GFC 2 in the oven: trillion dollar bailouts

Written By: - Date published: 7:06 am, July 10th, 2015 - 26 comments
Categories: capitalism, class war, Economy, Financial markets, loan sharks - Tags:

The financial elite have set us all on course for Global Financial Crisis episode 2, as the limits of financial “extend and pretend” seem close to being breached. And boy is it going to be a biggie. Will “Grexit” trigger it? Or perhaps massive losses in the Chinese financial markets? Or some other rare but devastating ‘Black Swan‘ event (as described by Nassim Taleb)?

Too big to fail” financial institutions were so labelled because their failure would pose systemic risks to the global economy (or so gullible/ignorant politicians were told while entire treasuries were held hostage by insolvent banks). But these ‘TBTF’ institutions are now bigger than ever while the global leadership class continues to engineer our societies for fragility and not for resilience.

tbtf

But just how big were the bank bail outs? BIG. Central banks created trillions in new money (warning – Heritage Foundation link!) to keep (literally) criminal financial institutions afloat. The total bail out figure may be as high as US$29 trillion. Prof L. Randall Wray goes into more detail here.

Matt Taibbi at Rolling Stone skillfully revealed the many official lies told around the bank bailouts: that there were no alternatives, that the public got its money back, etc.

Meanwhile, ordinary people live under the boot of daily austerity, ostensibly because there is ‘not enough money’  – which is a nonsense, especially if you understand that today, money is created ex nihlo (‘out of nothing’) by computer keystrokes (I’ll post some time on my All Blacks vs Japan analogy for that). In reality, “austerity” at its core is little more than a greed based exercise of power, financial repression and resource rationing.

Helicopter Ben's keyboard

This is all the result of choices made by the global leadership class whereby irresponsible bankers got bailed out to the tune of $$$$$ (and got huge bonuses), while householders, workers, small business people, retirees and even whole nations were left to quietly sink or swim on their own. In some cases, they have been deliberately held under water (Greece) or used as sacrificial geopolitical pawns (Ukraine).

Max Keiser describes one aspect of this system as “interest rate apartheid.” If you are a privileged financial insider, you get access to all the money that you want no questions asked, at near 0% interest rates (in fact, spouses of big bankers were found to have personally received millions in nearly free government funds). If you are an in-favour nation, then you can borrow using the markets at a low 2% or 3%. For ordinary individuals, being subject to 15% plus interest rates on personal loans and credit cards is commonplace.

debt-slavery-478x315

For those ‘untouchables’ at the very bottom of the financial heap cut off from routine sources of credit, annualised interest rates of hundreds of percent per annum apply. Yes, debt has long been an effective tool of political and social control, and interest rate apartheid numerically quantifies your current level of privilege in the system.

Depending on its timing, National will be probable electoral beneficiaries of GFC episode 2. Why? Because Andrew Little, Annette King, and Finance spokesperson initiate Grant Robertson won’t be able to overcome the “safe hands”, “don’t put it all at risk”, “steady as she goes” memes the MSM will tack on to the “proven experience and market credibility” of John Key and Bill English.

Laugh, cry or gnash your teeth, that’s just the way it is.

malcolm x

 

 

26 comments on “GFC 2 in the oven: trillion dollar bailouts ”

  1. AsleepWhileWalking 1

    allstreetonparade.com/2015/07/china-stocks-and-the-new-york-stock-exchange-shutdown-the-untold-story/

    An estimated $1.4 trillion dollars worth (USD) of Chinese stocks are traded on the NYSE + Nasdaq is a much more likely reason for yesterdays lost four hours. (The official line is that the shutdowns x 3 were caused by a “software upgrade”).

    I think it’s safe to say that this was a deliberate intervention to stave off a 1987 style stock market collapse…for at least a month or two.

    Edit: Dave Hodges of the Common Sense Show interview with James White of The Liberty Brothers Radio Show discuss the recent cyber-attacks and how infrastructure is targeted next (connected to the next financial crash because it is the way TPTB use to control panic, yesterday was a rehearsal according to Hodges).

    • dukeofurl 1.1

      The NYSE is only one of 13 stock exchanges in US. A lot of stocks are privately traded in ‘dark pools’ as well. Most stocks can be traded on multiple exchanges.

      Hardly affected the trading as there is another option just a click away.

      Where did you get the figures for Chinese stocks- $1.4 trillion ?

