'A small mountain of the waste – under a cover – remains beside the beach by Foveaux Strait, a short sprint to the ocean, behind a Hazchem sign warning: "If wet releases lethal fumes and flammable gases. Avoid release to the environment. Harmful to aquatic organisms."
The rest was being dumped into sheds at the plant.'
'SCL is a contaminated coating regularly scraped out of the pods used to make aluminium.
It is more toxic than the dross and ouvea mix that posed a threat at Mataura, which has since been moved back to Tiwai Pt.'
'This week, the company's chief executive Chris Blenkiron said the massive jump to almost $700m in provision for clean-up and closure "ensures our community can be confident we are putting the right plans in place".
"In the meantime," he said, "work is already under way to remove waste as part of our commitment to continue to improve our environmental performance." '
Ok. "Being attempted". Assuming that. Have you ever followed its dubious Environmental record ? IN NZ ! ..let alone World wide. They had a go at "exporting' to Mataura…just up the road. Where it ..sat. While the smelter blew smoke and flashed mirrors.
“It’s pathetic and sad that the climate crisis spokesperson who berates world leaders for not making this issue the number one priority is a teenage girl who knows that we didn’t care enough to leave a sustainable planet for her and future generations.”
The Limits to Growth (LTG) is a 1972 report[2] on the exponential economic and population growth with a finite supply of resources, studied by computer simulation.[3] The study used the World3 computer model to simulate the consequence of interactions between the earth and human systems
The core assumption that population would continue to grow exponentially has not worked out in reality. Moreover the consumption profile of an ageing population demographic changes as well.
It is entirely possible that a long slow population decline in the developed world will have entirely the opposite impact imagined. A search on this topic shows a few people thinking about this, but it is such uncharted territory there is not a lot of agreement on what all this might mean yet.
You did no such thing…you made a patently false statement and then linked to an alternative population projection that you may be surprised to learn supports LtoG.
Heres the link to researched judgement on the accuracy of world 3 to date but I fully expect you to not read it as it is contrary to your world view
If you think the projection of population in the reference I gave looks like an exponential growth rate – then you need to explain your mathematical reasoning in a bit more detail.
Yes you are being…read the analysis and you will discover the World 3 model is global and state variation has no overall impact to interplay ….you may also discover that population is but one variable in the model as it is a systems dynamic model.
So in summary there is no longer an ' exponential economic and population growth ' as you claimed in your first comment. And in particular population growth rate is quite the opposite::
The global population growth rate peaked long ago. The chart shows that global population growth reached a peak in 1962 and 1963 with an annual growth rate of 2.2%; but since then, world population growth has halved.
For the last half-century we have lived in a world in which the population growth rate has been declining. The UN projects that this decline will continue in the coming decades.
A common question we’re asked is: is the global population growing exponentially? The answer is no. For population growth to be exponential, the growth rate would have be the same over time (e.g. 2% growth every year). In absolute terms, this would result in an exponential increase in the number of people. That’s because we’d be multiplying an ever-larger number of people by the same 2%. 2% of the population this year would be larger than 2% last year, and so on; this means the population would grow exponentially.
But, as we see in this chart, since the 1960s the growth rate has been falling. This means the world population is not growing exponentially – for decades now, growth has been more similar to a linear trend.
The IPCC sres models follow shared socio economic pathways for carbon mitigation and objectives.
To meet the lesser of all evils population growth needs to stop now,so the population can sustain at around 8b at 2050,before falling to 6b under the Green pathway.
The global numbers hide the nuances. For a start much of the developed world that is currently the largest consumer of resources per capita – is already at peak population. Although big contradictions exist – compare for example the USA and Europe projections.
As I have often argued here the real problem is not the existing 1b people in the developed world who are the problem – it is the 7b plus people in the developing world who must leapfrog the technology we used to attain prosperity.
I note that the author has chosen to have at least one child – so perhaps she isn't quite as determinedly pessimistic over the future of human existence as she makes out.
The doom-and-gloom keyboard warriors are not likely to persuade anyone that change is necessary. After all, if it's too late to make a difference, what's the point of living your remaining years without luxuries?
