Written By: - Date published: 5:05 pm, June 4th, 2023 - 13 comments
Debt is the most destructive and addictive form of economic behaviour we have in New Zealand. And mortgages are New Zealand’s very high grade heroin and we are being forced to come down off a most spectacular high into a rage-inducing forced withdrawal.
Written By: - Date published: 10:02 pm, April 7th, 2023 - 16 comments
In his …and forgive them their debts, my favourite economist and Jubilee advocate Michael Hudson states that Jesus driving the money-changers from the Temple was “the act that inspired the city leaders to plot his death.”
Written By: - Date published: 8:39 am, March 5th, 2023 - 27 comments
To pay for recent flood damage Grant Robertson has to decide on what proportion of this will be paid by new debt, what proportion by reallocation of expenditure, and what proportion by special tax levies. Is an Australian style levy under consideration?
Written By: - Date published: 3:57 pm, February 20th, 2023 - 69 comments
The repair bill for the recent cyclones will be similar to the direct cost to government of the Canterbury earthquakes, in the $13 billion region. Banks are currently making obscene profits. The time is right to impose a one-off banking windfall tax. If a conservative Margaret Thatcher can do it, it is pretty hard to argue why a Labour government can’t.
Written By: - Date published: 3:32 pm, November 3rd, 2022 - 39 comments
82-year old polymath Michael Hudson is my favourite economist. He currently lectures in China to million-strong audiences. His latest book is The Destiny of Civilisation: Finance Capitalism, Industrial Capitalism or Socialism. His latest article is well worth a read.
Written By: - Date published: 10:00 pm, February 16th, 2022 - 4 comments
Today February 15th is the 80th anniversary of the fall of Singapore in 1942, described by many as Britain’s worst military disaster. It was a massive strategic fail, and its effect is still powerful today, most notably with Australia’s lockstep with the US. Current British strategists don’t seem to have learnt a thing.
Written By: - Date published: 7:40 am, February 23rd, 2021 - 77 comments
In recent news Standard and Poors has improved New Zealand’s credit rating because of its success in handling Covid, and a vast majority of kiwis support the Goverment increasing income support for those on low wages or not in paid work. The Government has the budget space and the majority’s backing to do something about poverty.
Written By: - Date published: 9:34 am, December 20th, 2020 - 22 comments
Without much fanfare, Minister Robertson has used 2020’s crisis to bury the historic scourge of monetarism and within it the excuses of the governments that used it as a pretext to sell off our key government income generators.
Written By: - Date published: 7:55 am, December 17th, 2020 - 66 comments
The Government’s finances are in remarkably good shape. Who would have predicted that dealing properly with a global pandemic would have had better results for the economy than timidly dealing with it and trying to ensure that economic activity continued? But by international levels our Government debt is already low and maybe now is the time to spend on vital areas such as poverty, climate change and the housing crisis.
Written By: - Date published: 8:32 am, May 27th, 2020 - 24 comments
National has released a social media ad suggesting that New Zealand’s per head of population Government debt figure will be worse than Greece’s by 2014. But the data used presumes the effects of Covid 19 in New Zealand’s figure but no effects of Covid 19 in Greece’s figure.
Written By: - Date published: 12:07 pm, April 25th, 2020 - 20 comments
“Othering” has long been a staple of Governments that want to remain in power for the benefit of an Oligarchy, an “Elite”, a small ruling class, or the ones with, “the money”. Deflecting blame for economic and social issues on, an ethnicity, a class, the elderly, the poor, the young, the unemployed, young solo mothers, the disabled, immigrants, or any other convenient group that can be demonised. Very soon more of us may become the “others” we didn’t care about.
Written By: - Date published: 10:52 am, January 27th, 2020 - 11 comments
US Treasury Secretary Steve Mnuchin has attacked Greta Thunberg for not understanding the economics of climate change. But he has then been roundly criticised by a number of people, including his wife.
Written By: - Date published: 10:57 am, November 17th, 2019 - 30 comments
Nick Kelly on UK austerity and who should have paid for the financial crisis.
Written By: - Date published: 8:45 am, June 3rd, 2019 - 49 comments
With the United States – China trade war well underway, the sick chaos of Brexit is shrinking the U.K. economy and slowing much of Europe’s economy, and smaller economies such as that of Mexico in the crosshairs through further politically manufactured trade disputes, the second half of this year looks for New Zealand nowhere near as rosy as the first half.
Written By: - Date published: 9:00 am, May 24th, 2019 - 72 comments
Grant Robertson has announced there will be a relaxing of the fiscal responsibility rules, although not until after the next election.
Written By: - Date published: 8:00 am, December 9th, 2017 - 31 comments
It’s that time of year where we start making predictions for 2018. I see it looking not too hot, not too cold.
Written By: - Date published: 9:07 pm, November 8th, 2017 - 99 comments
Written By: - Date published: 7:56 am, June 15th, 2017 - 116 comments
The possible introduction of debt to income lending ratios will potentially have an enormous effect on New Zealand’s housing market.
Written By: - Date published: 11:47 am, March 8th, 2017 - 93 comments
The IMF warns that our household debt is far too high, as desperate tenants start raiding the Kiwisaver accounts to pay the rent.
Written By: - Date published: 9:17 am, December 4th, 2016 - 36 comments
Bernard Hickey: “It is extraordinary for the Prime Minister to call the Treasury’s short and long term forecasts a “load of nonsense” and yet rely on the medium term ones to promise all manner of riches to voters on the eve of an election.”
Written By: - Date published: 7:26 am, November 16th, 2016 - 21 comments
The bright orange trigger for a sharp rise in mortgage interest rates may have just arrived. Our over-indebted home owners are highly vulnerable.
Written By: - Date published: 10:33 am, October 16th, 2016 - 31 comments
Hickey in The Herald on Sunday: “Our household debt to income ratio of 165 per cent is now about 5 per cent above those previous highs of 2008 and rising quickly as debt rises around twice as fast as incomes.”
Written By: - Date published: 12:48 pm, August 10th, 2016 - 125 comments
“Revealed: Labour’s plan to wipe student debt”. Nope. Saved you a click.
Written By: - Date published: 12:08 pm, August 8th, 2016 - 72 comments
Financial capital is way over powered in our current political economic system. Every aspect of our lives has been financialised and securitised, from our homes to our educations. From our drinking water to our power supply.
Written By: - Date published: 12:11 am, May 20th, 2016 - 173 comments
What does it really mean to reduce NZ’s total fossil fuel use by 50% by 2030: a warm up discussion for an upcoming thought experiment.