubble 6.1

      Free Markets are theory, the goal was to create the nearest reality of one by government legislation and over sight. The problem arose when, in my opinion, cheap oil kept flooding the market making it easy to build from scratch rather than fix up the system. This causes a paradigm shift in the global group think on economics, that free markets actually can exist without governments. There is, was, no conspricy. It just happened this way. Neoliberals never had an original thought.

      The second question is how to change matters. Well cite cheap oil every chance you get. Understand how the media use PR to create the spectacle. By telling us that its too expensive to selfishly want to help others, that its a weakness we cannot afford, that we have to destroy to get change (aka the cheap oil fumes talking). There are three realities, one neo-liberals isn[t smart anymore, we cannot afford it, we’ve hit global limits.

      So the next question is why aren’t we already moving to some new purposeful economic realism.
      Simple, we are, its not fast enough (would it ever have been without hindsight). Germany giving up nuclear! algea turned into fuel. There are things happening and the worse thing we could do is to forgive debts. As for punishing wrong doing…

      ..well that’s brings in the SST view of justice, justice is not there for retribution, or even punishment justice is there to placate society, the victims, the people, and the needs of the society as a whole so that society doesn’t get hang up. Justice survives primarily to move society forward.

      And therein comes what we need to do, find just ways (discourse) to NOT get hang up on past wrong doings (sure find remedies for those wronged, sure take home owners and the broker who sold them the liar mortgage to court – both benefited – one got a cheap home to live in and subsidied the rich by working for cheap returned in a nice warm conservative glow that somehow they were the winners).

      So explain the origin of the crisis, explain the origins of climate change, peak oil, of pollution, debt, explain why it hurts all of us and how we all win by changing it. We certainly don’t win by having some far leftwing socialist democracy shitte replacing our now nasty socialist nationalistic fascist media dictatorship we have now. Sure for the first few years, maybe decade we might even make the right choices when it comes to the problems (I doubt it), feel good. But it won’t last because capitalism isn’t tamed, peoples needs are dynamic, sure its no free market.
      Put simply, replacing lame neo-liberalism free market (psuedo control) with another psuedo feeling of control from the left won’t work. Its simple, shit happens, you must deal with each step a new in a principled way and be open to error, black swans, and being proved completely wrong.

      And that’s the weakness of the right, their bravo, their strength is power, their they have the answer – leave it to the market – just empty hollow thinkers who avoid the real problems because the media let them. Welcome to the media dictatorship, created by the media not having a backbone.

  7. Colonial Viper 8

    Bunji, always enjoy your posts.

    One other thing we must do: make the Government the primary source of credit in the economy, and not the private profit driven banks.

    We need interest free, debt independent, publicly issued money which can then be supplied to the economy in the necessary amounts and to necessary sectors to meet the broad needs of commerce and wider society.

  8. Colonial Viper 9

    An extraordinarily detailed lecture by William Black as to the financial fraud which has toppled economies around the world.

    http://vimeo.com/10239575

    Black personally helped to put behind bars hundreds of crooked bank executives after the S&L scandal of the 90’s, he knows his shit, he has been there and done that, and he knows exactly what is happening now – and what needs to be done.

  9. People who think tinkering with the captains chair, is going to fix the gash in the side, are as much part of the problem as the industrialists and bankers. To paraphrase George Carlin
    As far as us 7 billion monkeys goes it is to late to do anything, hence the reason I encourage people not to have children, even if the 200(?) million children born this year were Mother Teresa clones, it would not stop what is in motion, (not forgetting Fukushima) We probably went passed the point of ‘saving humanity’ 100 + years ago.
    Actually it isn’t really a problem ? I mean we have to do something before we go extinct, so why not just fuck everything and as many people and creatures we can ?
    Banking is just helping finance the whole deal and keeping it running at max speed, if it wasn’t for the banks, it might have taken mankind another 100 or so years to kill ourselves off ? -After we discovered coal and oil.
    And we can all sit around telling ourselves fairy stories, of how great ‘human kind’ is and what caring, intelligent, primates we all are, when the truth is we are more stupid now than when we came out of the cave.

    Humanity …… what a joke.

    • RedLogix 10.1

      And it’s own way Robert, your comment here is no more helpful than Gosman’s right at the beginning of this thread.

      They both end up advocating despair, and that nothing we can do will ever change anything..

      mmm… Now I come to think about, whose interests do you imagine that particular thought might serve?

      • LynW 10.1.1

        +1 I agree RedLogix. There’s no way I want to view the world like that.

        • Populuxe1 10.1.1.1

          +1 If your worldview is so morbid, there’s not much point in commenting just to say nothing can be done. By the way, where’s Afewknowthetruth these days? Did he finally subtract himself to ease the world of the burden of his carbon footprint?

      • Robert Atack 10.1.2

        This talk http://www.youtube.com/user/oilcrash1#p/a/f/0/yOq2A_SGTYA is but one example of were we are heading, the fact it isn’t being screened on prime time TV or discussed in parliament sort of confirms our destiny.

        I know there is always the “yeah but” , and with 99% of the population always accepting the “yeah but” , mainly from people who haven’t a clue, then we will keep on keeping on, right up until the gas room door slams shut behind us.

        >Now I come to think about, whose interests do you imagine that particular thought might serve?<

        I would like to think it might prevent a few more children being crushed in the rush through the bottle neck ? As I explained, preventing the creation of future sufferers is about the only thing we can do. And if parents actually loved their children you would think they would want to know how they may survive the coming years, but no, it is more important to 'look the part' and conform with this blinkered consumer driven destruction of everything your children need to see out their 3 score and 10.

        Going back to the Titanic, at what point in the sinking was it 'doomish' to suggest they lower the lifeboats? You can pretend you have a magic eggcup and you are going to bail us out of the crap, but in the end an eggcup just will not cut it.

        Another George Carlin saying "Fuck hope" oh and "Don't vote"

        And not viewing the world as it is, just shows people can not grow up. You can not turn back time, running out to the backyard to play with ya dolls might be a nice way to avoid thinking about the facts, but is doesn't change them.

        • RedLogix 10.1.2.1

          OK Robert. We’ll do nothing and let the predators roam at will.

          You remind me of a fawn I spotted a few weeks ago. I spotted it off the track about 20m, the hind had taken off with a hell of crash… but the fawn had panicked and had stuck it’s head a bush, thinking it was hidden. Of course it’s whole back end was still in plain view.

          I got so close I almost touched it.

          Well ok the fawn was young and acting on instinct. But ultimately it’s actions were exactly what a real predator would have delighted in. A free easy kill.

          Now you have looked long and hard at the threat facing humanity, how our current behaviour is ultimately terminal. On that we are on the same page. You have then looked at the way we have so far responded to the threat and concluded we are incapable of intelligent action to mitigate it. That’s a pretty fair conclusion too. Business as usual is impossible; the narrative of growth forever no longer works… and so far very few people want to let go that fairy tale.

          For the last 10,000 years or so since the adoption of agriculture our society has been dominated by patriarchal power, and obsession with property, material wealth and the means to accumulate and protect it.

          The economic system we now have, privileges and enables a tiny wealthy elite to accelerate that process beyond all sanity. It harms every human, every living thing … and ultimately threatens extinction on a mass scale. But 10,000 years is a blip in evolutionary time… and the thing about the future is that it never, ever turns out how we expect it to.

          There is a future, its not hell, it’s not necessarily heaven either… it’s a complete and utter change of every way we think and behave. Look about the world, look at the extraordinary extremes of beliefs humans cling to. We are capable of believing in almost anything. So don’t tell me we cannot change, we do and do so all the time.

          What we do not yet have just yet is a new narrative that we can believe in, one that makes sense in a post-carbon world.

          I fully expect to die without seeing anything much change, except probably to get worse. But fucking well REFUSE to give up. As long as I have a voice and a mind with which to think I will use them. Anything less is the ultimate failure.

        • LynW 10.1.2.2

          It is what it is Robert Atack. Whether by personal choice or individual nature, rose tinted glasses, denial, whatever….my choice is to continue to believe in the good of people…that love, hope and continued optimism is a far more constructive way to try and bring about change. Life is Beautiful! (1997)

          • Robert Atack 10.1.2.2.1

            >my choice is to continue to believe in the good of people…that love, hope and continued optimism is a far more constructive way to try and bring about change.<

            IF I had a choice I would go along with your hopes and dreams Lyn, but there are no choices left, the planet is on a non-stop path to a non-human friendly environment, we are over 391ppm and growing at 2ppm per year or there about, CO2 hangs around for 1,000 years, once the buffer of the ice is gone, (it is going because we are at 391ppm), then we will see some real heating of the environment, the oceans will turn to stagnant acid because the ice that is helping pump the water around the globe will not be there.
            If ignoring the truth helps you get through the day, then fair enough, after all that is what most people do (see most of the comments on The Standard as an example)
            I just hope all the Polyannas will go off and die quietly when it is their turn, and leave us Cassandras alone, we did try after all.
            But alas I know once TSHTF we prepared people are going to be over run by you lot, so again it comes back to accepting the reality that when things do go to crap they will really really go to crap.

            So yeah it is what it is.

        • Colonial Viper 10.1.2.3

          The capitalist bus is playing a game of “Speed” where if the bus drops under 90km/h it explodes due to a debt and unemployment bomb; problem is that the road finishes in a cliff not far ahead.

          The passengers do not control the bus and the bus driver and his advisors are in a locked cage in the front. They seem quite happy to be powering along and aren’t listening to the passengers in the least.

          Occassionally they issue an upbeat assessment over the PA system.

          Re: RL

          What we do not yet have just yet is a new narrative that we can believe in, one that makes sense in a post-carbon world.