'The end is nigh' attitude, historically, always results in a significant splurge of resources – after all, you can't take it with you.
After all, if it's too late to make a difference, what's the point of living your remaining years without luxuries?
Got it in one – too few are prepared to do without luxuries (oh the sacrifice!), or anything else – rather they have been trained to always want, and expect, more.
Some who want more actually do needmore – others not so much, although they would resist that contention with every (very moral) fibre of their being.
Hmm. I was pointing out that people see no reason to do without luxuries if their sacrifice makes no difference. If we're all doomed in any case, then what's the point.
Many people, if given hope and a pathway forwards, are indeed prepared to sacrifice luxuries (and sometimes things that they previously though necessities)
This is why I think this kind of 'it's all hopeless' article is absolutely as dangerously irresponsible as the 'nothing to see her, move on' ones.
This is why I think this kind of 'it's all hopeless' article is absolutely as dangerously irresponsible as the 'nothing to see her, move on' ones.
I don't believe feeling hopeless about climate change, and giving voice to same, is irresponsible. Whereas, imho, the 'nothing to see her [sic], move on' types are absolutely irresponsible – criminal even – let's agree to disagree.
Many people, if given hope and a pathway forwards, are indeed prepared to sacrifice luxuries (and sometimes things that they previously though necessities)
I doubt the scale of sacrifices needed will achieved voluntarily – time will tell.
Yousafzai, Nakate, Thunberg et al. are reason to hope. My generation will largely 'go gentle', because (Still) "no hurry eh?"
"I don't believe feeling hopeless about climate change, and giving voice to same, is irresponsible."
Feeling, No. No one can (or should) tell you how or what to feel.
Using your platform to spread your despair, absolutely irresponsible.
Assuming anyone believes you (and doesn't just think you're cynically doing this for clickbait and to increase your profile), then you're encouraging people to give up taking or supporting any kind of climate-change action.
As above, both are irresponsible actions at different ends of the political/ecological spectrum.
No one can (or should) tell you how or what to feel.
Yep, and imho it’s also ok to say how one feels about CC. I don't feel it's realistic to expect people will give up luxuries and more on a scale that will make a significant difference, but hope I'm wrong and will support and make small contributions to environmental and GenLess-style causes regardless.
As above, both are irresponsible actions at different ends of the political/ecological spectrum.
We disagree. Really not fussed about platforms and profiles.
Does anyone thing it plausible that Xi Jinping's zero covid strategy for omicron is not what it seems?
I am speculating there is a calculation, as to damaging the global economy during sanctions on Russia and the blockade of Ukraine by Russia (especially if Russia has a nova russia farmland grab plan).
Going for the fisheries of the Pacific at the same time … as food shortages emerge.
Never – Xi Xinping and his bbf Poots have nothing but the best interests of all humanity at heart. slash sarc
Part of the problem is that after spending much of the past two years loudly telling the rest of the world how superior the Chinese approach to COVID was – it is not possible for the CCP to allow otherwise.
Whether their motivation goes further than this is hard to tell for the moment. I think it possible that they have seen how intensely sanctions have been imposed on Russia and they are in some sense pre-positioning the Chinese economy for the same.
Sure giving up zero covid might appear to be a climb down – but given the hospital system can survive its spread, continuing with it is like running lockdown during flu season.
So why.
DOMESTIC – an assessment of long COVID consequences?
INTERNATIONAL – weaken the west with an impact similar to sanctions?
I agree that is a possible motivation no-one can rule out. But given that the Chinese economy is even more dependent on trade than even Russia – it imports at 85% of its energy and a large fraction of its food inputs – such a strategy if carried to its logical outcome is completely suicidal.
It makes as much rational sense as trying to eliminate Omicron with lockdowns. So yes it does beg the question you have asked.
Unfortunately I was not able to attend the anti-war march on Sunday and so are not able to give any feedback on how it went or what was said by the speakers. Covid has returned to our household and we are having to isolate at home for 7 days. All three adults in the house have tested positive and are all laid up.. The 12 year old is still testing negative. Maybe because he spends all day in his room playing video games, and doesn't come out much. We have had to keep him away from school and that is how he copes.
