Daily review 24/09/2019
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5:30 pm, September 24th, 2019 - 28 comments
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- The 1 Good Thing Left In Journalism
Hi,It’s almost Christmas Day which means it is almost my birthday, where you will find me whimpering in the corner clutching a warm bottle of Baileys.If you’re out of ideas for presents (and truly desperate) then it is possible to gift a full Webworm subscription to a friend (or enemy) ...2 hours ago - Bernard’s Picks ‘n’ Mixes for Monday, December 23
This morning’s six standouts for me at 6.30am include:Rachel Helyer Donaldson’s scoop via RNZ last night of cuts to maternity jobs in the health system;Maddy Croad’s scoop via The Press-$ this morning on funding cuts for Christchurch’s biggest food rescue charity;Benedict Collins’ scoop last night via 1News on a last-minute ...2 hours ago - 2024 SkS Weekly Climate Change & Global Warming News Roundup #51
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Well, I've been there, sitting in that same chairWhispering that same prayer half a million timesIt's a lie, though buried in disciplesOne page of the Bible isn't worth a lifeThere's nothing wrong with youIt's true, it's trueThere's something wrong with the villageWith the villageSomething wrong with the villageSongwriters: Andrew Jackson ...22 hours ago - Government Forces Universities to Enforce “Free Speech” While Limiting Universities̵...
ACT would like to dictate what universities can and can’t say. We knew it was coming. It was outlined in the coalition agreement and has become part of Seymour’s strategy of “emphasising public funding” to prevent people from opposing him and his views—something he also uses to try and de-platform ...22 hours ago - Fact brief – Are we heading into an ‘ice age’?
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- As Our Power Lessens: Published
So the Solstice has arrived – Summer in this part of the world, Winter for the Northern Hemisphere. And with it, the publication my new Norse dark-fantasy piece, As Our Power Lessens at Eternal Haunted Summer: https://eternalhauntedsummer.com/issues/winter-solstice-2024/as-our-power-lessens/ As previously noted, this one is very ‘wyrd’, and Northern Theory of Courage. ...2 days ago - By Any Other Name.
The Natural Choice: As a starter for ten percent of the Party Vote, “saving the planet” is a very respectable objective. Young voters, in particular, raised on the dire (if unheeded) warnings of climate scientists, and the irrefutable evidence of devastating weather events linked to global warming, vote Green. After ...2 days ago - Bernard’s last Saturday Soliloquy for 2024
The Government cancelled 60% of Kāinga Ora’s new builds next year, even though the land for them was already bought, the consents were consented and there are builders unemployed all over the place. Photo: Lynn Grieveson / The KākāMōrena. Long stories short, the six things that mattered in Aotearoa’s political ...2 days ago - Bernard’s Picks ‘n’ Mixes for Saturday, December 21
Photo by CHUTTERSNAP on UnsplashEvery morning I get up at 3am to go around the traps of news sites in Aotearoa and globally. I pick out the top ones from my point of view and have been putting them into my Dawn Chorus email, which goes out with a podcast. ...2 days ago - 2024 OIA stats
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The government published its first Biennial Transparency Report under the Paris Agreement yesterday, and the media has correctly noted that it is missing any plan to actually meet our target. While it hypes domestic emissions reductions so far - which have been good, but will likely get worse thanks to ...3 days ago
- Economic Bulletin December 2024
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The NZCTU Te Kauae Kaimahi have submitted against the controversial Treaty Principles Bill, slamming the Bill as a breach of Te Tiriti o Waitangi and an attack on tino rangatiratanga and the collective rights of Tangata Whenua. “This Bill seeks to legislate for Te Tiriti o Waitangi principles that are ...3 days ago