          The narrative has already been written in many places, but I’d point to JMG’s “The Ecotecnic Future”

          http://www.energybulletin.net/50751

          As a primary example. Sadly, TPTB see nothing in this new narrative for them, not the privilege or power you speak of. So it will never be promoted in a way that will reach most people in a way that they can understand.

          Re: Lyn W

          that love, hope and continued optimism is a far more constructive way to try and bring about change.

          This approach will be effective in salvaging whanau and hapu units, local communities, etc. On a nationwide basis by the time most people notice the smoke, the bottom nine floors of our ten story civilisation building will be fully alight and getting out safely will be very difficult for most.

    • johnm 10.2

      Science is certain humanity will be extinct possibly sooner than later. We are but visitors on this Planet which currently is severely degraded in so many areas by our actions.perhaps the interstellar Voyager probe travelling to the stars will be our only surviving artifact protected by sterile space. Weather and climate will have removed our remains from the Earth’s surface.

    • nadis 10.3

      I agree RL. That thinking is bankrupt of any belief in humanity. At numerous points through history doomsayers, based on the then current thinking, saw no future for humanity. And yet humanity continues to adapt, evolve and survive, prosper.

      And JohnM where do you get :

      Science is certain humanity will be extinct possibly sooner than later.

      Really? Not any science I’m familiar with. Got a reference, I’d be interested in reading that.

      • johnm 10.3.1

        Hi nadis
        Where I got that from I read in a popular science book forgotten which that all species have a life span (Just like individuals) and eventually go extinct. Most of the species who have lived on this Planet have already been and gone. What could cause us to go extinct?
        Intense and comprehensive environment exploiters such as ourselves have a shorter life span than more humble species such as lizards!
        1. Runaway extreme climate change. Lovelock believes we are already going into a hot house Earth.
        2. Nuclear War.
        3. A new lethal virus which spreads through breath.
        4. A deterioration of our ability to pass on our dna. as in the film “Children of Men”
        5. For some reason the Earth changes in atmosphere and its oceans and soils we cannot survive.
        6. Extinction could be enabled first by all or some of the previous items happening first.
        7. A huge asteroid collision with the Planet We live in a cosmic shooting gallery.
        8. An existential SHOCK such as the effective end of fossil fuels’ energy supply throwing us back to the energy regime of the 15c but with a huge amount of more people to look after on a degraded Planet. Fossil fuels would be like the potato was to the Irish who starved when the blight happened.
        9. Severe overshoot of the Planet’s resources leading to reduction in carrying capacity refer Catton “Overshoot the ecological basis for revolutionary change”

        • Colonial Viper 10.3.1.1

          Even after all that its still quite likely that several hundred million people will survive in various corners of the earth. In other words, back to the population level of the 1600’s and 1700’s.

  10. Bruce Collings 11

    The “pathetic” Occupy movements are attempting to enlighten people who have not understood how the global financial system has evolved since fiat currency took over from a notion of ‘money’ which is tied to something of genuine intrinsic value.

    Now that the off-balance sheets ‘value’ of over-the-counter (= between mates risk swaps) derivative trades exceeds global gross domestic product by a factor of ten, the system is serving only the 0.001% who control the global financial system itself – by owing and controlling the few remaining banks which are all ‘too big to fail’.

    For Gosman, let me try to put this another way. The entire 7 billion human population currently exists by buying roughly US $70 trillion’s worth of goods, services, products every year.

    Through the proliferation of fiat currency by the world’s reserve banks there is now circa US $700 billion circulating the planet in financial derivative ‘products’.

    These financial derivative gambles dictate the cost of everything on our planet. On every gamble placed the money men take a fat commission and other than this real money which is extracted from the process, no genuine contribution is made to humanity by these rich scum.

    Some people think that this is wrong. I am one.

    As for our climate and climate change – we are in the “Cinderella” zone of our Star, The Sun – get used to it.

    • thatguynz 11.1

      +1

    • Jum 11.2

      And John Key is a derivatives expert. Or at least this description is him:
      ‘On every gamble placed the money men take a fat commission and other than this real money which is extracted from the process, no genuine contribution is made to humanity by these rich scum.’

    • Draco T Bastard 11.3

      The “pathetic” Occupy movements are attempting to enlighten people who have not understood how the global financial system has evolved since fiat currency took over from a notion of ‘money’ which is tied to something of genuine intrinsic value.

      Wrong. Nothing wrong with fiat currency if it’s allowed to represent a fixed value (this doesn’t have anything to do with stupidities such as a gold standard), interest can’t be charged on it and private interests don’t get to print willy nilly. None of which happens now. In fact, the biggest problem I can see is that with the ascension of Monetarism and the belief that money itself had value people forgot what the actual economy is (the real resources that we actually use) and what it’s for (ensuring that no one lives in poverty and that we can do what we want to do as a society).

      • thatguynz 11.3.1

        Gee DTB, that’s starting to sound like some of the principles of Sharia banking :) Which isn’t necessarily a bad thing depending on which elements of it you look at.

        • RedLogix 11.3.1.1

          Well yes.

          It’s an interesting fact that while all the major religions are silent on most matters economic, they ALL in one form or another say something about the charging of interest.

  11. The Voice of Reason 12

    The merde is hitting the fan in Europe as we speak. France cop a credit downgrade and the markets aren’t taking the news well.

    • Colonial Viper 12.1

      this is the interesting thing: the UK has the worst debt to GDP ratio of all: 492% debt to GDP (and I have seen estimates as high as 600%). They make France look like good boys.

      http://www.bbc.co.uk/news/business-15820601

      But, S&P and Moody’s won’t touch the UK (for now) as doing so would really wreck the financialised game playing.

      NB a downgrade from AAA typically necessitates the dumping of bonds from that country as many hedge funds and pension funds state they will only hold AAA assets.

      • mik e 12.1.1

        The UKs figures are hugely distorted because it is a major financial hub.Their debt level per earner comparing income level they are lower than us.

        • Colonial Viper 12.1.1.1

          Ahem. Its not a distortion its a fact.

          By “major financial hub” I take it you mean “hub of financial fraud” and “major centre of trading of largely unregulated derivatives and other associated financial weapons of mass destruction”.

          NB the following blow ups centred on the City of London because it has amongst the most lax rules in the world for financial trading.

          1) Bernie Madoff. A major section of his ponzi operation was located in London, because of its more lax regulation.

          2) AIG. The CDS operation of AIG which almost destroyed the entire financial system was located in London because of its more lax regulation.

          3) Lehman Bros – a large proportion of its losses were suffered in its London offices, those offices were left stranded in the collapse of Lehman, ditto above.

          4) MF Global – was taking advantage of the lax City of London rules around rehypothecation, which led to its downfall.

          • johnm 12.1.1.1.1

            Hi CV
            Everything You Need to Know About Wall Street, in One Brief Tale
            by Matt Taibbi
            Refer link: http://www.commondreams.org/view/2012/01/14-2
            Hi CV
            Thankyou for your understanding of the magnitude of the neoliberal financialisation banking nightmare on our backs.

            John Key made his ill gotten speculative gains in the London office of Merryl Lynch.

            The article above by Taibbi again clearly exposes the criminality of the banking ststem in America: Comment on that article-

            “As Brooks Adams wrote in 1913, “The modern capitalist looks upon life as a financial combat of a very specialized kind, regulated by a code which he understands and has indeed concocted, but which is recognized by no one else in the world. He conceives sovereign powers to be for sale. He may, he thinks, buy them; and if he buys them, he may use them as he pleases….He may sell his service to whom he pleases at what price may suit, and if by doing so he ruins men and cities, it is nothing to him. He is not responsible, for he is not a trustee for the public. He if he be restrained by legislation, that legislation is an outrage, to be annulled or eluded by any means that will not lead to the penitentiary.” The law upholds his privileges, but “he is of all citizens the most lawless…and looks upon the evasion of a law devised for public protection, but inimical to him, as innocent or even meritorious.”

            Increasingly sophisticated propaganda has been designed to conflate that cultish “code” with public good, or, more accurately, with public necessity and inevitability. It is absurd, of course, and can’t last. The mask is mostly off, but the malevolent and deadly institutions built on lies persist.”

            • thatguynz 12.1.1.1.1.1

              +1 Matt Taibbi’s stuff is well researched and well written. I’m still regularly surprised that he manages to get it published in MSM :)

  12. randal 13

    Unfortunately there is nothing that can be done.

    The structure thats sits on the top of productive enterprise has been there since agriculture first produced a surplus in pre-historic times.

    Now it relies on the insatiable desire for goods and the ability of sociopaths to use the system for their own psychological needs.

    As we have become individualised and separated from community and family then we have become mere disposable items in someone elses ledger.

    The answer is not immediately apparent as the avenues for communal action get closed off by the state and the corporations who reserve it for themselves in a nifty confidence trick.

    How to put the social back into society is the hard part but it is coming and soon it will be urgent, the resource base that humanity depends on now will not last forever.

    [I’ve taken the liberty to slightly edit this into a form more people will read. It’s spot on. Hope you don’t mind me mucking with your signature style just this once…RL]

    • Colonial Viper 13.1

      I listened to the horse whisperer on National Radio yesterday afternoon. He said that once you have the horse thinking your ideas while believing that they are his own, you have it made.

      That’s why the Right wins today.

      That’s why people vote against their own interests.

      That’s why so many “Left” parties just ain’t so any more.

      And the banksters win no matter who is in parliament.

      • Spot on my friend as is Randal.
        What hope for the world though with people like Gosman running things?

      • mik e 13.1.2

        thats because the banks have our govts by the short and curlies if we don,t do what they say they will dry up funding.
        Helen Clark admitted this as much when setting up kiwibank.

