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Economics is still lost

Written By: - Date published: 12:25 pm, September 20th, 2016 - 54 comments

Paul Romer is an economist highly respected by his peers, and about to become the Chief Economist at the World Bank. He’s also just published a paper rubbishing the last 3 decades of macroeconomics.

Martin Wolf, chief economics commentator at the Financial Times is challenging fractional reserve banking. It’s certainly time for some new ideas.

Fortress NZ

Written By: - Date published: 11:25 am, September 16th, 2016 - 120 comments

TS regular Tony Veitch has some practical ideas as to how we insulate NZ from the ravages of neoliberalism and climate change. Readers may agree with some, none or all of the suggestions. However, whichever way you look at it, the time for hand wringing is over. It’s time for action.

‘Living Rent’ and other UK stories

Written By: - Date published: 9:53 am, September 8th, 2016 - 4 comments

A Tory think tank proposes a massive house-building plan, with a ‘Living Rent’ to make it affordable; and Nick Clegg lifts the lid on the Tories in the last government.

Reserve bank cuts OCR to record low

Written By: - Date published: 9:21 am, August 11th, 2016 - 28 comments

The Reserve Bank just cut the OCR to a historic low of 2%. And no it’s not good (economic) news.

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?

Stalled global economy and helicopter money

Written By: - Date published: 10:08 am, April 20th, 2016 - 21 comments

The global economy has been stuck in an ongoing crisis since 2008. Printing more money won’t fix it, but it looks like we’re going to try it anyway.

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?

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.

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.

250 to 300 Job Losses at Unitec in Auckland

Written By: - Date published: 10:23 am, August 8th, 2015 - 84 comments

Under Unitec’s new vision students will be known as Customers. Student services will be outsourced (overseas)

Aspiration statement
To be a world leader in contemporary applied learning and an agent of positive economic and social change
.

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.

Discussion starter for the day…

Written By: - Date published: 7:49 pm, March 10th, 2015 - 116 comments

I’d love to share these two posts with you and pick your brains on what you think!

NZ Banks are very worried…

Written By: - Date published: 5:59 am, February 25th, 2015 - 76 comments

New Zealand banks (which are really Australian banks) are REALLY worried for us (oh, and for themselves).

A calculated feeding of the beasts within

Written By: - Date published: 2:13 pm, February 5th, 2015 - 74 comments

The social democracy of my youth has radically collapsed into our current culture of individualism, privatisation and personal greed.

Solving the Housing Crisis – Facts or Ideology?

Written By: - Date published: 10:09 am, January 26th, 2015 - 63 comments

The scale of the housing affordability crisis, particularly in Auckland, is now unmistakable. Not only do individual families suffer as home ownership increasingly moves beyond their reach, but the impact on social cohesion and on the fair distribution of resources is becoming more and more damaging. The rising cost of buying a house is without […]

Fred Dagg – User’s Guide to NZ

Written By: - Date published: 10:07 pm, December 4th, 2014 - 35 comments

I miss Fred Dagg – John Clarke’s latest is a purler. “New Zealand … is an egalitarian nation made up of well over four million rugged individualists and naturally gifted sportspeople and is run on alternate days by the government and whoever bought the national infrastructure.” Read, laugh and weep – he might be gone but we’re not forgotten, and thank God for that.

Democracy, Money and Power

Written By: - Date published: 9:18 am, November 27th, 2014 - 6 comments

The stage was long ago reached where members of the US Government were told they should “wear their sponsors logo’s on their shirts”.

Campbell & Gould on neoliberalism

Written By: - Date published: 7:20 am, November 4th, 2014 - 49 comments

Yesterday’s Werewolf contained a fascinating discussion between Gordon Campbell and Bryan Gould on neoliberalism and the economy. It should be required reading for Labour leadership contenders!

Parker nails English on economic policy

Written By: - Date published: 2:25 pm, August 25th, 2014 - 32 comments

Labour has the bold set of policies to take New Zealand forward into the 21st century – National’s “same old same old” tinkering will see the Kiwi skiff swamped. That was the clear conclusion from the debate between David Parker and Bill English on National Radio this morning.

