Has anything highlighted NZ Heralds right wing/National party bias as much as the Auckland issue. So refreshing to read Metro’s great piece on this issue:
The main reason we have runaway increases in house prices is that there are votes in it. The government believes home owners do not want it to control rising property prices.
And the main reason the transport impasse exists is the government believes there are votes in that too. It will not allow anything that looks like a penalty for car drivers, and it does not believe public transport is the key to solving congestion on our roads.
and yet the car drivers and home owners amongst the metro reading crowd will vote for national again and again for precisely the stated reason. Stupid, greedy, shortsighted. But as the old saying goes, i have mine and to hell with you.
There is plenty of soft Nat Jaffa’s that are starting to resent foreigners outbidding them on property. Add the resentment of close to 50,000 migrants arriving each year, many settling in Auckland and you have a catalyst for a blow back at the voting booths.
Peters seems to be the only one making much noise. Labour have given Phil Goff Off the plumb Auckland Issues portfolio so he can enhance his changes of winning the Auckland mayoralty. If anyone needs to get angry it should be Goff Off. Come on you gutless wonder you should be all over this screaming from the top of sky tower. Perform or pass the portfolio on to someone who has some guts to front up.
Goff Off played it safe by making the minimum amount of noise. He never pushed for the deep water port in Northland, Peters was campaigning in the buy election but had the sense to way into the reclamation debate. We all know Brown is woefully useless!
Phil Twyford as Labour’s Transport spokesperson was very quiet on the issue actually, another play it safe stance. Admittedly he had been busy with Housing, but still it is his duty holding the portfolio. Spare me the put down nonsense I detest Labour wasting plum opportunities to be front footing issues that put them at the forefront.
I think you will find that the government is not controlling property and transport due to receiving generous donations, to make money for themselves and ideology.
Do not agree it is Home Owners fault.
Most people agree with more public transport, but it is how it is implemented that is the problem.
Most people myself included would expect the council to be spending our rates on transport for example, not propping up barristers by supporting illegal action by Ports of Auckland.
It is the ridiculous waste of money, by the government and councils, that is one of the biggest problems and the hypocrisy of extra rating and taxes for transport and reduction of social services while they waste money against the interests of the rate payers.
Labour should take a book out of the Nats, mimic the right discourse.
Clean up government and councils to stop the out of control spending.
The whole rates increase is a very bad joke on ratepayers. Blame Len Brown for his lack of leadership, and Rodney Hide for giving us the monstrous Super City. (Carnal) Left and (greedy) Right together to screw the population.
Blame Key and co for failure to allow Auckland Council the proper process to raise the funds for developing needed infrastructure – so they have to lump it on ratepayers. By the way – if you live in Auckland – how do you feel about the possibility of Auckland in almost constant gridlock in a few years from now?
“I think any ordinary person will realise a process when you don’t advise the person that you’re considering something, you don’t let them attend, you don’t even give them a chance to respond to allegations, is no proper process,”.
Greek parliament has voted 178-120 for a referendum but it looks moot after this statement (courtesy Zerohedge) form the Eurogroup:
“The Eurogroup takes note of the decision of the Greek government to put forward a proposal to call for a referendum, which is expected to take place on Sunday July 5, which is after the expiration of the programme period. The current financial assistance arrangement with Greece will expire on 30 June 2015, as well as all agreements related to the current Greek programme including the transfer by euro area Member States of SMP and ANFA equivalent profits.”
The financial markets will be interesting on Monday!!
It’s going to be interesting times for the world watching on.. I assume the Government wants the referendum so they then have a mandate from the public to pull out of the Euro.
Of course they do. Then at the negotiating table they can say “we” might see the sense of what you say but our people want buy it… it’s one negotiating tactic our current government threw away a long time ago by being so noddingly compliant
Just to clarify for general readers, Greece (for example) might exit the “euro”, as in the currency or Eurozone or EZ which is the monetary union, but could still remain within the European Union or EU that is the single market politico-economic union.
Denmark and the United Kingdom are of course in the EU but are exempt from the EZ.
Sweden was required to join but their people voted down the move in their 2003 referendum and has stayed outside the EZ since then.
The thing is, maybe Greece is playing a “nothing left to lose” game of chicken. At this point just maybe the EU and the bankers have more to lose if Greece pulls out cos they have to worry, that IF Greece ends up no worse off out than they are today, can find a better deal from another “bank” or Nation, which other EU countries might say “fuck it, we will default too”> THAT is one risk the IMF EU etc are taking by asking Greece’s fewer number of employed to work and pay tax to send out of their economy to meet interest payments…
Since the austerity conditions attached to finance Greece’s unemployment has fallen not risen.
Exactly. That is why the EU is playing hardball. They are terrified it will encourage other countries to tell them to sod off. I think it is appropriate that Greece be the first country to go down this path.
Apparently there is precedent for sovereign default of debt and I am not suggesting defaulting will be easy for the Greek people but perhaps the best outcome is actually to give a 3-5 moratorium on interest payments…
Perhaps printing their own money again might cause problems but it might also see more money in the local economy?
BUT I definitely think that NOT just sitting meekly and nodding to the big boys would help Greece (as the previous government was doing while piling on more pain), so I say bravo for their stand. They are fucked whichever path they go down, for a while anyway.
It is time for the online left to be sure to expose at every opportunity the astro-turf “Auckland Ratepayers Alliance” for what it is – a out-and-out deceptive front for the extreme right, National party aligned so-called “tax payers union” created by Jordan Williams and that enemy of democracy, the right wing courtier David Farrar.
This so-called alliance tells lies about itself – on the “about” page of this “alliance” it claims the “Taxpayers’ Union” is a politically independent organisation. http://www.ratepayers.nz/about It has a couple of useful idiot muppets mentioned, presumably to give it a bit of credibility, but make no mistake – it is simply the right wing of the National party with a lampshade on it’s head as a disguise.
This front group will try, by the look of Farrar’s frantic pushing of it, to run as a front for the Auckland Remuera elite and it’s hard right agenda.
All Standardnista’s must be vigilant to expose this dishonest astroturf group in comments sections whenever it seeks publicity, be it on Facebook or in online electronic media. Attack them at every turn, and don’t let these anti-democratic right wing bastards get any media or popular traction through these sort of dishonest fronts!
One of the most shameful parts of NZ history is the White New Zealand policy that began at the start of the 1880s and culminated in 1920 legislation that finally barred the door to pretty much all Chinese immigration to NZ.
This latest piece examines what was happening in NZ society – NZ was now clearly a (capitalist) nation-state, in the early 1890s the long depression was still in process, the big estates (or a section of them) were being broken up, thwarted on the industrial field labour had turned to parliamentary politics and elected a LIberal government, in the early 1890s the suffrage movement was a big force.
The main forces campaigning for White New Zealand were liberals, mainstream trade unionists, feminists, social improvers and do-gooders.
Later, of course, the liberal racists would be joined by the early Labour Party, as we shall see in one of the articles to come.
Who or what am I, and what do I do? (Avoid post-plumber shock)
(tl;dr skip to video at end)
Feeling lost. We’ve all been there, at some point in our lives. Sometimes the answer is to do the modern equivalent of running away to join the circus, without having any acrobatic skills, and there is no circus anywhere near us, they wouldn’t have us even if we asked nicely and we‘re so confused that even the act of running away turns into a stumbling lolloping shuffle.
It doesn’t matter how old we are, how much stuff we own, the balance of our bank account, or the long string of success or failure in our past. All we want is to be free to discover whatever it is that feels like it’s missing.
So one day we’re sitting in a paddock together, me and a new friend of mine, and she was exasperated with herself and screamed out at the world that was far, far, away from where we were that moment, “What the fuck am I doing with my life!”. At the time, to my ears, it sounded ungrateful and ironic. You’ll get to hear a lot between the fence posts of a farm, doing what no one else really wants to do that much – unless they’re taking the wages back to the Islands.
Such a place is one of NZ’s versions of The Circus for the Lost. It’s not very exciting, but has nice views, and while there is miles of wire there are no trapeze artists. You do get to hear a lot of detail about other people’s lives, although you never really meet the actual person, until maybe much later. So this gal was, despite her gold-star personality and high level of skills in a particular area; despite the considerable success she’d had overseas in her efforts; despite the more-or-less-privileged circumstances she (we) could maintain to even be where she (and we) was and were; she was discouraged and confused.
And then there was the other dimwit, me, who had no idea which way was up, none of that gal’s talent, skill, or success, scratching my head thinking, she does know who she is, right, she knows what she can and does do, right? We weren’t young either. We were in our thirties, she was a few years older than me.
Now the Buddhists just avoid all this trouble with a good belly laugh and a reminder that life is what it is – why encourage the anxiety? In NZ, though, we have a cultural aversion to large, perpetually jolly, people – by the time we’re ten we’re taught to be suspicious of them unless they come bearing gifts in December. Even the more yoga-pants oriented among us still want to know that our investment will return the percentage we thought it would. So we scrape around in self-help courses, community education, religions, go see an advisor, join the circus, find a counsellor or psychotherapist, or just talk to our friends endlessly about our troubles – trying to find some direction. It’s the Western way, and not many can completely escape it if they’re born into it. And in those books, lecture theatres, workplaces and coffee groups we find little snippets of information on what to do that doesn’t help one bit. Something is still missing. The steps are too far apart, or obscured.
“All you have to do is buckle-up, stick at it, work hard and it’ll turn out. Takes time.” But time keeps running out. No amount of buckling, perseverance or hard work changes the situations they get into.
“Get an education, choose an area that pays well and work hard!” They do have an education, but it’s “worthless”. No one will hire them
“Start your own business!” With what? In what? How?
“You have to really really really want it.” So what is that the definition of?
“You have to get out there, off your ass and ask around.” They did, but couldn’t do it well enough. Everyone turned them down.
“You just need to get back into the habit.” You mean you’ll make their life unnecessarily hard for kicks?
“Keep your head down, knuckle down, don’t talk, pay your dues.” They found what they wanted, the thing they’re told they need – can momentarily attain it – but can’t hold onto it very long.
The best we can see is pieces of a method but not the complete picture, the bits missing, who it might relate to or its overall relevance. Worse, you might run into this stuff:
“Hey, Mary, these cakes you make, they taste great you should totally do this for a living!” Encouraged by her friends’ chatter, Jan makes several attempts, learns a lot, but ultimately fails. Why?
“Find what you love and the money will follow!” Find what I love? What does that mean? Or you meet someone on your search who tells you if you were really doing what you loved it wouldn’t matter about them paying you below legal, unliveable wages.
“Find out what makes you cry, and do that!” Some people don’t really feel all that passionately about anything, let alone love anything. Why should it matter anyway?
“What are your interests? Find an industry that suits.” This person finds out that there is more to an industry than just applied skill and interest, and their attempts fail.
And all the while, time passes, lots of it. These people still have to deal with their everyday lives, the additional task of neutralising repeated failure so as not to distort their ability to see straight, and culture and politics never lets-up telling them they’re lazy, bludgers, miscreants, losers. It’s not their fault. Not at all. In fact, there is nothing wrong with them that could be considered a fault.
Why does “good” advice fail?
Because to use “good” advice, people have to be the same personality type as the advice-giver (similar dominant cognitive functions), have very similar experiences within a similar culture (experience a similar trend in external events as the advice-giver did when they did what they did), similar intellectual skills (to re-interpret anything they are told to suit their specific situation), and hear the advice at the right location to act, and the right time in their life.
Also, the advice-giver has to be particularly skilled to make sure the advice given carries all the necessary steps (which is very rare, most likely you’ll get slogans, as above). There’s a lot of details to consider when giving advice, and dismissing those details is more a favour to the ignorance of the advice-giver than the person who needs help.
It’s how living in a bubble-of-belonging works. No one inside the bubble knows the steps to get in or out, because they never stepped outside the bubble and were born into it – they were moving along nicely inside the bubble because their personality type suited the values of the bubble. When you’re outside the bubble, the job of the bubble is to keep you out, and this is related to how privilege works. Unchecked, a person can unwittingly whack other people from inside the bubble, as with those slogan type advice snippets above. However, there is a happy ending to this story, because conforming to a culture of privilege is only one way to live your life, or one way to find a life to live, if you prefer.
Is this an advice post?
Nope, it’s more a unsolicited commiseration party, one you never knew you needed: However easy it is to do stuff once you find the start line or get into the swing of things, it can be difficult to find a start line or make that first swing in a world that is full of unusable, fragmented, misapplied advice – so lighten up on yourself. The people who rag on you for not being like them, they don’t know much.
So what is this?
Just undoing some of the common tangles before offering a different knot to try to tie-up loose ends. One particular piece of advice isn’t going to be universally suitable for everyone. 99.9% of the advice for finding direction I’ve heard in circulation has been totally useless to me. In it they ask questions that are usually oriented in one direction: What can we get from the World? Sometimes there’s slight variation: What do we feel we could get from the World? And if I hear another, “What would you do if you had all the money in the World…” again, I might just start burning down libraries. It’s amazing that human life has developed so far technologically, and yet no one can answer the simplest of questions – What am I? Who am I? Where am I?
So when I heard a talk on TEDx recently, by chance, it caught my attention (because generally I don’t like TED talks. I think this one was part of a youtube autoplay). Here was someone changing the orientation of the questions: Yes, they were ego-centric and risked the associated pitfalls, but not as risky as most, they were even somewhat political,
Who are you?
What do you do?
Who do you do it for?
How do they change as a result?