- ZB’s Power Couple
I don't knowHow to say what's got to be saidI don't know if it's black or whiteThere's others see it redI don't get the answers rightI'll leave that to youIs this love out of fashionOr is it the time of yearAre these words distraction?To the words you want to hearSongwriters: ...3 days ago - Austerity thumps GDP most since 1991
Our economy has experienced its worst recession since 1991. Photo: Lynn Grieveson / The KākāMōrena. Long stories short, the six things that matter in Aotearoa’s political economy around housing, climate and poverty on Friday, December 20 in The Kākā’s Dawn Chorus podcast above and the daily Pick ‘n’ Mix below ...3 days ago
- Weekly Roundup 20-December-2024
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The podcast above of the weekly ‘Hoon’ webinar for paying subscribers on Thursday night features co-hosts & talking about the year’s news with: on climate. Her book of the year was Tim Winton’s cli-fi novel Juice and she also mentioned Mike Joy’s memoir The Fight for Fresh Water. ...3 days ago
- The baby-boomers’ last gasp
The Government can head off to the holidays, entitled to assure itself that it has done more or less what it said it would do. The campaign last year promised to “get New Zealand back on track.” When you look at the basic promises—to trim back Government expenditure, toughen up ...3 days ago - Skeptical Science New Research for Week #51 2024
Open access notables An intensification of surface Earth’s energy imbalance since the late 20th century, Li et al., Communications Earth & Environment: Tracking the energy balance of the Earth system is a key method for studying the contribution of human activities to climate change. However, accurately estimating the surface energy balance ...3 days ago
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Data released by Statistics New Zealand today showed a significant slowdown in the economy over the past six months, with GDP falling by 1% in September, and 1.1% in June said CTU Economist Craig Renney. “The data shows that the size of the economy in GDP terms is now smaller ...4 days ago
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Sparse offerings outside a Te Kauwhata church. Meanwhile, the Government is cutting spending in ways that make thousands of hungry children even hungrier, while also cutting funding for the charities that help them. It’s also doing that while winding back new building of affordable housing that would allow parents to ...4 days ago
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It is difficult to make sense of the Luxon Coalition Government’s economic management.This end-of-year review about the state of economic management – the state of the economy was last week – is not going to cover the National Party contribution. Frankly, like every other careful observer, I cannot make up ...4 days ago - Back on Track
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Similar to the cuts and the austerity drive imposed by Ruth Richardson in the 1990’s, an era which to all intents and purposes we’ve largely fiddled around the edges with fixing in the time since – over, to be fair, several administrations – whilst trying our best it seems to ...5 days ago - Handling Democracy.
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Dear Nicola Willis, thank you for letting us know in so many words that the swingeing austerity hasn't worked.By in so many words I mean the bit where you said, Here is a sea of red ink in which we are drowning after twelve months of savage cost cutting and ...5 days ago - Open Government: The joke ends
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Today I tuned into something strange: a press conference that didn’t make my stomach churn or the hairs on the back of my neck stand on end. Which was strange, because it was about the torture of children. It was the announcement by Erica Stanford — on her own, unusually ...5 days ago - This substack has talked about this government’s seeming corruption & pro-corporate issues...