Captain Christopher Luxon is going to ride the cost of living tsunami into power.
“I’m going to ride the cost of living tsunami into power” says Christopher. “I’m going to use this wave to lift our boats” he says. This was Christopher’s second maritime analogy and the yacht savvy crowd were lapping it up.
“Of course we’re going to need to scrape off the bottom feeders” he continues, “we wouldn’t want them to spread didymo” and he bares his pearly whites as camera flashes bounce off his skull. The crowd titters and quaffs at their flutes. Some turn their hearing aids up, this is good stuff.
“The current Government are wasting money on climate change but when I was King of Air New Zealand we just flew the planes around the storms, well duh!” He twirls his finger and the crowd goes bonkers. One tinkles a spoon on a glass, another chokes on a canapé. “That money is ours”.
“The current Government doesn’t care about real New Zealanders like us. The cost of living is brutal. Hands up who’s had to pay their staff more?” Hands pop up all over the room. “And who’s had to adjust their plans for this Covid nonsense”. Heads are nodding. “I see you”. He pauses for dramatic effect, and his upper lip trembles. “I wanted to buy some sweet Hawaiian digs next to John’s this year, but I’d have to sell one of my other houses as I’m a bit short.” He bows his head gravely, then looks up into the camera. “Sarah over there lost her thirteenth cafe, and poor Barry (he chokes), Barry can’t even get the latest Maserati – he has to drive last years model.” The crowd are aghast. They grimace at the inhumanity of it all.
“This outrage cannot stand” he shouts to the crowd, many of whom also cannot stand. “It will not stand, but will you? Stand with me against these working class bastards diluting our profits and power”.
Half the crowd is coming to its feet. The other half are being assisted to theirs. A waiter, with no sense of timing, walks into the centre of several tables. Glasses are thrown, a carafe shatters on his head. The mob surround him, he is stabbed and dragged down to the floor. “Give me it back!” some septuagenarian demands, ripping at the waiters pockets for his wallet.
"Protests have broken out in China after several regional banks prevented customers from making withdrawals in late April, stoking fears of a greater credit crisis without an intervention from financial authorities.
At least three institutions based in Henan Province — Yu Zhou Xin Min Sheng Village Bank, Shangcai Huimin County Bank and Zhecheng Huanghuai Community Bank — have frozen a total of 10 billion yuan ($1.49 billion) in deposits, according to Chinese reports. One million customers are believed to be affected."
Chinese banks have around 16 trillion in deposits (second only to the US with 18t) so more of a run on the bank fueled crisis type.
The problem has been with the deliberate crashing of the property market (the worlds largest market) returning it to a neutral position from over priced (like Auckland which is still 2x median house to wage values over priced) and debt borrowing from property to fund spec investments.
Yes their property woes are ongoing though im not sure how deliberate it is, however 3 small rural banks are likely indicative of a larger hidden problem in that borrowing has fallen off a cliff….no new money.
They have been also hording commodity assets for 2 years,and now have very cheap energy at a discount from their neighbour,the main problem will be with leveraged overseas investments,if global markets contract ( in real terms) remembering that a lot of consumer demand was a covid response.
and now have very cheap energy at a discount from their neighbour
The Trans Siberian pipelines have a limited capacity that cannot be expanded at all quickly. And relying on oil shipped out of the Black Sea seems a foolhardy prospect at the moment.
It might be cheap – but not much use if you cannot get hold of it.
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New Zealand First has today introduced a Member’s Bill that would ensure the biological definition of a woman and man are defined in law. “This is not about being anti-anyone or anti-anything. This is about ensuring we as a country focus on the facts of biology and protect the ...
After stonewalling requests for information on boot camps, the Government has now offered up a blog post right before Easter weekend rather than provide clarity on the pilot. ...
More people could be harmed if Minister for Mental Health Matt Doocey does not guarantee to protect patients and workers as the Police withdraw from supporting mental health call outs. ...
The Green Party recognises the extension of visa allowances for our Pacific whānau as a step in the right direction but continues to call for a Pacific Visa Waiver. ...