How do they change? But… where’s the money… you didn’t mention passion… or finding what I love to do… or what I’m interested in…. or what I want to do… where’s the focus on what I get? That’s the point. These questions weren’t just about work, careers, personal sensory satisfaction or financial gain; they were about finding a personal reference point by noticing effect of actions; they were about identifying who you are at any particular time – and potentially working forward from there. How other people changed, and the name given to that change, was the description of what you did, and what you were. The obvious answers are obvious, but also there are hidden answers. For example, you might work at a gas station, and your name is Alice,
Who are you? I’m Alice.
What do you do? I pump gas, clean windows, check the oil, chat with people. Sometimes I’m here alone at night, watching the forecourt.
Who do you do it for? You mean other than me earning minimum wage? I do it for the customers I guess. I mean, sure I work for the boss, but it’s the customer’s cars.
How do they change as a result? They move on their way, knowing that they aren’t going to run out of gas, or their tyres ain’t going to pop on a dark road, or their engines burn out, or when I give directions, so they get to where they’re going.
Alice works at a gas station, but she doesn’t often pump gas. She reinforces in people a sense of security, if they need it, reinforces a form of certainty that they might be running low on. She makes sure people don’t stop for avoidable problems. What is Alice really? What does Alice really do?
Using that approach – a metaphorical interpretation of actions – anyone can locate where they are at, no matter where they are, regardless of socio-economic status. Everyone does something, and more importantly, they do it in a certain way and the effect it has is measureable.
Although it’s not a silver bullet, it’s a lot more stable than thinking, “I’m plumber, therefore I fix pipes, dig holes and break small things. When I retire, or if I loose my job, I’ll be nothing, because I won’t be plumbing anymore.”. Avoid post-plumber shock.
The title of the TEDx talk says “How to know your life purpose in five minutes”, which to me sounded a bit grandiose, because life circumstances often change, don’t they? People go through cycles with specific times for activities that come and go. “Life Purpose” isn’t always static. Also, that everyone’s life has an inherent purpose is a philosophical choice people make that might be true for some, but not a proven certainty for all… and the video takes ten minutes… so that’s funny too. I don’t agree with everything the speaker says (e.g. examining is living… for someone), but the questions are good for anyone stuck in common Western mind-traps. It did sound like a good way to track down some common themes that run through people’s lives.
If people are thinking, “I need to do something, but what? There is so much going on in the world, but my skills don’t fit…”, or if they find themselves in any of the can’t-follow-good-advice catch-22s above and need to know what they are right now or have been while they’ve been in their current cycle, they can at least find that reference point and decide where to go from there. Some of the movement forward, after finding out, will take no effort at all, and may reveal why things didn’t work out earlier. It’s an out of the ordinary method, I thought, and useful to someone.
+100…thanks Charles ….yes I am going to have to reread this tomorrow….there is a lot of thought in this…reminds me of a sociology text found in a university bookshop years ago ( I cant remember the name of the author but he was American and wrote 3 volumes and I was riveted…stood reading it for hours before i decided I would have to buy it)….the big existential questions…who am I? …what is my life purpose?…where do I fit into the scheme of things….questions of meaning
…seems to me that networks, family and friends are really important these days….(to keep the wolves of alienation, anxiety and depression at bay, especially for those most disadvantaged… the unemployed, the young and the low income earner…the un housed, the mentally and emotionally fragile, the children and the elderly…and those without supportive families close by)
…and that the little people have to stand up for themselves and their own human value …..and fight to get their rights/ wants/needs recognised …..they have to fight for their grassroots democracy ….against corporate, media , bankster, vested, overseas and systemmic religious institution interests….some of which are indistinguishable
Thanks Charles, very thought provoking. I’m at a stage in my life where this is very appropriate. I find it interesting the expectations that capitalism has created, for instance it’s expected if you’re “working” you should be working a 40 hour week. Indeed in most cases this is what is required for survival.
Also from doing some job searches on the net lately it seems the most frequent jobs going are construction, aged care, sales, administration. Either it was just me or most of the jobs seemed to be about keeping capitalism alive. There were few jobs that involved making the country/world a better place, I guess these jobs fall into what society calls unpaid “volunteer” work.
I’ve also been investigating personality types lately (i.e Myers-Briggs) and it seems some personalities don’t like being told what to do and how to do it. Their whole world view is doing things their own way for causes they believe in. How could they then ever work effectively as an employee for a company?
I was recently at a jobs expo and in a room full of stall holders there wasn’t much to get excited about. All the stalls were pretty sterile, commercialised and with an air of fakeness to them. One of the university stalls tried to lure you in with lego type robots on their desk – as if there was a job out there where you could build and play with robots all day.
Jane is providing regular updates of developments in Greece …. FYI
EUROPE MUST SWITCH OVER FROM THE PRIVATE CREATION OF MONEY TO SOVEREIGN MONEY IMMEDIATELY
Central to eurozone plans to handle a Greek default must be a switch over from the private creation of money to sovereign money.
A default is now on the cards after controlled Greek Prime Minister Alexis Tsipras torpedoed negotiations with the announcement of a trick referendum without warning the Greek delegation.
A referendum makes a default inevitable but also blocks legislation to manage that default.
As a result Greece will now default in chaotic circumstances, the Syriza government could be toppled, social division will increases and the danger of a civil war looms. The Greek parliament is due to vote on the referendum tonight.
The impementation of the Chicago Plan Revisited could, and must, be done by legislative decree immediately. It would bring a return of prosperity to Europe. It would also drain the bankers of the funds they use to control the media and stage false flags and pave the way for political stability.
Iceland has already prepared legislation to make the transition, and other countries must follow suit.
If European leaders do not act soon, chaos may engulf all of Europe. It cannot be ruled out that the ECB and German central bank will be razed to the ground altogether by angry Germans, when they realize they have to foot the bill for Greece’s fractional reserve banking debt and their money is worthless.
The bank runs in Greece are just a foretaste of what could happen across Europe in the coming days unless the creation of money is taken out of the hands of private banks and returned to soveriegn national banks.
Well Penny, if banks are stripped of their ability to create money and can only loan out deposits – I hope the banks loan out your savings first. How would we expand the money supply Penny? Would the bank phone the government every time someone wants money for a house – a bit inefficient Penny!
Or Penny, are you suggesting people only get home loans from the government directly?
While there’s no real problem with your second option, the first is already the case. Only a moron would suggest that banks would employ someone to draw funds from the government for each and every mortgage, just because their reserve ratio needs to be 1:1.
Restricting banks lending on houses to only the amount of bank deposits is exactly what is needed. At present overseas banks are exporting billions in profits from NZ in money created solely from their unmitigated lending. This is not only ripping off the people of NZ – but also fuels the housing market causing escalation and inflationary pressures in the housing market.The only time where banks should be allowed to lend above and beyond their deposits is where that money is going into the creation of productive capacity and jobs within the economy. Lending on existing housing does not do that.
The need for them to “have to create” all the extra money so that people can buy a house is a direct result of them creating and inflating the price of houses in the first place. If money was restricted – the price of houses would fall. What needs to happen is a slow but steady credit squeeze slowly reducing the money supply so that people would have surety in a managed reduction. Houses would then fall into line with the prices of other capital items in the economy, and not be overvalued as they are now.
This is not a new concept nor is this the first time that economist have queried the freedom of allowing banks to create money unchecked. John Mc Murtry in his book “Unequal Freedoms – the Global market as an ethical system” Published in Canada in 1998 states on pp 316 -317
How ca a regime so prejudicial to the public good persist with so little public opposition? The answer is that what is no seen is not opposed. Significantly, the Global market’s international co-ordinating body that has led the substitution of privatised government bonds for bank reserves is the Swiss based Bank of International Settlements, a socially accountable private banker committee that plots the world’s norms of money creations and supplies outside of the public’s gaze. The Bank Of International Settlements originally set up to bring German war reparations under banks control before the 1929 crash and Great Depression, later handed over Czechosolvarkia’s gold to Hitler after his invasion of Prague in 1938. Today it leads a policy of abolishing all reserves for bank loans, a carte blanche secretly passed into law in 1991. The banks view is that every one must have collateral for loans, but banks themselves do not have to have cash reserves to back up loans to governments or to individuals. Cash reserves are called an “unfair tax”, an Orwellian conception that Central Bankers cheerfully repeat. The logic of the bankers’ code exempts them they themselves prescribe as inviolate to everyone else. This is another symptom of our social disorder.
He goes on – but I shall end there – so what Penny has referred to is not out of left field – nor it is un-thought – it is the concern of many who prefer to take a more expansive view of economic policy than the limited and failed economic policy of the conventional “wisdom”
Well what Penny is suggesting is out of left-field because she suggested stopping banks (expanding the money supply by) creating money in the form of loans. If banks used a ‘fractional reserve 1:1 ratio’ – Banks would still be creating money through loans.
Penny originally suggested banks should be “stripped of their ability to create money” – obviously she has amended her post~!!!
At the present time we have given Banks carte blanche to create money at the press of a key board. This is unhealthy to our economy and has to stop. Banks should be limited a 1:1 lending ratio on existing houses – they create no new productive capacity, nor extra employment. Obviously having let the cat out of the bag it is going to be extremely difficult to get it back in, and many people would suffer if a direct limitation was imposed at once. The only way banks can effectively be brought into line now, is to manage a steadily tightening credit squeeze with full public knowledge of why it was happening, and with full advice as to how and when it was being implimented, with appropriate advice for those affected, in order that people could plan accordingly.
Yes those who buy at the top of the market would find themselves with a house that would not sell for what they paid. This is going to happen sooner or later anyway when the market collapses in the not too distant future. http://www.3news.co.nz/tvshows/paulhenry/interviews/reserve-bank-fears-housing-bubble-will-burst#axzz3eLks5tVX http://www.nbr.co.nz/article/picking-stocks-and-housing-bubbles-ck-150761
A housing bubble occurs when there is an accelerating growth in real estate prices without a commensurate increase in the underlying fundamental value, Greenaway-McGrevy said. The bubble ends when the ability of people to buy or rent properties is compromised.
“Eventually at some point economic fundamentals limit the degree to which people can pay for property,” he said. Income was the biggest factor. “If it becomes hard for people to rent or purchase a property in Auckland then you will begin to see demand for housing in Auckland tail off,” he said.
In Auckland that point has not been reached.
“Buyers are wary of being priced out by further increases in prices so as a result seem to be willing to pay premiums to secure properties,” said Quotable Value’s Auckland valuer James Wilson said.
“Investors are still very active in the market, capitalising on low interest rates, high equity across their portfolios and rapidly rising prices.”
I disagree with having a ‘reserve ratio of 1:1’ – the money supply should be expanded as need. What you are suggesting sounds an awful lot like austerity.
I like the BitCoin currency because it’s not dependent of continued expansion unlike ALL other paper currencies I know of.
Lending to The Government and lending to Private Citizens are two different things. Though both expand the money supply. I don’t see the whole country lining up outside The Reserve Bank to take out loans.
I disagree. The money supply would be expanded when banks loan out money. The only time it would NOT be is if:
A. The bank takes your money (deposit) without your permission and loans it to your neighbour (which is theft)
B. The government outlaws banks and becomes the lender
Are you shitting me? The bank doesn’t label your money, it promises you it will give you back that amount of money when you ask for it.
“Your” money is almost immediately lent to someone else or used to pay a depositor who is making a withdrawal.
If you ask for your money, and it can’t pay you back, it would get in shit – insolvency rumours, run on the bank, bam it’s broke. So if it lends to a hose purchaser at 6% to get a profit, what is the bank to do in case you want your money back? It borrows from the reserve bank at 3%. It credits your account 2%. And makes 1% profit.
With a fractional reserve of 10%, a bank borrows $1million from the reserve bank. That covers it lending up to $10million. Hence the expansion in the money supply.
With a reserve of 1:1, if the bank borrows $10million it can only lend out $10million.
The reduction in elasticity therefore gives the reserve bank more direct control over the economic accelerator. It would only be the RB that creates the cash (the digits it lends to the banks).
Nobody other than banks need borrow from the reserve bank – the banks just borrow the aggregate of what they think they’ll need at that particular OCR.
Nobody other than banks need borrow from the reserve bank – the banks just borrow the aggregate of what they think they’ll need at that particular OCR.
Indeed. And ordinary people and companies cannot have accounts with the RBNZ; only registered banks.
If you ask for your money, and it can’t pay you back, it would get in shit – insolvency rumours, run on the bank, bam it’s broke. So if it lends to a hose purchaser at 6% to get a profit, what is the bank to do in case you want your money back? It borrows from the reserve bank at 3%. It credits your account 2%. And makes 1% profit.
the other thing to note is that the bank can always pay out the money first in the form of an electronic credit to your nominated bank account, and go looking for any additional reserves it needs to balance things out at the end of the day (either on the open market or from the RBNZ) *afterwards*.
The Bank doesn’t loan my money out as such, it creates money on top of my deposit and loans that out. Then the whole process starts again when the newly created money is deposited.
The Reserve Bank is creating the money you say, ok fine, BUT the demand for the money creation is coming from the likes of ANZ, ASB, BNZ – so directly or indirectly these bank are creating the money. And dynamically (and corruptly sometimes, granted) responding to consumer demand.
Again, I don’t see the whole of New Zealand lining up outside the Reserve Bank to take out a loan.
BUT the demand for the money creation is coming from the likes of ANZ, ASB, BNZ – so directly or indirectly these bank are creating the money.
…but the demand for the banks to lend money that the reserve bank created comes from people who wish to borrow money, so by you logic mortgagees directly or indirectly create money.
I think you’re running around in circles. The point being, however, that a 1:1 ratio makes government policy, not bank self interest, the major determinant of the money supply.