      If you get a list , including HK and Taiwan, there is not more than 30 on NYSE and say 80 on NASDAQ

  2. ianmac 2

    Another one of those huge stories with huge possible outcomes which can frighten the daylights out we little people. What can I do about it? Like watching the Japanese tsunami – just watch and hope CV.

    • Colonial Viper 2.1

      Yep – and that fear is used as a form of control over people and indeed whole countries. For instance, I don’t think the poor treatment of Greece is predominantly about Greece at all – but as a warning and political control over other highly indebted EU nations: Ireland, Portugal, Spain and Italy.

  3. aerobubble 3

    Back whenever I made the point, that the GFC was the first correction that took markets by surprise, and the second would be when markets realize how to return to the new normal. As we have been seeing global conservative incumbents have been introducing led wing policies, even if the policies favor the 1% and retiries, those that vote with their money and those at the ballot box respectively.

    But let’s go back, and ask where did the first big chink in the armour of neo liberalism begin. I would suggest withe the massive collapse of a hedge fund, a black swan hit, Argentina I believe had a run on their currency, the hedge funds old have been fine, had Russia had not caused a second black swan. the purity of the ideology was corrupted forever, the high priestly wonks of finance faith in their eqns had been destroyed, they could no longer manage risk.

    Neo-liberalism was powered on the lie, that the growth from cheap high density fuels flowing out of the middle east was due to their vision of economics. That the great wealth creation built on wealth creation of the past was not due to their magic tomes on finance by a corrupt political philosophy that even left wing parties could neither contradict or buy into, so they joined up, adage of you can’t beat them bet a door to Murdoch and declare your undying faith to the new corruption.

    Our collective wealth has never come from the managers, they can only screw up, misdirect wealth, and steal off with it, otherwise its returned in multiplier forms to those, us all, who create value, rescue value, recycle monetary value. So govts can print money, build infra structure can fund health, or they can take on debt which transfers wealth to the financial sector, cut taxes which aids those who pay the most tax best, or they can cut services and take away yet more value from the masses. I.e screwup, misdirect and steal from the masses.

    There would be no world climate crises had neo liberalism not taken over, we’d have solve it by now, along with making the world more capitalist, turning the third world around long ago. The wealthiest are not stupid, they just don’t care since theycan’t take the wealth with them.

    • Colonial Viper 3.1

      Our collective wealth has never come from the managers

      Spot on – it has come from cheap flows of highly dense energy (as you mentioned) and from labour energy putting that supplementary fossil fuel energy to work extracting and processing goodness out of mother nature.

      • aerobubble 3.1.1

        When Jobs of Apple sold his first PCs, it was people valuing them by buying them that reaped wealth for Steve jobs. Not the other way around. Jobs knew this that why it pained his naracissitic personality so much to have to produce what consumers wanted. Only big finance think they created wealth being so detached from its actuality.

  4. Wow…. Colonial Viper, we have come a long frigging way! Who would have thought that you would one day be a Standard writer! I bow to you!

    [CV’s actually been a TS author for a while. Like many though, he’s had a period of inactivity on the posting front. Hopefully CV 2.0 will feature more regularly! TRP]

  5. Ad 5

    Sometimes CV it is better just to stop thinking and start drinking.

    Personally, I’m going to The Chills at Chicks Tavern tonight.

    You’re generating mighty sophisticated melancholy there. You’re beginning to remind me of Hardt and Negri. Which is a good thing.

    • Colonial Viper 5.1

      Ah yes, Chicks Hotel a great venue. Sorry I can’t make it but have a great time 🙂

  6. johnm 6

    Because we live in that time of the end of growth for following reasons:

    1. Peak Oil
    2.Climate Change
    3.Resource depletion on a massive scale: No more stuff left to rip off.
    4. Overpopulation and its demands

    Then we have trillions of derivatives based on non existent growth which expectations are being extracted from the poor including Greece.

    The agency of this shit system the banks have been bailed out to trillions.

    This rotten shit pile is living on borrowed time including the 100 fing billion we owe banking scum overseas thankyou Shonkey.

    • johnm 6.1

      ” Economists insist that recovery is at hand, yet unemployment remains high, real estate values continue to sink, and governments stagger under record deficits. The End of Growth proposes a startling diagnosis: humanity has reached a fundamental turning point in its economic history. The expansionary trajectory of industrial civilization is colliding with non-negotiable natural limits.

      Richard Heinberg’s latest landmark work goes to the heart of the ongoing financial crisis, explaining how and why it occurred, and what we must do to avert the worst potential outcomes. Written in an engaging, highly readable style, it shows why growth is being blocked by three factors:

      Resource depletion Environmental impacts Crushing levels of debt
      These converging limits will force us to re-evaluate cherished economic theories and to reinvent money and commerce.