The Government yesterday released its annual child poverty statistics, and by its own admission, more tamariki across Aotearoa are now living in material hardship. ...
Today, Te Pāti Māori join the motu in celebration as the Treaty Principles Bill is voted down at its second reading. “From the beginning, this Bill was never welcome in this House,” said Te Pāti Māori Co-Leader, Rawiri Waititi. “Our response to the first reading was one of protest: protesting ...
The Green Party is proud to have voted down the Coalition Government’s Treaty Principles Bill, an archaic piece of legislation that sought to attack the nation’s founding agreement. ...
A Member’s Bill in the name of Green Party MP Julie Anne Genter which aims to stop coal mining, the Crown Minerals (Prohibition of Mining) Amendment Bill, has been pulled from Parliament’s ‘biscuit tin’ today. ...
Labour MP Kieran McAnulty’s Members Bill to make the law simpler and fairer for businesses operating on Easter, Anzac and Christmas Days has passed its first reading after a conscience vote in Parliament. ...
Nicola Willis continues to sit on her hands amid a global economic crisis, leaving the Reserve Bank to act for New Zealanders who are worried about their jobs, mortgages, and KiwiSaver. ...
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To sleep, perchance to dreamIn the shadowy chambers of Lord Winston,The great clock strikes thirteen.All remains untouched, covered with dust,As it has done since the 1970s,In a simple world where boys were boys,Ladies were mini-skirted and compliant ladies,And Italian law students ruled the streetsIn their wide lapel zoot suits.King Lux ...
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Asia Pacific Report Activists for Palestine paid homage to Pope Francis in Aotearoa New Zealand today for his humility, care for marginalised in the world, and his courageous solidarity with the besieged people of Gaza at a street theatre rally just hours before his funeral in Rome. He was remembered ...
By Susana Suisuiki, RNZ Pacific presenter The doors of St Peter’s Basilica in the Vatican have now been closed and the coffin sealed, ahead of preparations for tonight’s funeral of Pope Francis. The Vatican says a quarter of a million people have paid respects to Pope Francis in the last ...
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Once or twice a week, Dr Margaret Henley rolls up the door on a windowless storage locker in central Auckland, pulls her plastic chair up to a picnic table and sifts through the history of netball in New Zealand.She works alongside netball archivist and statistician Todd Miller, together trawling through ...
Corin DannThe time is 7:36am on Wednesday, April 23, and you’re listening to Morning Report, New Zealand’s voice of the educated left on good incomes. I’m joined now by acting Prime Minister Winston Peters. Good morning Mr Peters.Winston PetersIt was, until I saw you. I much prefer your brother.Corin DannLiam ...
When Professor David Krofcheck got an email congratulating him on winning the Oscar of the science world, he dismissed it as a hoax.“I thought it was a scam, I thought it was a phishing email,” recalls Krofcheck, nuclear physicist at Auckland University.“Yeah right, I’ve won the 2025 Breakthrough Prize in ...
Madeleine Chapman reflects on the week that was.I’ve been re-watching Girls lately, the HBO classic that perfectly captures millennial women in the most painful way. I highly recommend it especially if you haven’t watched it before. Every character on the show is deeply flawed and frustrating in their own ...
With the double-header long weekend comes a welcome chance to escape streaming slop, writes Alex Casey. Over Easter I texted my husband Joe a sentence that perhaps nobody in human history has ever texted: “hurry up geostorm is starting”. No punctuation, no capitalisation, not because I was trying to ...
April 27 is Moehanga Day, the anniversary of the day in 1806 when Ngāpuhi warrior Moehanga became the first Māori to visit England. This is his story. The wooden ship sailed down the River Thames, past smoke stacks and brick factories, until it reached a wharf in industrial south London. ...
Heidi Thomson on how her husband’s illness and Daniel Kalderimis’s book Zest have enhanced her understanding of George Eliot’s great novel.Sometimes a book finds you at just the right time. In early December my husband John had a stroke. At the time we were both reading George Eliot’s Middlemarch, ...
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Oh its apparently the EPA thats the problem ! LOL. Surely the Environment PROTECTION is what they are about ?