    • muzza 13.2

      Unfortunately the majority of people simply are not able tobegin to see, let alone comprehend the degree of decepition which masquerades as our environment, (by that I mean the man made constucts). There is a tendancy IMO for people to believe that technology and science will save humaity from itself, however theyt fail to conceive that those who control the technology etc, are the same who bring us GFC’s, war and the like.
      I agree with RL, that we who are aware and understanding, must continue to educate, prepare and show by example, if only inside our social unit, that there are still amazing reasons to be human, ans alive.
      I can see where Robert Atack is coming from too, however to understand energy is to understand that defeatest mindsets simply entrap us into this physical nightmare. – Note I am not trying to advocate wishing away reality as a polyanna!
      It is incumbent on all of us to play our part, and Randal hit the nail in the above post. It will begin at community level, and it has to begin with the people who are aware, because those at the helm, seemingly have a one way ticket in mind for us….
      Get stuck into community gardening initiatives, and show a visible presence to your local MP’s when you disagree with anything at all, get stuck right into them on a regular basis, calls, emails etc, because the more who do, the more will follow, and if they dont, well fuck it, those that have will at least have been proactive!

      • LynW 13.2.1

        + 100 An excellent summary of this thread of conversation muzza.

      • Robert Atack 13.2.2

        >well fuck it, those that have will at least have been proactive!<

        It doesn't work, the people are just not listening ……… for now.

        I pissed over $25,000 against the wall of apathy (earnt @$20.00 per hour)
        A few samples http://www.youtube.com/user/oilcrash1#p/u/40/QlYTJ9JHY4A
        And I challenge anyone else to equal my efforts, add 15,000 DVDs given away to this.And that includes at least 600 into parliament, another example http://oilcrash.com/articles/you_tube.htm
        My 'opinion' wasn't created in a vacuum, it came from 8 years of attending the school of hard knocks …. clashing with the pig ignorant masses, until I gave up in 2007/8.

        • RedLogix 13.2.2.1

          It doesn’t work, the people are just not listening

          Yes.. I know that. And seriously I can imagine exactly how that felt. That’s why you have my respect.

          It took what 40 years of hard battle to end chattel slavery.. because there were so many huge vested interests resisting the change.

          This one will take just as long.

        • muzza 13.2.2.2

          Robert – you should feel satisfied in your efforts, even though they may not have had the tangiable response you may have wanted to see, as yet, you can be sure that efforts such as yours will register on the timeline somewhere…

          Keep at it in any way you can mate…do it because you believe its right!