      The End of Growth describes what policy makers, communities, and families can do to build a new economy that operates within Earth’s budget of energy and resources. We can thrive during the transition if we set goals that promote human and environmental well-being, rather than continuing to pursue the now-unattainable prize of ever-expanding GDP. ”

      http://www.goodreads.com/book/show/11346572-the-end-of-growth

  7. keyman 7

    stocks are pumped with all that printed money its vapor wealth here today gone tomorrow i remember 1987 it happens sudden and fast but like mitch feierstein said recently you haven’t seen nothing yet.

  8. keyman 8

    the nats have put all our egg’s in one basket china take away dairy and ponzi housing market theres just a mountain of debt left in this country fuckin baby boomer’s have
    screwed us over

    • Jackp 8.1

      Baby boomers? I think it’s the neoliberals that have screwed us royally be them a baby boomer or not. I am not for the banks being bailed out. Iceland is a good example why we should not bail the banks out. Gosh, what is happening in Greece is extremely tame compared to what the US banks stole from the taxpayers.

  9. tc 9

    look at iceland laughing at those who got sucked into the ‘too big to fail’ BS.

    new ways and means are long overdue which will come from letting them burn to the ground as its obvious they are a broken and self serving bunch of crooks.

  10. Smilin 10

    Yeah we heard Osbournes cure sounded like updated Maggie Thatcher
    Britain heading on course for a reality check when the 2016 crash really gets going
    Greece is only as big as Alabama economically yet they are 40% worse off
    As for us well another 50 billion could be where we end up when it all takes off
    Key should start losing it so he can get out without his ego smashed to pieces cause this will be bigger than anything he can bullshit us about.
    Sad part about us peaceful Kiwis we cant impeach the bastard

  11. Smilin 11

    The other thing is China is reaching peak production therefore everything will stagnate which it can only do as the worlds population is approaching critical mass and uncontrollable decline is inevitable until real values, democracy,and the reality of the bs about money are addressed and fixed
    For instance who needs super rich sports for a starter only the 1%
    The rest of us have learnt to live without it, a dinky toy is as much fun

  12. Reddelusion 12

    So you don’t scare the horses CV i doubt grexit will tigger next financial crisis as unlikely to happen and with Ecb unlimited put on European sovereign bonds this will maintain liquidity and any contagion issue. It also looks like for all Tsiparsa bluster and gaming by previous finance minister they have conceeded on a worse deal than they voted No to ( go figure?) Similarly China stock market is a very small part of chinese economy, has a history as a casino and limited public participation (10pc of pop). Thier banks are also not overly exposed. Saying all of that cv I do have some sympathy for your views, Not so much Neo liberal capitalism in regard to the real economy but I do think financial liberalisation and deregulation has gone to far, The financial sector should serve the real economy and societies needs, it appears the other way around at present, to much reliance on market discipline and self regulation a little more external regulation would not be be a bad thing

  13. Sable 13

    The reality is we have been dragged backwards into 19th century style extremes of wealth and poverty, the haves and the have not’s. It can only get worse now the MSM have finally been brought to heel and the institutions that were meant to serve us all serve only a small percentage of the population at everyone else’s expense. I wonder how long this can last until enough people have decided they have had enough?

  14. AmaKiwi 14

    An eighteenth century banker (sorry, I can’t find the quote) said mortgages were banking’s most brilliant invention. Mortgage payments are a form of rent except the bank has none of the responsibilities of a landlord. Credit cards are even more devastating.

    I grew up in a cash society (I can’t buy it until I have all the money) and watched it change into a credit card world (buy anything you want and charge it.)

    We can blame it on the banks for making this form of gambling socially acceptable. But we (the entire world) are now at a point where our collective debts (personal, corporate, and personal) are so enormous we can never repay them.

    This week China, Greece, and Puerto Rico all smashed into the debt brick wall. Expect overseas Chinese owners of Auckland real estate to start dumping property to raise cash to cover their debts at home.

    It’s just beginning. NZ and its people are heavily in debt. The deflation is coming here.