I disagree with having a ‘reserve ratio of 1:1′ – the money supply should be expanded as need. What you are suggesting sounds an awful lot like austerity.
Expanding the money supply would be done either by the central bank (RBNZ) increasing central bank money available to the retail banks and instructing the retail banks to increase certain types of lending as the economy is deemed to require – or by Government spending the money into existence, investing those monies into strategic areas of the nation.
The retail banks could then take that increased availability of money and act as savings societies (which use a reserve ratio of 1:1) to extend private loans into the economy.
So no, it wouldn’t necessarily be austerity, its just that the Government determines whether the money supply needs to be expanded or tightened, and for what purposes.
Of course, we also need to be cogniscent that the world bankster cartel have taken down entire nations for less.
Good Post, I’m inclined to think you’re onto something with saving societies (it sounds good anyway). However, the ‘Government determining whether the money supply needs to be expanded’ – I’m not sure how they would determine that? Or if it would be more dynamic than the current system.
BitCoin is the best currency I’ve ever seen. Your ideas are interesting for sure Colonial Rawshark .
Granted you did say private banks – I suppose there is something/much to be said for that in our current ‘reserve banking system’. Over issuance of new currency (money printing) obviously devalues a currency (see history for examples).
“Again Athens finds itself at loggerheads with its creditors, particularly the IMF. The Greeks appear to be willing to do only enough to stay in the Eurozone, while the rest of Europe is willing to offer it just enough support to stay afloat – all awhile making the Greek economy almost impossible to grow. Is the Euro a failure?
CrossTalking with Mitch Feierstein, Stephen Haseler, and Scheherazade Rehman.
I wouldn’t call the Euro a failure – it’s a unification of Europe at best, succeeding where many failed. The cracks seem to be showing though. Prophetically speaking I’d suggest on the horizon is the fast pace emergence of a religious system (papal), which will begin dominating Europe and the political systems therein.
I have no doubt the Greek people are being denied dignity and austerity needs to end. Greece have been offered participation in the BRICS bank – so maybe some light at the end of the proverbial ‘tunnel’ for them?
On a different note, Turkey must be breathing with a big sigh of relief that, despite their constant knocking on the doors of the white Judeo-Christian club, they were fobbed off with tonnes of excuses constantly and may well have saved themselves of a lot of ‘pain’.
Let me guess – Turkey is not that enthusiastic about joining the EU now?
I ran across a recent essay from The Brothers Krynn, which attempts to map common horror monsters onto the Seven Deadly Sins: https://canadianculturecorner.substack.com/p/horror-monsters-and-vice My interest, however, is not in the meat of the piece, but rather the opening paragraph: It is an interesting fact that in recent decades, Vampires have ...
Buzz from the Beehive Transport Minister Simeon Brown dutifully issued advice to all road users to keep safe on our roads during the Easter weekend. He encouraged them to stay safe, plan their journeys ahead of time, and be patient with other drivers while travelling around this Easter long weekend. ...
Oliver Hartwich writes – New Zealanders recently learned about a new feature film. It will be about former Prime Minister Jacinda Ardern – and taxpayers will subsidise it to the tune of NZ$800,000. Ardern had nothing personally to do with either the film or the subsidy. But her government’s ...
TL;DR: Here’s the top six news items of note in climate news for Aotearoa-NZ this week, and a discussion above that was recorded yesterday afternoon above between and The Kākā’s climate correspondent : An independent review panel into the emergency response to Cyclone Gabrielle in Hawkes Bayconcluded “that ...
There are now only a few days left to give feedback on the Draft Government Policy Statement (GPS) on Land Transport 2024-34 (see our earlier post this week on GPS submission guides). As we’ve reported, the GPS is a disaster for Local Government, so we were particularly interested to hear ...
Willis has pledged to go ahead with the debt-funded tax cuts, despite growing opposition from her own supporters worried about appearing fiscally irresponsible. Photo: Lynn Grieveson / The KākāTL;DR: The five things that mattered in Aotearoa’s political economy that we wrote and spoke about via The Kākā and elsewhere for ...
Open access notables A survey of interventions to actively conserve the frozen North, van Wijngaarden et al., Climatic Change:The frozen elements of the high North are thawing as the region warms much faster than the global mean. The dangers of sea level rise due to melting glacier ice, increased ...
Bryce Edwards writes – New Zealand’s biggest-ever political donations scandal is finally at an end. But what is the conclusion? No one can really be sure. The Court of Appeal released its judgement on Tuesday about the Serious Fraud Office case against the NZ First Foundation. On ...
In 2015, then-Prime Minister John Key announced plans for a huge ocean sanctuary around the Kermadec Islands, banning fishing and mining from 15% of Aotearoa's EEZ. It was bold, it was ambitious, and it suggested that National might actually care about the environment. Except they fucked it up: Key failed ...
1. Who has just been given the accolade New Zealander of the Year?a. The Kokakob. The Cook Strait Ferryc. Fair God. Dr Jim Salinger 2. Which of these is an affront to decent society?a. Dame Edna Everageb. Mrs Doubtfire c. Dr. Frank-N-Furterd. Brian 3. Who is Penny Simmonds?a. The aspiring actress in Big ...
New Zealand’s biggest-ever political donations scandal is finally at an end. But what is the conclusion? No one can really be sure.The Court of Appeal released its judgement on Tuesday about the Serious Fraud Office case against the NZ First Foundation. On the face of it, the court found ...
Buzz from the Beehive Waves of rain are set to lash much of the North Island during Easter Weekend as a low-pressure system forms east of New Zealand, according to a weather forecast published in the past day or so. Niwa was warning of a “moisture-laden” long weekend, with rain expected ...
Look around us…Nicola Willis’ promises of balancing the books, of cutting spending without reducing services, and of delivering game changing tax cuts are disappearing before her eyes.Everyday we see stories of violent crime ending in horrific injuries, or worse. The cost of living worsens, whereas the PM claimed renters would ...
TL;DR: My top six news of note on the morning of Thursday, March 28 include:The Government will have to borrow between $10 billion to $15 billion more than previously expected in order to make up for a slowing economy and to pay for $14.9 billion of tax cuts, according to ...
This story by Naveena Sadasivam and Kate Yoder was originally published by Grist and is part of Covering Climate Now, a global journalism collaboration strengthening coverage of the climate story. The long-awaited jobs board for the American Climate Corps, promised early in the Biden administration, will open next month, according to details shared exclusively ...
Should landlords be able to deduct the interest on the loans they take out to bankroll their property speculation? The US Senate Budget Committee and Bloomberg News don’t think this is a good idea, for reasons set out below. Regardless, our coalition government has been burning through a ton of ...
Treasury’s first report on the economy since the change of government presents a damning indictment of Labour’s economic management. The problem for National is that it is so damning that logically, coupled with a rapidly slowing economy, Finance Minister Nicola Willis should respond to it by postponing or even cancelling ...
Budget tensions are becoming evident within the Coalition Government. Winston Peters made numerous political points in his speech to the NZF annual conference. But the attack on his own government’s fiscal policies raised issues of substance. ‘Today in the Sunday Star Times, journalist and former advisor to the Labour ...
Buzz from the Beehive The media – sure enough – have been binging on Finance Minister Nicola Willis’ release of the Budget Policy Statement and a statement headed Government announces Budget priorities This assures us – or rather, this parrots the Luxon team mantra – that the Budget “will deliver ...
The Ides of March brought me COVID followed by a bereavement. No wonder they tell you to be careful of them.I’m home now and have resumed the interrupted recuperation. Very much looking forward to getting back to regular things. Meanwhile, some thoughts…OneThis new Prime Minister guy just keeps getting more dire. ...
News that the Chinese ATP 40 cyber-hacking unit penetrated parliamentary internet networks in 2021 has renewed concerns about the PRC’s malign intentions in Aotearoa. But is the hack that significant given the length of time that has passed since its … Continue reading → ...
When Parliament passed the Intelligence and security Act in 2017, they assured us all that it was full of safeguards. Any intrusive surveillance of New Zealanders would be subject to a "triple lock", requiring the approval of the Minister and (supposedly independent) Commissioner of Intelligence Warrants, as well as post-facto ...
Eric Crampton writes – Richard Harman’s Politik newsletter provides a bit of the context that ought to have been showing up in other media reports on potential reductions in public service staffing. Media has been reporting on staffing cuts on the order of about 7%. Is that ...
Mike Grimshaw writes – It’s becoming increasingly apparent that many perceive free speech to have become the preserve of the politically right wing, the religiously conservative, the libertarian fringe, the anti-trans, the anti-Māori and…. well, just fill in with whatever groups or individuals you don’t like and don’t ...
Don Brash writes – As everybody who is not blind and deaf is aware, there is a huge political preoccupation with climate change at the moment, a widespread (though by no means unanimous) belief that global temperatures are rising mainly as a result of the greenhouse gases created ...
TL;DR: My six things to note in Aotearoa’s political economy on Wednesday, March 27 include:Chris Bishop laid out his vision for filling Aotearoa-NZ’s $100 billion infrastructure deficit in a speech yesterday, emphasising user pays and private funding, but failed to say how to achieve bipartisanship on population, public borrowing and ...
Bryce Edwards writes – Former Finance Minister Grant Robertson and former Prime Minister Chris Hipkins have been conveying how unhappy they are with the tax system. Last week in his valedictory speech, Robertson called for the introduction of a wealth or capital gains tax. And this week Hipkins ...
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 ...
Buzz from the Beehive China has loomed large in Beehive considerations over the past 24 hours, largely because of that country’s mischief-making in the cyber espionage department. Two media statements emerged on that subject hard on the heels of the PM baulking at questions put to him on RNZ’s Morning ...
Chris Trotter writes – WHY IS THE NATIONAL PARTY doing so much for landlords, property developers, trucking, and construction companies, and so little for everybody who isn’t already pretty well-off? It’s as if protecting landlords’ investments and building apartments and roads now constitute the whole of National’s ...
Bryce Edwards writes – When she was campaigning to be Minister of Finance last year, Nicola Willis pledged that she would resign from the job if she failed to deliver tax cuts in her first Budget. Now, it’s that pledge, along with Prime Minister Christopher Luxon’s ...
Robert MacCulloch writes – The Reserve Bank has doubled staff numbers in five years to 510, with personnel costs rising to $80 million in 2023 from $32 million in 2018 – up by a whopping 150%. I guess when you print $50 billion and flood markets with liquidity, ...
The furore. In case you didn’t notice there was a controversy in the weekend involving dolphins in a little town off the South Island. Don’t panic, they haven’t declared independence and resumed whaling, this was simply a sailing event.The problem began when racing was cancelled on the opening day of ...
For 20 years or more, the case for a meaningful capital tax gains has been mulled over and analysed to death, including by the tax working group chaired by Sir Michael Cullen. More than once, the International Monetary Fund has said a CGT would be a good idea for New ...
TL;DR: My top 10 news and analysis links this morning include:Today’s must-read: The Public Health Communications Centre (PHCC) call for urgent preventive action and a risk assessment survey of long covid in this briefing noteLocal scoop: NZ road deaths surpass OECD rates, so why is the govt reversing safety plans? ...
This story was originally published by Grist and is part of Covering Climate Now, a global journalism collaboration strengthening coverage of the climate story. This story is part of a collaboration with Grist and WABE to demystify the Georgia Public Service Commission, the small but powerful state-elected board that makes critical decisions about everything from raising ...
This is a guest post from Robert McLachlan Global warming is accelerating; 2023 was off the charts. We need to stop burning fossil fuels. In New Zealand, transport accounts for half of all fossil fuels burnt. In the Emissions Reduction Plan, transport emissions fall 41% by 2035. As the ...
Labour productivity has been receding rapidly over the past two years, reversing a post-lockdown rise. Photo: Lynn Grieveson / The KākāTL;DR: My six things to note in Aotearoa’s political economy as at 6:26am on Tuesday, March 26 include:Workers have been treading water in output per hour worked for 12 years, ...
TL;DR: The key events to watch in Aotearoa-NZ’s political economy in the week to April 2 include:Today, Parliament resumes sitting at 2pm for the second week of a two-week session. Officials for SIS and GCSB report their annual reviews in public to the Intelligence and Security Select Committee from 5.10pm.Tomorrow, ...
Faced with a barrage of criticism over the promised tax cuts from usually supportive commentators, Finance Minister Nicola Willis yesterday reaffirmed her intention to include them in this year’s Budget. The Government is up against it over the cuts just about every way it turns. Commentators like Fran O’Sullivan, Matthew ...
Here’s my pick of today’s substack posts as of 6:26pm on Monday, March 25: writes via his substack that Market-rate housing will make your city cheaper writes via his substack about the problems talking to double-cab ute (truck) drivers about their vehicles. today about moments of radicalisation in ...
Buzz from the Beehive Just before Christmas, Finance Minister Nicola Willis delivered something that was pitched as a mini-budget and brayed about the decisive action being taken to repair the Government books and support income tax relief in Budget 2024. In a statement headed Fiscal repair job underway. she introduced ...
My sister Belinda asked Dad yesterday what one word would describe Mum best. He said: vivacious.If you only knew her from the photos on the slideshow we've made for today,you might wonder about that, because the camera tended to lie with Mum.If ever she saw a camera pointed at her, she ...
There are two major public consultations closing in the next week, Auckland Council’s Long Term Plan (LTP), and the draft Government Policy Statement on Land Transport (GPS). Closing dates and times: LTP closes Thursday 28 February, at 11.59pm – a minute to midnight! GPS closes Tuesday 2 April, at 12pm noon – note that’s ...