This is a must watch, and puts on brilliant and practical display the implications and mechanics of fast-track law corruption and weakness.CLICK HERE: LINK TO WATCH VIDEOOur news media as it is set up is simply not equipped to deal with the brazen disinformation and corruption under this right wing ...5 days ago - NZCTU: Minister needs to listen to the evidence on engineered stone ban
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- Wednesday 18 December
The Government has announced a 1.5% increase in the minimum wage from 1 April 2025, well below forecast inflation of 2.5%. Unions have reacted strongly and denounced it as a real terms cut. PSA and the CTU are opposing a new round of staff cuts at WorkSafe, which they say ...5 days ago
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The decision to unilaterally repudiate the contract for new Cook Strait ferries is beginning to look like one of the stupidest decisions a New Zealand government ever made. While cancelling the ferries and their associated port infrastructure may have made this year's books look good, it means higher costs later, ...5 days ago
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Today is a special member's morning, scheduled to make up for the government's theft of member's days throughout the year. First up was the first reading of Greg Fleming's Crimes (Increased Penalties for Slavery Offences) Amendment Bill, which was passed unanimously. Currently the House is debating the third reading of ...5 days ago
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Willis blamed Treasury for changing its productivity assumptions and Labour’s spending increases since Covid for the worsening Budget outlook. Photo: Getty ImagesMōrena. Long stories short, the six things that matter in Aotearoa’s political economy around housing, climate and poverty on Wednesday, December 18 in The Kākā’s Dawn Chorus podcast above ...5 days ago
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Today the Auckland Transport board meet for the last time this year. For those interested (and with time to spare), you can follow along via this MS Teams link from 10am. I’ve taken a quick look through the agenda items to see what I think the most interesting aspects are. ...5 days ago
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Hi,If you’re a New Zealander — you know who Mike King is. He is the face of New Zealand’s battle against mental health problems. He can be loud and brash. He raises, and is entrusted with, a lot of cash. Last year his “I Am Hope” charity reported a revenue ...5 days ago - It could have been worse
Probably about the only consolation available from yesterday’s unveiling of the Half-Yearly Economic and Fiscal Update (HYEFU) is that it could have been worse. Though Finance Minister Nicola Willis has tightened the screws on future government spending, she has resisted the calls from hard-line academics, fiscal purists and fiscal hawks ...5 days ago
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The right have a stupid saying that is only occasionally true:When is democracy not democracy? When it hasn’t been voted on.While not true in regards to branches of government such as the judiciary, it’s a philosophy that probably should apply to recently-elected local government councillors. Nevertheless, this concept seemed to ...5 days ago - Willis’ austerity strategy just isn’t working
Long story short: the Government’s austerity policy has driven the economy into a deeper and longer recession that means it will have to borrow $20 billion more over the next four years than it expected just six months ago. Treasury’s latest forecasts show the National-ACT-NZ First Government’s fiscal strategy of ...6 days ago
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6 days ago - ‘Ideas Worth Saving’: A Call for Papers
Some years ago, I found myself pondering the power of literature to endure. Or at least the power of some of it to endure, while the rest vanishes in mere decades: https://phuulishfellow.wordpress.com/2019/08/07/look-on-my-works-ye-mighty-and-despair-the-literary-future/. I have similarly had fun with the subject in some of my short stories, such as Another Alexandria ...6 days ago - Corrections is torturing prisoners again
In 1998, in the wake of the Paremoremo Prison riot, the Department of Corrections established the "Behaviour Management Regime". Prisoners were locked in their cells for 22 or 23 hours a day, with no fresh air, no exercise, no social contact, no entertainment, and in some cases no clothes and ...6 days ago
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New data released by the Treasury shows that the economic policies of this Government have made things worse in the year since they took office, said NZCTU Economist Craig Renney. “Our fiscal indicators are all heading in the wrong direction – with higher levels of debt, a higher deficit, and ...6 days ago
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At the 2023 election, National basically ran on a platform of being better economic managers. So how'd that turn out for us? In just one year, they've fucked us for two full political terms: The government's books are set to remain deeply in the red for the near term ...6 days ago
- Shameless, clueless
AUSTERITYText within this block will maintain its original spacing when publishedMy spreadsheet insists This pain leads straight to glory (File not found) Read more ...6 days ago - Minimum wage ‘increase’ is an effective cut
The NZCTU Te Kauae Kaimahi are saying that the Government should do the right thing and deliver minimum wage increases that don’t see workers fall further behind, in response to today’s announcement that the minimum wage will only be increased by 1.5%, well short of forecast inflation. “With inflation forecast ...6 days ago
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Oh, I weptFor daysFilled my eyesWith silly tearsOh, yeaBut I don'tCare no moreI don't care ifMy eyes get soreSongwriters: Paul Rodgers / Paul Kossoff. Read more ...6 days ago - How much should you worry about a collapse of the Atlantic conveyor belt?