Important links

Recent Comments

Recent Posts

  • Andrew Little as Labour Leader
    So Andrew Little is the new Labour leader. I don't particularly agree with him axing capital gains but entirely agree Labour should ditch raising the retirement age. Andrew needs to handle the members better. Cunliffe ditched some policies such as...
    Topical | 23-11
  • Hard News: Music: Watching on Twitter from afar
    TV3's decision to broadcast the Vodafone Music Awards live to air was a great call. Not that I was able to actually watch it, but being able to read tweets both from Vector Arena and the living rooms of home certainly...
    Public Address | 23-11
  • Sunday music: Talking Heads on cities
    A blast from the past: the Talking Heads’ ode to urbanity, “Cities”. This is from the band’s fantastic concert film Stop Making Sense: The Talking Heads emerged from 1970s New York. The city itself wasn’t doing so well at the...
    Transport Blog | 23-11
  • Our social betters
    by Michael Roberts In a great new book, Billionaires: reflections on the upper crust (http://www.newrepublic.com/article/120092/billionaires-book-review-money-cant-buy-happiness), Darrel M West outlined various social surveys that show the richer a person is, the less likely they are to redistribute some of their wealth...
    Redline | 22-11
  • More details on the Glen Innes to Tamaki Dr path
    Auckland Transport have released more details about the route for the Glen Innes to Tamaki Dr shared path that they and the NZTA are going to build over the next few years. The $30 million path will be built between 2015 and 2018 in four...
    Transport Blog | 22-11
  • Headline of the week
    Original. To quote our very own Lamia, “Maybe the Maori Party should have included a history lesson in their confidence and supply agreement.”...
    On the Left | 22-11
  • Who or What Was Onboard MH370, That Someone Doesn’t Want Found?
    239 people (including crew) were onboard MH370 when it mysteriously disappeared on March 8th this year.  Not one single piece of confirmed wreckage has ever been found, nor has a definite crash area been identified. I, like I am sure...
    An average kiwi | 22-11
  • 2014 SkS Weekly News Roundup #47B
    Acid maps reveal worst of climate change Buffalo mega snowstorm tied to climate change? China will place a limit on coal use in 2020 Climate change investment falls for second year in 2013 Fossil-fueled Republicanism  House Republicans just passed a...
    Skeptical Science | 22-11
  • For oil companies, our rights are just another obstacle
    Once upon a time fossil fuel exploration took place far away, out of sight and out of mind. But as oil and gas giants become ever more desperate for new reserves they’re prepared to drill in places that were previously...
    Greenpeace NZ blog | 22-11
  • The Arctic Sunrise, her journey continues
    Last Saturday, the ecologically pristine area around the Canary Islands was the watery stage of the next chapter in the story of the Arctic Sunrise. Last year, she carried Greenpeace activists across icy waters North of Russia, where they protested...
    Greenpeace NZ blog | 22-11
  • New Wynyard Hotel disappointing
    More details were released yesterday surrounding a new luxury hotel – to be known as Park Hyatt Auckland – that is going to be built on the waterfront, on the site that currently houses the Team New Zealand headquarters.   The...
    Transport Blog | 22-11
  • Guest post: what should Andrew Little learn from Ed Miliband?
    John tweets at @mrduttonpeabody. A Labour leader being elected on the back of an election loss, through a system of weighted bloc votes, is familiar to anyone who follows UK politics. The 2010 UK Labour leadership election saw Ed Miliband...
    On the Left | 22-11
  • October 14 Patronage
    October’s patronage results show Aucklanders are continuing to flock to buses and trains. It’s especially true for the rapid transit network which is seeing staggering growth, up over 20% compared to the same month last year. It’s showing that the public...
    Transport Blog | 21-11
  • Hurray for “Hurray For The Riff Raff”!
     FIRST RATE AMERICANA came to Auckland's Tuning Fork venue last night in the form of the Alt-Country, Indie-Folk roots band Hurray For The Riff Raff. Led by Alynda Lee Segarra, the 27-year-old Peurto Rican singer-songwriter out of New Orleans via New...
    Bowalley Road | 21-11
  • Capture: Movement
    It felt like we were overdue for a post, and when I took the time to look back at what had come before, I realised yesterday we turned three. So before we get into it, thanks once again for another...
    Public Address | 21-11
  • Saturday playlist: new Labour leader
    It was difficult, but we managed to restrain ourselves from only posting songs with “Little” in the title … Add your (nice) suggestions below!...
    On the Left | 21-11
  • Stuart’s 100 #57: Grow your own
    57: Grow your own What if supermarkets could grow their own? Supermarkets, like service stations, are in that category of activities that are of such necessity and ubiquity to our daily life that they cumulatively have a very large footprint...
    Transport Blog | 21-11
  • The best of Neetflux (so far)
    A selection of our favourite Neetflux posters to date. Here’s to more awesome political satire to come! (Click through for full-size on Neetflux’s Tumblr)...
    On the Left | 21-11
  • Chipping away at police unaccountability
    Traditionally, our police have enjoyed a wide discretion over who to prosecute and how. Sometimes, this is a good thing - it means that the time of the courts is not wasted on minor crimes. In other cases, its use...
    No Right Turn | 21-11
  • Plan for mega factory farm ruffles feathers
    Not long ago I wrote about the proposal to build a mega factory farm in the small township of Patumahoe that would confine over 300, 000 hens to colony cages. This week the resource consent hearing for the proposed factory...
    frogblog | 21-11
  • CTU disappointed by poor government advice to workers on petrol station dri...
    The New Zealand Council of Trade Unions has raised concerns with the Ministry of Business, Innovation and Employment (‘MBIE’) regarding their reported advice to workers about the petrol station drive away issue. Photo:  ...
    CTU | 21-11
  • Charging petrol station workers for drive-offs
    So workers at Masterton’s Night ‘n Day store have had their pay docked when criminals drive off without paying. From the flood of complaints coming from around the country, it’s not a practice that is confined only to Masterton, nor is it...
    Occasionally erudite | 21-11
  • Tearing up Westminster
    The central bargain of Westminster democracy is that the monarch stays out of politics, and in exchange they get to stay in the role, both legally and literally. Prince Charles - already famous for his undemocratic interventions in politics -...
    No Right Turn | 21-11
  • Journalism is not terrorism
    What happens if you're a UK journalist and you campaign for press freedom or report on police misconduct? The police database you as a terrorist:A group of journalists has launched a legal action against Scotland Yard after discovering that the...
    No Right Turn | 20-11
  • A century of changing transport spending
    Via Donal Curtin, I got wind of a fantastic Statistics NZ visualisation of changes to the Consumer Price Index over the last century. The Consumer Price Index, or CPI, is a tool that statistics agencies use to track inflation over...
    Transport Blog | 20-11
  • Boycott thieving employers
    In the past few days, we've learned of a new employer horror: petrol-station workers, often on th eminimum wage, being forced to pay for the crimes of their customers. Its unfair, immoral, and possibly illegal. So what can we do...
    No Right Turn | 20-11
  • Whiteboard Friday. How NZ’s welfare system traps people in poverty
    This Whiteboard Friday looks at how our current benefit system traps people in poverty, which is another reason we need to replace it with an Unconditional Basic Income. This week has been a big week for the Unconditional Basic Income....
    Gareth’s World | 20-11
  • Income mobility
    Recently Treasury has published a paper showing that most people do not stay at the same point on the income scale for an extended period. That is assuredly true, and is also a good thing in as far as it...
    Polity | 20-11
  • Read out, Xi in, as Hansen makes late change to All Blacks team
    All Blacks coach Steve Hansen has sprung a surprise by picking Chinese President Xi Jinping to start in this weekend’s test against Wales at the Millennium Stadium....
    Imperator Fish | 20-11
  • National restarts logging in West Coast forests
    The chainsaws stopped in native forest on public land in 1999 after a strong campaign by non-governmental organisations such as Forest and Bird and Native Forest Action (NFA), supported by the Green Party. Immediately after the 1999 election, the incoming...
    frogblog | 20-11
  • Persuasion experiment
    Michael LaCour, a PhD student at the excellent UCLA Political Science Department, along with Yale's Don Green, have a fascinating new paper on what causes people to change their mind on gay marriage. Many people know that a doorstep conversation...
    Polity | 20-11
  • $4.8 billion gone
    As readers know, the NZ Super Fund now contributes around $27 billion to our net position as a country, It will help us pay for the wave of baby boom retirements. Sadly, it is now clear that National's decision to...
    Polity | 20-11
  • Secondary teachers vote IES into collective
    21 November 2014 PPTA members have voted to include two teaching roles central to Investing in Educational Success (IES) in their collective agreement.At paid union meetings held throughout the country over the past two weeks 80.3% voted to include the...
    PPTA | 20-11
  • Labour’s Hercules?
    Hero? Saint? Both? Neither? In making Labour an electable proposition by 2017, Andrew Little faces a challenge of Herculean proportions. Then again, Hercules was presented with twelve impossible tasks. Little can succeed by successfully completing a more modest (but equally...
    Bowalley Road | 20-11
  • Roger Sutton and deja vu all over again
    What to say about the Roger Sutton story? Well, Andrea Vance has done some amazing work setting out the basic facts behind the carefully stage-managed whitewashing of Roger Sutton’s pseudo-departure. And stargazer at The Hand Mirror has responded to the...
    On the Left | 20-11
  • MoT acknowledge changing trends and future funding issues
    Last week the Briefings to government ministers (BIM) were published. I’ve already looked at what the Ministry of Transport (MoT) and NZTA have said about transport in Auckland and so in this post I’m going to look at some of the other points...
    Transport Blog | 20-11
  • Why we need to talk about the scientific consensus on climate change
    An interesting sequence of events followed the publication of a scientific paper the Skeptical Science team published in May last year. The paper found a 97% consensus that humans were causing global warming in relevant scientific papers. Finding an overwhelming...
    Skeptical Science | 20-11
  • 2014 – Ongoing jobless tally
    . . Continued from: 2013 – Ongoing jobless tally So by the numbers, for this year, January OceanaGold/Macraes Mine: 146 redundancies Fitzroy Yachts: 100 redundancies OceanaGold: 76 redundancies Tenix: 15 redundancies February Goodman Fielder: 125 redundancies Pacific Steel Group: 70-90 redundancies...
    Frankly Speaking | 20-11
  • 2014 – Ongoing jobless tally
    . . Continued from: 2013 – Ongoing jobless tally So by the numbers, for this year, January OceanaGold/Macraes Mine: 146 redundancies Fitzroy Yachts: 100 redundancies OceanaGold: 76 redundancies Tenix: 15 redundancies February Goodman Fielder: 125 redundancies Pacific Steel Group: 70-90 redundancies...
    Frankly Speaking | 20-11
  • Stuart’s 100 #56: More Dignity for Daily Users
    56 More Dignity for Daily Users What if there was a moment of civic dignity outside the Auckland District Court? The Auckland District Court on the corner of Albert and Kingston Streets is I think at last count the busiest...
    Transport Blog | 20-11
  • Prime Minister’s warped view of history
