Buttered Bread

Written By: - Date published: 11:20 am, February 6th, 2018 - 84 comments
Categories: capitalism, class war, Economy, International, the praiseworthy and the pitiful - Tags: , , ,

A New York Times headline exclaims “Stocks Fall as Sell-off Enters Second Week.

The Guardian screeches  “Dow Jones Suffers Worst Day in Over Six Years as Global Stock Markets Fall.”

The Washington Post gasps  “Dow closes down nearly 1,200 points after plunging more than 1,500 points in volatile trading”

And “Dow Jones hit by biggest single-day points drop ever”, wails The Independent

So, y’know, the sky’s falling in. And one ought to show appropriate concern. (Pictures accompanying mainstream reporting will point you in the right direction if it’s all a bit over your head.)

And one of the reasons posited for this calamitous event?

Well, in among all the arm waving and finger pointing we have this in the Guardian piece –

The plunge, initially triggered by fears that strong US employment numbers would lead to wage demands…

And this in the Washington Post piece –

Friday’s markets went tumbling on good economic news as the Labor Department reported a 2.9 percent increase in hourly earnings.

Capitalism. Gotta love it.

No. You’ve got to.

84 comments on “Buttered Bread ”

  • Comments are now closed

  1. Incognito 1
    6 February 2018 at 11:46 am

    Given that the bots & algorithms that now dominate “real-time high-speed trading markets” were designed by humans I believe they have ‘inherited’ the human propensity for feeling fear 😉

  2. dv 2
    6 February 2018 at 11:48 am

    This is disgraceful.

    https://www.theguardian.com/business/2018/feb/05/pressure-grows-on-dpd-and-theresa-may-after-courier-dies-of-diabetes

    Matthew Taylor said the government must urgently address poor quality work in Britain after the Guardian revealed how Don Lane, a 53-year-old father of one, collapsed and died from diabetes after being fined £150 by the courier company for attending a hospital appointment to treat his disease.

    Lane missed three other hospital appointments to treat kidney damage, partly because he was afraid of being fined. He collapsed at the wheel of his van while on deliveries a few months before dying in January.

  3. adam 3
    6 February 2018 at 12:21 pm

    Business as usual.

    Smash workers, extract massive profit, greed is good. Look shiny new film to keep you happy and a shiny new leader.

    All praise to capitalism.

  4. One Two 4
    6 February 2018 at 1:19 pm

    The explanations given for market swings became divorced from any semblance of logic around early 00’s…

    Watch a few of the tickers, it is as if someone or something is having a laugh while coming up with [any irrelevant statement]

    It doesn’t matter what rationale is used..the markets operate outside of human requirements…are mostly automated…and should be shut down…

  5. Pat 5
    6 February 2018 at 1:50 pm

    “For the first three months, the QE unwind only removes about $10 billion a month, a negligible amount, given the vast markets and excess liquidity. But it picks up steam every three months. By October 2018, if the plan is still on, the QE unwind will remove $50 billion a month from the markets. This process will do the opposite of what QE had done: it will gradually destroy some of the $3.6 trillion that the Fed had created during QE. And by that time the broader effects of QE – asset price inflation – should also start to reverse.”

    http://www.businessinsider.com/fed-balance-sheet-normalization-is-happening-2017-12/?r=AU&IR=T

    https://www.reuters.com/article/us-eurozone-economy-poll/ecb-to-end-qe-by-dec-but-should-do-so-sooner-economists-idUSKBN1F81TJ

  6. mauī 6
    6 February 2018 at 2:36 pm

    One thing’s for sure they will do literally anything to save the market. Over $10+ trillion has been pushed into the system to keep it afloat since the last major crash in 2008.

  7. RedLogix 7
    6 February 2018 at 3:25 pm

    Sorry … I don’t understand your question. I think my salary depends on it. /smirk

  8. SPC 8
    6 February 2018 at 3:29 pm

    It’s the first market correction in over a year.

    And it only wiped out gains made in the January meltup, so called because there were doubts it would be sustainable and would probably lead to a correction.

    The initial reason for the correction was the doubling of US borrowing in preparation for the loss of revenue resulting from the announced tax cuts.

    It is a simple truism in the market that anything inflationary, leads to a move from investment in stocks towards cash assets.

  9. Stunned Mullet 9
    6 February 2018 at 3:36 pm

    ‘Capitalism. Gotta love it.

    No. You’ve got to.’

    Meh replace it with any other ‘ism’ and you’ll still have winners and losers due to the fickle bums running the show.

  10. Jimmy Ramaka 10
    6 February 2018 at 4:30 pm

    Love it, just waiting for the carnage, hopefully some Bankers will get jailed this time around, some how I doubt it !!!

    It will be Jacinda and Winston’s fault.

    • patricia bremner 10.1
      6 February 2018 at 5:12 pm

      Jimmy!! Oh Rubbish!! This started with Ruth Richardson et al!!!! Douglas and Prebble followed by Bill Birch and those mongrels.

      Winston showed how the money go round worked with the “wine box” inquiry … rather like the Monseca crowd of recent times.

      Jacinda was about 7 years old!! So to blame them is bloody ridiculous!!

  11. Ed 11
    6 February 2018 at 5:16 pm

    I have been posting on the Standard for a while saying that a major financial crisis is on its way.
    And the usual suspects have ridiculed me for saying that.
    Now it appears to have started.

    The Daily Blog is reporting the coming crash.

    https://thedailyblog.co.nz/2018/02/06/dow-jones-crashes-1175-points/

    Rachel Stewart speaks sense as ever on twitter.

    “Of course, the DOW *could* bounce back. And likely will. But it’s all a game built upon a rickety board. Propped up and malignant. It’s only a matter of time.”

    And this her comment on Bernard Hickey’s article.