This is a re-post from Yale Climate Connections by Bob Henson In this aerial view, fingers of meltwater flow from the melting Isunnguata Sermia glacier descending from the Greenland Ice Sheet on July 11, 2024, near Kangerlussuaq, Greenland. According to the Programme for Monitoring of the Greenland Ice Sheet (PROMICE), the ...6 days ago
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In August, I wrote an article about David Seymour1 with a video of his testimony, to warn that there were grave dangers to his Ministry of Regulation:David Seymour's Ministry of Slush Hides Far Greater RisksWhy Seymour's exorbitant waste of taxpayers' money could be the least of concernThe money for Seymour ...6 days ago - When austerity worsens public debt & cuts GDP
Willis is expected to have to reveal the bitter fiscal fruits of her austerity strategy in the HYEFU later today. Photo: Lynn Grieveson/TheKakaMōrena. Long stories short, the six things that matter in Aotearoa’s political economy around housing, climate and poverty on Tuesday, December 17 in The Kākā’s Dawn Chorus podcast ...6 days ago
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The Prime Minister yesterday engaged in what looked like a pre-emptive strike designed to counter what is likely to be a series of depressing economic statistics expected before the end of the week. He opened his weekly post-Cabinet press conference with a recitation of the Government’s achievements. “It certainly has ...6 days ago
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Back in 2023 the New Zealand Council for Civil Liberties raised concerns about the inherent conflict of interest involved in public service agencies supporting parliamentary select committees. Our parliament is run on a shoestring, so depends on the public service for advice. But public service agencies work for Ministers, not ...7 days ago
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And if there is a GodI know he likes to rockHe likes his loud guitarsHis spiders from MarsAnd if there is a GodI know he's watching meHe likes what he seesBut there's trouble on the breezeSongwriter: William Patrick Corgan Read more ...7 days ago - A Lipstick Government
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Iain Rennie, CNZMSecretary and Chief Executive to the TreasuryDear Secretary, Undue restrictions on restricted briefings This week, the Treasury barred representatives from four organisations, including the New Zealand Council of Trade Unions Te Kauae Kaimahi, from attending the restricted briefing for the Half-Year Economic and Fiscal Update. We had been ...7 days ago
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- Thank You
Hi all,I'm pretty overwhelmed by all your messages and emails today; thank you so very much.As much as my newsletter this morning was about money, and we all need to earn money, it was mostly about world domination if I'm honest. 😉I really hate what’s happening to our country, and ...1 week ago - 2024 SkS Weekly Climate Change & Global Warming News Roundup #50
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I started writing this morning about Hobson’s Pledge, examining the claims they and their supporters make, basically ripping into them. But I kept getting notifications coming through, and not good ones.Each time I looked up, there was another un-subscription message, and I felt a bit sicker at the thought of ...1 week ago - Nothing here but the shadows
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Hi,“What I love about New Zealanders is that sometimes you use these expressions that as Americans we have no idea what those things mean!"I am watching a 30-something year old American ramble on about how different New Zealanders are to Americans. It’s his podcast, and this man is doing a ...1 week ago
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National has only been in power for a year, but everywhere you look, its choices are taking New Zealand a long way backwards. In no particular order, here are the National Government's Top 50 Greatest Misses of its first year in power. ...3 days ago - Release: Minister’s plan for tertiary sector a backwards step
Returning to the model that was failing for most polytechnics and Institutes of Technology is not the answer. ...3 days ago
- Release: National buries 1019 planned homes
It’s been revealed that National has cancelled 60 percent of its housing projects planned before mid-2025 amidst housing woes. ...3 days ago
- Release: Rule-Czar bill a right-wing power grab