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  • Friendly but frank talks with China Premier
    It sounded like the best word to describe yesterday’s talks between Chinese Premier Li Qiang and his heavyweight delegation of Ministers and officials and Prime Minister Christopher Luxon and New Zealand Ministers and officials was “frank.” But it was the kind of frankness that friends can indulge in. It ...
    PolitikBy Richard Harman
    7 days ago
  • Skeptical Science New Research for Week #24 2024
    Open access notables Wildfire smoke impacts lake ecosystems, Farruggia et al., Global Change Biology: We introduce the concept of the lake smoke-day, or the number of days any given lake is exposed to smoke in any given fire season, and quantify the total lake smoke-day exposure in North America from 2019 ...
    7 days ago
  • Join us for the weekly Hoon on YouTube Live
    Photo by Mathias Elle on UnsplashIt’s that new day of the week (Thursday rather than Friday) when we have our ‘hoon’ webinar with paying subscribers to The Kākā for an hour at 5 pm.Jump on this link on YouTube Livestream for our chat about the week’s news with special guests:5.00 ...
    The KakaBy Bernard Hickey
    1 week ago
  • Geoffrey Miller: China’s message to New Zealand – don’t put it all at risk
    Don’t put it all at risk. That’s likely to be the take-home message for New Zealand Prime Minister Christopher Luxon in his meetings with Li Qiang, the Chinese Premier. Li’s visit to Wellington this week is the highest-ranking visit by a Chinese official since 2017. The trip down under – ...
    Democracy ProjectBy Geoffrey Miller
    1 week ago
  • The Real Thing
    I know the feelingIt is the real thingThe essence of the soulThe perfect momentThat golden momentI know you feel it tooI know the feelingIt is the real thingYou can't refuse the embraceNo?Sometimes we face the things we most dislike. A phobia or fear that must be confronted so it doesn’t ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Gordon Campbell on how moderates empower the political right
    Struth, what a week. Having made sure the rural sector won’t have to pay any time soon for its pollution, PM Christopher Luxon yesterday chose Fieldays 2024 to launch a parliamentary inquiry into rural banking services, to see how the banks have been treating farmers faced with high interest rates. ...
    1 week ago
  • Bernard's Dawn Chorus and pick 'n' mix for Thursday, June 13
    In April, 17,656 people left Aotearoa-NZ to live overseas, averaging 588 a day, with just over half of those likely to have gone to Australia. Photo: Photo: Lynn Grieveson / The KākāTL;DR: My six things to note in Aotearoa-NZ’s political economy around housing, climate and poverty on Thursday, June 13 ...
    The KakaBy Bernard Hickey
    1 week ago
  • Our guide to having your say on the draft RLTP 2024
    Auckland’s draft Regional Land Transport Plan (RLTP) 2024 is open for feedback – and you only have until Monday 17 June to submit. Do it! Join the thousands of Aucklanders who are speaking up for wise strategic investment that will dig us out of traffic and give us easy and ...
    Greater AucklandBy Connor Sharp
    1 week ago
  • The China puzzle
    Chinese Premier Li Qiang arrives in Wellington today for a three-day visit to the country. The visit will take place amid uncertainty about the future of the New Zealand-China relationship. Li hosted a formal welcome and then lunch for then-Prime Minister Chris Hipkins in Beijing a year ago. The pair ...
    PolitikBy Richard Harman
    1 week ago
  • Fossil fuels are shredding our democracy
    This is a re-post of an article from the Climate Brink by Andrew Dessler published on June 3, 2024. I have an oped in the New York Times (gift link) about this. For a long time, a common refrain about the energy transition was that renewable energy needed to become ...
    1 week ago
  • Life at 20 kilometres an hour
    We are still in France, getting from A to B.Possibly for only another week, though; Switzerland and Germany are looming now. On we pedal, towards Budapest, at about 20 km per hour.What are are mostly doing is inhaling a country, loving its ways and its food. Rolling, talking, quietly thinking. ...
    More Than A FeildingBy David Slack
    1 week ago
  • Hipkins is still useless
    The big problem with the last Labour government was that they were chickenshits who did nothing with the absolute majority we had given them. They governed as if they were scared of their own shadows, afraid of making decisions lest it upset someone - usually someone who would never have ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Exercising with the IDF.
    This morning I did something I seldom do, I looked at the Twitter newsfeed. Normally I take the approach of something that I’m not sure is an American urban legend, or genuinely something kids do over there. The infamous bag of dog poo on the front porch, set it on ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Helm Hammerhand Anime: First Pictures and an Old English ‘Hera’
    We have some news on the upcoming War of the Rohirrim anime. It will apparently be two and a half hours in length, with Peter Jackson as Executive Producer, and Helm’s daughter Hera will be the main character. Also, pictures: The bloke in the middle picture is Freca’s ...
    1 week ago
  • Farmers get free pass on climate AND get subsidies
    The cows will keep burping and farting and climate change will keep accelerating - but farmers can stop worrying about being included in the ETS. Photo: Lynn Grieveson / The KākāTL;DR: My six things to note in Aotearoa-NZ’s political economy around housing, climate and poverty on Wednesday, June 12 were:The ...