From Kiwiblog’s David Farrar – Bryce Wilkinson writes: Senior Fellow Bryce Wilkinson’s analysis reveals that since March 2009, New Zealand has spent $158 billion more overseas than it has earned, but its NIIP has only fallen by $32 billion.Statistics New Zealand shows that receipts from overseas reinsurers have ...
Is she hinting that the Coalition Government will have to back down on key promises it made in Opposition? Brian Easton writes – The Minister of Finance, Nicola Willis, is telling an evolving story about her fiscal challenges. In Opposition she was confident that she could ...
Dear Nicola Willis,Right now you’ve probably got lots of competing demands coming at you. Ministers who’ve inherited quite a mess, or so you’ve told us, looking for money in the budget to improve things. I imagine that’s why they came to parliament - to make things better.You’ll have to make ...
The Local Government, Transport and Auckland Minister hasthreatened councils with intervention if they don’t merge water assets to take them off balance sheet, just as the now-repealed Three Waters plan directed. Photo: Lynn Grieveson / The KākāTL;DR: My six things of note this morning for Monday, March 25 include:Simeon ...
A listing of 36 news and opinion articles we found interesting and shared on social media during the past week: Sun, March 17, 2024 thru Sat, March 23, 2024. Story of the week Thanks to John Mason having the stamina to sit down to watch "Climate - the Movie" ...
This morning the Q&A programme had Simeon Brown on to talk about National’s replacement for Three Waters. In case anyone’s forgotten the three are - drinking water, waste water, and sewerage. It’s quite important not to get them mixed up. In much the same way that you wouldn’t want to ...
Today’s newsletter comes with a mini-podcast conversation between me and my buddy Liv Tennet, talking about her time as a child actor in Lord of the Rings. It’s a conversation with a lot of giggles as she talks about falling off a horse, and becoming a meme. Read ...
The Desmog Climate Disinformation Database documents, "individuals and organisations that have helped to delay and distract the public and our elected leaders from taking needed action to reduce greenhouse gas pollution and fight global warming." It's a who's who of the organised climate change denial movement, in other words. In ...
Bob Edlin writes – A High Court judge has decided miscreants who have mana – or who claim to have mana – should be treated differently from miscreants who have none. It’s a ruling that suggests indigenous law-breakers have a better chance of securing a discharge without conviction ...
Welcome to the first, and possibly last, edition of Brickbats, Bouquets and Bull’s Wool. In which I’ll take a look at the events of the last week or so, and rate them.In such ratings the numbers usually have more to do with the opinions of the reviewer, than the actual ...
Roger Partridge writes – My earlier column this month, New Zealand’s highest court could be facing a turning point, prompted a flood of feedback from business readers and lawyers alike. A common query was what Parliament can do to restrain an overreaching judiciary. This week I discuss two steps Parliament ...
TL;DR: In today’s ‘six-stack’ of substacks at 6.16pm on Friday, March 22: writes about New Zealand's Building Boom—And What the World Must Learn From It over at his substack. challenges the Auckland Council’s use of a 3.8 degrees of warming forecast to oppose a wave-park and data centre project ...
Is she hinting that the Coalition Government will have to back down on key promises it made in Opposition?The Minister of Finance, Nicola Willis, is telling an evolving story about her fiscal challenges. In Opposition she was confident that she could deliver her promised income tax cuts. Appointed minister, she ...
Buzz from the Beehive Ministers of the Crown have drawn attention to one sector of the science sector which is unlikely to be subjected to heavy spending cuts, a state-funded broadcaster which is doing nicely, thank you, and a sporting event that had $5.4 million from the public purse puffed ...
Abbott’s Freestyle Libre sensors allow continuous glucose monitoring (CGM). The sensor is applied to the back of the patient’s arm, with a thin filament under the skin measuring glucose levels constantly. But it costs around $100 per sensor and must be replaced once every 14 days. Photo by BSIP/Universal Images ...
The Inspector General of Intelligence and Security (IGIS) recently released a report in which he exposes the existence of a foreign intelligence partner-controlled technological “capability” inside the headquarters of the GCSB, NZ’s 5 Eyes-affiliated signals intelligence collection and analysis agency. … Continue reading → ...
Peter Dunne writes – Nearly three decades after the introduction of MMP and multiparty governments there should be a greater level of understanding about their finer points than often appears to be the case. The reaction to the despicable outburst from the Deputy Prime Minister at the weekend highlights ...
The sweet kisses from fruit of summerHave slowly been turning dullerYou say, "those times"And "remember the daysWhen we went outside and there still was the shade?"Taking no reason into play…Autumn. Clear, blue days shortening to longer nights, growing colder. Aotearoa.That’s us. The temperature dropping, the looming car crash - so ...
Bryce Edwards writes – “It is often said that behind every great man is a great woman”. This is the pitch by the National Party Botany electorate branch to attend their “Ladies Afternoon Tea with Amanda Luxon”. For $110 including GST, you can turn up on Saturday 20 April ...
David Farrar writes – The Electoral Commission has published the expense returns for political parties for the 2023 election. I’ve put them in a table with how many votes a party got so we can see the spend per vote. National only spent $3.34 for every vote they got, almost ...
Winston Peters’ headline-making actions over the past week may have been a show of political power intended to strengthen his hand in Budget negotiations. It was no accident that his State of the Nation speech was as it was. He made it as New Zealand First Leader, not as Deputy ...
Photo: Lynn Grieveson / The KākāTL;DR: The five things that mattered in Aotearoa’s political economy that we wrote and spoke about via The Kākā and elsewhere for paying subscribers in the last week included:Former Labour Finance Minister Grant Robertson bowed out of politics this week, giving a series of exit ...
Graham Adams writes — If you love the law or sausages, as the saying goes, best not to look too closely at how they are made. And after watching the orgy of self-pity when Newshub’s closure was announced on February 28, television journalism should definitely be added to the list of those ...
Venerable New Zealand political commentator, Chris Trotter (https://bowalleyroad.blogspot.com/), is a sad creature these days. Once one of the most reliable Leftist writers out there – Economic Left at that – Trotter seems to have absorbed the worldview of Auckland culture-war obsessives. It is not for me to categorise what he ...
The Coalition Government’s plan to ‘get Auckland moving’ is a cuts cover-up that will ultimately cost Aucklanders more to move around the city, says Labour Auckland Issues spokesperson Shanan Halbert. ...
Slashing the Ministry of Pacific Peoples by 40% will have a devastating impact on pacific communities and further highlights how little this government cares about anything other than cutting taxes for the wealthiest few. ...
Labour has proposed an urgent inquiry to investigate the ever-increasing profits of supermarkets, aiming to lower costs for shoppers and food producers alike, says Labour Spokesperson for Commerce and Consumer Affairs Arena Williams and Primary Production Spokesperson Cushla Tangaere-Manuel. ...
With 14% of jobs on the line at the Ministry for Ethnic Communities, the responsible Minister Melissa Lee is failing to stand up for the very communities she’s meant to be representing. ...
COURT OF APPEAL: TRIFECTA OF VICTORY FOR NZ FIRST, TRIFECTA OF FAILURE FOR OPPONENTS For the third time since April 2020, New Zealand First has defeated the Serious Fraud Office and all those complicit in a malicious attack against a political party going about its lawful business in a lawful ...
The Green Party stands with people who live in public housing, people in dire housing need, experts and advocates in demanding better than the Government’s archaic approach to housing those who need our support the most. ...
New Zealand has recently lost the hosting rights of some major international sporting events including the America’s Cup, the Rugby Championship, Netball World Cup, and the Wellington Sevens. We are now at a huge risk of losing SailGP as well. And it won’t stop there. The recent issues with SailGP ...
A Member’s Bill drawn this week would modernise insurance law and make things fairer and more transparent for consumers, Christchurch Central MP Duncan Webb said. ...
The Minister for Disability Issues has confirmed she was aware of funding issues in mid-December and did nothing to stop it. On 14 March, she signed off on changes that were announced and implemented on 18 March without any consultation with disability communities. ...
Green Party MP Julie Anne Genter says her members' bill is an opportunity for the coalition government to plug the gap in electric vehicle incentives. ...
The National Government continues to talk about irresponsible tax cuts that will only drive up inflation, despite the country entering a technical recession. ...
The Minister for Disability Issues must act urgently to reinstate flexibility around the funding for disability support and apologise to disabled carers. ...
This story has been initiated by a leftie shill reporter who proactively sought to call a member of a former band, which disbanded twelve years ago, give their biased appraisal of what was said in my speech, and concocted a ham-fisted attempt at a story that does nothing but show ...
The Government has accepted Labour’s change to the Road User Charge (RUC) discount for hybrid vehicles, meaning there will still be some incentive for people to buy greener vehicles. ...
Many in the mainstream media have taken what was said in New Zealand First’s State of the Nation Speech in Palmerston North on Sunday and deliberately, deceitfully, and ignorantly misrepresented what I said and why I said it. The headlines and commentary on the news stated that I compared ‘co-governance ...
Kicking the most vulnerable people out of state housing and pushing them towards homelessness will result in a proliferation of poverty and trauma across our most vulnerable communities. ...
Te Pāti Māori co-leader and MP for Waiariki, Rawiri Waititi has penned a letter asking MPs to support his members bill to remove GST from all food. The bill is expected to go through its first reading in parliament this Wednesday. “I’m calling on all political parties to support my ...
Good afternoon. Thank you for, in your very busy lives, turning up to this meeting today. On October 14th last year New Zealanders overwhelmingly voted for change. That is exactly what this new government is bringing. New Zealand First campaigned to ‘take back our country’ and stop the disastrous economic ...
This year is about getting real with Kiwis and discussing the tough issues, as the National Government exacerbates inequality and divides New Zealand, Labour Leader Chris Hipkins said ...
The Government adding Significant Natural Areas (SNAs) to its already roaring environmental policy bonfire is an assault on the future of wildlife that makes Aotearoa unique. ...
After 12 years of fighting to protect our moana we are finding ourselves back at square one and back at court. Today, the Environmental Protection Agency is sitting in Hawera to reconsider an application from Trans-Tasman Resources to dig up 50 million tonnes of the seabed in South Taranaki. This ...
Minister Shane Jones’ decision to step away from a seabed mining project is evidence of the murky waters surrounding the Government’s fast-track legislation. ...
The growth of Treaty of Waitangi clauses in legislation caused so much worry that a special oversight group was set up by the last government in a bid to get greater coherence in the publicservice on Treaty matters. When ministers first considered the need for tighter oversight in 2021, there ...
The growth of Treaty of Waitangi clauses in legislation caused so much worry that a special oversight group was set up by the last government in a bid to get greater coherence in the publicservice on Treaty matters. When ministers first considered the need for tighter oversight in 2021, there ...
The Coalition Government’s miscalculation saga continues as it has forgotten an eyewatering $90 million gap in its interest deductibility cost figures, say Labour Finance spokesperson Barbara Edmonds and Revenue Spokesperson Deborah Russell. ...
He Pou a Rangi Climate Change Commission has today released advice that says if the Government doesn’t act now New Zealand is at risk of not meeting its climate goals. ...
The Coalition Government has today confirmed it is abandoning first home buyers who are struggling to get ahead, says Labour Finance spokesperson Barbara Edmonds. ...
Transport Minister Simeon Brown has welcomed the passing of legislation to move light electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) into the road user charges system from 1 April. “It was always intended that EVs and PHEVs would be exempt from road user charges until they reached two ...
New Zealand is strengthening its ability to combat illegal fishing outside its domestic waters and beef up regulation for its own commercial fishers in international waters through a Bill which had its first reading in Parliament today. The Fisheries (International Fishing and Other Matters) Amendment Bill 2023 sets out stronger ...
Economists Carl Hansen and Professor Prasanna Gai have been appointed to the Reserve Bank Monetary Policy Committee, Finance Minister Nicola Willis announced today. The Monetary Policy Committee (MPC) is the independent decision-making body that sets the Official Cash Rate which determines interest rates. Carl Hansen, the executive director of Capital ...
Apartment owners and buyers will soon have greater protections as further changes to the law on unit titles come into effect, Housing Minister Chris Bishop says. “The Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act had already introduced some changes in December 2022 and May 2023, and ...
Foreign Minister Winston Peters will travel to Egypt and Europe from this weekend. “This travel will focus on a range of New Zealand’s traditional diplomatic and security partnerships while enabling broad engagement on the urgent situation in Gaza,” Mr Peters says. Mr Peters will attend the NATO Foreign ...
Transport Minister Simeon Brown is encouraging all road users to stay safe, plan their journeys ahead of time, and be patient with other drivers while travelling around this Easter long weekend. “Road safety is a responsibility we all share, and with increased traffic on our roads expected this Easter we ...
About 1.4 million New Zealanders will receive cost of living relief through increased government assistance from April 1 909,000 pensioners get a boost to Superannuation, including 5000 veterans 371,000 working-age beneficiaries will get higher payments 45,000 students will see an increase in their allowance Over a quarter of New Zealanders ...
Ensuring social housing is being provided to those with the greatest needs is front of mind as the Government restarts social housing tenancy reviews, Associate Housing Minister Tama Potaka says. “Our relentless focus on building a strong economy is to ensure we can deliver better public services such as social ...
The Kermadec Ocean Sanctuary will not go ahead, with Cabinet deciding to stop work on the proposed reserve and remove the Bill that would have established it from Parliament’s order paper. “The Kermadec Ocean Sanctuary Bill would have created a 620,000 sq km economic no-go zone,” Oceans and Fisheries Minister ...
Dam safety regulations are being amended so that smaller dams won’t be subject to excessive compliance costs, Minister for Building and Construction Chris Penk says. “The coalition Government is focused on reducing costs and removing unnecessary red tape so we can get the economy back on track. “Dam safety regulations ...