And knowing THE SMELTER…and Rio Tinto with good reason . They are Dirty Companies…with dirty process…World Wide. Absolutely needs monitored !
I,ve always felt that Tiwai,s waste should be exported back to it,s country of origin. So it,s nice to see it actually being attempted
Ok. "Being attempted". Assuming that. Have you ever followed its dubious Environmental record ? IN NZ ! ..let alone World wide. They had a go at "exporting' to Mataura…just up the road. Where it ..sat. While the smelter blew smoke and flashed mirrors.
I would…never trust them.
Yep, follow closely and fully agree
Some sobering thoughts for perusal on a Sunday morning – re climate change.
https://medium.com/@monde500/climate-crisis-and-bullshit-optimism-252ca71e7ec8
The Limits to Growth (LTG) is a 1972 report[2] on the exponential economic and population growth with a finite supply of resources, studied by computer simulation.[3] The study used the World3 computer model to simulate the consequence of interactions between the earth and human systems
https://en.wikipedia.org/wiki/The_Limits_to_Growth#:~:text=The%20Limits%20to%20Growth%20(LTG,the%20earth%20and%20human%20systems.
50 years ago…
The core assumption that population would continue to grow exponentially has not worked out in reality. Moreover the consumption profile of an ageing population demographic changes as well.
It is entirely possible that a long slow population decline in the developed world will have entirely the opposite impact imagined. A search on this topic shows a few people thinking about this, but it is such uncharted territory there is not a lot of agreement on what all this might mean yet.
One example is here:
https://www.climatedepot.com/2019/02/04/empty-planet-the-shock-of-global-population-decline-will-decline-rapidly-later-this-century-population-bust/
"The core assumption that population would continue to grow exponentially has not worked out in reality. "
Evidently you havnt read anything about the model or the projections to make that inaccurate statement.
I provided a solid no nonsense link to support my assertion – it is over to you to tell me why it is wrong.
You did no such thing…you made a patently false statement and then linked to an alternative population projection that you may be surprised to learn supports LtoG.
Heres the link to researched judgement on the accuracy of world 3 to date but I fully expect you to not read it as it is contrary to your world view
https://dash.harvard.edu/bitstream/handle/1/37364868/BRANDERHORST-DOCUMENT-2020.pdf?isAllowed=y&sequence=1
If you think the projection of population in the reference I gave looks like an exponential growth rate – then you need to explain your mathematical reasoning in a bit more detail.
it is indeed exponential…until its not…as are the L to G projections.
And in most of the developed world – for example in Europe – it has long since stopped being exponential. Why do you think this is?
I think its because you are struggling…read the analysis.
Evasion
Yes you are being…read the analysis and you will discover the World 3 model is global and state variation has no overall impact to interplay ….you may also discover that population is but one variable in the model as it is a systems dynamic model.
So in summary there is no longer an ' exponential economic and population growth ' as you claimed in your first comment. And in particular population growth rate is quite the opposite::
The IPCC sres models follow shared socio economic pathways for carbon mitigation and objectives.
To meet the lesser of all evils population growth needs to stop now,so the population can sustain at around 8b at 2050,before falling to 6b under the Green pathway.
Paradigm one
@Poisson
The global numbers hide the nuances. For a start much of the developed world that is currently the largest consumer of resources per capita – is already at peak population. Although big contradictions exist – compare for example the USA and Europe projections.
As I have often argued here the real problem is not the existing 1b people in the developed world who are the problem – it is the 7b plus people in the developing world who must leapfrog the technology we used to attain prosperity.
How does the world pay for it?
If something is necessary then cost becomes a lessor concern.
I note that the author has chosen to have at least one child – so perhaps she isn't quite as determinedly pessimistic over the future of human existence as she makes out.
The doom-and-gloom keyboard warriors are not likely to persuade anyone that change is necessary. After all, if it's too late to make a difference, what's the point of living your remaining years without luxuries?
'The end is nigh' attitude, historically, always results in a significant splurge of resources – after all, you can't take it with you.
Got it in one – too few are prepared to do without luxuries (oh the sacrifice!), or anything else – rather they have been trained to always want, and expect, more.