    Students who sat NCEA level 3 history exams last week might be very worried to hear the Prime Minister tell a Radio Station that New Zealand was one of the few countries that was settled peacefully by Europeans. Those students who wrote...
    frogblog | 20-11
  • The greatest tragedy of our time
    This is going to ruffle a few feathers. We are parasites. Yes you read that correctly – humanity is a giant collective parasite sucking the life juices from dear Mother Earth. I’m not a nihilist. I still believe there’s plenty...
    On the Left | 20-11
  • Proving anecdotes are reliable
    Here’s one to go with Let’s rely on anecdotes instead! Something I picked up on Facebook Similar articles  ...
    Open Parachute | 20-11
  • Proving anecdotes are reliable
    Here’s one to go with Let’s rely on anecdotes instead! Something I picked up on Facebook Similar articles  ...
    Open Parachute | 20-11
  • Class warfare in the UK
    Surprise, surprise! An independent study has shown that the UK's conservative government has been driving a massive transfer of wealth from the poor to the rich:A landmark study of the coalition’s tax and welfare policies six months before the general...
    No Right Turn | 20-11
  • That didn’t take long
    National's new teabreak law isn't even in force and employers are already abusing it:Yesterday a union member, who prefers to remain anonymous for fear of retribution, emailed Hotel Organiser Shanna Reeder. “This morning in the briefing our manager declared that...
    No Right Turn | 20-11
  • Justice is more important than international relations
    Yunus Rahmatullah is a Pakistani citizen. In 2004 he was disappeared by British forces in Iraq. The British then gave him to the Americans who rendered him to Afghanistan and kept him there without charge or trial for ten years,...
    No Right Turn | 20-11
  • The Sutton debacle
    Sexual Harassment in the Workplace: it’s not a good thing, except when you’re playing Frank Zappa’s 1988 instrumental album Guitar, in which case ‘Sexual Harassment in the Workplace’ is the opening track, and it’s a stonker. However, setting aside the...
    Occasionally erudite | 20-11
  • The dangers of ignoring context
    Here’s a 22 point plan for peace in the Israeli-Palestinian conflict.Entrench Israel’s illegal occupation of Palestinian lands.Never let a chance go by to duplicitously conflate Hamas and some in Fatah with the Islamic State/ISIS/ISIL so as to gild the imperiled-Israeli...
    Pundit | 19-11
  • Rapid transit has passed the acid test
    I recently ran across a New Zealand Herald article from 2000 on the region’s plans to start building good rapid transit infrastructure. (Which, as Patrick highlighted in a recent post, is exactly what is holding Auckland back relative to its...
    Transport Blog | 19-11
  • Plan for mega factory farm ruffles feathers
    Not long ago I wrote about the proposal to build a mega factory farm in the small township of Patumahoe that would confine over 300, 000 hens to colony cages. This week the resource consent hearing for the proposed factory...
    Greens | 21-11
  • National opens door further to Chinese property speculators
    National has further opened the door to Chinese property speculators with the registration of a third Chinese bank here that will make it easier for Chinese investors to invest in New Zealand properties, the Green Party said today."As well, former...
    Greens | 20-11
  • National restarts logging in West Coast forests
    “Dead wood also contributes by providing nutrients to soils, supporting the agents of wood decay such as fungi and invertebrates and it is a key habitat for the regeneration of some trees.” Annual Report 2013/14, page 29. The National Government has...
    Greens | 20-11
  • Lab plan the beginning of slippery slope?
    It’s time for new Health Minister Jonathan Coleman to show his hand on plans to privatise lab services which doctors are warning could put patients’ lives at risk, Labour’s Health spokesperson Annette King says. “Clinicians have sent the Government some...
    Labour | 20-11
  • A-G called on to look into flagship ‘cost-saving’ programme
    New health Minister Jonathan Coleman has some serious questions to answer following a decision to wind up the Government’s flagship health savings provider HBL just a fortnight after giving it the green light to implement its plans, Labour’s Health spokesperson...
    Labour | 20-11
  • Prime Minister’s warped view of history
    Students who sat NCEA level 3 history exams last week might be very worried to hear the Prime Minister tell a Radio Station that New Zealand was one of the few countries that was settled peacefully by Europeans. Those students who wrote...
    Greens | 20-11
  • Climate of fear needs addressing
    It is hugely concerning that community and volunteer groups feel they are being gagged from speaking out against the Government, Labour’s Community and Voluntary Sector Spokesperson Louisa Wall says.  A Victoria University survey of 93 sector groups has found 50...
    Labour | 20-11
  • Mandatory code of conduct needed for supermarkets
    Labour has drafted legislation to establish a mandatory code of conduct for supermarkets to ensure New Zealand suppliers are not affected by anti-competitive behaviour. “Even though the Commerce Commission found no technical breaches of the law through some of Countdown’s...
    Labour | 19-11
  • National softening public up for 7th successive deficit
    Finance Minister Bill English is softening the public up for an announcement that National is going to fail in even its very limited goal of achieving a budget surplus, the Green Party said today."No finance minister in a generation has...
    Greens | 19-11
  • National caught out on state house porkies
    Housing NZ’s annual report out today directly contradicts the Government’s claim that one-third of its houses are in the wrong place and are the wrong size, said Labour’s housing spokesperson Phil Twyford. “The annual report states 96 per cent of...
    Labour | 18-11
  • Damning report on Department of Conservation restructure
    The restructuring of the Department of Conservation (DOC) following National's severe funding cuts has been revealed as failure, the Green Party said today.The Taribon report has reviewed the new structure of DOC after 12 months. The restructuring, one of the...
    Greens | 18-11
  • Greens welcome Xi, but human rights need to be on agenda
    The Green Party welcomes the visit to New Zealand of Chinese President Xi Jinping and wishes to congratulate him on his recent announcement regarding China capping emissions for the first time.The United States and China recently unveiled a deal to...
    Greens | 18-11
  • Backing New Zealanders to get ahead
    New Labour Leader Andrew Little says it is an immense privilege to have been chosen to lead the party and to be given the task of ensuring it once again becomes a powerful force that backs New Zealanders in getting...
    Labour | 18-11
  • Andrew Little Elected Leader of Labour Party
    “The Labour Party congratulates Andrew Little, who has been elected as party leader in a robust and highly democratic process,” says Labour Party President Moira Coatsworth. “Andrew’s leadership will have the full support of the whole Labour Party.”...
    Labour | 18-11
  • Report into Brownlee security breach should be released
    The Government and Civil Aviation Authority (CAA) should release the report into former Minister of Transport Gerry Brownlee's airport security breach, the Green Party said today."The actions of a Minister of Transport breaching security at an airport are a matter...
    Greens | 17-11
  • Brownlee must ask CAA to release the report
    Gerry Brownlee must ask the Civil Aviation Authority to release the report that finds he broke the law in breaching airport security, says Labour's Transport spokesperson Phil Twyford. “It is inexcusable for any minister, let alone the then-Transport Minister, to...
    Labour | 17-11
  • G20 climate comment increases pressure on NZ
    The G20 decision to include climate change in its communiqué despite Australia's attempt to ignore it, increases pressure on New Zealand to come up with a credible plan to cut emissions, the Green Party said today.The G20 Leaders Communiqué from...
    Greens | 17-11
  • NZ joins G20 climate problem
    Confirmation this morning by John Key that his Government plans to do nothing to turn around NZ's rapidly rising greenhouse emissions means that New Zealand joins Australia as one of the problem children at the G20 meeting in Brisbane, the...
    Greens | 16-11
  • IRD joins Corrections in Phillip Smith failure
    It is incomprehensible that IRD and Corrections were not able to stop Phillip Smith from rorting the tax system out of $50,000 until it was too late, given that he was a notoriously manipulative prisoner stuck in jail, says Labour’s...
    Labour | 13-11
  • The Government has to listen to Olly
    When even hard boiled property investors like Olly Newland  say first home buyers have been shafted by Loan to Value Ratio lending restrictions, surely it is time for the Government to listen, says Labour's housing spokesperson Phil Twyford.  "Auckland landlord...
    Labour | 13-11
  • Key used GCSB for political ends prior to 2014 election
    New documents released to the Green Party show that Prime Minister John Key used New Zealand's intelligence services for the National Party's political ends a few days out from the 2014 election, the Green Party said today.Documents released to the...
    Greens | 13-11
  • Government not meeting its climate target
    The Government must front up to the fact that its own advisors are now saying that New Zealand is off target in any transition to a low carbon future, says Labour’s spokesperson on Climate Change Nanaia Mahuta.  “A briefing to...
    Labour | 12-11
  • Briefing reveals Defence facilities ‘increasingly unfit for purpose’
    The Defence Briefing to the Incoming Minister reveals a deteriorating state in Defence facilities that are no longer fit for purpose, says Labour’s Defence spokesperson Phil Goff.  “The briefing is heavily censored but still reveals that Defence camps, bases and...
    Labour | 12-11
  • New projections show New Zealand missing climate target
    Briefings to Incoming Ministers released today reveal the Government's climate policy is failing with projected emission more than double what is needed to meet National's 2050 target, the Green Party saidProjections released by the Ministry for the Environment, as part...
    Greens | 12-11
  • National’s highways far less efficient
    National’s new state highways have a far lower cost-benefit ratio than motorways built under the last Labour Government, making a mockery of the Government’s bluster that its road building will boost the economy, says Labour's Transport spokesperson Phil Twyford. “New...
    Labour | 12-11
  • Governor points finger at National on supply
    The Reserve Bank Governor has admitted he had to keep loan to value mortgage restrictions in place because the Government’s attempts to increase housing has fallen ‘a long way short’, says Labour's Housing spokesperson Phil Twyford. “The thousands of first...
    Labour | 12-11
  • Did Collins cover up Slater’s OIA requests?
    Disgraced former Cabinet Minister Judith Collins must explain why she appears to have tried to hide Official Information Act requests she fulfilled for Whale Oil blogger Cameron Slater, Labour MP Megan Woods says. “New documents obtained by Labour show Judith...
    Labour | 11-11
  • Reserve Bank’s dairy warning must be heard
    The Reserve Bank’s warning that falling dairy prices are creating greater risks for the New Zealand economy must be taken seriously by Bill English and John Key, says Labour’s Finance spokesperson David Parker. “Dairy prices have nearly halved since February...
    Labour | 11-11
  • National’s housing failure keeps LVRs in place
    The Reserve Bank’s decision to leave loan-to-value ratio mortgage restrictions in place is further confirmation of National’s housing policy fiasco, Labour’s Housing spokesperson Phil Twyford says. “The Reserve Bank would have lifted LVRs if they had seen any increase in...
    Labour | 11-11
  • Let’s see if it is plane sailing Mr Bridges