The Government is quietly undertaking consultation on the dangerous Regulatory Standards Bill over the Christmas period to avoid too much attention. ...3 days ago
- Release: Why not both? Luxon shuns Waitangi celebrations
Prime Minister Christopher Luxon is running away from problems of his own creation, with his decision not to go to Waitangi. ...4 days ago
- Govt’s ‘free speech’ legislation stokes fear, not freedom
The Government’s planned changes to the freedom of speech obligations of universities is little more than a front for stoking the political fires of disinformation and fear, placing teachers and students in the crosshairs. ...4 days ago - Release: Nicola Willis spirals country deeper into recession
The economy shrank 1% this quarter and New Zealand has tumbled into the depths of a recession of Nicola Willis’ making. ...4 days ago
- Release: Hikes for company directors but not ordinary Kiwis
Working people are going backwards while company directors are being given huge pay hikes. ...5 days ago
- ECE no place to cut corners
The Ministry of Regulation’s report into Early Childhood Education (ECE) in Aotearoa raises serious concerns about the possibility of lowering qualification requirements, undermining quality and risking worse outcomes for tamariki, whānau, and kaiako. ...5 days ago
- Release: Strengthening Justice Services for New Zealanders
A Bill to modernise the role of Justices of the Peace (JP), ensuring they remain active in their communities and connected with other JPs, has been put into the ballot. ...5 days ago
- Release: Labour will continue fight against destructive projects
Labour will continue to fight unsustainable and destructive projects that are able to leap-frog environment protection under National’s Fast-track Approvals Bill. ...6 days ago
- Green Government will revoke dodgy fast-track projects
The Green Party has warned that a Green Government will revoke the consents of companies who override environmental protections as part of Fast-Track legislation being passed today. ...6 days ago
- Government for the wealthy keeps pushing austerity
The Green Party says the Half Year Economic and Fiscal Update shows how the Government is failing to address the massive social and infrastructure deficits our country faces. ...6 days ago
- Release: Visa changes let migrant workers be paid less
The Government’s latest move to reduce the earnings of migrant workers will not only hurt migrants but it will drive down the wages of Kiwi workers. ...6 days ago
- Release: Nightmare before Christmas for Nicola Willis
With more debt and a larger deficit, Nicola Willis’ reputation is in tatters after her failure to return the Government’s books to surplus. ...6 days ago
- Warning to Fast-Track Applicants – ‘Exploit the Whenua, Face the Consequences’
Te Pāti Māori has this morning issued a stern warning to Fast-Track applicants with interests in mining, pledging to hold them accountable through retrospective liability and to immediately revoke Fast-Track consents under a future Te Pāti Māori government. This warning comes ahead of today’s third reading of the Fast-Track Approvals ...6 days ago
- Release: Govt cuts wages for lowest paid NZers… again
For the second year running, the government has effectively cut wages for the lowest paid workers in New Zealand. ...6 days ago
- Govt’s miserly 1.5% minimum wage will take workers backwards
The Government’s announcement today of a 1.5 per cent increase to minimum wage is another blow for workers, with inflation projected to exceed the increase, meaning it’s a real terms pay reduction for many. ...6 days ago
- Release: Govt shirking responsibility for rate hikes
All the Government has achieved from its announcement today is to continue to push responsibility back on councils for its own lack of action to help bring down skyrocketing rates. ...6 days ago
- Luxon’s ‘localism’ strikes again
The Government has used its final post-Cabinet press conference of the year to punch down on local government without offering any credible solutions to the issues our councils are facing. ...7 days ago
- Release: Govt breaks promise on EV chargers
The Government has failed to keep its promise to ‘super charge’ the EV network, delivering just 292 chargers - less than half of the 670 chargers needed to meet its target. ...7 days ago
- Greens call for end to subsidies for Methanex
The Green Party is calling for the Government to stop subsidising the largest user of the country’s gas supplies, Methanex, following a report highlighting the multi-national’s disproportionate influence on energy prices in Aotearoa. ...7 days ago
- Govt child poverty targets allow for increase in poverty
