Polity: Armstrong on National on Labour

Written By: - Date published: 1:20 pm, April 7th, 2014 - 13 comments
Categories: dpf, john key, labour, national, same old national - Tags: , , , ,

polity_square_for_lynnRob Salmond at Polity generously allows us to repost his posts. Like this one on the latest set of bullshit from John Key on interest rates. 

I rate John Armstrong. He has a rare ability to cut through the BS, when he wants to, and really alert readers to the underlying plans of our political parties. Here is a good example from Saturday’s Herald column:

If voters swallow John Key’s line that a vote for Labour is a vote for higher interest rates, they will swallow anything the Prime Minister puts in front of them.

And if they do not, Key’s less-than-subtle scare campaign on interest rates suggests he will ram it down their throats.

Mortgage interest rates are perhaps the most sensitive of all hip-pocket issues. And they are going up during National’s watch…

Maybe [Key’s line] was a deliberate attempt to muddy the waters. For example, he absolved National of responsibility by arguing the small increases in the official cash rate simply illustrated the renewed strength of the economy under National.

Not only was Key claiming victory when interest rates went down, but also when they went up.

This was not Key’s finest hour.

This isn’t a new ploy from National or its supporters. “Mortgage rate rises under National: Good. Mortgage rate rises under Labour: Dreadful!”

I’ve seen DPF, for example, argue both that a recession is the perfect time to cut taxes because it stimulates the economy, and a recovery is also the perfect time to cut taxes to provide a dividend. It reminds me of that old chestnut, most recently applied to Don Brash: “The answer is tax cuts. What is the question again?”

13 comments on “Polity: Armstrong on National on Labour ”

  • Comments are now closed

  1. fender 1
    7 April 2014 at 1:41 pm

    Oh yeah, and remember Standard and Poor’s will downgrade NZ’s credit rating if Labour govern…

    John Key: fucking liar.

    • Tracey 1.1
      7 April 2014 at 2:17 pm

      nzd is very high too. am sure thats helping exporters to our largest export market, australia.

  2. Tracey 2
    7 April 2014 at 2:49 pm

    meanwhile the commerce commission has been investigating possible dodgy currency trading…
    A Commerce Commission probe into currency market manipulation was sparked by an alleged cartel member seeking immunity from prosecution, the regulator says.

    The commission this morning confirmed its investigation into “possible manipulation of currency rates and possible influencing of benchmarks in foreign exchange markets”.

    The investigation followed an application for leniency under its policy to grant conditional immunity from prosecution to the first member of a cartel to come forward with evidence, it said.

    It declined to comment further, and would not say which banks were involved, explain the nature of its investigation, or how long it was expected to take.

    The commission action is one of several regulatory probes around the world after allegations emerged last year that senior currency traders had colluded to influence currency movements and rip off customers.

    Organisations likely to be affected are those that use banks to place significant foreign exchange orders on the spot market.

    in new york, the usual suspects are under investigation…

    • Tracey 2.1
      7 April 2014 at 2:56 pm

      Calculated at 4pm London time, it is also known as the “London close”.

      As well as regulatory action, a class action has been filed in New York by clients of several major banks, claiming they were ripped off by a conspiracy to manipulate the forex market. At least two of the banks named in the lawsuit are also active in New Zealand.

      NEW YORK LAWSUIT

      The suit claims traders using chat-room names such as “The Cartel,” “The Bandits’ Club,” and “The Mafia,” exchanged confidential customer order information and trading positions.

      Defendants are the Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, RBS and UBS.

      Deutsche Bank and JP Morgan Chase are both registered banks in New Zealand, while UBS has a local subsidiary.

      The lawsuit claims the manipulation of the London close impacted the pricing of trillions of dollars’ worth of forex instruments, “inflicting severe financial harm on plaintiffs and members of the class”.

      Global Probe The lawsuit claims law enforcement and regulatory authorities around the world, including the United States, Europe, Asia, Australia, and New Zealand, are actively investigating.

      New Zealand’s four biggest banks – ASB, ANZ, Bank of New Zealand and Westpac – are all Australian-owned.

      A spokesperson for the Australian Competition and Consumer Commission said it would not comment on matters it “may or may not be investigating”.

      Swiss authorities have formally opened a foreign exchange-related investigation into several banks, which includes heavyweights JP Morgan Chase, Barclays and Citigroup.

      In Britain, Reuters reported that about 30 traders were known to have been placed on leave, suspended, or fired as a result of the inquiry.

      It is possible that the global crackdown has particular relevance to New Zealand.

      At a monetary policy briefing last month, Reserve Bank governor Graeme Wheeler pointed out that the New Zealand dollar was between the 7th and 10th most-traded currency internationally.