    Comments by Transport Minister Simon Bridges that Far North residents' anger over cutbacks to regional flights will be allayed by larger planes and cheaper fares out of Kerikeri, are just pure arrogance, says Labour’s Te Tai Tokerau MP Kelvin Davis....
    Labour | 11-11
  • Commerce Commission inquiry needed into building supplies monopoly
    The Commerce Commission must stop dragging the chain and urgently investigate the anti-competitive practices in the building industry that are driving up the cost of building materials, says Labour's Housing spokesperson Phil Twyford. “Competition in the building materials market is...
    Labour | 11-11
  • Air New Zealand grounds Far North
    The announcement by Air New Zealand to close services from Kaitaia to Auckland will be an absolute disaster for the Far North, Labour MP for Te Tai Tokerau Kelvin Davis says.  “Air New Zealand is sending a signal to the...
    Labour | 11-11
  • Pulling West Coast flights a savage blow
    Air New Zealand’s decision to withdraw its Westport service is another kick in the guts for an already struggling community, West Coast-Tasman MP, Damien O’Connor says.   “Having been involved in the West Coast’s efforts to get Air Nelson to return...
    Labour | 11-11
  • Air NZ cuts economic lifelines to neglected regions
    Air New Zealand’s plans to cut its Eagle Air regional services to already struggling regions is a hammer blow to Westport, Whakatane and Kaitaia, says Labour's Transport spokesperson Phil Twyford. “The regions of New Zealand are being abandoned by this...
    Labour | 11-11
  • Christchurch on the rent rack
    A jump of 20 per cent in weekly rents in the past year is a disaster for Christchurch, says Associate Housing spokesperson Poto Williams. “The Trade Me Property Rental Price index has rightly described the city as being a ‘...
    Labour | 11-11
  • Past time to act on warnings about palliative care
    Health officials have been warning the Government about a critical shortage of palliative care specialists for years, Labour’s Acting Deputy Leader and Health spokesperson Annette King says. A stocktake carried out for the Ministry of Health shows New Zealand’s end...
    Labour | 10-11
  • Report must spur Government into action
    The soaring cost of domestic violence and child abuse highlight the need for the Government to prioritise and act on the issue, says Labour's spokesperson for Social Development, Sue Moroney.“Findings from the Glenn Inquiry that show the problem is estimated...
    Labour | 10-11
  • Family safety paramount, then urgent review
    Corrections Minister Peseta Sam Lotu-Iiga has some serious questions to answer over why a dangerous prison escapee, convicted of further crimes while in jail, managed to abscond while he was on approved temporary release, Labour’s Corrections spokesperson Jacinda Ardern says.“Phillip...
    Labour | 09-11
  • LVRs a failed experiment from Bill English
    Loan to value mortgage restrictions are a failed experiment from Bill English to tame Auckland house prices, that have caused collateral damage to first home buyers and other regions, says Labour's Housing spokesperson Phil Twyford. “The possible end of LVR...
    Labour | 09-11
  • Govt books getting worse as economy slows
    National’s economic credibility is under serious scrutiny with its search for surplus becoming harder due to an economy far too reliant on the dairy industry, says Labour’s Finance spokesperson David Parker. “National promised New Zealanders would get into surplus by...
    Labour | 06-11
  • Kiwis in pain because of Government underfunding
    New research showing one in three people needing elective surgery are being denied publicly-funded operations shows the Government must properly fund the health sector, Labour’s Health spokesperson Annette King says. “For almost two years Labour has been warning about the...
    Labour | 06-11
  • National’s promised surplus looking doubtful
    Budget figures for the first quarter of the financial year released today by Treasury show the Government's goal of achieving a budget surplus is looking doubtful, the Green Party said today."National has staked its credibility on achieving a budget surplus...
    Greens | 06-11
  • Kevin Hague speaks on the Gambling Amendment Bill (No 3)
    I rise to give this speech on behalf of Denise Roche, who handles the gambling portfolio for the Green Party. This bill deals with class 4 gambling—pokies in pubs and clubs—and it is the result of changes that were suggested...
    Greens | 06-11
  • Kevin Hague speaks on the Health (Protection) Amendment Bill
    I would like to start off where the previous speaker left off, on the issue of balancing rights or balancing harms. All law is in some way a restriction of personal liberty. That is the point of law. When we...
    Greens | 06-11
  • Joyce backs away from yet another target
    Steven Joyce has backed away from two targets in two days, refusing to acknowledge that his Government has an unambitious aim to get unemployment down to 4 per cent in 11 years’ time, says Labour Associate Finance spokesperson David Clark....
    Labour | 06-11
  • Pacific peoples incomes and jobs falling under National
    The Minister of Pacific Peoples is attempting to bury the ugly facts of Pacific unemployment and income levels worsening since National took office in 2008, said Labour’s Pacific Affairs spokesperson, Su’a William Sio. “If the Minister doesn’t acknowledge how bad...
    Labour | 06-11
  • The Block NZ doing a better job than Nick Smith
    Nick Smith should consider calling in producers of The Block NZ with participants in the TV series completing more houses in two seasons than the Government’s failed Special Housing Area policy, says Labour's Housing spokesperson Phil Twyford. “The Block NZ...
    Labour | 06-11
  • Meridian moves to kill competition from solar homes
    Big electricity companies are using their power to make it harder for families and businesses wanting to go solar and the National Government is doing nothing to help them, the Green Party said today. Meridian Energy announced today a 60-72...
    Greens | 06-11
  • Has John Key done all he could for Pike families?
    It will be forever on the conscience of John Key whether he did all he could to recover the remains of the 29 miners who died in Pike River, Labour’s MP for West Coast-Tasman Damien O’Connor says.  “The Prime Minister...
    Labour | 05-11
  • National further dashes hopes of new parents
    The National Government has once again shown its disdain for working parents by voting down proposals to extend paid parental leave, Labour MP Sue Moroney says.  “The Government vetoed an amended proposal that substantially reduced the cost of extending PPL...
    Labour | 05-11
  • Honouring the Ampatuan massacre victims as fight for justice goes on
    A grim reminder of the Maguindanao, or Ampatuan, massacre on 23 November 2014. Photo: DanRogayan A TOP Filipino investigative journalist will be speaking about the “worst attack” on journalists in history and her country’s culture of impunity in a keynote...
    The Daily Blog | 23-11
  • GUEST BLOG: Anjum Rahman – what are they afraid of: the erosion of democ...
    Today the Hamilton City Council has put on a big party to celebrate the 150th anniversary of European colonisation of the area.  There have been a series of events during the year to mark this event, including a civic ceremony. ...
    The Daily Blog | 22-11
  • #JohnKeyHistory
    John Key has done it again. This week our lovely Prime Minister has showed us how little he knows about the history of the country he is supposed to be running. Apparently “New Zealand was settled peacefully”. Was it really?...
    The Daily Blog | 22-11
  • G20 growth targets and growth model offer more problems than they solve
    At the recent G20 in Brisbane, member countries agreed to accelerate growth to an additional 2% on top of current trajectories. But ongoing public sector cuts, asset sales, and reducing workers’ rights indicate that at least part of the growth...
    The Daily Blog | 22-11
  • GUEST BLOG: Bill Courtney – Charter Schools: The Shroud of Secrecy Contin...
    The Ministry of Education yesterday released another batch of information relating to the five existing charter schools and the four new ones proposed for opening in 2015. As we have seen before, the release of such information, often requested under...
    The Daily Blog | 22-11
  • EXCLUSIVE: Campaign reflection, Laila Harré reaching out for radical minds
    Today I’ve announced that I will be stepping down from the Internet Party leadership in December. This will happen once options for the future have been developed for discussion and decision among members. My absolute focus in this election was...
    The Daily Blog | 21-11
  • The Ebola crisis, capitalism and the Cuban medical revolution
    “Ebola emerged nearly 40 years ago. Why are clinicians still empty-handed, with no vaccines and no cure? Because Ebola has been, historically, geographically confined to poor African nations. The R&D incentive is virtually non-existent. A profit-driven industry does not invest...
    The Daily Blog | 21-11
  • MEDIA WATCH: TVNZ Reveals Insane Deadlines For Māori and Pacific Island Pr...
    Last Tuesday, November 18th, TVNZ requested proposals from producers for the four Māori and Pacific Island programmes they will no longer be making in-house. Marae, Waka Huia, Fresh and Tagata Pasifika will keep their existing names, existing formats and existing...
    The Daily Blog | 21-11
  • The Daily Blog Breakfast Club Ep. 1
    TDB Video, Live from Verona Cafe on K-Rd, Auckland – a weekly current affairs show with TDB Editor Martyn Bradbury. This week’s panel: Chris Trotter & Selwyn Manning.The issues: 1 – What now for the New Labour leader? 2 –...
    The Daily Blog | 21-11
  • Performance-demonstration at Auckland’s High Court to demand justice for ...
    People outraged at the lack of justice in the so-called ‘Roast Busters’ case and 99% of other rape cases in this country are holding a visually powerful mass action at the Auckland High Court at 1 o’clock on Saturday. They...
    The Daily Blog | 21-11
  • IES vote may weaken defense of public education
    PPTA announced today that secondary teachers have voted to include the IES (Investing in Education Success) as a variation to their collective employment agreement with the government. At one level it’s an understandable decision by PPTA members because through engaging in a consultation...
    The Daily Blog | 21-11
  • NZ History lesson on Planet Key – the lies white people tell themselves
    John Key’s bizarre claims about our ‘peaceful history’ comes across like the apartheid history of South Africa where white people discovered Africa first… New Zealand ‘settled peacefully’ – PM New Zealand was “settled peacefully” by the British, the prime minister...
    The Daily Blog | 20-11
  • Universal Basic Income and Labour Policy
    On Radio New Zealand’s None-to-Noon on Wednesday (19 November), new Labour leader Andrew Little intimated that he would like to put Universal Basic Income (UBI) on his policy agenda (What policy changes will Andrew Little usher in?) Predictably Kathryn Ryan, despite being...
    The Daily Blog | 20-11
  • The New Notes : They Ain’t Mint
    Hulk Queen Angry. Hulk Queen smash.   Yesterday, the Reserve Bank announced its new designs for our banknotes. Now, I’ve historically been pretty sketch about this entire process; variously feeling affronted that the government could find eighty million dollars to fund a...
    The Daily Blog | 20-11
  • MSM under-mining of new Labour Leader already begun?
    . . It did not take long. In fact, on the same day that Andrew Little won the Labour leadership*, the first media reporter was already asking if he would be stepping down  if Labour failed to lift in the...
    The Daily Blog | 20-11
  • GUEST BLOG: Simon Buckingham – invisible disability voices
    Today I am ranting. The Disability Advisory Group has been announced by Auckland Council. This is the body that represents the interests and views of people with disabilities in Auckland. Whilst I would not have applied this time as I...
    The Daily Blog | 20-11
  • Jeremy Wells’ Mike Hosking rant on Radio Hauraki: Today, Andrew Little
    Jeremy Wells’ Mike Hosking rant on Radio Hauraki: Today, Andrew Little...
    The Daily Blog | 20-11
  • Why labelling Little as a ‘Unionist’ is a joke and how he beats Key in ...