The Green Party is appalled with the Government’s new child poverty targets that are based on a new ‘persistent poverty’ measure that could be met even with an increase in child poverty. ...1 week ago
- Release: Four weeks annual leave under threat
The Government’s attack on workers continues with news it is scrapping work on the Holidays Act. ...1 week ago
- Govt’s emissions plan for measly 1% reduction
New independent analysis has revealed that the Government’s Emissions Reduction Plan (ERP) will reduce emissions by a measly 1 per cent by 2030, failing to set us up for the future and meeting upcoming targets. ...1 week ago
- Greens stand in solidarity with Whakaata Māori on sad day
The loss of 27 kaimahi at Whakaata Māori and the end of its daily news bulletin is a sad day for Māori media and another step backwards for Te Tiriti o Waitangi justice. ...1 week ago
- Sanctions regime to create more hardship for families
Yesterday the Government passed cruel legislation through first reading to establish a new beneficiary sanction regime that will ultimately mean more households cannot afford the basic essentials. ...1 week ago
- Govt gifts renters housing anxiety for Christmas
Today's passing of the Government's Residential Tenancies Amendment Bill–which allows landlords to end tenancies with no reason–ignores the voice of the people and leaves renters in limbo ahead of the festive season. ...1 week ago
- Release: National Party urged to support modern slavery legislation
Labour is urging the Prime Minister to walk the talk and support legislation combating modern slavery. ...2 weeks ago
- Release: Labour has lost confidence in the Speaker
The Speaker of the New Zealand Parliament made an unprecedented decision on the government amendment to the Fast Track Approvals Bill last night. ...2 weeks ago
- One year on, still no progress on new ferries
Today’s announcement from the Government on its plan for new ferries throws more uncertainty on the future of the country’s rail network. ...2 weeks ago
- Release: Nicola Willis’ smaller ferries will cost more
After wasting a year, Nicola Willis has delivered a worse deal for the Cook Strait ferries that will end up being more expensive and take longer to arrive. ...2 weeks ago
- Bill to sanction unlawful occupation of Palestine
Green Party co-leader Chlöe Swarbrick has today launched a Member’s Bill to sanction Israel for its unlawful presence in the Occupied Palestinian Territory, as the All Out For Gaza rally reaches Parliament. ...2 weeks ago
- Release: Labour fully supports greyhound racing ban
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WEAG recommendations..?
Is anyone aware of any lobby groups or similar that are pushing for all the recommendations to be adopted? There are a couple of us down here (Wgtn) but we would like to network with others.
Child Poverty Action Group?
Auckland Action Against Poverty?
Sorry, I'm on my phone so can't link….but I recall there was a piece on RNZ about a combined effort to advance the WEAG recommendations.
Sadly, This Lot have made a commitment to Middle NewZild…just like the Previous Mob, and the Lot before them…
Thanks Rosemary!
No luck so far with AAAP after several emails and in person contact. Bugger.
Will try CPAG – good thinking – but being child focused, which in my opinion is not the most disadvantaged group (that would be long term disabled), I doubt they are all that concerned with desperate beneficiaries desperate to retire so they can better afford their costs.
Sadly, again, Labour has a history of choosing to pretend that long term and non- ACC disabled will simply go away if they are ignored.
They don't give a shit about these groups….never have, never will.
CPAG produced a paper about how disability impacts a family…seriously affects deprivation.
Onya, A, for persuing this. Respect.
Thanks!
I hope we get some traction.
Hannah and Chloe might be worth talking to https://twitter.com/Hannah_McGNZ/status/1176319764743897089
Cheers!
winners & losers…'all done in the..best possible taste'.
https://www.theguardian.com/business/2019/sep/23/hedge-funds-win-big-from-short-selling-thomas-cook-shares
Coming soon to a theatre …near you.
https://youtu.be/9RZSTx9khWw
Well that pretty much covers it
Fark…is that for real?
Obviously the "ad" itself isn't real, but yeah. They already did a limited trial roll out in certain areas and tout it as a success. However those given the card mostly don’t have any drug/gambling issues and it’s just an inconvenience (sometimes it completely stops their life eg can’t get on a bus) that humiliates people just trying to get by.