    The KakaBy Bernard Hickey
    1 week ago
  • Six ideas to secure Te Huia’s Future
    This is a guest post by our friend Darren Davis. It originally appeared on his excellent blog, Adventures in Transitland, which features “musings about public transport and other cool stuff in Aotearoa/ New Zealand and around the globe.” With Te Huia now having funding secure through to 2026, now is ...
    Greater AucklandBy Darren Davis
    1 week ago
  • The methane waka sinks
    In some ways, there may be less than meets the eye to the Government announcement yesterday that the He Waka Eke Noa proposal for farmers to pay for greenhouse gas emissions has been scrapped. The spectre of farmers still having to pay at some point in the future remains. That, ...
    PolitikBy Richard Harman
    1 week ago
  • At a glance – Does positive feedback necessarily mean runaway warming?
    On February 14, 2023 we announced our Rebuttal Update Project. This included an ask for feedback about the added "At a glance" section in the updated basic rebuttal versions. This weekly blog post series highlights this new section of one of the updated basic rebuttal versions and serves as a ...
    1 week ago
  • Climate Change: Farmers get what they wanted – for now
    Since entering office, National has unravelled practically every climate policy, leaving us with no effective way of reducing emissions or meeting our emissions budgets beyond magical thinking around the ETS. And today they've announced another step: removing agriculture entirely. At present, following the complete failure of he waka eka noa, ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Presumed Innocent?
    The blue billionaireDistraction no interactionOr movement outside these glazed over eyesThe new great divideFew fight the tide to be glorifiedBut will he be satisfied?Can we accept this without zoom?The elephant in the roomNot much happens in politics on a Monday. Bugger all in fact. Although yesterday Christopher Luxon found he ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Gordon Campbell on our doomed love affair with oil and gas
    What if New Zealand threw a fossil fuel party, and nobody came? On the weekend, Resources Minister Shane Jones sent out the invitations and strung up the balloons, but will anyone really want to invest big time in resuming oil and gas exploration in our corner of the planet? Yes, ...
    WerewolfBy lyndon
    1 week ago
  • Building better housing insights
    This is a guest post by Meredith Dale, senior urban designer and strategist at The Urban Advisory. There’s a saying that goes something like: ‘what you measure is what you value’. An RNZ article last week claimed that Auckland was ‘hurting’ because of a more affordable supply of homes, particularly townhouses ...
    Greater AucklandBy Guest Post
    1 week ago
  • Putin would be proud of them
    A Prime Minister directs his public service to inquire into the actions of the opposition political party which is his harshest critic. Something from Orban's Hungary, or Putin's Russia? No, its happening right here in Aotearoa: Prime Minister Christopher Luxon has announced the Public Service Commission will launch an ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Resources for debunking common solar and wind myths
    This is a repost from a Yale Climate Connections article by SueEllen Campbell published on June 3, 2024. The articles listed can help you tell fact from fiction when it comes to solar and wind energy. Some statements you hear about solar and wind energy are just plain false. ...
    1 week ago
  • Juggernaut
    Politics were going on all around us yesterday, and we barely noticed, rolling along canal paths, eating baguettes. It wasn’t until my mate got to the headlines last night that we learned there had been a dismayingly strong far right result in the EU elections and Macron had called a ...
    More Than A FeildingBy David Slack
    1 week ago
  • Numbers Game.
    Respect Existence, Or Expect Resistance? There may well have been 50,000 pairs of feet “Marching For Nature” down Auckland’s Queen Street on Saturday afternoon, but the figure that impresses the Coalition Government is the 1,450,000 pairs of Auckland feet that were somewhere else.IN THE ERA OF DRONES and Artificial Intelligence, ...
    1 week ago
  • Media Link: AVFA on post-colonial blowback.
    Selwyn Manning and I discuss varieties of post colonial blowback and the implications its has for the rise of the Global South. Counties discussed include Palestine/Israel, France/New Caledonia, England/India, apartheid/post-apartheid South Africa and post-colonial New Zealand. It is a bit … Continue reading ...
    KiwipoliticoBy Pablo
    1 week ago
  • Policy by panic
    Back in March, Ombudsman Peter Boshier resigned when he hit the statutory retirement age of 72, leaving the country in the awkward (and legally questionable) position of having him continue as a temporay appointee. It apparently took the entire political system by surprise - as evinced by Labour's dick move ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • PSA: NZ's Richest Company, Zuru, Sucks
    Hi,Today the New Zealand press is breathlessly reporting that the owners of toy company Zuru are officially New Zealand’s wealthiest people: Mat and Nick Mowbray worth an estimated $20 billion between them.While the New Zealand press loses its shit celebrating this Kiwi success story, this is a Webworm reminder that ...
    David FarrierBy David Farrier
    1 week ago