    “Famous last words from Hickey. I know he’s an economist, but he and his ilk tend to miss things. Like the last GFC. ”

    https://www.newsroom.co.nz/2018/02/06/81386/why-the-waitangi-day-wipeout-is-no-new-gfc

  12. greg 12
    6 February 2018 at 5:16 pm

    none of problems from the gfc were addressed we are in uncharted waters we have bubble everything and much higher debt than 2008.
    its frightening how this is going to unwind. i fear how new Zealand will be affected house holds have run up huge debts it cant be good our fire economy is just a house of cards how stupid is trading houses at ever increasing prices while racking up debt close to 170 percent of GDP. is this the start of the long awaited and predicted crash?????this is all nationals fault 9 years of incompetence and greed this is there legacy
    ps you may need a hard hat in queen street from bankers committing suicide

    • Ed 12.1
      6 February 2018 at 5:41 pm

      Bomber Bradbury nails it.

      “The grim reality that the wealth creation built since the GFC in 2007/2008 is an illusion that can only survive on record low interest rates and insane Quantitate Easing is starting to sink in with the Dow Jones following up the 666 point loss on Friday with a horror 1175 point plunge today.

      The meltdown will hit NZ with higher interest rates on house properties people won’t be able to afford while they watch their Kiwisaver accounts get mashed.”

      • Chuck 12.1.1
        6 February 2018 at 6:16 pm

        “Bomber Bradbury nails it.”

        Even a broken clock is correct twice a day comes to mind when you mention Bomber.

        As OAB mentions below someone/s would have made a shit load of money shortening the Dow (and other markets). George Soros took on the UK Exchequer and reportedly made a billion pounds betting against the pound, from memory in the early 1990’s.

        The US economy is in pretty good shape, stock valuations are out of control for sure. A correction is long overdue to more realistic levels.

        I agree with interest rates Ed when they do start to increase a couple of percents will put a lot of households on the edge. And one of the main drivers of the housing boom will cease. However, while demand outstrips supply… there will be a cushion.

    • Phil 12.2
      7 February 2018 at 12:53 pm

      ps you may need a hard hat in queen street from bankers committing suicide

      I don’t think any of the big-4 banks have head offices on Queen Street any more…

  13. One Anonymous Bloke 13
    6 February 2018 at 5:36 pm

    Perhaps this government will ask us to tighten our belts. If they do, don’t forget that the big end of town loves a bear market because of the acquisition opportunities it reveals.

    Those who are in a position to short the market just made a lot of cash. If anyone needs to take a haircut I suggest we start with them.

    • adam 13.1
      6 February 2018 at 5:51 pm

      Well we could all just stop.

      Stop paying rent, stop going to work, stop buying stuff.

      That would be the best thing we could do if they ask us to tighten our belts.

      • One Anonymous Bloke 13.1.1
        6 February 2018 at 6:12 pm

        Boring. I’m not going to stop working, nor am I going to stop buying the supplies that enable my work. I don’t pay rent, and my mortgage payments are minimal.

        A house across the road from me is empty and has been for years. I’ll be enabling squatters before I take up any of your suggestions. In the event that this government tries to visit any putative consequences onto the most vulnerable, that is.

        I doubt this ‘market correction’ will result in anything other than acquisition opportunities for the big end of town, and if it does, there’ll be plenty of work to do, don’t worry.

      • greg 13.1.2
        6 February 2018 at 7:14 pm

        new Zealand since 2008 growth was fund by credit growth in the house hold sector
        so in away you are right consumerism may well dry up. there isnrt much the government can do for a lot of people this will end up an own goal driven by greed to take on risks they could not afford.

        • One Anonymous Bloke 13.1.2.1
          6 February 2018 at 7:32 pm

          there isn’t much the government can do

          Of course there is. Emergencies warrant emergency powers.

          • Pat 13.1.2.1.1
            6 February 2018 at 7:36 pm

            what do you suggest?

            • One Anonymous Bloke 13.1.2.1.1.1
              6 February 2018 at 7:44 pm

              That the government uses te Tiriti and the UDoHR as guides when considering all legislative and executive responses.

              In this specific circumstance, what’s at stake? More homelessness? Some investors take a haircut? The response depends on the stakes.

              • Pat …
                6 February 2018 at 8:37 pm

                specifically…

                • One Anonymous Bloke …
                  6 February 2018 at 9:08 pm

                  You want a specific answer to an non-specific problem? If it’s any increase in homelessness I suggest the government requisition accommodation, starting with “ghost houses” in the short term, and then legislate for squatters’ rights.

                  • Pat …
                    6 February 2018 at 9:12 pm

                    the specific scenario presented by greg was ..”there isnrt much the government can do for a lot of people this will end up an own goal driven by greed to take on risks they could not afford.”…to which you replied….”Of course there is. Emergencies warrant emergency powers.”

                    so what emergency powers do you think should be implemented?

                    • One Anonymous Bloke …
                      6 February 2018 at 9:23 pm

                      Funny how you missed out the part where Pat said:

                      “there isn’t much the government can do”,

                      Now why would you do that, I wonder.

                      Pat proposes that the government can do noting for people who take on risks they cannot afford. In reality, the government does things for people in dire straits all the time. Every single day. So the premise is false, especially in the event of emergencies.

                      Is that clear enough for you? If not you’ll have to wait ’til tomorrow.

                  • Pat …
                    6 February 2018 at 9:30 pm

                    lol…clear as mud…and Pat said none of that and i wont hold my breath in expectation of clarification

        • Nic the NZer 13.1.2.2
          6 February 2018 at 8:16 pm

          Turns out your wrong by just the one government, growth in NZ has been funded on credit since closer to 2000, its far from just since 2008.
          https://www.rbnz.govt.nz/statistics/key-graphs/key-graph-household-debt

          Of course there is a lot the government can do, primarily running a deficit spending more and taxing less (which raises non-government income and therefore increases employment, government surplus does the reverse) being first and foremost. The government is always able to resolve or avoid a recession using it’s ability to deficit spend.