Some who want more actually do need more – others not so much, although they would resist that contention with every (very moral) fibre of their being.
Hmm. I was pointing out that people see no reason to do without luxuries if their sacrifice makes no difference. If we're all doomed in any case, then what's the point.
Many people, if given hope and a pathway forwards, are indeed prepared to sacrifice luxuries (and sometimes things that they previously though necessities)
This is why I think this kind of 'it's all hopeless' article is absolutely as dangerously irresponsible as the 'nothing to see her, move on' ones.
I don't believe feeling hopeless about climate change, and giving voice to same, is irresponsible. Whereas, imho, the 'nothing to see her [sic], move on' types are absolutely irresponsible – criminal even – let's agree to disagree.
I doubt the scale of sacrifices needed will achieved voluntarily – time will tell.
Yousafzai, Nakate, Thunberg et al. are reason to hope. My generation will largely 'go gentle', because (Still) "no hurry eh?"
Feeling, No. No one can (or should) tell you how or what to feel.
Using your platform to spread your despair, absolutely irresponsible.
Assuming anyone believes you (and doesn't just think you're cynically doing this for clickbait and to increase your profile), then you're encouraging people to give up taking or supporting any kind of climate-change action.
As above, both are irresponsible actions at different ends of the political/ecological spectrum.
Yep, and imho it’s also ok to say how one feels about CC. I don't feel it's realistic to expect people will give up luxuries and more on a scale that will make a significant difference, but hope I'm wrong and will support and make small contributions to environmental and GenLess-style causes regardless.
We disagree. Really not fussed about platforms and profiles.
Does anyone thing it plausible that Xi Jinping's zero covid strategy for omicron is not what it seems?
I am speculating there is a calculation, as to damaging the global economy during sanctions on Russia and the blockade of Ukraine by Russia (especially if Russia has a nova russia farmland grab plan).
Going for the fisheries of the Pacific at the same time … as food shortages emerge.
Never – Xi Xinping and his bbf Poots have nothing but the best interests of all humanity at heart. slash sarc
Part of the problem is that after spending much of the past two years loudly telling the rest of the world how superior the Chinese approach to COVID was – it is not possible for the CCP to allow otherwise.
Whether their motivation goes further than this is hard to tell for the moment. I think it possible that they have seen how intensely sanctions have been imposed on Russia and they are in some sense pre-positioning the Chinese economy for the same.
Sure giving up zero covid might appear to be a climb down – but given the hospital system can survive its spread, continuing with it is like running lockdown during flu season.
So why.
DOMESTIC – an assessment of long COVID consequences?
INTERNATIONAL – weaken the west with an impact similar to sanctions?
I agree that is a possible motivation no-one can rule out. But given that the Chinese economy is even more dependent on trade than even Russia – it imports at 85% of its energy and a large fraction of its food inputs – such a strategy if carried to its logical outcome is completely suicidal.
It makes as much rational sense as trying to eliminate Omicron with lockdowns. So yes it does beg the question you have asked.
Talking about the problem with Keyboard Warriors.
Maybe they just need to get out in the real world now and then.
Maybe Lynn could encourage Mike to come along, at least for the public meeting at the Domain.
I wouldn't mind reading their different take from each other's point of view.
Now that would be interesting journalism.
(moved here to avoid diverting the thread)
Unfortunately I was not able to attend the anti-war march on Sunday and so are not able to give any feedback on how it went or what was said by the speakers. Covid has returned to our household and we are having to isolate at home for 7 days. All three adults in the house have tested positive and are all laid up.. The 12 year old is still testing negative. Maybe because he spends all day in his room playing video games, and doesn't come out much. We have had to keep him away from school and that is how he copes.
SATIRE:
Captain Christopher Luxon is going to ride the cost of living tsunami into power.
“I’m going to ride the cost of living tsunami into power” says Christopher. “I’m going to use this wave to lift our boats” he says. This was Christopher’s second maritime analogy and the yacht savvy crowd were lapping it up.
“Of course we’re going to need to scrape off the bottom feeders” he continues, “we wouldn’t want them to spread didymo” and he bares his pearly whites as camera flashes bounce off his skull. The crowd titters and quaffs at their flutes. Some turn their hearing aids up, this is good stuff.
