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Kiwibank is being privatised by stealth

Written By: - Date published: 8:37 am, November 2nd, 2016 - 31 comments

Kiwibank is selling 47% of its shareholding to the New Zealand Super Fund and to the Accident Compensation Corporation. The Government gets a cheque for $200 million which will improve the appearance of its books. Financial sleight of hand?

There goes the surplus

Written By: - Date published: 8:00 am, October 18th, 2016 - 58 comments

The media last week reported extensively an operating surplus of $1.8 billion dollars. But they missed the not so good news that the value of ACC’s assets took a $5.1 billion hit, the Super Fund lost $2 billion, the Crown’s liability under the ETS increased by $1.5 billion and net Crown debt increased by $1.3 billion.

European Union v Apple and the US

Written By: - Date published: 8:02 am, September 1st, 2016 - 49 comments

And in Europe the EU has taken steps against Apple for rampant tax evasion and an EU-US free trade deal appears to be dead.

The great slowdown

Written By: - Date published: 8:00 am, August 11th, 2016 - 68 comments

Eight years after the Global Financial Crisis the major western economies are stagnant.  Is this the new norm?

Financial capital is crazy OP. Time to strip it back to basics.

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.

National’s Rodeo.

Written By: - Date published: 12:21 pm, July 15th, 2016 - 23 comments

The fiction that National is doing a competent job of managing the economy is entirely due, now that the boom from Dairy and Christchurch rebuilding is ending, to immigration and rising house prices.

They are now riding a bolting horse that they cannot dismount, caused by their own inaction.

It’s a Side-show, “Bob”.

Written By: - Date published: 10:37 am, June 28th, 2016 - 279 comments

From the circus that never leaves town.

We’re going to burn it all, until we burn it down.

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.

Make the TPP a Conscience Vote

Written By: - Date published: 6:29 pm, May 15th, 2016 - 84 comments

Last week, Andrew Little gave Phil Goff permission to vote with National for the TPP. Bryan Bruce asks if it is time for all MPs to be given a conscience vote on the TPP.

Global poverty. Global oligarchy.

Written By: - Date published: 1:09 pm, April 3rd, 2016 - 13 comments

The west continues to hold a lock on global wealth. Africa and India remain desperately poor. China has built a burgeoning working class and middle class.

Global elite plan their escape from “pleb masses”

Written By: - Date published: 11:03 am, March 29th, 2016 - 35 comments

So, Key has now come out and revealed to us how afraid the global oligarch class (and their well paid professional enablers) are. They appear to have no plans to reverse their activites to make things better for us.

Quantitative easing for the masses

Written By: - Date published: 8:25 am, March 13th, 2016 - 136 comments

It seems that “serious economists” are discussing something called “helicopter money”. Would it fly in NZ?

Who is ultimately responsible for NZ’s massive dairy farm debt?

Written By: - Date published: 1:11 pm, March 12th, 2016 - 82 comments

People talk of excessive borrowing in the dairy sector. Of course, the real problem is that of excessive lending.

RB snaps awake, jolts markets

Written By: - Date published: 3:06 pm, March 10th, 2016 - 49 comments

Simon Louisson on the Reserve Bank’s surprise announcement to reduce the official cash rate by 25 points.

the Global Death Economy

Written By: - Date published: 10:15 am, February 25th, 2016 - 141 comments

A new edition of “Confessions of an Economic Hitman” has been released. It makes it clear that we are in the grip of a global “Death Economy” and a collective embrace of ‘Thanatos’, the death instinct.

Is RBNZ ignoring deflation bogey?

Written By: - Date published: 6:52 am, January 29th, 2016 - 71 comments

Is Reserve Bank Governor Graeme Wheeler so concerned about the bogey of Auckland’s housing bubble that he is underestimating an equally nasty bogey – deflation? Deflation will certainly cure the problem of the property bubble, but that cure will be at a terrible cost.