          • One Anonymous Bloke 13.1.2.2.1
            6 February 2018 at 9:13 pm

            On what planet is taxing less the solution, given eg: Germany’s top tax rate?

            • Nic the NZer 13.1.2.2.1.1
              6 February 2018 at 9:47 pm

              “On what planet is taxing less the solution”

              When the government wants more income to go to the non-government sector collecting less in tax is an option (another is spending more). That is just accounting of course.

              “Germany’s top tax rate?”

              Germany is a pretty poor example because it’s current position depends on a large persistent export surplus, and this aspect of its behavior is extremely disruptive causing elevated unemployment in other ‘partner’ Eurozone countries.
              It regularly refuses to spend more on somewhat run down infrastructure and the domestic population (many of who work in Hartz reform mini-jobs and therefore effectively work below the minimum wage). Given its going to keep refusing to do this spending (which would likely lead to higher domestic wages standards of living and lowering the export surplus) the German Government should collect less tax allowing the domestic population to keep more of their income to spend for themselves (e.g the government deficit should be larger in Germany than it is). This would improve the situation for both Germans and Eurozone partner countries and ease the significant political tensions in those countries.
              Though it would probably make the political narrative of, shining example Germany vs the lazy indigent southern periphery block countries, harder to support.

  14. Jackel 14
    6 February 2018 at 5:46 pm

    The US stock market records it’s biggest fall ever. No one bats an eyelid. Capitalism gotta be a joke.

  15. WILD KATIPO 15
    6 February 2018 at 6:17 pm

    Patty’s so concerned with the stock-market blues shes decided to go bush , – again.

    Bigfoot caught on tape (Patterson footage stabilized) – YouTube
    Video for patterson gimlin film clip you tube▶ 1:49

  16. Ad 16
    6 February 2018 at 8:19 pm

    Even if there were a very, very hard crash of the global stock market,
    one that was big enough to see interest rates absolutely skyrocket,
    so high that we saw floating mortgage rates go up …

    … exactly what would change?

    – Headline unemployment is at 4.6% and falling
    – Demand for housing is still massive – and pushed by the state
    – Construction demand is still massive – and pushed by the state
    – Tourism demand is still massive – and the 1% always need entertaining
    – Broadly agricultural demand (including forestry, horticulture, wine, dairy, lamb, fish, etc) is still massive
    – Even manufacturing demand is high

    And it would take at least four of those to really dent the New Zealand economy sufficient to dent our society as a whole.

    It’s possible, in some future, be we are a long, long way from that possibility yet.

    • Nic the NZer 16.1
      6 February 2018 at 8:30 pm

      “one that was big enough to see interest rates absolutely skyrocket”

      If the economy collapses central banks will reduce official interest rates, not increase them. That will no doubt flow onto floating mortgage rates pretty much immediately.

      • Ad 16.1.1
        6 February 2018 at 8:53 pm

        I would hope you were right, but I remember 1987-89 pretty clearly when mortgage rates went to 18%, second mortgages were in the high 20% range, and all construction just stopped.

        A few things had to line up for that to happen.

        • Nic the NZer 16.1.1.1
          6 February 2018 at 9:52 pm

          Well if the economy collapses and the reserve bank governor responds by raising interest rates then one thing is for certain, the governor will soon be looking for a new job.

    • Pat 16.2
      6 February 2018 at 8:41 pm

      you seem to be unaware of the cause of the correction.

      • Ad 16.2.1
        6 February 2018 at 8:49 pm

        They’re rarely causally related with predictable trends in the day to day economy.

        And even if some glorious soothsayer could make those calls consistently, it would not matter – unless all elements consistently fell in a specific sequence.

        Everybody just relax.

        • Pat 16.2.1.1
          6 February 2018 at 8:52 pm

          lol…tell that to the mortgage holders

          • Ad 16.2.1.1.1
            6 February 2018 at 8:58 pm

            Have you noticed some movement in interest rates overnight?

            Any bank warnings?

            Any central bank warnings from Federal Reserve or ECB?

            Anyone making runs on banks somewhere?

            Even some untoward exchange rate change that night at some point make money slightly more expensive?

            Just inhale for a bit.

            • Pat 16.2.1.1.1.1
              6 February 2018 at 9:03 pm

              my breathings fine…youre reading ability for the past 12 months obviously hasnt been.

  17. Andre 17
    6 February 2018 at 8:30 pm

    Bitcoin enthusiasts have gone oddly quiet lately, too.

    • Jack Ramaka 17.1
      7 February 2018 at 7:22 pm

      Read that Banks are no longer allowing customers to buy Bitcoins on their credit cards ?

  18. eco maori 18
    7 February 2018 at 2:16 am

    Steve Adams is getting more MANA every time I read about him Many thanks to the reporters giving him what he deserves a excellent review. Kia kaha bro

    Adams now OKC’s ‘3rd best’

    https://i.stuff.co.nz/sport/basketball/101210090/steven-adams-receives-high-praise-ahead-of-okc-thunder-visit-to-golden-state Ka kite ano

    • Johan 18.1
      7 February 2018 at 11:34 pm

      Steven Adams’ Oklahoma City Thunder run the Golden State Warriors off the floor.
      What an athlete!

  19. Zorb6 19
    7 February 2018 at 8:43 am

    I would be interested to see Hickey provide evidence of this-”American banks are also in a much stronger position. They are mostly out of trading complicated and often synthetic products in financial markets ‘.