Polity: Why Joyce is full of it on monetary policy

Written By: - Date published: 11:11 am, May 5th, 2014 - 33 comments

Rob Salmond at Polity just saved me from having to write something like this post explaining economic basics to Steven Joyce. Joyce demonstrated again why his tenure at MoBIE has been a failure for the overall economy. He fixates on one thing like the business selling milk powder to the exclusion of the overall picture. In part that is why we have neither expanding innovation or employment in our economy at present. He is a good tactical politician. But he is a fool on strategy.

NRT: All about distribution

Written By: - Date published: 1:54 pm, April 30th, 2014 - 29 comments

Distribution – who pays, who gets what – is one of (or perhaps the) key question in politics. It is the big problem with Labour’s new monetary policy. We’ve all seen how the theoretical ability to compensate the losers of policies which produce net gains tends to be forgotten in practice. Which means that the acceptability of the policy is going to depend crucially on whether Labour follows through on this promise.

UBI

Written By: - Date published: 8:47 pm, January 7th, 2014 - 359 comments

New Zealand was once considered one of the best places on earth to live. It could be again …

All hail RBNZ independence! – Armstrong

Written By: - Date published: 10:32 am, October 5th, 2013 - 94 comments

Old man Armstrong’s out on the Herald’s front lawn this morning, shaking his fist and telling those bloody kids in Labour to stop questioning whether the Reserve Bank is doing the right thing. They should sit quietly and accept whatever the Bank decides to do. This is called ‘consensus’, apparently. Problem is, Armstrong provides no justification for complete RB independence.

UBI. (Universal Basic Income).

Written By: - Date published: 11:58 am, September 5th, 2013 - 230 comments

The concept of UBI has a long history in New Zealand.

Of course, we already have a UBI for those over 65.  Which has been extremely successful at eliminating poverty amongst the elderly, at a very moderate cost by international standards.

Why I electorate vote Cunliffe: op ed

Written By: - Date published: 12:10 pm, August 23rd, 2013 - 137 comments

I wasn’t going to express my opinion on the upcoming Labour leadership selection process. However, the usual right leaning MSM hacks seem to have been following the current Labour caucus leadership in naming Robertson as the frontrunner. This is my op ed testimony for my frontrunner, the MP for my electorate: Cunliffe.

The magical world of New Zealand’s, Neo-Liberal right wing.

Written By: - Date published: 6:06 am, August 1st, 2013 - 82 comments

It has been obvious that some people live in a different world than the rest of us. One where Chicago school economics, work! One where you save the village by blowing it up! One where global warming can be stopped, Canute like, by legislation. One where dropping wages and giving everything to bloated financiers, makes […]

Should a country be run like a business?

Written By: - Date published: 2:50 pm, June 22nd, 2013 - 102 comments

Many business people say that a country should be run like a business. Maybe they are right. It should be run like a SUCCESSFUL business. It is appropriate for Government to take lessons from business success, and the reverse. But when it comes down to details, right wing Neo-Liberal business do not want Government and country they govern to become too successful or democratic…

Why Doug Heffernan wants you to keep paying too much for power

Written By: - Date published: 7:32 am, April 29th, 2013 - 49 comments

John Key has committed to giving up the National Party’s leadership if he loses the next election. That didn’t stop him from committing the next National Government from reversing NZ Power and putting up electricity prices whenever it comes to power . It got me thinking about the people who are so keen to kill NZ Power in its cradle and why. Today: MRP CEO Doug Heffernan.

One day older and deeper in debt

Written By: - Date published: 7:15 am, March 21st, 2013 - 103 comments

There’s this almost puritan kind of myth that we’ve got so much international debt as punishment for our spendthrift ways. We ‘live beyond our means’, apparently. But it’s not true. If ‘our means’ is the money we make in exports, then most of the time, they exceed what we spend on imports. Yet, we run a $10 billion deficit as a country. Why? Because of the profit outflow.

Hatin’ on the left

Written By: - Date published: 8:45 pm, February 10th, 2013 - 432 comments

So Trevor Mallard thinks it’s smart to stick the boot in to Russell Norman for linking to an article about using the printing of money as a tool of monetary policy. Well it says a lot more about the state of the Labour Party than anything else. It just goes to show what happens when […]

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