      Daily turnover was about NZ$100 billion, or roughly half of an entire year’s worth of gross domestic product.

      • Huginn 2.1.1
        7 April 2014 at 4:31 pm

        Very interested to see what was going on, how long it’s been going on, and who knew about it. If it is related to the very high volumes traded in the Kiwi, then it’s been going on for a very long time and we should be asking why it’s taken the regulatory authorities so long to look into it.

        Here’s another link

        Financial Times,

        Hong Kong and New Zealand launch forex probes

        By Paul J Davies in Hong Kong

        Global investigations into foreign exchange markets widens as HK regulator asks banks to review their operations while NZ regulator launches probe

        Read the full article at: http://on.ft.com/1lkLEV4

        • Tracey 2.1.1.1
          7 April 2014 at 4:41 pm

          This is of course the occupation our transparent and honest pm excelled

          • Huginn 2.1.1.1.1
            7 April 2014 at 4:59 pm

            It’s the old problem with systemic failure – a flawed market and an ineffective regulator.

  3. fambo 3
    7 April 2014 at 4:43 pm

    No one seems to be focusing very much on the fact that New Zealand is among the top ten countries in the world for Chinese interest in property purchases, that that interest has leapt phenomenally in the past year or so, that 60 percent of purchases are by non-residents (interestingly, it’s normally reported as “40 percent are residents” which doesn’t sound quite as bad), and if my memory serves me correctly, they represent around 6 percent of the housing market now.

    The last point is quite interesting in itself, in that given the Chinese buyers are mostly interested in specific areas, then their percentage of purchases in these areas is likely to be around 10 percent or maybe more, which means they have a noticeable impact on house prices.

    Given that the number of Chinese with the money to buy property is only going to significantly and probably rapidly increase over the next few years, their impact on the market can only seriously increase. The implications for making home ownership even more unaffordable for New Zealand residents is pretty obvious.

    Quite simply, while non-residents are able to purchase residential property in New Zealand, New Zealanders will find themselves competing more and more with overseas buyers with a lot more money than them. Fine if you are wealthy already and see the value of your properties float up with the market, but a bummer for everyone else.

    For the record, I would feel concerned if it was Americans, Russians or Swiss, but I don’t think any other country in living history has come close to the capability of China to so influence house prices in New Zealand.

  4. saarbo 4
    7 April 2014 at 8:15 pm

    “I rate John Armstrong”

    why do so many people suck up to this based national party dick head…reading Armstrong is normally like reading a national party political broadcast.

    • Saarbo 4.1
      7 April 2014 at 9:15 pm

      “based”=”fucken biased”

    • Stuart Munro 4.2
      8 April 2014 at 3:51 am

      Yes, this was a defensive story – to cover his fundament in case the Herald decides to clean up its act. But even so it was full of far right spin:

      “Key’s recurring nightmare would be to wake up the day after the election having lost by a handful of votes,”

      He’ll be losing by a lot more than that

      “Labour’s profligate spending”

      No objective basis for this pejorative

      “given the Prime Minister’s political acumen”

      Let’s not take that as given – how about some evidence

      “when this Prime Minister is (rarely) misfiring”

      He does nothing but misfire

      “Labour’s strategy involves getting people to ignore the statistical evidence”

      By this he mean’s English’s ‘creative’ use of numbers – like the ‘progressive’ claim based on increased numbers on benefits.

      “Labour is thus appealing to more base instincts by getting people to ask themselves another, more direct question: do you believe you are getting your fair share?”

      Equity is a base instinct? Again an improper pejorative.

      “For the first time in a very long time, the New Zealand economy looks like it will enjoy solid and sustainable growth for some time.”

      This is a National claim – and as with all such claims – ‘pie in the sky’ or ‘jam tomorrow’ it should be treated with scepticism in the absence of evidence. In fact the outlook for NZ is soft: Tax receipts are down, the Oz economy is softening, and the US, having failed to reform post the sub-prime debacle remains a risk for the global economy. The heat in the NZ market relates to foreign housing purchases – and it doesn’t amount to much or the SOE selloff would have attracted much more interest. Large institutional investors know the kiwi is due to plummet – they’ll be avoiding NZ for a while – till after the election at least.

      “National’s continued high opinion poll ratings – are a reflection of the current optimism ”

      More to do with the MSM sunshine policy.

      So the Herald still has a fair way to go before it can pretend to the professional objectivity required of a credible newspaper.