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    This is a re-post from the Climate Brink by Andrew Dessler Headline from 2021 The Texas grid, run by ERCOT, has had a rough few years. In 2021, winter storm Uri blacked out much of the state for several days. About a week ago, Hurricane Beryl knocked out ...
    Skeptical Science
    3 days ago
  • Gordon Campbell on a textbook case of spending waste by the Luxon government

    Given the crackdown on wasteful government spending, it behooves me to point to a high profile example of spending by the Luxon government that looks like a big, fat waste of time and money. I’m talking about the deployment of NZDF personnel to support the US-led coalition in the Red ...
    WerewolfBy lyndon
    3 days ago
  • The Kākā’s Pick 'n' Mix for Wednesday, July 24

    TL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 7:40 am on Wednesday, July 24 are:Deep Dive: Chipping away at the housing crisis, including my comments RNZ/Newsroom’s The DetailNews: Government softens on asset sales, ...
    The KakaBy Bernard Hickey
    3 days ago
  • LXR Takaanini

    As I reported about the city centre, Auckland’s rail network is also going through a difficult and disruptive period which is rapidly approaching a culmination, this will result in a significant upgrade to the whole network. Hallelujah. Also like the city centre this is an upgrade predicated on the City ...
    Greater AucklandBy Patrick Reynolds
    3 days ago
  • Four kilograms of pain

    Today, a 4 kilogram report will be delivered to Parliament. We know this is what the report of the Royal Commission of Inquiry into Abuse in State and Faith-based Care weighs, because our Prime Minister told us so.Some reporter had blindsided him by asking a question about something done by ...
    More Than A FeildingBy David Slack
    3 days ago
  • The Kākā’s Journal of Record for Wednesday, July 24

    TL;DR: As of 7:00 am on Wednesday, July 24, the top six announcements, speeches, reports and research around housing, climate and poverty in Aotearoa’s political economy in the last day are:Beehive: Transport Minister Simeon Brown announced plans to use PPPs to fund, build and run a four-lane expressway between Auckland ...
    The KakaBy Bernard Hickey
    3 days ago
  • Luxon gets caught out

    NewstalkZB host Mike Hosking, who can usually be relied on to give Prime Minister Christopher Luxon an easy run, did not do so yesterday when he interviewed him about the HealthNZ deficit. Luxon is trying to use a deficit reported last year by HealthNZ as yet another example of the ...
    PolitikBy Richard Harman
    3 days ago
  • A worrying sign

    Back in January a StatsNZ employee gave a speech at Rātana on behalf of tangata whenua in which he insulted and criticised the government. The speech clearly violated the principle of a neutral public service, and StatsNZ started an investigation. Part of that was getting an external consultant to examine ...
    No Right TurnBy Idiot/Savant
    4 days ago
  • Are we fine with 47.9% home-ownership by 2048?

    Renting for life: Shared ownership initiatives are unlikely to slow the slide in home ownership by much. Photo: Lynn Grieveson / The KākāTL;DR: The top six things I’ve noted around housing, climate and poverty in Aotearoa’s political economy today are:A Deloitte report for Westpac has projected Aotearoa’s home-ownership rate will ...
    The KakaBy Bernard Hickey
    4 days ago
  • Let's Win This

    You're broken down and tiredOf living life on a merry go roundAnd you can't find the fighterBut I see it in you so we gonna walk it outAnd move mountainsWe gonna walk it outAnd move mountainsAnd I'll rise upI'll rise like the dayI'll rise upI'll rise unafraidI'll rise upAnd I'll ...
    Nick’s KōreroBy Nick Rockel
    4 days ago
  • Waimahara: The Singing Spirit of Water

    There’s been a change in Myers Park. Down the steps from St. Kevin’s Arcade, past the grassy slopes, the children’s playground, the benches and that goat statue, there has been a transformation. The underpass for Mayoral Drive has gone from a barren, grey, concrete tunnel, to a place that thrums ...
    Greater AucklandBy Connor Sharp
    4 days ago
  • A major milestone: Global climate pollution may have just peaked

    This is a re-post from Yale Climate Connections Global society may have finally slammed on the brakes for climate-warming pollution released by human fossil fuel combustion. According to the Carbon Monitor Project, the total global climate pollution released between February and May 2024 declined slightly from the amount released during the same ...
    Skeptical Science
    4 days ago
  • The Kākā’s Pick 'n' Mix for Tuesday, July 23

    TL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 7:00 am on Tuesday, July 23 are:Deep Dive: Penlink: where tolling rhetoric meets reality BusinessDesk-$$$’s Oliver LewisScoop: Te Pūkenga plans for regional polytechs leak out ...
    The KakaBy Bernard Hickey
    4 days ago
  • The Kākā’s Journal of Record for Tuesday, July 23

    TL;DR: As of 6:00 am on Tuesday, July 23, the top six announcements, speeches, reports and research around housing, climate and poverty in Aotearoa’s political economy in the last day are:Health: Shane Reti announced the Board of Te Whatu Ora- Health New Zealand was being replaced with Commissioner Lester Levy ...
    The KakaBy Bernard Hickey
    4 days ago
  • HealthNZ and Luxon at cross purposes over budget blowout

    Health NZ warned the Government at the end of March that it was running over Budget. But the reasons it gave were very different to those offered by the Prime Minister yesterday. Prime Minister Christopher Luxon blamed the “botched merger” of the 20 District Health Boards (DHBs) to create Health ...
    PolitikBy Richard Harman
    4 days ago
  • 2500-3000 more healthcare staff expected to be fired, as Shane Reti blames Labour for a budget defic...

    Long ReadKey Summary: Although National increased the health budget by $1.4 billion in May, they used an old funding model to project health system costs, and never bothered to update their pre-election numbers. They were told during the Health Select Committees earlier in the year their budget amount was deficient, ...
    Mountain TuiBy Mountain Tui
    4 days ago
  • Might Kamala Harris be about to get a 'stardust' moment like Jacinda Ardern?

