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What we were doing wasn’t working.

Written By: - Date published: 6:32 am, April 15th, 2020 - 112 comments

After the lockdown, it is tempting to try and go back to what we had before. To the familiar and comfortable, especially for us that were comfortable. Forgetting that for so many, things were anything but, comfortable. That won’t be happening. “Before” no longer exists.

Austerity – who should pay for the financial crisis?

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. 

The 2008 financial crisis casts a long shadow over UK politics

Written By: - Date published: 3:58 am, November 16th, 2019 - 2 comments

Nick Kelly on why the 2008 Global Financial Crisis is still having a dramatic effect on United Kingdom Politics.

Macron speech – The end of Western hegemony

Written By: - Date published: 2:09 am, September 19th, 2019 - 21 comments

France President Macron’s remarkable and wide-ranging speech to French ambassadors after France hosted the recent G7 conference in Biarritz is well worth a read. He lays it all out – so much better than Trump’s tweets or BoJo’s bluster.

ANZ worried that it may be required to hold sufficient reserves

Written By: - Date published: 7:05 am, July 3rd, 2019 - 105 comments

ANZ is complaining that the Reserve Bank wants it to hold additional capital in case of a run on the banks.

Regulating Bankers

Written By: - Date published: 8:16 am, June 25th, 2019 - 76 comments

Grant Robertson gets occasional criticism from the left but it is hard to fault him for his timing or his delivery in seeking to strengthen banking sector oversight.

What happened to Hisco?

Written By: - Date published: 9:18 am, June 23rd, 2019 - 75 comments

Stuff has published details of a sweetheart deal where David Hisco bought the ANZ owned property they were living in for a greatly reduced price. But was this good investigative work or a leak from within ANZ?

Facebook is planning crypto currency service – what could possibly go wrong?

Written By: - Date published: 9:38 am, June 19th, 2019 - 15 comments

The corporation that has become renowned as the purveyor of fake news and the underminer of elections is planning to roll out a crypto currency service.

The Coming Global Economic Slowdown and New Zealand

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.

Trump’s brilliant strategy to dismantle US dollar hegemony

Written By: - Date published: 5:05 pm, February 3rd, 2019 - 56 comments

Polymath economist Professor Michael Hudson’s latest article is a geopolitical panoramic masterpiece, sparked by outrage at a series of concurrent events on January 31 which he predicts means that 2019 will be the “year of global fracture.” Definitely worth a read.      

National shafted us with the MOM privatisation

Written By: - Date published: 7:20 am, January 17th, 2019 - 318 comments

Five years on how are the benefits from the Mixed Ownership Model privatisation process the last Government engaged in working out?

The Global Financial Crisis 10 Years On

Written By: - Date published: 11:19 am, September 11th, 2018 - 32 comments

Ten years ago this week massive financial businesses in the United States started collapsing. How has the world recovered from this?

Government with a plan

Written By: - Date published: 8:00 am, July 22nd, 2018 - 46 comments

Labour and New Zealand First Ministers under the first term of the sixth Labour government sitting in the Cabinet office.

The polls are great. Top work. But I’m getting worried about the entropy of this government already. Matthew Hooten and Karl Marx agree with me.

The Australian banking system review

Written By: - Date published: 8:00 am, May 2nd, 2018 - 17 comments

The review into Australia’s banking system really matters to New Zealand and is doing New Zealand an almighty good service.

Productivity

Written By: - Date published: 9:00 am, March 14th, 2018 - 32 comments

A more productive economy – and society – has been an elusive goal for many of New Zealand’s previous governments.  The last National Government failed.  What will Labour do to succeed?

Tripling down on financial illiteracy with Amy Adams (and MMT)

Written By: - Date published: 9:00 am, March 8th, 2018 - 128 comments

A 500-million Mark bank note from pre-war Germany

Amy Adams won’t commit to $11.7b, but she too has now become the third person to fall down the imaginary fiscal hole. How can National claim to have any soundness on finance if they won’t admit their criticisms on the economy are unreasonable and unfounded? And besides, aren’t National actually worse fiscal managers if ordinary people tend to get paid less under their regimes? We dive into some theory to thoroughly dispute even Steven Joyce’s/Amy Adam’s secondary criticism of “fiscal tightness,” although concede that two of the Budget Responsibility rules are probably stupid in order to do it.

Cullen says 2020 election effectively a referendum on tax

Written By: - Date published: 1:20 pm, March 7th, 2018 - 32 comments

Don’t hold your breath for recommendations of radical tax reform from the Tax Working Group. Chair Sir Michael Cullen says the 2020 election will be a referendum on tax and he is already kicking for touch

Tax Haven Man in Town

Written By: - Date published: 10:08 pm, February 20th, 2018 - 11 comments

The Lord Mayor of the City of London is visiting New Zealand. Its not Sadiq Khan, Charles Bowman is a PwC partner leading London’s financial centre lobby. He’s here to talk to business and regulators. He’ll no doubt be talking up  more deregulation.