The coalition Government is expanding the medium-scale adverse event classification to parts of the North Island as dry weather conditions persist, Agriculture Minister Todd McClay announced today. “I have made the decision to expand the medium-scale adverse event classification already in place for parts of the South Island to also cover the ...
The passing of legislation giving effect to coalition Government tax commitments has been welcomed by Finance Minister Nicola Willis. “The Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill will help place New Zealand on a more secure economic footing, improve outcomes for New Zealanders, and make our tax system ...
Science, Innovation and Technology Minister Judith Collins and Tertiary Education and Skills Minister Penny Simmonds today announced plans to transform our science and university sectors to boost the economy. Two advisory groups, chaired by Professor Sir Peter Gluckman, will advise the Government on how these sectors can play a greater ...
The Budget will deliver urgently-needed tax relief to hard-working New Zealanders while putting the government’s finances back on a sustainable track, Finance Minister Nicola Willis says. The Finance Minister made the comments at the release of the Budget Policy Statement setting out the Government’s Budget objectives. “The coalition Government intends ...
The coalition Government will look at options to address a zoning issue that limits how much financial support Queenstown residents can get for accommodation. Cabinet has agreed on a response to the Petitions Committee, which had recommended the geographic information MSD uses to determine how much accommodation supplement can be ...
Cabinet has agreed to a short extension to the final reporting timeframe for the Royal Commission into Abuse in Care from 28 March 2024 to 26 June 2024, Internal Affairs Minister Brooke van Velden says. “The Royal Commission wrote to me on 16 February 2024, requesting that I consider an ...
The coalition Government is delivering an $18 million boost to New Zealanders needing to travel for specialist health treatment, Health Minister Dr Shane Reti says. “These changes are long overdue – the National Travel Assistance (NTA) scheme saw its last increase to mileage and accommodation rates way back in 2009. ...
The Government is recognising the innovative and rising talent in New Zealand’s growing space sector, with the Prime Minister and Space Minister Judith Collins announcing the new Prime Minister’s Prizes for Space today. “New Zealand has a growing reputation as a high-value partner for space missions and research. I am ...
Foreign Minister Winston Peters has confirmed New Zealand’s concerns about cyber activity have been conveyed directly to the Chinese Government. “The Prime Minister and Minister Collins have expressed concerns today about malicious cyber activity, attributed to groups sponsored by the Chinese Government, targeting democratic institutions in both New ...
Independent Reviewers appointed for School Property Inquiry Education Minister Erica Stanford today announced the appointment of three independent reviewers to lead the Ministerial Inquiry into the Ministry of Education’s School Property Function. The Inquiry will be led by former Minister of Foreign Affairs Murray McCully. “There is a clear need ...
State Highway 1 across the Brynderwyns will be open for Easter weekend, with work currently underway to ensure the resilience of this critical route being paused for Easter Weekend to allow holiday makers to travel north, Transport Minister Simeon Brown says. “Today I visited the Brynderwyn Hills construction site, where ...
Introduction Good morning to you all, and thanks for having me bright and early today. I am absolutely delighted to be the Minister for Infrastructure alongside the Minister of Housing and Resource Management Reform. I know the Prime Minister sees the three roles as closely connected and he wants me ...
New Zealand stands with the United Kingdom in its condemnation of People’s Republic of China (PRC) state-backed malicious cyber activity impacting its Electoral Commission and targeting Members of the UK Parliament. “The use of cyber-enabled espionage operations to interfere with democratic institutions and processes anywhere is unacceptable,” Minister Responsible for ...
Foreign Minister Winston Peters and Defence Minister Judith Collins today announced New Zealand will provide logistics support for the upcoming Solomon Islands election. “We’re sending a team of New Zealand Defence Force personnel and two NH90 helicopters to provide logistics support for the election on 17 April, at the request ...
The European Union Free Trade Agreement Legislation Amendment Bill received Royal Assent today, completing the process for New Zealand’s ratification of its free trade agreement with the European Union. “I am pleased to announce that today, in a small ceremony at the Beehive, New Zealand notified the European Union ...
Public consultation on the terms of reference for the Royal Commission into COVID-19 Lessons has concluded, Internal Affairs Minister Hon Brooke van Velden says. “I have been advised that there were over 11,000 submissions made through the Royal Commission’s online consultation portal.” Expanding the scope of the Royal Commission of ...
Hardworking families are set to benefit from a new credit to help them meet their early childcare education (ECE) costs, Finance Minister Nicola Willis says. From 1 July, parents and caregivers of young children will be supported to manage the rising cost of living with a partial reimbursement of their ...
A specialised Independent Technical Advisory Group (ITAG) tasked with preparing and publishing independent non-binding advice on the design of a "green" (sustainable finance) taxonomy rulebook is being established, Climate Change Minister Simon Watts says. “Comprising experts and market participants, the ITAG's primary goal is to deliver comprehensive recommendations to the ...
Defence Minister Judith Collins has thanked the Chief of Army, Major General John Boswell, DSD, for his service as he leaves the Army after 40 years. “I would like to thank Major General Boswell for his contribution to the Army and the wider New Zealand Defence Force, undertaking many different ...
25 March 2024 Minister to meet Australian counterparts and Manufacturing Industry Leaders Small Business, Manufacturing, Commerce and Consumer Affairs Minister Andrew Bayly will travel to Australia for a series of bi-lateral meetings and manufacturing visits. During the visit, Minister Bayly will meet with his Australian counterparts, Senator Tim Ayres, Ed ...
Government commits almost $3 million for period products in schools The Coalition Government has committed $2.9 million to ensure intermediate and secondary schools continue providing period products to those who need them, Minister of Education Erica Stanford announced today. “This is an issue of dignity and ensuring young women don’t ...
Good morning, it’s great to be here. First, I would like to acknowledge the New Zealand Institute of Building Surveyors and thank you for the opportunity to be here this morning. I would like to use this opportunity to outline the Government’s ambitious plan and what we hope to ...
Minister for Pacific Peoples Dr Shane Reti has announced the Government’s commitment to the Auckland Secondary Schools Māori and Pacific Islands Cultural Festival, more commonly known as Polyfest. “The Ministry for Pacific Peoples is a longtime supporter of Polyfest and, as it celebrates 49 years in 2024, I’m proud to ...
Before moving onto the substance of today’s address, I want to recognise the very significant and ongoing contribution the Breast Cancer Foundation makes to support the lives of New Zealand women and their families living with breast cancer. I very much enjoy working with you. I also want to recognise ...
New Zealand has notched up a first with the launch of University of Canterbury research to the International Space Station, Science, Innovation and Technology and Space Minister Judith Collins says. The hardware, developed by Dr Sarah Kessans, is designed to operate autonomously in orbit, allowing scientists on Earth to study ...
Introduction Thank you for inviting me to speak with you today and I’m sorry I can’t be there in person. Yesterday I started in Wellington for Breakfast TV, spoke to a property conference in Auckland, and finished the day speaking to local government in Christchurch, so it would have been ...
The Coalition Government is contributing more than $1 million to support the establishment of an emergency multi-agency coordination centre in Northland. Emergency Management and Recovery Minister Mark Mitchell announced the contribution today during a visit of the Whangārei site where the facility will be constructed. “Northland has faced a number ...
New Zealanders have enjoyed a broader range of voices telling the story of Aotearoa thanks to the creation of Whakaata Māori 20 years ago, says Māori Development Minister Tama Potaka. The minister spoke at a celebration marking the national indigenous media organisation’s 20th anniversary at their studio in Auckland on ...
Commercial catch limits for some fisheries have been increased following a review showing stocks are healthy and abundant, Ocean and Fisheries Minister Shane Jones says. The changes, along with some other catch limit changes and management settings, begin coming into effect from 1 April 2024. "Regular biannual reviews of fish ...
COMMENTARY:By Ronny Kareni Since the atrocious footage of the suffering of an indigenous Papuan man reverberates in the heart of Puncak by the brute force of Indonesia’s army in early February, shocking tactics deployed by those in power to silence critics has been unfolding. Nowhere is this more evident ...
Analysis - Nicola Willis is holding firm on tax cuts despite the economic outlook being worse than forecast and critics urging her to wait, writes Peter Wilson for The Week In Politics. ...
Opposition MPs and unions are criticising a proposal by New Zealand’s Ministry of Pacific Peoples to cut staff by 40 percent. The country’s largest trade union — The Public Service Association — says the ministry has informed staff that it is looking to shed 63 of 156 positions. Opposition MPs ...
A poem by Poetry Aotearoa Yearbook 2024 featured poet Carin Smeaton. Daughtr of the 90s when she gets promoted to usherette a baby blu eel carries her all the way up to mothership she’s hovering high she lets the underaged in to see keanu reeves she lets the only lonely ...
Analysis by Keith Rankin. Keith Rankin, trained as an economic historian, is a retired lecturer in Economics and Statistics. He lives in Auckland, New Zealand. My earlier article – Can ‘Good’ be the Greater Evil? – looked at the issue of how wars should end, and how Good versus Evil ...
The only published and available best-selling indie book chart in New Zealand is the top 10 sales list recorded every week at Unity Books’ stores in High St, Auckland, and Willis St, Wellington.AUCKLAND1 AMMA by Saraid de Silva (Moa Press, $38)A stunning debut novel reviewed by Brannavan ...
From Steve Martin to Ricky Stanicky, a pick’n’mix of things worth watching and listening to this long weekend. This is an excerpt from our weekly pop culture newsletter Rec Room. Sign up here. If you’re at a loss for something to occupy yourself with this Easter, don’t panic: The Spinoff’s got ...
Jesus had dinner with his 12 disciples right before he died. Noted historian Madeleine Chapman finds out who really deserved to be there.First published in 2018 but let’s be honest, the subject is timeless. As you sit on your couch this Easter Sunday, eating a chocolate egg you know ...
The newly-promoted Northern League club is on a mission to return to the National League for the first time in two decades. Plenty about domestic football in New Zealand has changed in that time – but the sense that this amateur competition is not an entirely level playing field remains. ...
Comment: Every year on February 2, a dozen men in tuxedos and top hats approach the burrow of a groundhog in Gobbler’s Knob, Pennsylvania and entice the beaver-like rodent to emerge and predict the weather. If the groundhog, named Punxsutawney Phil, sees its own shadow when it is summoned, legend ...
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Auckland Council has put a deadline on new weather-impacted property owners applying for categorisation as government funding looks set to run out. Councillors have voted to support a deadline of September 30 for property owners who haven’t accessed support to come forward and engage with the council’s recovery office. It ...
NONFICTION 1 BBQ Economics by Liam Dann (Penguin Random House, $40) “It’s official,” wrote Dann nine days ago in the Herald, where he works as business editor at large, “we’re in recession.” Yeah, great. He delivered the bad stats: “GDP fell 0.1 percent in the December 2023 quarter, compared with ...
By Anneke Smith, RNZ News political reporter A petition urging the New Zealand government to provide urgent humanitarian assistance to the Palestinian people has been tabled in the House. More than 200 people gathered on Parliament’s forecourt today and they were met by MPs from Labour, the Greens and Te ...
Pacific Media Watch The Paris-based global media freedom watchdog RSF (Reporters Without Borders) has appealed for information about the “disappearance” of Palestinian journalist Bayan Abusultan. She was reportedly last seen on March 19 among people “sequestered” in this week’s raid and siege of Al Shifa hospital by Israeli troops in ...
EDITORIAL:The Jakarta Post It happens again and again; indigenous Papuans fall victim to Indonesian soldiers. This time, we have photographic evidence for the brutality, with videos on social media showing a Papuan man being tortured by a group of plainclothes men alleged to be the Indonesian Military (TNI) members. ...
Source: The Conversation (Au and NZ) – By Robyn J. Whitaker, Director of the Wesley Centre for Theology, Ethics, and Public Policy & Associate Professor, New Testament, Pilgrim Theological College, University of Divinity A strange and eclectic range of activities takes place across these few weeks of the year. Some ...
Source: The Conversation (Au and NZ) – By Panizza Allmark, Professor Visual & Cultural Studies, Edith Cowan University It’s Easter weekend, which means many of us will be kicking back with the greatest hits on repeat. But whether you’re a boomer, or an ‘80s or ’90s kid, you might be ...
RNZ Pacific Fiji’s Acting Public Prosecutor has filed an appeal against the sentences of former prime minister Voreqe Bainimarama and suspended police chief Sitiveni Qiliho in their corruption case. Bainimarama was granted an absolute discharge for attempting to pervert the course of justice while Qiliho received a conditional discharge with ...
Source: The Conversation (Au and NZ) – By Arosha Weerakoon, Senior Lecturer and General Dentist, School of Dentistry, The University of Queensland Casezy idea/Shutterstock How does toothpaste work? What did people use before toothpaste was invented? – Amelia, age 7, Meanjin (Brisbane) Thanks for your ...
Source: The Conversation (Au and NZ) – By Brett Hallam, Associate professor, UNSW Sydney IM Imagery/Shutterstock Solar SunShot is well named. The Australian government announced today it would plough A$1 billion into bringing back solar manufacturing to Australia, boosting energy security, swapping coal and gas jobs for those ...
Source: The Conversation (Au and NZ) – By Clare Dix, Research Fellow in Nutrition & Dietetics, The University of Queensland Easter is the time for chocolate. The shops are full of fantastically packaged and shiny chocolates in all shapes and sizes, making trips to the supermarket with children more challenging ...