    As a momentous, historic weekend in US politics unfolded, analysts and commentators grasped for precedents and comparisons to help explain the significance and power of the choice Joe Biden had made. The 46th president had swept the Democratic party’s primaries but just over 100 days from the election had chosen ...
    PunditBy Tim Watkin
    5 days ago
  • Solutions Interview: Steven Hail on MMT & ecological economics

    TL;DR: I’m casting around for new ideas and ways of thinking about Aotearoa’s political economy to find a few solutions to our cascading and self-reinforcing housing, poverty and climate crises.Associate Professor runs an online masters degree in the economics of sustainability at Torrens University in Australia and is organising ...
    The KakaBy Steven Hail
    5 days ago
  • Reported back

    The Finance and Expenditure Committee has reported back on National's Local Government (Water Services Preliminary Arrangements) Bill. The bill sets up water for privatisation, and was introduced under urgency, then rammed through select committee with no time even for local councils to make a proper submission. Naturally, national's select committee ...
    No Right TurnBy Idiot/Savant
    5 days ago
  • Vandrad the Viking, Christopher Coombes, and Literary Archaeology

    Some years ago, I bought a book at Dunedin’s Regent Booksale for $1.50. As one does. Vandrad the Viking (1898), by J. Storer Clouston, is an obscure book these days – I cannot find a proper online review – but soon it was sitting on my shelf, gathering dust alongside ...
    A Phuulish FellowBy strda221
    5 days ago
  • Gordon Campbell On The Biden Withdrawal

    History is not on the side of the centre-left, when Democratic presidents fall behind in the polls and choose not to run for re-election. On both previous occasions in the past 75 years (Harry Truman in 1952, Lyndon Johnson in 1968) the Democrats proceeded to then lose the White House ...
    WerewolfBy lyndon
    5 days ago
  • Joe Biden's withdrawal puts the spotlight back on Kamala and the USA's complicated relatio...

    This is a free articleCoverageThis morning, US President Joe Biden announced his withdrawal from the Presidential race. And that is genuinely newsworthy. Thanks for your service, President Biden, and all the best to you and yours.However, the media in New Zealand, particularly the 1News nightly bulletin, has been breathlessly covering ...
    Mountain TuiBy Mountain Tui
    5 days ago
  • Why we have to challenge our national fiscal assumptions

    A homeless person’s camp beside a blocked-off slipped damage walkway in Freeman’s Bay: we are chasing our tail on our worsening and inter-related housing, poverty and climate crises. Photo: Photo: Lynn Grieveson / The KākāTL;DR: The top six things I’ve noted around housing, climate and poverty in Aotearoa’s political economy ...
    The KakaBy Bernard Hickey
    5 days ago
  • Existential Crisis and Damaged Brains

    What has happened to it all?Crazy, some'd sayWhere is the life that I recognise?(Gone away)But I won't cry for yesterdayThere's an ordinary worldSomehow I have to findAnd as I try to make my wayTo the ordinary worldYesterday morning began as many others - what to write about today? I began ...
    Nick’s KōreroBy Nick Rockel
    5 days ago
  • A speed limit is not a target, and yet…

    This is a guest post from longtime supporter Mr Plod, whose previous contributions include a proposal that Hamilton become New Zealand’s capital city, and that we should switch which side of the road we drive on. A recent Newsroom article, “Back to school for the Govt’s new speed limit policy“, ...
    Greater AucklandBy Guest Post
    5 days ago
  • The Kākā’s Pick 'n' Mix for Monday, July 22

    TL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 7:00 am on Monday, July 22 are:Today’s Must Read: Father and son live in a tent, and have done for four years, in a million ...
    The KakaBy Bernard Hickey
    5 days ago
  • The Kākā’s Journal of Record for Monday, July 22

    TL;DR: As of 7:00 am on Monday, July 22, the top six announcements, speeches, reports and research around housing, climate and poverty in Aotearoa’s political economy in the last day are:US President Joe Biden announced via X this morning he would not stand for a second term.Multinational professional services firm ...
    The KakaBy Bernard Hickey
    5 days ago
  • 2024 SkS Weekly Climate Change & Global Warming News Roundup #29

    A listing of 32 news and opinion articles we found interesting and shared on social media during the past week: Sun, July 14, 2024 thru Sat, July 20, 2024. Story of the week As reflected by preponderance of coverage, our Story of the Week is Project 2025. Until now traveling ...
    Skeptical Science
    6 days ago
  • I'd like to share what I did this weekend

    This weekend, a friend pointed out someone who said they’d like to read my posts, but didn’t want to pay. And my first reaction was sympathy.I’ve already told folks that if they can’t comfortably subscribe, and would like to read, I’d be happy to offer free subscriptions. I don’t want ...
    Mountain TuiBy Mountain Tui
    6 days ago
  • For the children – Why mere sentiment can be a misleading force in our lives, and lead to unex...

    National: The Party of ‘Law and Order’ IntroductionThis weekend, the Government formally kicked off one of their flagship policy programs: a military style boot camp that New Zealand has experimented with over the past 50 years. Cartoon credit: Guy BodyIt’s very popular with the National Party’s Law and Order image, ...
    Mountain TuiBy Mountain Tui
    6 days ago
  • A friend in uncertain times

    Day one of the solo leg of my long journey home begins with my favourite sound: footfalls in an empty street. 5.00 am and it’s already light and already too warm, almost.If I can make the train that leaves Budapest later this hour I could be in Belgrade by nightfall; ...
    More Than A FeildingBy David Slack
    6 days ago
  • The Chaotic World of Male Diet Influencers

    Hi,We’ll get to the horrific world of male diet influencers (AKA Beefy Boys) shortly, but first you will be glad to know that since I sent out the Webworm explaining why the assassination attempt on Donald Trump was not a false flag operation, I’ve heard from a load of people ...
    David FarrierBy David Farrier
    6 days ago
  • It's Starting To Look A Lot Like… Y2K

    Do you remember Y2K, the threat that hung over humanity in the closing days of the twentieth century? Horror scenarios of planes falling from the sky, electronic payments failing and ATMs refusing to dispense cash. As for your VCR following instructions and recording your favourite show - forget about it.All ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Bernard’s Saturday Soliloquy for the week to July 20

    Climate Change Minister Simon Watts being questioned by The Kākā’s Bernard Hickey.TL;DR: My top six things to note around housing, climate and poverty in Aotearoa’s political economy in the week to July 20 were:1. A strategy that fails Zero Carbon Act & Paris targetsThe National-ACT-NZ First Coalition Government finally unveiled ...
    The KakaBy Bernard Hickey
    1 week ago
  • Pharmac Director, Climate Change Commissioner, Health NZ Directors – The latest to quit this m...