  • School attendance increases
    School attendance data released today shows an increase in the number of students regularly attending school to 61.7 per cent in term one. This compares to 59.5 per cent in term one last year and 53.6 per cent in term four. “It is encouraging to see more children getting to ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • Record investment in public transport services
    The Government has announced a record 41 per cent increase in indicative funding for public transport services and operations, and confirmed the rollout of the National Ticketing Solution (NTS) that will enable contactless debit and credit card payments starting this year in Auckland, Transport Minister Simeon Brown says.“This Government is ...
    BeehiveBy beehive.govt.nz
    6 hours ago
  • GDP data shows need to strengthen and grow the economy
    GDP figures for the March quarter reinforce the importance of restoring fiscal discipline to public spending and driving more economic growth, Finance Minister Nicola Willis says.  Data released today by Stats NZ shows GDP has risen 0.2 per cent for the quarter to March.   “While today’s data is technically in ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • Women continue to make up over 50 per cent on public sector boards
    Women’s representation on public sector boards and committees has reached 50 per cent or above for the fourth consecutive year, with women holding 53.9 per cent of public sector board roles, Acting Minister for Women Louise Upston says. “This is a fantastic achievement, but the work is not done. To ...
    BeehiveBy beehive.govt.nz
    10 hours ago
  • Government supporting Māori business success
    The Coalition Government is supporting Māori to boost development and the Māori economy through investment in projects that benefit the regions, Regional Development Minister Shane Jones and Māori Development Minister Tama Potaka say. “As the Regional Development Minister, I am focused on supporting Māori to succeed. The Provincial Growth Fund ...
    BeehiveBy beehive.govt.nz
    10 hours ago
  • Better solutions for earthquake-prone buildings
    Building and Construction Minister Chris Penk has announced that the review into better managing the risks of earthquake-prone buildings has commenced. “The terms of reference published today demonstrate the Government’s commitment to ensuring we get the balance right between public safety and costs to building owners,” Mr Penk says.  “The Government ...
    BeehiveBy beehive.govt.nz
    12 hours ago
  • Prime Minister wraps up visit to Japan
    Prime Minister Christopher Luxon has just finished a successful three-day visit to Japan, where he strengthened political relationships and boosted business links. Mr Luxon’s visit culminated in a bilateral meeting with Japanese Prime Minister Kishida Fumio followed by a state dinner. “It was important for me to meet Prime Minister Kishida in person ...
    BeehiveBy beehive.govt.nz
    19 hours ago
  • Major business deals signed on PM’s Japan trip
    Significant business deals have been closed during the visit of Prime Minister Christopher Luxon to Japan this week, including in the areas of space, renewable energy and investment.  “Commercial deals like this demonstrate that we don’t just export high-quality agricultural products to Japan, but also our world-class technology, expertise, and ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Strategic Security speech, Tokyo
    Minasan, konnichiwa, kia ora and good afternoon everyone. Thank you for the invitation to speak to you today and thank you to our friends at the Institute for International Socio-Economic Studies and NEC for making this event possible today.  It gives me great pleasure to be here today, speaking with ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • National Infrastructure Pipeline worth over $120 billion
    The National Infrastructure Pipeline, which provides a national view of current or planned infrastructure projects, from roads, to water infrastructure, to schools, and more, has climbed above $120 billion, Infrastructure Minister Chris Bishop says. “Our Government is investing a record amount in modern infrastructure that Kiwis can rely on as ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Making it easier to build infrastructure
    The Government is modernising the Public Works Act to make it easier to build infrastructure, Minister for Land Information Chris Penk announced today. An independent panel will undertake an eight-week review of the Act and advise on common sense changes to enable large scale public works to be built faster and ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • NZ enhances North Korea sanctions monitoring
    New Zealand will enhance its defence contributions to monitoring violations of sanctions against North Korea, Prime Minister Christopher Luxon announced today.  The enhancement will see the New Zealand Defence Force (NZDF) increase its contributions to North Korea sanctions monitoring, operating out of Japan. “This increase reflects the importance New Zealand ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Speech to Safeguard National Health and Safety Conference
    Good afternoon everyone. It’s great to be with you all today before we wrap up Day One of the annual Safeguard National Health and Safety Conference. Thank you to the organisers and sponsors of this conference, for the chance to talk to you about the upcoming health and safety consultation. ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Ōtaki to north of Levin alliance agreements signed