Source: The Conversation (Au and NZ) – By Emma Felton, Adjunct Senior Researcher, University of South Australia Even in a stubborn cost-of-living crisis, it seems there’s one luxury most Australians won’t sacrifice – their daily cup of coffee. Coffee sales have largely remained stable, even as financial pressures have ...
Mining company Trans-Tasman Resources has unexpectedly withdrawn its application for a consent to suck the valuable metals vanadium and titanium from the Taranaki seafloor, as it apparently wagers on the Government’s new fast-track process. It had spent two-and-a-half days putting its case to the Environmental Protection Agency’s decision-making committee, at ...
Contrary to the Associate Minister of Education’s claims, analysis of Healthy School Lunches Programme - Ka Ora, Ka Ako assessments has revealed it provides excellent value for the taxpayer dollar, as a groundswell of public opposition to Government ...
Greenpeace says wannabe Taranaki seabed miner Trans-Tasman Resources is likely banking on Christopher Luxon’s fast-track process to side-step proper scrutiny of its Taranaki seabed mining proposal by bailing out of the Environmental Protection Agency hearing ...
Kiwis Against Seabed mining today slammed Australian owned would-be seabed miner Trans Tasman Resources (TTR) for abandoning its application to the Environmental Protection Authority (EPA) to mine the seabed of the South Taranaki Bight. The company ...
Source: The Conversation (Au and NZ) – By Katie Attwell, Associate Professor, School of Social Sciences, The University of Western Australia Ground Picture/Shutterstock Months after COVID vaccines were introduced in 2021, governments and private organisations mandated them for various groups. Health and aged care workers were among the ...
Source: The Conversation (Au and NZ) – By Andrew Dzurak, Scientia Professor Andrew Dzurak, CEO and Founder of Diraq, UNSW Sydney Diraq For decades, the pursuit of quantum computing has struggled with the need for extremely low temperatures, mere fractions of a degree above absolute zero (0 Kelvin or ...
Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne A national Essential poll, conducted March 20–24 from a sample of 1,150, gave the Coalition a 50–44 lead including undecided, a reversal ...
The Taxpayers’ Union has today made a formal request under the Regulations of the People’s Republic of China on Open Government Information () for information held about how New Zealand Members of Parliament are spending taxpayer ...
Source: The Conversation (Au and NZ) – By Robert Nelson, Honorary Principal Fellow, The University of Melbourne A Byzantine depiction of the Eucharist in Saint Sophia Cathedral, Kyiv.Jacek555/Wikimedia Commons, CC BY-SA A nasty quarrel arose in the 11th century over what kind of bread should be used in holy ...
Source: The Conversation (Au and NZ) – By Patrick Hesp, Professor, Flinders University Patrick Hesp In some parts of Australia, coastal dunes are retreating from the ocean at an alarming rate, as waves carve up the beach and wind blows the sand inland. But coastal communities are largely ...
Source: The Conversation (Au and NZ) – By Luke Heemsbergen, Senior Lecturer, Digital, Political, Media, Deakin University With an impressive 60% of the US smartphone market, Apple is undeniably big, but not a clear monopoly. Yet, years of innovation by Apple have effectively given the company its own exclusive ...
Whether you’re facing layoffs or are just an emotional junior staffer, it’s always a good idea to scout out a good crying place before you need it. It’s an incredibly hard time for Wellington. Across the city, thousands of public servants are hearing tough news about redundancies and layoffs. Government ...
Source: The Conversation (Au and NZ) – By James Miller-Jones, Professor, Curtin University Nuclear explosions on a neutron star feed its jets. Danielle Futselaar and Nathalie Degenaar, Anton Pannekoek Institute, University of Amsterdam, CC BY-SA How fast can a neutron star drive powerful jets into space? The answer, it ...
Source: The Conversation (Au and NZ) – By Daryl Adair, Associate Professor of Sport Management, University of Technology Sydney Earlier this week, independent MP Andrew Wilkie accused the AFL of conducting “off the books” illicit drug testing to identify players using substances of abuse, then inappropriately withdrawing them from matches ...
The Government’s announcement that it will scrap plans for a vast marine sanctuary around the Kermadec Islands is ‘shameful’ and will make it impossible for Aotearoa New Zealand to meet its international commitments, says the World Wide Fund for Nature ...
Source: The Conversation (Au and NZ) – By John Quiggin, Professor, School of Economics, The University of Queensland Shutterstock The federal government has bowed to pressure from the car industry, announcing it will relax proposed emissions rules for utes and vans and delay enforcement of the new standards ...
Source: The Conversation (Au and NZ) – By Suzanne Rutland, Professor Emerita, University of Sydney In his latest book, Jewish Life in Medieval Spain, Jonathan Ray focuses on the tumult of the 14th century in Spain – a time of the plague, civil strife and war between the two largest ...
While creating a slate of world-class shows, Whakaata Māori also developed a generation of world-class creatives. Television is an odd word. It mixes the Ancient Greek and Latin languages, and its most literal meaning is “far-off sight”. In the contemporary and living language of te reo Māori, “whakaata” as a ...
Yesterday the UN Security Council passed a resolution demanding an immediate ceasefire in Israel’s war on Gaza. This significant step and the deteriorating humanitarian situation in Gaza prompted an urgent debate in the New Zealand Parliament. Leader ...
The Government’s decision to reduce access to continuous glucose monitors (CGM) not only threatens the lives of children with type 1 diabetes and increases the potential for ‘Dead in Bed’ syndrome, but also threatens the health of their parents an ...
Apples are available year-round, but the wide variety on offer involves intensive scientific research – and large-scale commercialisation. What’s beautiful, red, sweet and crunchy? Tony Martin’s favourite kind of apple: Sassy. The CEO of apple and pear breeding organisation Prevar, Martin’s fondness for Sassy represents professional success as well as ...
Family violence specialist service Shine is calling on employers to stop asking for proof of domestic violence in order for employees to access domestic violence leave. The call comes five years after the introduction of the Domestic Violence ...
The Deputy Chairperson of the Finance and Expenditure Committee is calling for public submissions on the Budget Policy Statement 2024. The Budget Policy Statement 2024 (BPS) sets out the Government's priorities for the 2024 Budget. It explains the approach ...
Brutal government spending cuts that will see the size of the Ministry for Pacific Peoples slashed by 40% will hit Pasifika communities hard, the PSA says. The Ministry has told staff that it is seeking voluntary redundancies, and to redeploy and reassign ...
I live with five people I mostly love, but our different ideas about generosity are starting to really irk me.Want Hera’s help? Email your problem to helpme@thespinoff.co.nzDear Hera,This is a bit of a random one but here goes. I’m 22 and work an OK job (OK meaning I get paid ...
Source: The Conversation (Au and NZ) – By Maria Nicholas, Senior Lecturer in Language and Literacy Education, Deakin University Earlier this month, the New South Wales government announced it would roll out programs for gifted students in every public school in the state. This comes amid concerns gifted school ...
Source: The Conversation (Au and NZ) – By Christopher Rudge, Law lecturer, University of Sydney Massachusetts General Hospital In a world first, we heard last week that US surgeons had transplanted a kidney from a gene-edited pig into a living human. News reports said the procedure was a ...
Source: The Conversation (Au and NZ) – By David Tombs, Howard Paterson Chair of Theology and Public Issues, University of Otago The 5th-century Maskell panel showing Jesus in a loincloth.British Museum, CC BY-NC-SA When Jesus is shown on the cross, he is almost always depicted wearing a loincloth around ...
Source: The Conversation (Au and NZ) – By Panizza Allmark, Professor Visual & Cultural Studies, Edith Cowan University Shutterstock When you think about a red object, you might picture a red carpet, or the massive ruby in the Queen’s crown. Indeed, Western monarchies and marketing from brands such ...
COMMENTARY:Jewish Voice for Peace The UN Security Council passed a resolution demanding an immediate ceasefire in Gaza on Monday — and for the first time since the beginning of the Israeli military’s genocide of Palestinians, the United States abstained rather than vetoing it. Security Council resolutions are legally binding, ...
Asia Pacific Report A New Zealand investigative journalist and author says the US spy system hosted by the Government Communications Security Bureau (GCSB) appears to be a controversial intelligence system used in global capture-kill operations. Writing a commentary for RNZ News today, Nicky Hager, author of Secret Power, a 1996 ...
While Nicola Willis wouldn’t give any details on its size, she said a package of tax cuts is definitely still coming in this year’s budget, writes Catherine McGregor in this excerpt from The Bulletin, The Spinoff’s morning news round-up. To receive The Bulletin in full each weekday, sign up here. ...
The Taxpayers’ Union is welcoming the investigation into the Department of Internal Affairs after it was revealed that the Department’s Chief Executive personally reached out to expedite a DJs passport application. Taxpayers’ Union Campaigns ...
Finance minister Nicola Willis delivers her first budget statement, and unwittingly helps Joel MacManus save his relationship. Nicola Willis strode into the Beehive Theatrette. Around me, on the green foldout seats, were the country’s top business and political journalists. They were all here to see her announce the Budget Policy ...
Twenty years ago today, Māori Television launched after much controversy. Jamie Tahana looks back on its survival and impact across two decades. Chad Chambers stepped onto the stage, the brim of his cap casting a shadow across his face. His smile beamed as bright as his white freezing works gumboots, ...
On a Thursday in February, at Wellington’s Conservation House, the Conservation Authority, a statutory body advising the eponymous department and minister, Tama Potaka, opened its 195th meeting. Under consideration that afternoon was an agenda item written by Tim Bamford, chief advisor in the Department of Conservation’s biodiversity, heritage and visitors ...
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A lengthy response to the recently released draft Government policy statement on transport will soon be delivered from Auckland Council to Minister of Transport Simeon Brown. A submission raising concerns about funding distribution and the plan’s treatment of Auckland passed through the council’s transport committee on Wednesday, despite some councillors ...
Has anything highlighted NZ Heralds right wing/National party bias as much as the Auckland issue. So refreshing to read Metro’s great piece on this issue:
http://www.metromag.co.nz/editors-blog/len-brown-the-brave/
And these quote sum things up perfectly.
and yet the car drivers and home owners amongst the metro reading crowd will vote for national again and again for precisely the stated reason. Stupid, greedy, shortsighted. But as the old saying goes, i have mine and to hell with you.
There is plenty of soft Nat Jaffa’s that are starting to resent foreigners outbidding them on property. Add the resentment of close to 50,000 migrants arriving each year, many settling in Auckland and you have a catalyst for a blow back at the voting booths.
Peters seems to be the only one making much noise. Labour have given Phil Goff Off the plumb Auckland Issues portfolio so he can enhance his changes of winning the Auckland mayoralty. If anyone needs to get angry it should be Goff Off. Come on you gutless wonder you should be all over this screaming from the top of sky tower. Perform or pass the portfolio on to someone who has some guts to front up.
@Skinny
Goff came out against the wharves. A 1000 times better than gutless Brown.
Goff Off played it safe by making the minimum amount of noise. He never pushed for the deep water port in Northland, Peters was campaigning in the buy election but had the sense to way into the reclamation debate. We all know Brown is woefully useless!
Phil Twyford is pretty good on the issue. But then its always a good day to just put down Labour it seems.
Phil Twyford as Labour’s Transport spokesperson was very quiet on the issue actually, another play it safe stance. Admittedly he had been busy with Housing, but still it is his duty holding the portfolio. Spare me the put down nonsense I detest Labour wasting plum opportunities to be front footing issues that put them at the forefront.
I think you will find that the government is not controlling property and transport due to receiving generous donations, to make money for themselves and ideology.
Do not agree it is Home Owners fault.
Most people agree with more public transport, but it is how it is implemented that is the problem.
Most people myself included would expect the council to be spending our rates on transport for example, not propping up barristers by supporting illegal action by Ports of Auckland.
It is the ridiculous waste of money, by the government and councils, that is one of the biggest problems and the hypocrisy of extra rating and taxes for transport and reduction of social services while they waste money against the interests of the rate payers.
Labour should take a book out of the Nats, mimic the right discourse.
Clean up government and councils to stop the out of control spending.
The whole rates increase is a very bad joke on ratepayers. Blame Len Brown for his lack of leadership, and Rodney Hide for giving us the monstrous Super City. (Carnal) Left and (greedy) Right together to screw the population.
So how would you fix the transport and housing problems?
Blame Key and co for failure to allow Auckland Council the proper process to raise the funds for developing needed infrastructure – so they have to lump it on ratepayers. By the way – if you live in Auckland – how do you feel about the possibility of Auckland in almost constant gridlock in a few years from now?
Almost $200 Million Donated to Representatives to Pass TPA
http://economyincrisis.org/content/almost-200-million-donated-to-representatives-to-buy-yea-votes-to-pass-tpa
On a similar note of ‘donations’, I actually think they should be called by their proper names, Bribes.
In good old NZ we call it a facilitation payment
Colin Craig, hypocrite:
“I think any ordinary person will realise a process when you don’t advise the person that you’re considering something, you don’t let them attend, you don’t even give them a chance to respond to allegations, is no proper process,”.
Long read, but worth it. The perfidy of Richard Cheney the Dick. This must never be allowed to happen here.
http://www.rollingstone.com/culture/features/fracking-whats-killing-the-babies-of-vernal-utah-20150622?page=3
Greece voting right now on whether to have referendum on EU/ECB/IMF so-called “bailout package”
http://www.theguardian.com/business/live/2015/jun/27/greek-crisis-mps-referendum-tsipras-eurogroup-ministers-live
Queues at the ATM’s overnight.