    Summary:As New Zealand loses at least 12 leaders in the public service space of health, climate, and pharmaceuticals, this month alone, directly in response to the Government’s policies and budget choices, what lies ahead may be darker than it appears. Tui examines some of those departures and draws a long ...
    Mountain TuiBy Mountain Tui
    1 week ago
  • Flooding Housing Policy

    The Minister of Housing’s ambition is to reduce markedly the ratio of house prices to household incomes. If his strategy works it would transform the housing market, dramatically changing the prospects of housing as an investment.Leaving aside the Minister’s metaphor of ‘flooding the market’ I do not see how the ...
    PunditBy Brian Easton
    1 week ago
  • A Voyage Among the Vandals: Accepted (Again!)

    As previously noted, my historical fantasy piece, set in the fifth-century Mediterranean, was accepted for a Pirate Horror anthology, only for the anthology to later fall through. But in a good bit of news, it turned out that the story could indeed be re-marketed as sword and sorcery. As of ...
    A Phuulish FellowBy strda221
    1 week ago
  • The Kākā's Chorus for Friday, July 19

    An employee of tobacco company Philip Morris International demonstrates a heated tobacco device. Photo: Getty ImagesTL;DR: The top six things I’ve noted around housing, climate and poverty in Aotearoa’s political economy on Friday, July 19 are:At a time when the Coalition Government is cutting spending on health, infrastructure, education, housing ...
    The KakaBy Bernard Hickey
    1 week ago
  • The Kākā’s Pick 'n' Mix for Friday, July 19

    TL;DR: My pick of the top six links elsewhere around housing, climate and poverty in Aotearoa’s political economy in the last day or so to 8:30 am on Friday, July 19 are:Scoop: NZ First Minister Casey Costello orders 50% cut to excise tax on heated tobacco products. The minister has ...
    The KakaBy Bernard Hickey
    1 week ago
  • Weekly Roundup 19-July-2024

    Kia ora, it’s time for another Friday roundup, in which we pull together some of the links and stories that caught our eye this week. Feel free to add more in the comments! Our header image this week shows a foggy day in Auckland town, captured by Patrick Reynolds. ...
    Greater AucklandBy Greater Auckland
    1 week ago
  • Weekly Climate Wrap: A market-led plan for failure

    TL;DR : Here’s the top six items climate news for Aotearoa this week, as selected by Bernard Hickey and The Kākā’s climate correspondent Cathrine Dyer. A discussion recorded yesterday is in the video above and the audio of that sent onto the podcast feed.The Government released its draft Emissions Reduction ...
    The KakaBy Bernard Hickey
    1 week ago
  • Tobacco First

    Save some money, get rich and old, bring it back to Tobacco Road.Bring that dynamite and a crane, blow it up, start all over again.Roll up. Roll up. Or tailor made, if you prefer...Whether you’re selling ciggies, digging for gold, catching dolphins in your nets, or encouraging folks to flutter ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Trump’s Adopted Son.

    Waiting In The Wings: For truly, if Trump is America’s un-assassinated Caesar, then J.D. Vance is America’s Octavian, the Republic’s youthful undertaker – and its first Emperor.DONALD TRUMP’S SELECTION of James D. Vance as his running-mate bodes ill for the American republic. A fervent supporter of Viktor Orban, the “illiberal” prime ...
    Bowalley Road
    1 week ago
  • The Kākā’s Journal of Record for Friday, July 19

    TL;DR: As of 6:00 am on Friday, July 19, the top six announcements, speeches, reports and research around housing, climate and poverty in Aotearoa’s political economy in the last day are:The PSA announced the Employment Relations Authority (ERA) had ruled in the PSA’s favour in its case against the Ministry ...
    The KakaBy Bernard Hickey
    1 week ago

  • Joint statement from the Prime Ministers of Canada, Australia and New Zealand

    Australia, Canada and New Zealand today issued the following statement on the need for an urgent ceasefire in Gaza and the risk of expanded conflict between Hizballah and Israel. The situation in Gaza is catastrophic. The human suffering is unacceptable. It cannot continue.  We remain unequivocal in our condemnation of ...
    BeehiveBy beehive.govt.nz
    18 hours ago
  • AG reminds institutions of legal obligations

    Attorney-General Judith Collins today reminded all State and faith-based institutions of their legal obligation to preserve records relevant to the safety and wellbeing of those in its care. “The Abuse in Care Inquiry’s report has found cases where records of the most vulnerable people in State and faith‑based institutions were ...
    BeehiveBy beehive.govt.nz
    21 hours ago
  • More young people learning about digital safety

    Minister of Internal Affairs Brooke van Velden says the Government’s online safety website for children and young people has reached one million page views.  “It is great to see so many young people and their families accessing the site Keep It Real Online to learn how to stay safe online, and manage ...
    BeehiveBy beehive.govt.nz
    21 hours ago
  • Speech to the Conference for General Practice 2024

    Tēnā tātou katoa,  Ngā mihi te rangi, ngā mihi te whenua, ngā mihi ki a koutou, kia ora mai koutou. Thank you for the opportunity to be here and the invitation to speak at this 50th anniversary conference. I acknowledge all those who have gone before us and paved the ...
    BeehiveBy beehive.govt.nz
    23 hours ago
  • Employers and payroll providers ready for tax changes