    Transport Minister Simeon Brown has welcomed an important milestone for the Ōtaki to north of Levin Road of National Significance (RoNS), following the NZ Transport Agency (NZTA) signing interim alliance agreements with two design and construction teams who will develop and ultimately build the new expressway.“The Government’s priority for transport ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Improvements to stopping Digital Child Exploitation
    The Department of Internal Affairs [Department] is making a significant upgrade to their Digital Child Exploitation Filtering System, which blocks access to websites known to host child sexual abuse material, says Minister of Internal Affairs Brooke van Velden.  “The Department will incorporate the up-to-date lists of websites hosting child sexual ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New vaccine research aims to combat prevalent bovine disease
    A vaccine to prevent an infectious disease that costs New Zealand cattle farmers more than $190 million each year could radically improve the health of our cows and boost on-farm productivity, Associate Agriculture Minister Andrew Hoggard says. The Ministry for Primary Industries is backing a project that aims to develop ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Making it easier to build granny flats
    The Government has today announced that it is making it easier for people to build granny flats, Acting Prime Minister Winston Peters and RMA Reform Minister Chris Bishop say. “Making it easier to build granny flats will make it more affordable for families to live the way that suits them ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • High Court Judge appointed
    Attorney-General Judith Collins today announced the appointment of Auckland King’s Counsel Gregory Peter Blanchard as a High Court Judge. Justice Blanchard attended the University of Auckland from 1991 to 1995, graduating with an LLB (Honours) and Bachelor of Arts (English). He was a solicitor with the firm that is now Dentons ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Health workforce numbers rise
    Health Minister Dr Shane Reti says new data released today shows encouraging growth in the health workforce, with a continued increase in the numbers of doctors, nurses and midwives joining Health New Zealand. “Frontline healthcare workers are the beating heart of the healthcare system. Increasing and retaining our health workforce ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government to overhaul firearms laws
    Associate Justice Minister Nicole McKee has today announced a comprehensive programme to reform New Zealand's outdated and complicated firearms laws. “The Arms Act has been in place for over 40 years. It has been amended several times – in a piecemeal, and sometimes rushed way. This has resulted in outdated ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government delivers landmark specialist schools investment
    The coalition Government is delivering record levels of targeted investment in specialist schools so children with additional needs can thrive. As part of Budget 24, $89 million has been ringfenced to redevelop specialist facilities and increase satellite classrooms for students with high needs. This includes: $63 million in depreciation funding ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Major health and safety consultation begins
    A substantial consultation on work health and safety will begin today with a roadshow across the regions over the coming months, says Workplace Relations and Safety Minister Brooke van Velden.  This the first step to deliver on the commitment to reforming health and safety law and regulations, set out in ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Growing the potential of New Zealand’s forestry sector in partnership
    Forestry Minister Todd McClay, today announced the start of the Government’s plan to restore certainty and confidence in the forestry and wood processing sector. “This government will drive investment to unlock the industry’s economic potential for growth,” Mr McClay says. “Forestry’s success is critical to rebuilding New Zealand’s economy, boosting ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government cancels forestry ETS annual service charges for 2023-24
    Annual service charges in the forestry Emissions Trading Scheme (ETS) will be cancelled for 2023/24, Forestry Minister Todd McClay says. “The sector has told me the costs imposed on forestry owners by the previous government were excessive and unreasonable and I agree,” Mr McClay says. “They have said that there ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Speech to the LGNZ Infrastructure Symposium
    Introduction Thank you for having me here today and welcome to Wellington, the home of the Hurricanes, the next Super Rugby champions. Infrastructure – the challenge This government has inherited a series of big challenges in infrastructure. I don’t need to tell an audience as smart as this one that ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government boosts Agriculture and food trade with China
    Trade and Agriculture Minister Todd McClay and Food Safety Minister Andrew Hoggard welcomed outcomes to boost agricultural and food trade between New Zealand and China. A number of documents were signed today at Government House that will improve the business environment between New Zealand and China, and help reduce barriers, including on infant formula ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • NZ and China launch Services Trade Negotiations
    Trade Minister Todd McClay, and China’s Commerce Minister Wang Wentao, today announced the official launch of Negotiations on Services Trade between the two countries.  “The Government is focused on opening doors for services exporters to grow the New Zealand’s economy,” Mr McClay says.  As part of the 2022 New Zealand-China Free Trade Agreement Upgrade ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Prime Minister Luxon meets with Premier Li