The great big list of John Key’s big fat lies (UPDATED)

Written By: - Date published: 7:00 am, January 27th, 2016 - 76 comments

How many more lies will John Key tell today in his so-called State of the Nation address? Virtual chocolate fish to whomever guesses the closest number.

Keep Calm and Carry On

Written By: - Date published: 9:13 am, January 25th, 2016 - 135 comments

Regular commenter Paul rounds up the links you need to read to prepare yourself for the coming second GFC. National won’t be able to pass this one on to future generations by loading NZ up with crippling debt. We’ll be paying for GFC2 economically, socially and personally, right here, right now.

Royal Bank of Scotland to investors: “Sell everything”

Written By: - Date published: 10:48 am, January 13th, 2016 - 154 comments

The Bank of Scotland has advised advised its clients to brace for a “cataclysmic year” and a global deflationary crisis.

The China Stockmarket crisis

Written By: - Date published: 12:08 pm, January 5th, 2016 - 103 comments

Overnight there has been further turmoil on the Chinese Stock exchange with stocks plummeting 7% before trading was stopped. And things may only get worse when a 6 month ban on trading by major stock owners is lifted.

Another financial crisis?

Written By: - Date published: 8:14 am, October 19th, 2015 - 102 comments

There are a lot of canaries giving warning in the world’s economic coal mine just now.

“Wall St braces for a brutal open after China rout”

Written By: - Date published: 10:12 pm, August 24th, 2015 - 121 comments

Wall St opens for trading in a few hours. When websites like MarketWatch start headlining using words like “brutal”, “rout”, “panics” and “carnage” you know it’s time to grab the popcorn and buckle in for what might potentially (and finally) be the start of GFC 2 proper.

Phil Quin resigns from Labour

Written By: - Date published: 12:37 pm, July 14th, 2015 - 390 comments

Phil Quin: “I cannot, however, belong to an organisation that considers racial profiling fair sport. It really is that simple. I will rejoin once this or any future leader publicly repudiates such tactics.”

GFC 2 in the oven: trillion dollar bailouts

Written By: - Date published: 7:06 am, July 10th, 2015 - 26 comments

Trillion dollar bank bail outs, interest rate apartheid and GREXIT. The ingredients for GFC 2 and another round of shock capitalism are quietly simmering. Graphic is of what US$1B looks like in printed notes.

Slash Greek debt now!

Written By: - Date published: 7:00 am, July 8th, 2015 - 222 comments

Europe must agree to slashing Greece’s debt so that economic growth can begin again. Germany should understand this better than most.

The Greek referendum

Written By: - Date published: 5:00 am, July 6th, 2015 - 301 comments

Update: the No vote is predicted to win a resounding victory with 61% support of the total valid vote.

The myth of “Retirement Savings”

Written By: - Date published: 10:18 am, June 9th, 2015 - 101 comments

Advocates of Kiwisaver and other funded “retirement savings” schemes perpetuate the fundamental misunderstanding that “conventional” in New Zealand’s case “neo-liberal” economists, speculators, finance companies, politicians and those with a lot of share holding wealth in non-productive enterprises like to perpetuate.

The Enduring Legacy of Neo-Liberalism – Sir Edmund Thomas

Written By: - Date published: 4:25 pm, February 10th, 2015 - 6 comments

Sir Edmund Thomas will discuss this topic in Wellington at Connolly Hall, Guildford Terrace,  tomorrow Wednesday 11th at 5:30pm. All welcome – see synopsis – if you would like to come please register here.

Odgers in s**t

Written By: - Date published: 3:45 pm, January 22nd, 2015 - 30 comments

That’s as in spat. Characteristic. Richard Smith of Naked Capitalism questioned her Samoan fiduciary company fronting for a company delisted from GXG Markets, a small European exchange. It’s an interesting story, and Smith promises more to come from GXG about New Zealand if not Odgers.

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