A Current Affair has done some stuff on this
lol…know the Honest Australien Gov is not real…but was surprised theyd gone this far though did find a couple of pieces about it…wouldnt be surprised to find it proposed for here in the near future,
Quite disturbing especially the Ministerial powers associated
You never know who is out their lobbying for some shit to be inflicted on the poor and powerless for profit
Remember, China can't compel companies to put back doors and shit in.
/
https://www.cnbc.com/2019/09/23/china-to-place-government-officials-in-100-companies-including-alibaba.html
Another quick TV show heads up.
Just finished watching a six parter called The I-Land. Well worth a watch if you've got some free time and brain cells to rot. A bit like lost at first, then a few twists turn up, and then the kicker at the end.
The I-Land
I watched the start and liked the Lord of Flies hat tip, even a bit Jose Farmer River books, will go back and watch til end. Just finished those Criminal shows and Top Boy, also recommend Money Heist (the first series anyway, it gets a bit unoriginal after that) & Narcos too (the Asian one is coming and it's gonna be brutal).
I think if you haven't written it off by the end of episode two, which you shouldn't as it's well written and acted, three will be a big wtf and it gets even better from there.
I did watch the second episode and yeah, def twists and turns, will keep watching. I had written it off because the beautiful actors, but maybe that's part of the plot. Cheers for the heads up.
Negative interest rates in Europe are social poison.
ECB has ruined business model of German banks, which borrow money short term & lend long term. Banks can no longer earn money w/flat yield curve: maturity transformation business is dead. Commerzbank shares dive in tandem w/2s10s yield spread.
https://www.welt.de/wirtschaft/article200679662/Banken-Das-Geschaeftsmodell-mit-dem-Zins-ist-tot.html?wtmc=socialmedia.twitter.shared.web … via @welt
***Rough English translation:***
The cash cow bank lending model is dead, buried by the European Central Bank (ECB).
The coup de grace came at the recent meeting. As ECB President Mario Draghi squeezed the negative interest rate for banks even deeper.
The ECB will restart its bond purchase program in November. This time, without a time limit. Thus, the monetary authorities have permanently chained the long-term interest rate at a low level and cut the profit opportunities of the financial sector to a level that isn't sustainable. For a long time, institutions have made good money from the difference between long-term and short-term interest rates.That time is now over.
In 2016, Commerzbank employed more than 50,000 people. CEO Martin Zielke wants to close one-fifth of the 1,000 branches and even wants to part with an important source of income including his Polish subsidiary MBank. The workforce should be reduced to around 38,000 by the end of 2020.
The sale of Mbank is a desperate attempt at salvation.
In terms of stock market value, Deutsche Bank and Commerzbank are now loosely hanged even by more regionally active institutions from Norway and Sweden.
Even the once proud Landesbanken is a restructuring case. This is a dangerous development.
<snip>
Historically, banks made money out of time. If time no longer has a price, because there is no more interest, nothing can be earned. Ten-year Bunds yielded around 1.5 percentage points more than two-year issues in historical terms. Currently, the difference is just under 0.2 percentage points.
In the multi-billion loan portfolios, the institutions are losing a lot of money due to ECB policy. Accordingly, the shares of Deutsche Bank and Commerzbank have fallen in sync with the interest rate differential.
Japan has had negative interest rates for some time and institutions have been unable to earn anything for two decades with time. The JP Morgan analysts' conclusion: Interest margins could continue to shrink and continue to weigh on the earnings side.
"The negative interest rate policy of the ECB is ruining the financial system and is a socio-political poison," says Frank Kohler, CEO of Sparda-Bank Berlin. The financial system is absurd if we have to explain to the children that money has a negative value – and thus debt is good, because you may not have to repay everything.