Greek parliament has voted 178-120 for a referendum but it looks moot after this statement (courtesy Zerohedge) form the Eurogroup:
“The Eurogroup takes note of the decision of the Greek government to put forward a proposal to call for a referendum, which is expected to take place on Sunday July 5, which is after the expiration of the programme period. The current financial assistance arrangement with Greece will expire on 30 June 2015, as well as all agreements related to the current Greek programme including the transfer by euro area Member States of SMP and ANFA equivalent profits.”
The financial markets will be interesting on Monday!!
It’s going to be interesting times for the world watching on.. I assume the Government wants the referendum so they then have a mandate from the public to pull out of the Euro.
Of course they do. Then at the negotiating table they can say “we” might see the sense of what you say but our people want buy it… it’s one negotiating tactic our current government threw away a long time ago by being so noddingly compliant
Just to clarify for general readers, Greece (for example) might exit the “euro”, as in the currency or Eurozone or EZ which is the monetary union, but could still remain within the European Union or EU that is the single market politico-economic union.
Denmark and the United Kingdom are of course in the EU but are exempt from the EZ.
Sweden was required to join but their people voted down the move in their 2003 referendum and has stayed outside the EZ since then.
See further:
https://en.wikipedia.org/wiki/United_Kingdom_and_the_euro
https://en.wikipedia.org/wiki/Denmark_and_the_euro
https://en.wikipedia.org/wiki/Sweden_and_the_euro
The thing is, maybe Greece is playing a “nothing left to lose” game of chicken. At this point just maybe the EU and the bankers have more to lose if Greece pulls out cos they have to worry, that IF Greece ends up no worse off out than they are today, can find a better deal from another “bank” or Nation, which other EU countries might say “fuck it, we will default too”> THAT is one risk the IMF EU etc are taking by asking Greece’s fewer number of employed to work and pay tax to send out of their economy to meet interest payments…
Since the austerity conditions attached to finance Greece’s unemployment has fallen not risen.
Exactly. That is why the EU is playing hardball. They are terrified it will encourage other countries to tell them to sod off. I think it is appropriate that Greece be the first country to go down this path.
Apparently there is precedent for sovereign default of debt and I am not suggesting defaulting will be easy for the Greek people but perhaps the best outcome is actually to give a 3-5 moratorium on interest payments…
Perhaps printing their own money again might cause problems but it might also see more money in the local economy?
BUT I definitely think that NOT just sitting meekly and nodding to the big boys would help Greece (as the previous government was doing while piling on more pain), so I say bravo for their stand. They are fucked whichever path they go down, for a while anyway.
http://www.radionz.co.nz/assets/news/42087/eight_col_Cairn_erected_in_Cathedral_Squre_in_protest_at_elected_members_being_dumped_from_Environment_Canterbury_in_2011._Credit_RNZ_Conan_Young.jpg?1435292137
This is a fine statement of broken rights that is a historic document in New Zealand’s history.
http://www.radionz.co.nz/national/programmes/insight/audio/201760029/insight-for-28-june-2015-democracy-and-water-rights
It is time for the online left to be sure to expose at every opportunity the astro-turf “Auckland Ratepayers Alliance” for what it is – a out-and-out deceptive front for the extreme right, National party aligned so-called “tax payers union” created by Jordan Williams and that enemy of democracy, the right wing courtier David Farrar.
http://www.taxpayers.org.nz/ratepayers_alliance_launch
This so-called alliance tells lies about itself – on the “about” page of this “alliance” it claims the “Taxpayers’ Union” is a politically independent organisation. http://www.ratepayers.nz/about It has a couple of useful idiot muppets mentioned, presumably to give it a bit of credibility, but make no mistake – it is simply the right wing of the National party with a lampshade on it’s head as a disguise.
This front group will try, by the look of Farrar’s frantic pushing of it, to run as a front for the Auckland Remuera elite and it’s hard right agenda.
All Standardnista’s must be vigilant to expose this dishonest astroturf group in comments sections whenever it seeks publicity, be it on Facebook or in online electronic media. Attack them at every turn, and don’t let these anti-democratic right wing bastards get any media or popular traction through these sort of dishonest fronts!
One of the most shameful parts of NZ history is the White New Zealand policy that began at the start of the 1880s and culminated in 1920 legislation that finally barred the door to pretty much all Chinese immigration to NZ.
I’ve stuck up seven lengthy pieces up on Redline on the development of the White New Zealand policy. The list is here: https://rdln.wordpress.com/2015/02/07/pieces-on-the-white-new-zealand-policy/
A few minutes ago, I pasted up the 7th; it looks at the context of the 1890s parliamentary debates: https://rdln.wordpress.com/2015/06/27/white-new-zealand-pt-7-analysing-and-contextualising-the-parliamentary-debates-over-white-new-zealand-in-the-1890s/
This latest piece examines what was happening in NZ society – NZ was now clearly a (capitalist) nation-state, in the early 1890s the long depression was still in process, the big estates (or a section of them) were being broken up, thwarted on the industrial field labour had turned to parliamentary politics and elected a LIberal government, in the early 1890s the suffrage movement was a big force.
The main forces campaigning for White New Zealand were liberals, mainstream trade unionists, feminists, social improvers and do-gooders.
Later, of course, the liberal racists would be joined by the early Labour Party, as we shall see in one of the articles to come.
Phil
Naomi Klein accepts invitation to Papal Climate Conference in Rome
Says the Pope provides moral leadership on a topic too dominated by economic considerations.
http://www.theguardian.com/world/2015/jun/28/pope-climate-change-naomi-klein
Who or what am I, and what do I do? (Avoid post-plumber shock)
(tl;dr skip to video at end)
Feeling lost. We’ve all been there, at some point in our lives. Sometimes the answer is to do the modern equivalent of running away to join the circus, without having any acrobatic skills, and there is no circus anywhere near us, they wouldn’t have us even if we asked nicely and we‘re so confused that even the act of running away turns into a stumbling lolloping shuffle.
It doesn’t matter how old we are, how much stuff we own, the balance of our bank account, or the long string of success or failure in our past. All we want is to be free to discover whatever it is that feels like it’s missing.
So one day we’re sitting in a paddock together, me and a new friend of mine, and she was exasperated with herself and screamed out at the world that was far, far, away from where we were that moment, “What the fuck am I doing with my life!”. At the time, to my ears, it sounded ungrateful and ironic. You’ll get to hear a lot between the fence posts of a farm, doing what no one else really wants to do that much – unless they’re taking the wages back to the Islands.
Such a place is one of NZ’s versions of The Circus for the Lost. It’s not very exciting, but has nice views, and while there is miles of wire there are no trapeze artists. You do get to hear a lot of detail about other people’s lives, although you never really meet the actual person, until maybe much later. So this gal was, despite her gold-star personality and high level of skills in a particular area; despite the considerable success she’d had overseas in her efforts; despite the more-or-less-privileged circumstances she (we) could maintain to even be where she (and we) was and were; she was discouraged and confused.
And then there was the other dimwit, me, who had no idea which way was up, none of that gal’s talent, skill, or success, scratching my head thinking, she does know who she is, right, she knows what she can and does do, right? We weren’t young either. We were in our thirties, she was a few years older than me.
Now the Buddhists just avoid all this trouble with a good belly laugh and a reminder that life is what it is – why encourage the anxiety? In NZ, though, we have a cultural aversion to large, perpetually jolly, people – by the time we’re ten we’re taught to be suspicious of them unless they come bearing gifts in December. Even the more yoga-pants oriented among us still want to know that our investment will return the percentage we thought it would. So we scrape around in self-help courses, community education, religions, go see an advisor, join the circus, find a counsellor or psychotherapist, or just talk to our friends endlessly about our troubles – trying to find some direction. It’s the Western way, and not many can completely escape it if they’re born into it. And in those books, lecture theatres, workplaces and coffee groups we find little snippets of information on what to do that doesn’t help one bit. Something is still missing. The steps are too far apart, or obscured.
“All you have to do is buckle-up, stick at it, work hard and it’ll turn out. Takes time.”
But time keeps running out. No amount of buckling, perseverance or hard work changes the situations they get into.
“Get an education, choose an area that pays well and work hard!”
They do have an education, but it’s “worthless”. No one will hire them
“Start your own business!”
With what? In what? How?
“You have to really really really want it.”
So what is that the definition of?
“You have to get out there, off your ass and ask around.”
They did, but couldn’t do it well enough. Everyone turned them down.
“You just need to get back into the habit.”
You mean you’ll make their life unnecessarily hard for kicks?
“Keep your head down, knuckle down, don’t talk, pay your dues.”
They found what they wanted, the thing they’re told they need – can momentarily attain it – but can’t hold onto it very long.
The best we can see is pieces of a method but not the complete picture, the bits missing, who it might relate to or its overall relevance. Worse, you might run into this stuff:
“Hey, Mary, these cakes you make, they taste great you should totally do this for a living!”
Encouraged by her friends’ chatter, Jan makes several attempts, learns a lot, but ultimately fails. Why?
“Find what you love and the money will follow!”
Find what I love? What does that mean? Or you meet someone on your search who tells you if you were really doing what you loved it wouldn’t matter about them paying you below legal, unliveable wages.
“Find out what makes you cry, and do that!”
Some people don’t really feel all that passionately about anything, let alone love anything. Why should it matter anyway?
“What are your interests? Find an industry that suits.”
This person finds out that there is more to an industry than just applied skill and interest, and their attempts fail.
And all the while, time passes, lots of it. These people still have to deal with their everyday lives, the additional task of neutralising repeated failure so as not to distort their ability to see straight, and culture and politics never lets-up telling them they’re lazy, bludgers, miscreants, losers. It’s not their fault. Not at all. In fact, there is nothing wrong with them that could be considered a fault.
Why does “good” advice fail?
Because to use “good” advice, people have to be the same personality type as the advice-giver (similar dominant cognitive functions), have very similar experiences within a similar culture (experience a similar trend in external events as the advice-giver did when they did what they did), similar intellectual skills (to re-interpret anything they are told to suit their specific situation), and hear the advice at the right location to act, and the right time in their life.
Also, the advice-giver has to be particularly skilled to make sure the advice given carries all the necessary steps (which is very rare, most likely you’ll get slogans, as above). There’s a lot of details to consider when giving advice, and dismissing those details is more a favour to the ignorance of the advice-giver than the person who needs help.
It’s how living in a bubble-of-belonging works. No one inside the bubble knows the steps to get in or out, because they never stepped outside the bubble and were born into it – they were moving along nicely inside the bubble because their personality type suited the values of the bubble. When you’re outside the bubble, the job of the bubble is to keep you out, and this is related to how privilege works. Unchecked, a person can unwittingly whack other people from inside the bubble, as with those slogan type advice snippets above. However, there is a happy ending to this story, because conforming to a culture of privilege is only one way to live your life, or one way to find a life to live, if you prefer.
Is this an advice post?
Nope, it’s more a unsolicited commiseration party, one you never knew you needed: However easy it is to do stuff once you find the start line or get into the swing of things, it can be difficult to find a start line or make that first swing in a world that is full of unusable, fragmented, misapplied advice – so lighten up on yourself. The people who rag on you for not being like them, they don’t know much.
So what is this?
Just undoing some of the common tangles before offering a different knot to try to tie-up loose ends. One particular piece of advice isn’t going to be universally suitable for everyone. 99.9% of the advice for finding direction I’ve heard in circulation has been totally useless to me. In it they ask questions that are usually oriented in one direction: What can we get from the World? Sometimes there’s slight variation: What do we feel we could get from the World? And if I hear another, “What would you do if you had all the money in the World…” again, I might just start burning down libraries. It’s amazing that human life has developed so far technologically, and yet no one can answer the simplest of questions – What am I? Who am I? Where am I?
So when I heard a talk on TEDx recently, by chance, it caught my attention (because generally I don’t like TED talks. I think this one was part of a youtube autoplay). Here was someone changing the orientation of the questions: Yes, they were ego-centric and risked the associated pitfalls, but not as risky as most, they were even somewhat political,
Who are you?
What do you do?
Who do you do it for?
How do they change as a result?
Here is the actual TEDx talk… credit where credit is due…
https://www.youtube.com/watch?v=vVsXO9brK7M
How do they change? But… where’s the money… you didn’t mention passion… or finding what I love to do… or what I’m interested in…. or what I want to do… where’s the focus on what I get? That’s the point. These questions weren’t just about work, careers, personal sensory satisfaction or financial gain; they were about finding a personal reference point by noticing effect of actions; they were about identifying who you are at any particular time – and potentially working forward from there. How other people changed, and the name given to that change, was the description of what you did, and what you were. The obvious answers are obvious, but also there are hidden answers. For example, you might work at a gas station, and your name is Alice,
Who are you?
I’m Alice.
What do you do?
I pump gas, clean windows, check the oil, chat with people. Sometimes I’m here alone at night, watching the forecourt.
Who do you do it for?
You mean other than me earning minimum wage? I do it for the customers I guess. I mean, sure I work for the boss, but it’s the customer’s cars.
How do they change as a result?
They move on their way, knowing that they aren’t going to run out of gas, or their tyres ain’t going to pop on a dark road, or their engines burn out, or when I give directions, so they get to where they’re going.
Alice works at a gas station, but she doesn’t often pump gas. She reinforces in people a sense of security, if they need it, reinforces a form of certainty that they might be running low on. She makes sure people don’t stop for avoidable problems. What is Alice really? What does Alice really do?
Using that approach – a metaphorical interpretation of actions – anyone can locate where they are at, no matter where they are, regardless of socio-economic status. Everyone does something, and more importantly, they do it in a certain way and the effect it has is measureable.