    New Zealand’s payroll providers have successfully prepared to ensure 3.5 million individuals will, from Wednesday next week, be able to keep more of what they earn each pay, says Finance Minister Nicola Willis and Revenue Minister Simon Watts.  “The Government's tax policy changes are legally effective from Wednesday. Delivering this tax ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Experimental vineyard futureproofs wine industry

    An experimental vineyard which will help futureproof the wine sector has been opened in Blenheim by Associate Regional Development Minister Mark Patterson. The covered vineyard, based at the New Zealand Wine Centre – Te Pokapū Wāina o Aotearoa, enables controlled environmental conditions. “The research that will be produced at the Experimental ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Funding confirmed for regions affected by North Island Weather Events

    The Coalition Government has confirmed the indicative regional breakdown of North Island Weather Event (NIWE) funding for state highway recovery projects funded through Budget 2024, Transport Minister Simeon Brown says. “Regions in the North Island suffered extensive and devastating damage from Cyclone Gabrielle and the 2023 Auckland Anniversary Floods, and ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Indonesian Foreign Minister to visit

    Indonesia’s Foreign Minister, Retno Marsudi, will visit New Zealand next week, Foreign Minister Winston Peters has announced.   “Indonesia is important to New Zealand’s security and economic interests and is our closest South East Asian neighbour,” says Mr Peters, who is currently in Laos to engage with South East Asian partners. ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Strengthening partnership with Ngāti Maniapoto

    He aha te kai a te rangatira? He kōrero, he kōrero, he kōrero. The government has reaffirmed its commitment to supporting the aspirations of Ngāti Maniapoto, Minister for Māori Development Tama Potaka says. “My thanks to Te Nehenehenui Trust – Ngāti Maniapoto for bringing their important kōrero to a ministerial ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Transport Minister thanks outgoing CAA Chair

    Transport Minister Simeon Brown has thanked outgoing Chair of the Civil Aviation Authority, Janice Fredric, for her service to the board.“I have received Ms Fredric’s resignation from the role of Chair of the Civil Aviation Authority,” Mr Brown says.“On behalf of the Government, I want to thank Ms Fredric for ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Test for Customary Marine Title being restored

    The Government is proposing legislation to overturn a Court of Appeal decision and amend the Marine and Coastal Area Act in order to restore Parliament’s test for Customary Marine Title, Treaty Negotiations Minister Paul Goldsmith says.  “Section 58 required an applicant group to prove they have exclusively used and occupied ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Opposition united in bad faith over ECE sector review

    Regulation Minister David Seymour says that opposition parties have united in bad faith, opposing what they claim are ‘dangerous changes’ to the Early Childhood Education sector, despite no changes even being proposed yet.  “Issues with affordability and availability of early childhood education, and the complexity of its regulation, has led ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Kiwis having their say on first regulatory review

    After receiving more than 740 submissions in the first 20 days, Regulation Minister David Seymour is asking the Ministry for Regulation to extend engagement on the early childhood education regulation review by an extra two weeks.  “The level of interest has been very high, and from the conversations I’ve been ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government upgrading Lower North Island commuter rail

    The Coalition Government is investing $802.9 million into the Wairarapa and Manawatū rail lines as part of a funding agreement with the NZ Transport Agency (NZTA), KiwiRail, and the Greater Wellington and Horizons Regional Councils to deliver more reliable services for commuters in the lower North Island, Transport Minister Simeon ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government moves to ensure flood protection for Wairoa

    Local Government Minister Simeon Brown has announced his intention to appoint a Crown Manager to both Hawke’s Bay Regional and Wairoa District Councils to speed up the delivery of flood protection work in Wairoa."Recent severe weather events in Wairoa this year, combined with damage from Cyclone Gabrielle in 2023 have ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • PM speech to Parliament – Royal Commission of Inquiry’s Report into Abuse in Care

    Mr Speaker, this is a day that many New Zealanders who were abused in State care never thought would come. It’s the day that this Parliament accepts, with deep sorrow and regret, the Report of the Royal Commission of Inquiry into Abuse in Care.  At the heart of this report are the ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government acknowledges torture at Lake Alice

    For the first time, the Government is formally acknowledging some children and young people at Lake Alice Psychiatric Hospital experienced torture. The final report of the Royal Commission of Inquiry into Abuse in State and Faith-based Care “Whanaketia – through pain and trauma, from darkness to light,” was tabled in Parliament ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government acknowledges courageous abuse survivors

    The Government has acknowledged the nearly 2,400 courageous survivors who shared their experiences during the Royal Commission of Inquiry into Historical Abuse in State and Faith-Based Care. The final report from the largest and most complex public inquiry ever held in New Zealand, the Royal Commission Inquiry “Whanaketia – through ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Half a million people use tax calculator

    With a week to go before hard-working New Zealanders see personal income tax relief for the first time in fourteen years, 513,000 people have used the Budget tax calculator to see how much they will benefit, says Finance Minister Nicola Willis.  “Tax relief is long overdue. From next Wednesday, personal income ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Paid Parental Leave improvements pass first reading

    Workplace Relations and Safety Minister Brooke van Velden says a bill that has passed its first reading will improve parental leave settings and give non-biological parents more flexibility as primary carer for their child. The Regulatory Systems Amendment Bill (No3), passed its first reading this morning. “It includes a change ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Rebuilding the economy through better regulation

    Two Bills designed to improve regulation and make it easier to do business have passed their first reading in Parliament, says Economic Development Minister Melissa Lee. The Regulatory Systems (Economic Development) Amendment Bill and Regulatory Systems (Immigration and Workforce) Amendment Bill make key changes to legislation administered by the Ministry ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • ‘Open banking’ and ‘open electricity’ on the way

    New legislation paves the way for greater competition in sectors such as banking and electricity, Commerce and Consumer Affairs Minister Andrew Bayly says. “Competitive markets boost productivity, create employment opportunities and lift living standards. To support competition, we need good quality regulation but, unfortunately, a recent OECD report ranked New ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Charity lotteries to be permitted to operate online