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    Buzz from the Beehive After $21.8 million was spent on investigations, the plug has been pulled on the Lake Onslow pumped-hydro electricity scheme, The scheme –  that technically could have solved New Zealand’s looming energy shortage, according to its champions – was a key part of the defeated Labour government’s ...
    Point of OrderBy Bob Edlin
    5 days ago

  • CHRIS TROTTER: The Maori Party and Oath of Allegiance
    If those elected to the Māori Seats refuse to take them, then what possible reason could the country have for retaining them?   Chris Trotter writes – Christmas is fast approaching, which, as it does every year, means gearing up for an abstruse general knowledge question. “Who was ...
    Point of OrderBy Bob Edlin
    5 days ago

  • BRIAN EASTON:  Forward to 2017
    The coalition party agreements are mainly about returning to 2017 when National lost power. They show commonalities but also some serious divergencies. Brian Easton writes – The two coalition agreements – one National and ACT, the other National and New Zealand First – are more than policy documents. ...
    Point of OrderBy poonzteam5443
    5 days ago

  • Climate Change: Fossils
    When the new government promised to allow new offshore oil and gas exploration, they were warned that there would be international criticism and reputational damage. Naturally, they arrogantly denied any possibility that that would happen. And then they finally turned up at COP, to criticism from Palau, and a "fossil ...
    No Right TurnBy Idiot/Savant
    6 days ago

  • GEOFFREY MILLER:  NZ’s foreign policy resets on AUKUS, Gaza and Ukraine
    Geoffrey Miller writes – New Zealand’s international relations are under new management. And Winston Peters, the new foreign minister, is already setting a change agenda. As expected, this includes a more pro-US positioning when it comes to the Pacific – where Peters will be picking up where he ...
    Point of OrderBy poonzteam5443
    6 days ago

  • Gordon Campbell on the government’s smokefree laws debacle
    The most charitable explanation for National’s behaviour over the smokefree legislation is that they have dutifully fulfilled the wishes of the Big Tobacco lobby and then cast around – incompetently, as it turns out – for excuses that might sell this health policy U-turn to the public. The less charitable ...
    Gordon CampbellBy lyndon
    6 days ago

  • Top 10 links at 10 am for Monday, December 4
    As Deb Te Kawa writes in an op-ed, the new Government seems to have immediately bought itself fights with just about everyone. Photo: Lynn Grieveson / The KākāTL;DR: Here’s my pick of the top 10 news and analysis links elsewhere as of 10 am on Monday December 4, including:Palau’s President ...
    The KakaBy Bernard Hickey
    6 days ago

  • Be Honest.
    Let’s begin today by thinking about job interviews.During my career in Software Development I must have interviewed hundreds of people, hired at least a hundred, but few stick in the memory.I remember one guy who was so laid back he was practically horizontal, leaning back in his chair until his ...
    Nick’s KōreroBy Nick Rockel
    6 days ago

  • Geoffrey Miller: New Zealand’s foreign policy resets on AUKUS, Gaza and Ukraine
    New Zealand’s international relations are under new management. And Winston Peters, the new foreign minister, is already setting a change agenda. As expected, this includes a more pro-US positioning when it comes to the Pacific – where Peters will be picking up where he left off. Peters sought to align ...
    Democracy ProjectBy Geoffrey Miller
    6 days ago

  • Auckland rail tunnel the world’s most expensive
    Auckland’s city rail link is the most expensive rail project in the world per km, and the CRL boss has described the cost of infrastructure construction in Aotearoa as a crisis. Photo: Lynn Grieveson / The KākāTL;DR: The 3.5 km City Rail Link (CRL) tunnel under Auckland’s CBD has cost ...
    The KakaBy Bernard Hickey
    6 days ago

  • First big test coming
    The first big test of the new Government’s approach to Treaty matters is likely to be seen in the return of the Resource Management Act. RMA Minister Chris Bishop has confirmed that he intends to introduce legislation to repeal Labour’s recently passed Natural and Built Environments Act and its ...
    PolitikBy Richard Harman
    6 days ago

  • The Song of Saqua: Volume III
    Time to revisit something I haven’t covered in a while: the D&D campaign, with Saqua the aquatic half-vampire. Last seen in July: https://phuulishfellow.wordpress.com/2023/07/27/the-song-of-saqua-volume-ii/ The delay is understandable, once one realises that the interim saw our DM come down with a life-threatening medical situation. They have since survived to make ...
    A Phuulish FellowBy strda221
    6 days ago

  • Chris Bishop: Smokin’
    Yes. Correct. It was an election result. And now we are the elected government. ...
    My ThinksBy boonman
    6 days ago

  • 2023 SkS Weekly Climate Change & Global Warming News Roundup #48
    A chronological listing of news and opinion articles posted on the Skeptical Science  Facebook Page during the past week: Sun, Nov 26, 2023 thru Dec 2, 2023. Story of the Week CO2 readings from Mauna Loa show failure to combat climate change Daily atmospheric carbon dioxide data from Hawaiian volcano more ...
    Skeptical Science
    7 days ago