Although it’s not a silver bullet, it’s a lot more stable than thinking, “I’m plumber, therefore I fix pipes, dig holes and break small things. When I retire, or if I loose my job, I’ll be nothing, because I won’t be plumbing anymore.”. Avoid post-plumber shock.
The title of the TEDx talk says “How to know your life purpose in five minutes”, which to me sounded a bit grandiose, because life circumstances often change, don’t they? People go through cycles with specific times for activities that come and go. “Life Purpose” isn’t always static. Also, that everyone’s life has an inherent purpose is a philosophical choice people make that might be true for some, but not a proven certainty for all… and the video takes ten minutes… so that’s funny too. I don’t agree with everything the speaker says (e.g. examining is living… for someone), but the questions are good for anyone stuck in common Western mind-traps. It did sound like a good way to track down some common themes that run through people’s lives.
If people are thinking, “I need to do something, but what? There is so much going on in the world, but my skills don’t fit…”, or if they find themselves in any of the can’t-follow-good-advice catch-22s above and need to know what they are right now or have been while they’ve been in their current cycle, they can at least find that reference point and decide where to go from there. Some of the movement forward, after finding out, will take no effort at all, and may reveal why things didn’t work out earlier. It’s an out of the ordinary method, I thought, and useful to someone.
Thanks for sharing that Charles.
+100…thanks Charles ….yes I am going to have to reread this tomorrow….there is a lot of thought in this…reminds me of a sociology text found in a university bookshop years ago ( I cant remember the name of the author but he was American and wrote 3 volumes and I was riveted…stood reading it for hours before i decided I would have to buy it)….the big existential questions…who am I? …what is my life purpose?…where do I fit into the scheme of things….questions of meaning
…seems to me that networks, family and friends are really important these days….(to keep the wolves of alienation, anxiety and depression at bay, especially for those most disadvantaged… the unemployed, the young and the low income earner…the un housed, the mentally and emotionally fragile, the children and the elderly…and those without supportive families close by)
…and that the little people have to stand up for themselves and their own human value …..and fight to get their rights/ wants/needs recognised …..they have to fight for their grassroots democracy ….against corporate, media , bankster, vested, overseas and systemmic religious institution interests….some of which are indistinguishable
Thanks Charles, very thought provoking. I’m at a stage in my life where this is very appropriate. I find it interesting the expectations that capitalism has created, for instance it’s expected if you’re “working” you should be working a 40 hour week. Indeed in most cases this is what is required for survival.
Also from doing some job searches on the net lately it seems the most frequent jobs going are construction, aged care, sales, administration. Either it was just me or most of the jobs seemed to be about keeping capitalism alive. There were few jobs that involved making the country/world a better place, I guess these jobs fall into what society calls unpaid “volunteer” work.
I’ve also been investigating personality types lately (i.e Myers-Briggs) and it seems some personalities don’t like being told what to do and how to do it. Their whole world view is doing things their own way for causes they believe in. How could they then ever work effectively as an employee for a company?
I was recently at a jobs expo and in a room full of stall holders there wasn’t much to get excited about. All the stalls were pretty sterile, commercialised and with an air of fakeness to them. One of the university stalls tried to lure you in with lego type robots on their desk – as if there was a job out there where you could build and play with robots all day.
+100 thanks Charles….finally had time to watch the Ted Talk….and it is very good!…have passed it on!
Familiar with the work of Jane Burgermeister?
Jane is providing regular updates of developments in Greece …. FYI
EUROPE MUST SWITCH OVER FROM THE PRIVATE CREATION OF MONEY TO SOVEREIGN MONEY IMMEDIATELY
Central to eurozone plans to handle a Greek default must be a switch over from the private creation of money to sovereign money.
A default is now on the cards after controlled Greek Prime Minister Alexis Tsipras torpedoed negotiations with the announcement of a trick referendum without warning the Greek delegation.
http://www.handelsblatt.com/politik/international/auch-griechische-delegation-ueberrascht-tsipras-verschwieg
A referendum makes a default inevitable but also blocks legislation to manage that default.
As a result Greece will now default in chaotic circumstances, the Syriza government could be toppled, social division will increases and the danger of a civil war looms. The Greek parliament is due to vote on the referendum tonight.
The impementation of the Chicago Plan Revisited could, and must, be done by legislative decree immediately. It would bring a return of prosperity to Europe. It would also drain the bankers of the funds they use to control the media and stage false flags and pave the way for political stability.
http://www.telegraph.co.uk/finance/comment/9623863/IMFs-epic-plan-to-conjure-away-debt-and-dethrone-bankers.html
Europe’s leaders have dodged the necessity to end the private creation of money, and in doing so, have brought Europe to the brink ot disaster.
Even Martin Wolf from the Financial Times warned last year that private banks must be stripped of the power to create money.
http://www.ft.com/intl/cms/s/7f000b18-ca44-11e3-bb92-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F7f000b18-ca44-11e3-bb92-00144feabdc0.html%3Fsiteedition%3Dintl&siteedition=intl&_i_referer=https%3A%2F%2Fwww.google.ie%2F
Iceland has already prepared legislation to make the transition, and other countries must follow suit.
If European leaders do not act soon, chaos may engulf all of Europe. It cannot be ruled out that the ECB and German central bank will be razed to the ground altogether by angry Germans, when they realize they have to foot the bill for Greece’s fractional reserve banking debt and their money is worthless.
The bank runs in Greece are just a foretaste of what could happen across Europe in the coming days unless the creation of money is taken out of the hands of private banks and returned to soveriegn national banks.
Well Penny, if banks are stripped of their ability to create money and can only loan out deposits – I hope the banks loan out your savings first. How would we expand the money supply Penny? Would the bank phone the government every time someone wants money for a house – a bit inefficient Penny!
Or Penny, are you suggesting people only get home loans from the government directly?
While there’s no real problem with your second option, the first is already the case. Only a moron would suggest that banks would employ someone to draw funds from the government for each and every mortgage, just because their reserve ratio needs to be 1:1.
Restricting banks lending on houses to only the amount of bank deposits is exactly what is needed. At present overseas banks are exporting billions in profits from NZ in money created solely from their unmitigated lending. This is not only ripping off the people of NZ – but also fuels the housing market causing escalation and inflationary pressures in the housing market.The only time where banks should be allowed to lend above and beyond their deposits is where that money is going into the creation of productive capacity and jobs within the economy. Lending on existing housing does not do that.
The need for them to “have to create” all the extra money so that people can buy a house is a direct result of them creating and inflating the price of houses in the first place. If money was restricted – the price of houses would fall. What needs to happen is a slow but steady credit squeeze slowly reducing the money supply so that people would have surety in a managed reduction. Houses would then fall into line with the prices of other capital items in the economy, and not be overvalued as they are now.
This is not a new concept nor is this the first time that economist have queried the freedom of allowing banks to create money unchecked. John Mc Murtry in his book “Unequal Freedoms – the Global market as an ethical system” Published in Canada in 1998 states on pp 316 -317
He goes on – but I shall end there – so what Penny has referred to is not out of left field – nor it is un-thought – it is the concern of many who prefer to take a more expansive view of economic policy than the limited and failed economic policy of the conventional “wisdom”
Well what Penny is suggesting is out of left-field because she suggested stopping banks (expanding the money supply by) creating money in the form of loans. If banks used a ‘fractional reserve 1:1 ratio’ – Banks would still be creating money through loans.
Penny originally suggested banks should be “stripped of their ability to create money” – obviously she has amended her post~!!!
At the present time we have given Banks carte blanche to create money at the press of a key board. This is unhealthy to our economy and has to stop. Banks should be limited a 1:1 lending ratio on existing houses – they create no new productive capacity, nor extra employment. Obviously having let the cat out of the bag it is going to be extremely difficult to get it back in, and many people would suffer if a direct limitation was imposed at once. The only way banks can effectively be brought into line now, is to manage a steadily tightening credit squeeze with full public knowledge of why it was happening, and with full advice as to how and when it was being implimented, with appropriate advice for those affected, in order that people could plan accordingly.
Yes those who buy at the top of the market would find themselves with a house that would not sell for what they paid. This is going to happen sooner or later anyway when the market collapses in the not too distant future.
http://www.3news.co.nz/tvshows/paulhenry/interviews/reserve-bank-fears-housing-bubble-will-burst#axzz3eLks5tVX
http://www.nbr.co.nz/article/picking-stocks-and-housing-bubbles-ck-150761
http://www.stuff.co.nz/business/money/68222217/Aucklands-housing-bubble-expected-to-spread
I disagree with having a ‘reserve ratio of 1:1’ – the money supply should be expanded as need. What you are suggesting sounds an awful lot like austerity.
I like the BitCoin currency because it’s not dependent of continued expansion unlike ALL other paper currencies I know of.
The money supply is still expanded. Just not by the banks, whose primary focus is on their short term profit.
It’s the reserve bank that expands the money supply by lending government bonds.
Lending to The Government and lending to Private Citizens are two different things. Though both expand the money supply. I don’t see the whole country lining up outside The Reserve Bank to take out loans.
I disagree. The money supply would be expanded when banks loan out money. The only time it would NOT be is if:
A. The bank takes your money (deposit) without your permission and loans it to your neighbour (which is theft)
B. The government outlaws banks and becomes the lender
Are you shitting me? The bank doesn’t label your money, it promises you it will give you back that amount of money when you ask for it.
“Your” money is almost immediately lent to someone else or used to pay a depositor who is making a withdrawal.
If you ask for your money, and it can’t pay you back, it would get in shit – insolvency rumours, run on the bank, bam it’s broke. So if it lends to a hose purchaser at 6% to get a profit, what is the bank to do in case you want your money back? It borrows from the reserve bank at 3%. It credits your account 2%. And makes 1% profit.
With a fractional reserve of 10%, a bank borrows $1million from the reserve bank. That covers it lending up to $10million. Hence the expansion in the money supply.
With a reserve of 1:1, if the bank borrows $10million it can only lend out $10million.
The reduction in elasticity therefore gives the reserve bank more direct control over the economic accelerator. It would only be the RB that creates the cash (the digits it lends to the banks).
Nobody other than banks need borrow from the reserve bank – the banks just borrow the aggregate of what they think they’ll need at that particular OCR.
Indeed. And ordinary people and companies cannot have accounts with the RBNZ; only registered banks.
the other thing to note is that the bank can always pay out the money first in the form of an electronic credit to your nominated bank account, and go looking for any additional reserves it needs to balance things out at the end of the day (either on the open market or from the RBNZ) *afterwards*.
The Bank doesn’t loan my money out as such, it creates money on top of my deposit and loans that out. Then the whole process starts again when the newly created money is deposited.
The Reserve Bank is creating the money you say, ok fine, BUT the demand for the money creation is coming from the likes of ANZ, ASB, BNZ – so directly or indirectly these bank are creating the money. And dynamically (and corruptly sometimes, granted) responding to consumer demand.
Again, I don’t see the whole of New Zealand lining up outside the Reserve Bank to take out a loan.
…but the demand for the banks to lend money that the reserve bank created comes from people who wish to borrow money, so by you logic mortgagees directly or indirectly create money.
I think you’re running around in circles. The point being, however, that a 1:1 ratio makes government policy, not bank self interest, the major determinant of the money supply.
Expanding the money supply would be done either by the central bank (RBNZ) increasing central bank money available to the retail banks and instructing the retail banks to increase certain types of lending as the economy is deemed to require – or by Government spending the money into existence, investing those monies into strategic areas of the nation.
The retail banks could then take that increased availability of money and act as savings societies (which use a reserve ratio of 1:1) to extend private loans into the economy.
So no, it wouldn’t necessarily be austerity, its just that the Government determines whether the money supply needs to be expanded or tightened, and for what purposes.
Of course, we also need to be cogniscent that the world bankster cartel have taken down entire nations for less.
Good Post, I’m inclined to think you’re onto something with saving societies (it sounds good anyway). However, the ‘Government determining whether the money supply needs to be expanded’ – I’m not sure how they would determine that? Or if it would be more dynamic than the current system.
BitCoin is the best currency I’ve ever seen. Your ideas are interesting for sure Colonial Rawshark .
Granted you did say private banks – I suppose there is something/much to be said for that in our current ‘reserve banking system’. Over issuance of new currency (money printing) obviously devalues a currency (see history for examples).
Interesting discussion on the issues…
‘Greek pain’
http://rt.com/shows/crosstalk/269752-greek-pain-eurozone-creditors/
“Again Athens finds itself at loggerheads with its creditors, particularly the IMF. The Greeks appear to be willing to do only enough to stay in the Eurozone, while the rest of Europe is willing to offer it just enough support to stay afloat – all awhile making the Greek economy almost impossible to grow. Is the Euro a failure?
CrossTalking with Mitch Feierstein, Stephen Haseler, and Scheherazade Rehman.
I wouldn’t call the Euro a failure – it’s a unification of Europe at best, succeeding where many failed. The cracks seem to be showing though. Prophetically speaking I’d suggest on the horizon is the fast pace emergence of a religious system (papal), which will begin dominating Europe and the political systems therein.
I have no doubt the Greek people are being denied dignity and austerity needs to end. Greece have been offered participation in the BRICS bank – so maybe some light at the end of the proverbial ‘tunnel’ for them?
On a different note, Turkey must be breathing with a big sigh of relief that, despite their constant knocking on the doors of the white Judeo-Christian club, they were fobbed off with tonnes of excuses constantly and may well have saved themselves of a lot of ‘pain’.
Let me guess – Turkey is not that enthusiastic about joining the EU now?
thanks penny.
http://m.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11472481
An interesting opinion on what’s happening in the antarctic.
wow! an excellent article from the Herald – not normally given to such in depth articles on this topic.