    Minister of Internal Affairs Brooke van Velden says lotteries for charitable purposes, such as those run by the Heart Foundation, Coastguard NZ, and local hospices, will soon be allowed to operate online permanently. “Under current laws, these fundraising lotteries are only allowed to operate online until October 2024, after which ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Accelerating Northland Expressway

    The Coalition Government is accelerating work on the new four-lane expressway between Auckland and Whangārei as part of its Roads of National Significance programme, with an accelerated delivery model to deliver this project faster and more efficiently, Transport Minister Simeon Brown says. “For too long, the lack of resilient transport connections ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Sir Don to travel to Viet Nam as special envoy

    Sir Don McKinnon will travel to Viet Nam this week as a Special Envoy of the Government, Foreign Minister Winston Peters has announced.    “It is important that the Government give due recognition to the significant contributions that General Secretary Nguyen Phu Trong made to New Zealand-Viet Nam relations,” Mr ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Grant Illingworth KC appointed as transitional Commissioner to Royal Commission

    Minister of Internal Affairs Brooke van Velden says newly appointed Commissioner, Grant Illingworth KC, will help deliver the report for the first phase of the Royal Commission of Inquiry into COVID-19 Lessons, due on 28 November 2024.  “I am pleased to announce that Mr Illingworth will commence his appointment as ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • NZ to advance relationships with ASEAN partners

    Foreign Minister Winston Peters travels to Laos this week to participate in a series of Association of Southeast Asian Nations (ASEAN)-led Ministerial meetings in Vientiane.    “ASEAN plays an important role in supporting a peaceful, stable and prosperous Indo-Pacific,” Mr Peters says.   “This will be our third visit to ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Backing mental health services on the West Coast

    Construction of a new mental health facility at Te Nikau Grey Hospital in Greymouth is today one step closer, Mental Health Minister Matt Doocey says. “This $27 million facility shows this Government is delivering on its promise to boost mental health care and improve front line services,” Mr Doocey says. ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • NZ support for sustainable Pacific fisheries

    New Zealand is committing nearly $50 million to a package supporting sustainable Pacific fisheries development over the next four years, Foreign Minister Winston Peters and Oceans and Fisheries Minister Shane Jones announced today. “This support consisting of a range of initiatives demonstrates New Zealand’s commitment to assisting our Pacific partners ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Students’ needs at centre of new charter school adjustments

    Associate Education Minister David Seymour says proposed changes to the Education and Training Amendment Bill will ensure charter schools have more flexibility to negotiate employment agreements and are equipped with the right teaching resources. “Cabinet has agreed to progress an amendment which means unions will not be able to initiate ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Commissioner replaces Health NZ Board

    In response to serious concerns around oversight, overspend and a significant deterioration in financial outlook, the Board of Health New Zealand will be replaced with a Commissioner, Health Minister Dr Shane Reti announced today.  “The previous government’s botched health reforms have created significant financial challenges at Health NZ that, without ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Minister to speak at Australian Space Forum

    Minister for Space and Science, Innovation and Technology Judith Collins will travel to Adelaide tomorrow for space and science engagements, including speaking at the Australian Space Forum.  While there she will also have meetings and visits with a focus on space, biotechnology and innovation.  “New Zealand has a thriving space ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Climate Change Minister to attend climate action meeting in China

    Climate Change Minister Simon Watts will travel to China on Saturday to attend the Ministerial on Climate Action meeting held in Wuhan.  “Attending the Ministerial on Climate Action is an opportunity to advocate for New Zealand climate priorities and engage with our key partners on climate action,” Mr Watts says. ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Oceans and Fisheries Minister to Solomons

    Oceans and Fisheries Minister Shane Jones is travelling to the Solomon Islands tomorrow for meetings with his counterparts from around the Pacific supporting collective management of the region’s fisheries. The 23rd Pacific Islands Forum Fisheries Committee and the 5th Regional Fisheries Ministers’ Meeting in Honiara from 23 to 26 July ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Government launches Military Style Academy Pilot

    The Government today launched the Military Style Academy Pilot at Te Au rere a te Tonga Youth Justice residence in Palmerston North, an important part of the Government’s plan to crackdown on youth crime and getting youth offenders back on track, Minister for Children, Karen Chhour said today. “On the ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Nine priority bridge replacements to get underway

    The Government has welcomed news the NZ Transport Agency (NZTA) has begun work to replace nine priority bridges across the country to ensure our state highway network remains resilient, reliable, and efficient for road users, Transport Minister Simeon Brown says.“Increasing productivity and economic growth is a key priority for the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Update on global IT outage

    Acting Prime Minister David Seymour has been in contact throughout the evening with senior officials who have coordinated a whole of government response to the global IT outage and can provide an update. The Department of the Prime Minister and Cabinet has designated the National Emergency Management Agency as the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Zealand, Japan renew Pacific partnership

    New Zealand and Japan will continue to step up their shared engagement with the Pacific, Foreign Minister Winston Peters says.    “New Zealand and Japan have a strong, shared interest in a free, open and stable Pacific Islands region,” Mr Peters says.    “We are pleased to be finding more ways ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New infrastructure energises BOP forestry towns

    New developments in the heart of North Island forestry country will reinvigorate their communities and boost economic development, Regional Development Minister Shane Jones says. Mr Jones visited Kaingaroa and Kawerau in Bay of Plenty today to open a landmark community centre in the former and a new connecting road in ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • 'Pacific Futures'

    President Adeang, fellow Ministers, honourable Diet Member Horii, Ambassadors, distinguished guests.    Minasama, konnichiwa, and good afternoon, everyone.    Distinguished guests, it’s a pleasure to be here with you today to talk about New Zealand’s foreign policy reset, the reasons for it, the values that underpin it, and how it ...
    BeehiveBy beehive.govt.nz
    1 week ago

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