Daily review 17/11/2022

Written By: - Date published: 5:30 pm, November 17th, 2022 - 22 comments
Categories: Daily review - Tags:

Daily review is also your post.

This provides Standardistas the opportunity to review events of the day.

The usual rules of good behaviour apply (see the Policy).

Don’t forget to be kind to each other …

22 comments on “Daily review 17/11/2022 ”

  • Comments are now closed

    • joe90 1.1
      17 November 2022 at 5:52 pm

      Stand by for bogus impeachments, debt ceiling ultimatums, government shutdowns, vexatious house hearings, and assorted Republican stupidity.

      Kicking off on the day they officially gain control the House.

      • Poission 1.1.1
        17 November 2022 at 5:58 pm

        The debt ceiling is an issue,as interest rates have risen and next year the US will spend more on interest then defense.

        https://twitter.com/BloombergTV/status/1591171981184946176?cxt=HHwWgMCqsZGf_ZQsAAAA

        • joe90 1.1.1.1
          17 November 2022 at 6:11 pm

          Apropos of debt obligations; FP on the consequences of a threat to default on provincial government debt.

          Imagine the turmoil if a newly elected president of the United States announced that the U.S. government would no longer honor any outstanding Treasury bills because most of them were issued under his profligate predecessor. That’s essentially what Kim Jin-tae, the governor of South Korea’s Gangwon province, did. In doing so, Kim sparked a nationwide credit crisis that is spreading internationally, in the most farcical and unnecessary economic self-destruction this side of Liz Truss

          […]

          Immediately, South Korea’s local government projects ground to a halt. As Gangwon did, South Korea’s local governments issue bonds with their guarantees attached to them in order to build infrastructure, public housing, and other large-scale projects. But Gangwon’s default made those guarantees worthless overnight. On Oct. 27, reports emerged that Incheon Housing and City Development Corp., a publicly owned company responsible for urban renewal for South Korea’s third-largest city, had abandoned a plan to issue bonds for affordable housing construction, as it expected no buyers. Out of the 60 billion won (about $44 million) worth of bonds issued by Gwacheon Urban Corp. (GUC) for public housing construction in a wealthy suburb of Seoul, 40 billion won in debt could not find a buyer—the first time in history that GUC failed to sell out its bonds.

          But the fallout is not limited to local government bonds; it impacts the whole of South Korea’s bond market, worth more than $2 trillion. Corporate bonds are considered less safe than local government bonds. If few buyers are brave enough to buy local government bonds under these conditions, even fewer buyers can muster enough courage to buy corporate bonds. One of the safest corporate bonds in South Korea is issued by Korea Electric Power Corp. (KEPCO). The returns for KEPCO’s three-year bond had climbed from 2.184 percent to 5.825 percent since the beginning of this year. But in its latest issuance, the KEPCO three-year bond worth 200 billion won (about $146 million) could not find a buyer.

          https://archive.ph/pURO3 (FP)

          • Poission 1.1.1.1.1
            17 November 2022 at 6:41 pm

            More spin then substance as little movement on currency risks,and 10 yr bond .2% higher then US,and around .25% less then NZ 10yr.

      • Maurice 1.1.2
        17 November 2022 at 7:01 pm

        Uni-Party business as usual then?

  2. pat 2
    17 November 2022 at 7:34 pm

    "UNINSURABLE
    And we should note that in the middle of the inland floods in Australia's eastern state, insurers have had enough, advising residents who live on floodplains (most of the good agricultural region) that their insurance won't be renewed."

    https://www.interest.co.nz/business/118500/review-things-you-need-know-you-sign-thursday-inflation-hits-farmers-hardest

    • Hunter Thompson II 2.1
      17 November 2022 at 10:08 pm

      Makes me wonder if the new development (700 houses) planned for the Napier floodplain region is a good idea (NZ Herald, 17 Nov).

      It's been rushed through of course.

      As Sgt Wilson would say on Dad's Army: "do you think that's wise?"

  3. Muttonbird 3
    17 November 2022 at 7:47 pm

    Nats are rightly getting an absolute caning for their frankly daft boot camp policy announcement.

    Who thought this was a good idea?

    Why did Luxon say, "reprogrammed" when referencing the most vulnerable people in NZ society?

    Did his speech writers put this word in there or did Christopher 'this is easy' Luxon run off script?

    Gold plated ammunition for Labour and the Greens.

  4. Patricia Bremner 4
    17 November 2022 at 9:30 pm

    When you make policy announcements with the mercenary at your shoulder….as the possible Minister of Police…

    Desperate on the hoof warmed up of old failed stuff.

    Most will remember how hyped it was last time until it was "rinse and repeat" as many became recidivist offenders.

    Luxon had to make a noise to drown out Willis and to try to lift his numbers…

    Is there a split appearing in the camp? Or a two pronged attack. Popcorn time. imo

    • Muttonbird 4.1
      17 November 2022 at 9:44 pm

      Very astute, Patricia. The Nats are clearly still a divided camp and the warring factions plain to see.

    • Shanreagh 4.2
      17 November 2022 at 10:19 pm

      Rinse and repeat is correct.

    • woodart 4.3
      18 November 2022 at 9:33 am

      nats focus groups will be telling them that willis would be less unpopular (wow, thats a two edged compliment) than luxon. nats christmas bbq could be reheated leftovers…

  5. SPC 5
    17 November 2022 at 9:58 pm

    A sceptic looks at the thinking of Jordan Peterson.

  6. Poission 6
    17 November 2022 at 11:15 pm

    UK autumn budget to be released later tonight.What has been suggested that may be on the cards .

    55 B in revenue by spending cuts and tax increases.

    Deferment of spending in some areas,and no increases in spending excluding health and education.

    Stealth taxes by non movement of tax levels,letting wage increases move earners into higher brackets.freezing of tax free allowances,allowing inflation to move products and capital gains into taxable realm.

    Pension and benefit increases (inflation measured).

    Increased expenditure for insulation and replacement of home hot water with electric,and heat pumps (mostly removal on VAT.

    https://twitter.com/Joe_Mayes/status/1593163628416749569?cxt=HHwWgsDSzaH4hpwsAAAA

    Hope Nats stay up to watch.

The server will be getting hardware changes this evening starting at 10pm NZDT.
The site will be off line for some hours.