    The line being used to attack Andrew Little as a ‘Unionist’ is just an absurd joke, and it comes from people who clearly don’t understand the modern NZ Union movement. Andrew ran the EPM Bloody U, they are easily one...
    The Daily Blog | 19-11
  • 5AA Australia – Labour’s New Leader + China’s President In New Zealan...
    Recorded on 20/11/14 – Captured Live on Ustream.tv. 5AA’s Peter Godfrey and Selwyn Manning.ISSUE ONE: The New Zealand Labour Party has elected its new leader, the vote going to a third round after no clear outright winner was found in...
    The Daily Blog | 19-11
  • Did Roger Sutton think he was running the Rock Radio Station?
    Visible G-String Fridays? Full body hugs? Jokes about who you would and wouldn’t have sex with? Honey? Sweety? It’s like Roger thought he was running the Rock Radio Station, not a Government Public Service department set up to rebuild a...
    The Daily Blog | 19-11
  • US Politics
      US Politics...
    The Daily Blog | 19-11
  • Amnesty International – The conversation that needs to be had with China
    Caption: Police officer watching Hong Kong pro-democracy march, 01 July 2014 © Amnesty International    Yesterday’s edition of The New Zealand Herald features an open letter to all New Zealander’s from Xi Jinping, President of the People’s Republic of China. Along...
    The Daily Blog | 19-11
  • GUEST BLOG: Patrick O’Dea – “Liar”
    LIAR! ‘Privatised social housing to benefit tenants’ English “Housing Corp was a poor performer and about a third of its housing stock was the wrong size, in poor condition and in the wrong place. That stock was worth about $5...
    The Daily Blog | 19-11
  • Too Close For Comfort: Reflections on Andrew Little’s narrow victory over...
    THE TRAGIC SCREENSHOT of “Gracinda” in defeat bears eloquent testimony to the bitter disappointment of the Grant Robertson-led faction of the Labour Party. And, yes, ‘Party’ is the right word. The Robertson machine has now extended its influence well beyond...
    The Daily Blog | 19-11
  • How to defeat child poverty
      How to defeat child poverty...
    The Daily Blog | 18-11
  • Little’s Shadow Cabinet
    Now the horror of trying to pacify the factions begins. The only thing Little’s new shadow cabinet must do is create the pretence of unity. The reason voters didn’t flock to Labour wasn’t the bloody CGT or Superannuation, it was...
    The Daily Blog | 18-11
  • A pilgrimage with my sister – Rethink the System
    We’ve both wanted to do a pilgrimage for many years. But, unlike many modern pilgrims, we wanted to be pilgirms in our own country and get closer to our communities, rather than seek greater distance from them. We are both...
    The Daily Blog | 18-11
  • Lack of policy ambition is Andrew Little’s main problem
    I’ve met Andrew Little a few times and he’s a pleasant man who will make a reasonable job leading what the Labour Party has become in recent decades. He will preside over a much less divided caucus and will be...
    The Daily Blog | 18-11
  • Journos, film makers, media freedom advocates join Asia-Pacific political j...
    A candlelight vigil for the 58 victims of the 2009 Maguindanao massacre – 32 of them media people. Still no justice for them today. Renowned investigative journalists, film makers, academics and media freedom campaigners from across the Asia-Pacific region will...
    The Daily Blog | 18-11
  • And the new Labour Leader is ZZZZZZZZZZ
    The victory lap by Caucus over the members choice of Cunliffe has ended and the new leader of the Labour Party is Andrew Little. Yawn. The dullness and caution of the latest Leadership race will be served well by Andrew,...
    The Daily Blog | 18-11
  • Allow the Facts to Get in the Way of the Neolib Stories
    One of the weaknesses of the political left in New Zealand over the last 30 years has been to allow the neoliberal storytellers to get away with lots of fibs and half-fibs. On TVNZ’s Q+A on 16 November, in a...
    The Daily Blog | 17-11
  • Defending The Boomers: A Response to Chloe King
    THE BABY-BOOM GENERATION (49-68 year-olds) currently numbers just under a quarter of New Zealand’s population. Even so, there is a pervasive notion that the generation of New Zealanders born between the end of World War II and the mid-1960s exercises...
    The Daily Blog | 17-11
  • This weeks Waatea news column – Waitangi Tribunal ruling enshrines Treaty...
      This weeks Waatea news column – Waitangi Tribunal ruling enshrines Treaty as a living document...
    The Daily Blog | 16-11
  • Key now says SAS will be needed to protect ‘trainers’ behind the wire
    Well, well, well. What do we have here? Government could send SAS to Iraq New Zealand’s elite Special Air Service (SAS) could be deployed to Iraq to protect Kiwi troops sent to train local forces. Prime Minister John Key confirmed...
    The Daily Blog | 16-11
  • Do You Want to Build a Meth Lab? (Frozen x Breaking Bad Parody)
    Do You Want to Build a Meth Lab? (Frozen x Breaking Bad Parody)...
    The Daily Blog | 16-11
  • Soft soap for the rich – harsh taxes for the poor
    It’s no surprise to see New Zealand has one of the world’s lowest tax rates for the rich and the superrich. A survey by the global accounting network UHY shows New Zealand’s highest tax rates are lower than even Australia,...
    The Daily Blog | 16-11
  • Phillip Smith and the rehabilitation process
    The dominant media narrative in horrible murder cases is that the perpetrator is unlikely ever to be rehabilitated. When it appears the offender may get parole the media turns first to family members of the victim who commonly (and understandably)...
    The Daily Blog | 16-11
  • The Nation review: Finlayson’s terrifying definition of who is on terror ...
    Terrifying Nation today on TV3. Chris Finlayson is on justifying the Government’s Muslim fear mongering and extension of even more surveillance powers. It was jaw dropping. Finlayson says ‘alienated people with a chip on their shoulder’ is the threshold to get...
    The Daily Blog | 14-11
  • A brief word on The Block NZ
    Is it just me or did The Block manage to sum up everything that is wrong about our culture and economy? Fetishised property speculation as mass entertainment in a country of homelessness & poverty. I wonder if State House tenants...
    The Daily Blog | 14-11
  • Waitangi Tribunal ruling
    That spluttering choking sound of a thousand rednecks being informed Maori still have sovereignty is a hilarious cacophony of stupid… Crown still in charge: Minister Chris Finlayson on Waitangi Treaty ruling The Waitangi Tribunal’s finding that Maori chiefs who signed...
    The Daily Blog | 14-11
  • A brief word on Phillip Smith
    We can arrest student loan & fine defaulters at the airport – but not convicted child molesting killers? Before we ban manufactured ISIS ‘terrorists’ from having passports, how about we just manage to stop child molesting killers from fleeing first?...
    The Daily Blog | 14-11
  • Free Me From Religion
          The meeting begins – or at least it’s supposed to begin – but someone interrupts proceedings. She wants everyone to pray with their heads bowed while she can “thank our Father who art in Heaven.” I close...
    The Daily Blog | 14-11
  • Key capitulates on TPPA while big money NZ set up propaganda fund
    So Key has capitulated on the ‘gold standard’ of free trade deals… The primary objective for New Zealand at Apec was to see some urgency injected into the TPP talks and to keep leaders aiming for a high quality deal....
    The Daily Blog | 13-11
  • Why Phillip Smith is the least of our worries
    Well, it turns out Phillip Smith wasn’t half as clever as he thought he was, and he’s been arrested within a week. If the Prime Minister is through with making tasteless jokes, perhaps we can ramp down the media hysteria...
    The Daily Blog | 13-11
  • Constraining Credibility
      Most economists and members of the public – on both the right and the left – believe that economies are constrained by resource scarcity most of the time. In this view, economies are supply-constrained, and that the economic problem...
    The Daily Blog | 13-11
  • Migrant Labour, exploitation and free markets
    Once more we read about a horror story of virtual slavery for a migrant worker in a restaurant in Christchurch. The silver lining that in this case compensation should be paid is not assured. Often in situations like this the employer winds up...
    The Daily Blog | 13-11
  • On baby boomers who give my generation unhelpful advice: JUST DON’T
    One of my mum’s colleagues recently told her that there is no money in what her daughter was doing; volunteering at a women’s refuge and writing on politics. This guy, dispensing all his pearls of wisdom, told my mother that...
    The Daily Blog | 13-11
  • Morbid Symptoms: Can Labour Be Born Anew?
    THE CHAIRS in the final meeting venue have been stacked away. All that expensive signage, commissioned for the benefit of the television cameras, no longer has a purpose. For the second time in just 14 months, Labour’s Leadership Contest is...
    The Daily Blog | 12-11
  • What’s Small, White, and Having Trouble Attracting New People?
    If your answer was something intimately connected to the person of Peter Dunne … then you’d be right. Last night, P-Dunney decided to bring his comedy and/or hair stylings to the twitterverse; penning a potentially somewhat ill-advised tweet in which he compared...
    The Daily Blog | 12-11
  • LATE at the Auckland Museum review – Slacktivisim: Its not just for Slack...
    Monday night is my yoga night. I’m not really very good it, I don’t really have the bendy, but I made a New Years resolution. This Monday however, I decided to put the yoga on prone and attend a gig...
    The Daily Blog | 12-11
  • Domestic violence problem bigger than Sky Tower
    Domestic violence problem bigger than Sky Tower SKYCITY’s Sky Tower in Auckland will be lit up in white on Monday evening Nov 25th at 10pm, on the eve of White Ribbon Day. The anti-domestic violence network SAFTINET (Safer Auckland Families...
    Scoop politics | 23-11
  • State Services Commissioner ‘unfit for the job’ says Little
    State Services Commissioner ‘unfit for the job’ says Little The new Labour leader Andrew Little has called for the State Services Commissioner Iain Rennie to be stood down after his handling of the Roger Sutton sexual harassment case. "The idea...
    Scoop politics | 23-11
  • Patrick Gower interviews Laila Harre
    Patrick Gower interviews Laila Harre Headlines: Laila Harre to quit as Internet Party leader by Christmas when the party has completed its review, but would love to return to parliament Says party considering options for its future including winding...
    Scoop politics | 22-11
  • Lisa Owen interviews Labour leader Andrew Little
    Lisa Owen interviews Labour leader Andrew Little Headlines: Andrew Little says the shape of his front-bench for the 2017 election may not be clear until the end of next year Indicates next week’s appointments may be temporary: “So I may...
    Scoop politics | 22-11
  • Phillip John Smith – statement
    Police and the New Zealand Embassy in Brasilia are aware of a decision from the Brazil Federal Court requiring the deportation of Phillip Smith within 10 days. Further assessment is required to ensure there is a full understanding of this...
    Scoop politics | 22-11
  • Green’s ‘not speaking out about human rights abuses in China
    Right to Life challenges Russell Norman the co-leader of the Green Party to explain why, he was prepared to ask Prime Minister John Key to talk to Chinese President Xi Jinping about human rights abuses in countries bordering China but...
    Scoop politics | 21-11
  • Goodfellow congratulates Key on IDU election
    Goodfellow congratulates Key on IDU election National Party President Peter Goodfellow has congratulated Prime Minister John Key on his election today as Chairman of the International Democrat Union (IDU)....
    Scoop politics | 21-11
  • Taxpayers’ Union Congratulates PM on IDU Appointment
    The Taxpayers’ Union is today congratulating Rt. Hon. John Key on becoming the Chair of the International Democrat Union , as former Australian Prime Minister John Howard retires from the role after 12 years. Taxpayers’ Union Executive Director...
    Scoop politics | 21-11