    Prime Minister Christopher Luxon met with Chinese Premier Li Qiang at Government House in Wellington today.  “I was pleased to welcome Premier Li to Wellington for his first official visit, which marks 10 years since New Zealand and China established a Comprehensive Strategic Partnership,” Mr Luxon says. “The Premier and ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government and business tackling gender pay gap
    The coalition Government is taking action to reduce the gender pay gap in New Zealand through the development of a voluntary calculation tool. “Gender pay gaps have impacted women for decades, which is why we need to continue to drive change in New Zealand,” Acting Minister for Women Louise Upston ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Funding Boost for Rural Support Trusts
    The coalition Government is boosting funding for Rural Support Trusts to provide more help to farmers and growers under pressure, Rural Communities Minister Mark Patterson announced today. “A strong and thriving agricultural sector is crucial to the New Zealand economy and one of the ways to support it is to ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Latest data shows size of public service decreasing
    Spending on contractors and consultants continues to fall and the size of the Public Service workforce has started to decrease after years of growth, according to the latest data released today by the Public Service Commission. Workforce data for the quarter from 31 December 23 to 31 March 24 shows ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Speech to the Law Association
    Thank you to the Law Association for inviting me to speak this morning. As a former president under its previous name — the Auckland District Law Society — I take particular satisfaction in seeing this organisation, and its members, in such good heart. As Attorney-General, I am grateful for these ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • 25 years on, NZ reaffirms enduring friendship with Timor Leste
    New Zealand is committed to working closely with Timor-Leste to support its prosperity and resilience, Foreign Minister Winston Peters says.   “This year is the 25th anniversary of New Zealand sending peacekeepers to Timor-Leste, who contributed to the country’s stabilisation and ultimately its independence,” Mr Peters says.    “A quarter ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Inquiry requested into rural banking
    Promoting robust competition in the banking sector is vital to rebuilding the economy, Finance Minister Nicola Willis says.  “New Zealanders deserve a banking sector that is as competitive as possible. Banking services play an important role in our communities and in the economy. Kiwis rely on access to lending when ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Ministry for Regulation targets red tape to keep farmers and growers competitive
    Regulation Minister David Seymour, Environment Minister Penny Simmonds, and Food Safety Minister Andrew Hoggard have today announced a regulatory sector review on the approval process for new agricultural and horticultural products.    “Red tape stops farmers and growers from getting access to products that have been approved by other OECD countries. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government to reverse blanket speed limit reductions
    The Coalition Government will reverse Labour’s blanket speed limit reductions by 1 July 2025 through a new Land Transport Rule released for public consultation today, Transport Minister Simeon Brown says.  The draft speed limit rule will deliver on the National-ACT coalition commitment to reverse the previous government’s blanket speed limit ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Chair appointments for NZSO, CNZ and NZ On Air
    Minister Paul Goldsmith is making major leadership changes within both his Arts and Media portfolios. “I am delighted to announce Carmel Walsh will be officially stepping into the role of Chair of the New Zealand Symphony Orchestra, having been acting Chair since April,” Arts Minister Paul Goldsmith says.  “Carmel is ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government focus on long-term food, fibre growth
    Food and fibre export revenue is tipped to reach $54.6 billion this year and hit a record $66.6b in 2028 as the Government focuses on getting better access to markets and cutting red tape, Agriculture Minister Todd McClay and Oceans and Fisheries Minister Shane Jones say. “This achievement is testament ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Govt consulting on cutting red tape for exporters
    A new export exemption proposal for food businesses demonstrates the coalition Government’s commitment to reducing regulatory barriers for industry and increasing the value of New Zealand exports, which gets safe New Zealand food to more markets, says Food Safety Minister Andrew Hoggard.  “The coalition Government has listened to the concerns ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Zealand and Philippines elevating relationship
    New Zealand and Philippines are continuing to elevate our relationship, Foreign Minister Winston Peters says.   “The leaders of New Zealand and Philippines agreed in April 2024 to lift our relationship to a Comprehensive Partnership by 2026,” Mr Peters says. “Our visit to Manila this week has been an excellent ...
    BeehiveBy beehive.govt.nz
    1 week ago

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