“The current Government are wasting money on climate change but when I was King of Air New Zealand we just flew the planes around the storms, well duh!” He twirls his finger and the crowd goes bonkers. One tinkles a spoon on a glass, another chokes on a canapé. “That money is ours”.
“The current Government doesn’t care about real New Zealanders like us. The cost of living is brutal. Hands up who’s had to pay their staff more?” Hands pop up all over the room. “And who’s had to adjust their plans for this Covid nonsense”. Heads are nodding. “I see you”. He pauses for dramatic effect, and his upper lip trembles. “I wanted to buy some sweet Hawaiian digs next to John’s this year, but I’d have to sell one of my other houses as I’m a bit short.” He bows his head gravely, then looks up into the camera. “Sarah over there lost her thirteenth cafe, and poor Barry (he chokes), Barry can’t even get the latest Maserati – he has to drive last years model.” The crowd are aghast. They grimace at the inhumanity of it all.
“This outrage cannot stand” he shouts to the crowd, many of whom also cannot stand. “It will not stand, but will you? Stand with me against these working class bastards diluting our profits and power”.
Half the crowd is coming to its feet. The other half are being assisted to theirs. A waiter, with no sense of timing, walks into the centre of several tables. Glasses are thrown, a carafe shatters on his head. The mob surround him, he is stabbed and dragged down to the floor. “Give me it back!” some septuagenarian demands, ripping at the waiters pockets for his wallet.
I see the ads for Established Titles and I wonder about the fun in buying them as a present for someone…
Don't applaud, just rattle your jewelry. Internal National Party bylaw..
Some music for all. Steeleye Span singing something about May in a cheery sort of way, possibly isn't but is toe tapping stuff. Padstow it's called.
"Protests have broken out in China after several regional banks prevented customers from making withdrawals in late April, stoking fears of a greater credit crisis without an intervention from financial authorities.
At least three institutions based in Henan Province — Yu Zhou Xin Min Sheng Village Bank, Shangcai Huimin County Bank and Zhecheng Huanghuai Community Bank — have frozen a total of 10 billion yuan ($1.49 billion) in deposits, according to Chinese reports. One million customers are believed to be affected."
https://asia.nikkei.com/Business/Finance/Several-Chinese-local-banks-freeze-deposits-triggering-protests
Trouble at mill
Chinese banks have around 16 trillion in deposits (second only to the US with 18t) so more of a run on the bank fueled crisis type.
The problem has been with the deliberate crashing of the property market (the worlds largest market) returning it to a neutral position from over priced (like Auckland which is still 2x median house to wage values over priced) and debt borrowing from property to fund spec investments.
Yes their property woes are ongoing though im not sure how deliberate it is, however 3 small rural banks are likely indicative of a larger hidden problem in that borrowing has fallen off a cliff….no new money.
And they are our biggest customer.
Official figures for China are all over the place and generally meaningless. However the Bank of Finland – who one might imagine to be a sober observer – comes to the conclusion that their Debt to GDP ratio is something north of 300%.
Never in the history of currency has this level of debt had a happy ending.
They have been also hording commodity assets for 2 years,and now have very cheap energy at a discount from their neighbour,the main problem will be with leveraged overseas investments,if global markets contract ( in real terms) remembering that a lot of consumer demand was a covid response.
and now have very cheap energy at a discount from their neighbour
The Trans Siberian pipelines have a limited capacity that cannot be expanded at all quickly. And relying on oil shipped out of the Black Sea seems a foolhardy prospect at the moment.
It might be cheap – but not much use if you cannot get hold of it.
I just had four goes at trying to delete a surplus full-stop in the wrong place in the above comment.
Until I worked out it was a spot of crud on my screen
Screen-crud – it'll be our undoing!
(imagining the poor sap, sitting in front of the "Unleash Nuclear Hell" screen, finger poised…
Oil Russian far east,and LNG from the Northern route.
Still constrained by infrastructure – none of which can be magicked up in months.
From memory the existing pipeline into China took something like a decade to build.
But, but…. no one saw.. it… Coming!