  • High demand for Consumer NZ’s “Do Not Knock” stickers
    Consumer NZ has distributed nearly 100,000 “Do Not Knock” stickers since the launch of its campaign to fight back against dodgy door-to-door sellers.The “Do Not Knock” campaign was launched on 3 November 2014. Free “Do Not Knock” stickers...
    Scoop politics | 21-11
  • Phillip Smith decision still pending
    Detective Superintendent Mike Pannett is returning to Washington DC where he will continue to closely monitor a pending decision from the Brazilian authorities on the process to return Phillip Smith to New Zealand....
    Scoop politics | 21-11
  • High Court demonstration to demand justice
    People outraged at the lack of justice in the so-called ‘Roast Busters’ case and 99% of other rape cases in this country are holding a visually powerful mass action at the Auckland High Court at 1 o’clock on Saturday. They...
    Scoop politics | 21-11
  • NZ Society Wins Global Award For Fighting Animal Testing
    New Zealand banning animal testing of legal highs has been acknowledged with an award given in London. The New Zealand Anti-Vivisection Society (NZAVS) was awarded the 2014 LUSH Prize for lobbying against animal testing. The prize was given at the...
    Scoop politics | 21-11
  • Poor govt advice to workers on petrol station drive-offs
    The New Zealand Council of Trade Unions has raised concerns with the Ministry of Business, Innovation and Employment ('MBIE') regarding their reported advice to workers about the petrol station drive away issue....
    Scoop politics | 21-11
  • New Ombudsman opinion
    The Ombudsman has published his opinion on a complaint concerning the Police refusal to release information about a charging decision....
    Scoop politics | 20-11
  • Kindergarten support staff achieve pay rise in tough climate
    The valuable contribution of kindergarten support staff has been recognised with a pay increase, despite the significant funding cuts that the kindergarten associations are experiencing....
    Scoop politics | 20-11
  • Democracy and Conservative Religion: The Case of Islam
    “Is Islam compatible with democracy?” is a frequently-asked question. Recent rethinking of secularism and democracy have opened up new possibilities to think about religion and democracy. This question is important particularly in the case...
    Scoop politics | 20-11
  • NZ fiscal watchdog needed to guard the public purse
    New Zealand needs tighter fiscal rules and an independent watchdog to improve the quality of government spending and reduce the risk of a return to deficit spending as the country’s population ages, if not before....
    Scoop politics | 20-11
  • NZSMI disappointed ANZTPA proposal shelved
    November 20, 2014: Consumer healthcare products industry body, the New Zealand Self-Medication Industry Association (SMI) says it is disappointed Government has once again shelved plans to create one medicines regulatory agency for both New Zealand and Australia....
    Scoop politics | 20-11
  • Democracy Action Welcomes Tauranga Vote
    Responding to Tauranga Council’s unanimous vote not to establish separate Council seats on the basis of ethnicity, Lee Short, Democracy Action founder says: “The establishment of a Maori ward would have damaged the relationship between Maori and...
    Scoop politics | 20-11
  • Employer caught abusing new ‘teabreaks law’
    Employer caught abusing new ‘teabreaks law’ to exploit workers The government passed the controversial ‘teabreaks’ legislation only a few weeks ago and already Unite Union has caught an employer using this law as an excuse for ill-treating their...
    Scoop politics | 20-11
  • FGC response to Commerce Commission report
    The New Zealand Food & Grocery Council is not surprised by the Commerce Commission’s findings, given New Zealand’s current legal framework....
    Scoop politics | 20-11
  • Bascand: Brighter Money
    Seeing people’s initial reactions to the new banknote designs is a heartening reminder of what an important role currency plays in our lives, and what a sense of pride and heritage our notes evoke....
    Scoop politics | 20-11
  • RBNZ releases Brighter Money designs
    New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year....
    Scoop politics | 20-11
  • 25 years of children’s rights
    UNICEF and OFC celebrate 25 years of children’s rights with Just Play Sports Days On Universal Children’s Day (20 November) and as part of the Oceania Football Confederation’s (OFC) inaugural President’s Cup, UNICEF will celebrate 25 years of children’s...
    Scoop politics | 20-11
  • Xiamen delegation to Wellington has business focus
    Stronger business, education and cultural ties with our Chinese partners will be the focus when a 20-strong government and business delegation led by Xiamen Mayor Mr Liu Keqing which visits Wellington tomorrow (Friday) and Saturday as part of the...
    Scoop politics | 19-11
  • Warriors promote White Ribbon Day message
    Warriors promote White Ribbon Day message Shine and Orakei Health Services On Tuesday, the Vodafone Warriors will promote the White Ribbon Day message to the community at Eastridge Shopping Centre, Mission Bay. The Warriors are supporting their charity...
    Scoop politics | 19-11
  • Superannuitants to protest unethical investments
    A delegation of Auckland superannuitants will deliver a protest-card petition and protest letter to the New Zealand Super Fund this Thursday afternoon to call on the fund to divest from companies which support the Israeli occupation of Palestinian...
    Scoop politics | 19-11
  • Manukau job cuts ‘running the place into the ground’
    Manukau Institute of Technology (MIT) confirmed to its staff yesterday that 54 jobs will go before Christmas....
    Scoop politics | 19-11
  • Newcore Looks Pretty Rotten for Ratepayers
    Responding to the NZ Herald report that the IT system commissioned by Auckland Council to consolidate the eight systems the Super City inherited from its precursor councils could be facing a budget blowout of $100 million, Taxpayers’ Union Spokesman Ben...
    Scoop politics | 19-11
  • Accountability following quake response inquiry not achieved
    Lessons still need to be learned from the search and rescue efforts following the February 2011 earthquake in Christchurch, a leading New Zealand lawyer, Nigel Hampton QC, says....
    Scoop politics | 19-11
  • Our kids say: We are failing in our duty to protect them
    Our kids say: We are failing in our duty to protect them More than a quarter of Kiwi kids say children’s right to be safe and protected isn’t being upheld in New Zealand, identifying protection from violence, abuse and murder...
    Scoop politics | 19-11
  • PARS & Turuki Health Care collaborate on health and services
    Auckland-based PARS (People at Risk Solutions) have partnered with the Turuki Health Care Trust, to offer improved healthcare services to those in need. PARS works closely with former prisoners, providing mentoring, housing, and social services to ensure...
    Scoop politics | 19-11
  • Children’s Plea
    A plea has been sent to all Members of Parliament, regardless of party affiliation, to accord urgency and priority to children's issues. These issues include vulnerability, safety and childhood poverty....
    Scoop politics | 19-11
  • Treasury off track in search for sound policies
    Treasury is unlikely to find the ideas it is looking for to improve outcomes for children while its primary driver is cost-cutting, says Child Poverty Action Group....
    Scoop politics | 19-11
  • Commission calls for answers on handling of CERA harassment
    EEO Commissioner Dr Jackie Blue is deeply concerned about the way in which the State Services Commission has handled sexual allegations made against CERA chief executive Roger Sutton this week and is calling for answers....
    Scoop politics | 19-11
  • Ashley Dwayne Guy v The Queen: Appeal Upheld
    The appellant, Mr Guy, was found guilty by a jury of a charge of sexual violation by unlawful sexual connection. After the verdict it was discovered that, by error, the jury had been provided in the jury room with two...
    Scoop politics | 19-11
  • Zonta Club to Take a Stand Against Gender-Based Violence
    During the 16 Days of Activism against Gender Violence (25 November – 10 December), the Zonta Club of Wellington, along with members of the local community, will join nearly 1,200 Zonta clubs in 67 countries for the Zonta Says NO...
    Scoop politics | 19-11
  • New UNFPA report links progress and power to young people
    A UN report launched today calls for investment in young people as they are essential to social and economic progress....
    Scoop politics | 19-11
  • The Resignation with the Golden Handshake?
    Commenting on the settlement the State Services Commission has reached with former CERA CEO Roger Sutton, Taxpayers’ Union Executive Director, Jordan Williams, says: "Only in the public sector do you receive a payout for ‘resigning’....
    Scoop politics | 18-11
  • NZ must not turn a blind eye to China’s human rights record
    Amnesty International is calling on New Zealand’s Prime Minister John Key to raise China’s shameful human rights record during President Xi Jinping’s visit to New Zealand this week....
    Scoop politics | 18-11
  • The Resignation with the Golden Handshake?
    Commenting on the settlement the State Services Commission has reached with former CERA CEO Roger Sutton, Taxpayers’ Union Executive Director, Jordan Williams, says:...
    Scoop politics | 18-11
  • Treasury’s covert & extremely odd welfare consultation
    A report this morning that Treasury is ‘crowd sourcing’ ideas on welfare policy is news to Auckland Action Against Poverty, even though we are currently one of the most active groups in the area....
    Scoop politics | 18-11
  • NZ invites Pacific peers to review development cooperation
    New Zealand has volunteered to be the first development partner in the Pacific region to undergo a review of its aid programme by Pacific island peers. The review will focus on New Zealand’s development cooperation and will give greater insight...
    Scoop politics | 18-11
  • EPMU joins Pike River families to mark fourth anniversary
    Representatives of the Engineering, Printing and Manufacturing Union are proud to stand with the Pike River families to mark four years since 29 men lost their lives. “This is a particularly solemn day given the recent announcements of Solid Energy...
    Scoop politics | 18-11
  • 2013 Assessment of New Zealand’s National Integrity Systems
    SPEAKER TUILOMA NERONI SLADE: Former Judge, International Criminal Court in the Hague, former legal counsel at the Commonwealth Secretariat, Secretary-General of the Pacific Islands Forum 2008-2014. Introduced by Helen Sutch, Victoria University Council,...
    Scoop politics | 18-11
  • Green Party ignoring Waimea’s environmental benefits
    Green Party MP Catherine Delahunty has overlooked the environmental benefits the proposed Waimea Community Dam will bring the Tasman community, says IrrigationNZ Chairperson Nicky Hyslop....
    Scoop politics | 18-11
  • Women’s use of violence in violent relationships
    More than 80 percent of women who live with a physically violent partner will not initiate violence when they are not being hit, according to new research....
    Scoop politics | 18-11
  • Poor credit rating linked to poor cardiovascular health
    Poor credit rating linked to poor cardiovascular health A credit score doesn’t only boil down a person’s entire financial history to a single number and somehow predict their credit-worthiness, it might also be saying something about a person’s...
    Scoop politics | 18-11
  • State Services Commissioner on Roger Sutton Investigation
    State Services Commissioner Iain Rennie today said the investigation into Roger Sutton’s conduct was robust. Roger Sutton chose to resign as Chief Executive of the Canterbury Earthquake Recovery Authority (CERA) yesterday....
    Scoop politics | 18-11
  • Predator Free NZ project welcomed
    Federated Farmers and the conservation organisation Forest & Bird are welcoming the Predator Free New Zealand initiative as an ambitious but achievable project that will have real benefits for conservation and the economy....
    Scoop politics | 18-11
Public service advertisements by The Standard

Current CO2 level in the atmosphere