Global Sharemarkets

Written By: - Date published: 9:05 am, February 15th, 2018 - 63 comments

Recent volatility in the U.S. stockmarkets has attracted calls that capitalism is facing a crisis.  But the reality appears to be different.

Fletcher Chair resigns but directors retain huge fees despite staggering loss

Written By: - Date published: 4:34 pm, February 14th, 2018 - 123 comments

Fletcher announces more huge losses but directors still laughing all the way to the bank

Fonterra a failure in concept and in practice

Written By: - Date published: 6:10 pm, February 9th, 2018 - 109 comments

New Zealanders 17 years ago accepted the idea of a national dairy monopoly on the condition it would deliver outstanding returns. The cost has been high — filthy and unswimmable rivers. Now it turns out the result has been a financial fiasco – the whole thing is literally bullshit, or more correctly, cowshit.

Economy 2018

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.

TPP, Corporate Coup or “Free trade”?

Written By: - Date published: 9:07 pm, November 8th, 2017 - 99 comments

However. TPP ( The trans Pacific partnership) is NOT a “Free trade” agreement. It is an attempt to cement in corporate power, to override inconvenient  local Democracy, and collect rents from local communities in perpetuity.
Since when was giving large companies extra rights in law, and rights to extract even more economic rents, “Free trade”?

Politics or Policy?

Written By: - Date published: 5:46 pm, October 9th, 2017 - 56 comments

Policy is everything, Winston Peters said today. This should not be a surprise. Before every election, he has refused to give any hint of Party support preference until after the vote. But he will have thought a lot about what he might want, as it has long been clear that his Party would decide the outcome. So what are his policies?

A “Culture of Entitlement”?

Written By: - Date published: 3:39 pm, August 17th, 2017 - 48 comments

With the current dialog about welfare, It is time to look at the people who are the real  beneficiaries, of the welfare system.

Who use the educated and healthy  workforce our system provides

The people who say “everyone should stand on their own two feet”, “you don’t work you don’t eat”,  and “take personal responsibility”,

The business sector.

David Cunliffe’s final speech

Written By: - Date published: 9:53 am, April 23rd, 2017 - 28 comments

The text of David Cunliffe’s final speech delivered to the New Lynn Labour Party earlier this week where he decries neoliberalism and worries about the world’s environmental future.

Banks and the Housing Crisis

Written By: - Date published: 8:23 am, April 5th, 2017 - 15 comments

Because of our our central government’s refusal to build social housing and both NZTA and AT rigorously avoiding urban development integration, the default control of housing supply lies with Australian regulation of New Zealand’s retail banks and their lending.

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?

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  • New Zealanders’ human rights better protected in new Bill
    The law setting out New Zealanders’ basic civil and human rights is today one step towards being strengthened following the first reading of a Bill that requires Parliament to take action if a court says a statute undermines those rights. At present, a senior court can issue a ‘declaration of ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Deep concern at Hong Kong national security legislation
    Foreign Affairs Minister Winston Peters today reiterated the deep concern of the New Zealand Government following confirmation by China’s National People’s Congress of national security legislation relating to Hong Kong. “New Zealand shares the international community’s significant and long-standing stake in Hong Kong’s prosperity and stability,” Mr Peters said. “New Zealand ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government invests in New Zealand’s cultural recovery
    Thousands of artists and creatives at hundreds of cultural and heritage organisations have been given much-needed support to recover from the impact of COVID-19, Prime Minister and Minister for Arts, Culture and Heritage Jacinda Ardern announced today. “The cultural sector was amongst the worst hit by the global pandemic,” Jacinda ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Better protection for New Zealand assets during COVID-19 crisis
    Key New Zealand assets will be better protected from being sold to overseas owners in a way contrary to the national interest, with the passage of the Overseas Investment (Urgent Measures) Bill. The Bill, which passed its third reading in Parliament today, also cuts unnecessary red tape to help attract ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Cleaning up our rivers and lakes
    Setting higher health standards at swimming spots Requiring urban waterways to be cleaned up and new protections for urban streams Putting controls on higher-risk farm practices such as winter grazing and feed lots Setting stricter controls on nitrogen pollution and new bottom lines on other measures of waterway health Ensuring ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Record year for diversity on Govt boards
    The Government is on the verge of reaching its target of state sector boards and committees made up of at least 50 percent women, says Minister for Women Julie Anne Genter and Minister for Ethnic Communities Jenny Salesa. For the first time, the Government stocktake measures the number of Māori, ...
    BeehiveBy beehive.govt.nz
    1 week ago