Facebook deconstructed in Project Voldemort dossier.
https://www.wsj.com/articles/snap-detailed-facebooks-aggressive-tactics-in-project-voldemort-dossier-11569236404
i read a war-story the other day – that i wd like to share..
it came from a book by john clarke/fred dagg..and he used it to illustrate the nz sense of humour…it's a true story..
(plus he said it 'should square the shoulders of every kiwi'..and i agree..)
the setting is ww2 – trieste in northern italy..
the kiwi soldiers had liberated the town/had done all the fighting..
but the americans are running the war..and decide to have a victory parade thru the town..
it is pointed out to them that the kiwis had done all the fighting – so surely they should lead the/any parade..
but the americans decided their marines wd lead/do the parade..
so..comes the day of the parade..
the americans lead the parade – proudly brandishing their banner – with their motto:
'second to none'..
and then behind them came the much more rag-tag kiwi soldiers..
holding up as their banner – a bed-sheet –
– with 'none' written on it..
Spineless fucker.
Less than a week after his impressive electoral achievement, the head of the largest Knesset faction, Kahol Lavan leader Benny Gantz, conceded his right to be the first to try and form a coalition government. The explanation given by “party sources” for this concession is that Gantz prefers to wait for Netanyahu to try first and fail.
Regrettably, this lame excuse is unconvincing. This move looks like a capitulation without a fight, an admission that the right wing’s long-standing tactic of delegitimizing parties representing Arab society succeeded. Gantz was apparently worried over being portrayed as someone who “depends on the votes of anti-Zionist, terror-supporting Arab citizens,” as the Joint List is described by right-wing politicians and journalists.
https://www.haaretz.com/opinion/editorial/israel-election-results-gantz-capitulates-netanyahu-1.7890333
Of course HRC was the warmonger.
/
https://twitter.com/marcgarlasco/status/1176274118469201925
https://twitter.com/marcgarlasco/status/1176274126648090626
Pretty illegal, Boris.
Yes, I know that illegal is not the same as unlawful, before the Thesaurus police arrest me.
Unlawful, void and with no effect. Parliament has not been prorogued.
https://twitter.com/davidallengreen/status/1176431580803416064
https://twitter.com/nickeardleybbc/status/1176433134419816450
https://edition.cnn.com/uk/live-news/boris-johnson-supreme-court-ruling-dle-intl/index.html
To paraphrase Sean Plunket: 'Anyone else feeling for Boris Johnson?'
Can Johnson survive?
No justification for taking action with such an extreme effect has been put before the court. The only evidence of why itwas taken is the memorandum from Nikki da Costa of 15thAugust. This explains why holding the Queen’s Speech to open a new session of Parliament on 14thOctober would be desirable. It does not explain why it was necessary to bring Parliamentary business to a halt for five weeks before that, when the normal period necessary to prepare for the Queen’s Speech is four to six days. It does not discuss the difference between prorogation and recess. It does not discuss the impact of prorogation on the special procedures for scrutinising the delegated legislation necessary to achieve an orderly withdrawal from the European Union, with or without a withdrawal agreement, on 31stOctober. It does not discuss what Parliamentary time would be needed to secure Parliamentary approval for any new withdrawal agreement, as required by section 13 of the European Union (Withdrawal) Act 2018.
The Court is bound to conclude, therefore, that the decision to advise Her Majesty to prorogue Parliament was unlawful because it had the effect of frustrating or preventing the ability of Parliament to carry out its constitutional functions without reasonable justification.
[….]
This Court has already concluded that the Prime Minister’s advice to Her Majesty was unlawful, void and of no effect. This means that the Order in Council to which it led was also unlawful, void and of no effect and should be quashed. This means that when the Royal Commissioners walked into the House of Lords it was as if they walked in with a blank sheet of paper. The prorogation was also void and of no effect. Parliament has not been prorogued. This is the unanimous judgment of all 11 Justices
https://www.supremecourt.uk/cases/docs/uksc-2019-0192-summary.pdf