  • Affirmative Action.
    Affirmative Action was a key theme at this election, although I don’t recall anyone using those particular words during the campaign.They’re positive words, and the way the topic was talked about was anything but. It certainly wasn’t a campaign of saying that Affirmative Action was a good thing, but that, ...
    Nick’s KōreroBy Nick Rockel
    7 days ago

  • 100 days of something
    It was at the end of the Foxton straights, at the end of 1978, at 100km/h, that someone tried to grab me from behind on my Yamaha.They seemed to be yanking my backpack. My first thought was outrage. My second was: but how? Where have they come from? And my ...
    More Than A FeildingBy David Slack
    7 days ago

  • Look who’s stepped up to champion Winston
    There’s no news to be gleaned from the government’s official website today  – it contains nothing more than the message about the site being under maintenance. The time this maintenance job is taking and the costs being incurred have us musing on the government’s commitment to an assault on inflation. ...
    Point of OrderBy Bob Edlin
    1 week ago

  • What's The Story?
    Don’t you sometimes wish they’d just tell the truth? No matter how abhorrent or ugly, just straight up tell us the truth?C’mon guys, what you’re doing is bad enough anyway, pretending you’re not is only adding insult to injury.Instead of all this bollocks about the Smokefree changes being to do ...
    Nick’s KōreroBy Nick Rockel
    1 week ago

  • The longest of weeks
    Hello! Here comes the Saturday edition of More Than A Feilding, catching you up on the past week’s editions.Friday Under New Management Week in review, quiz style1. Which of these best describes Aotearoa?a. Progressive nation, proud of its egalitarian spirit and belief in a fair go b. Best little country on the planet c. ...
    More Than A FeildingBy David Slack
    1 week ago

  • Suggested sessions of EGU24 to submit abstracts to
    Like earlier this year, members from our team will be involved with next year's General Assembly of the European Geosciences Union (EGU). The conference will take place on premise in Vienna as well as online from April 14 to 19, 2024. The session catalog has been available since November 1 ...
    Skeptical Science
    1 week ago

  • Under New Management
    1. Which of these best describes Aotearoa?a. Progressive nation, proud of its egalitarian spirit and belief in a fair go b. Best little country on the planet c. Under New Management 2. Which of these best describes the 100 days of action announced this week by the new government?a. Petulantb. Simplistic and wrongheaded c. ...
    More Than A FeildingBy David Slack
    1 week ago

  • While we wait patiently, our new Minister of Education is up and going with a 100-day action plan
    Sorry to say, the government’s official website is still out of action. When Point of Order paid its daily visit, the message was the same as it has been for the past week: Site under maintenance Beehive.govt.nz is currently under maintenance. We will be back shortly. Thank you for your ...
    Point of OrderBy Bob Edlin
    1 week ago

  • Ministers visit Hawke’s Bay to grasp recovery needs
    Prime Minister Christopher Luxon joined Cyclone Recovery Minister Mark Mitchell and Transport and Local Government Minister Simeon Brown, to meet leaders of cyclone and flood-affected regions in the Hawke’s Bay. The visit reinforced the coalition Government’s commitment to support the region and better understand its ongoing requirements, Mr Mitchell says.  ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • New Zealand condemns malicious cyber activity
    New Zealand has joined the UK and other partners in condemning malicious cyber activity conducted by the Russian Government, Minister Responsible for the Government Communications Security Bureau Judith Collins says. The statement follows the UK’s attribution today of malicious cyber activity impacting its domestic democratic institutions and processes, as well ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Disestablishment of Te Pūkenga begins
    The Government has begun the process of disestablishing Te Pūkenga as part of its 100-day plan, Minister for Tertiary Education and Skills Penny Simmonds says.  “I have started putting that plan into action and have met with the chair and chief Executive of Te Pūkenga to advise them of my ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Climate Change Minister to attend COP28 in Dubai
    Climate Change Minister Simon Watts will be leaving for Dubai today to attend COP28, the 28th annual UN climate summit, this week. Simon Watts says he will push for accelerated action towards the goals of the Paris Agreement, deliver New Zealand’s national statement and connect with partner countries, private sector leaders ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • New Zealand to host 2024 Pacific defence meeting
    Defence Minister Judith Collins yesterday announced New Zealand will host next year’s South Pacific Defence Ministers’ Meeting (SPDMM). “Having just returned from this year’s meeting in Nouméa, I witnessed first-hand the value of meeting with my Pacific counterparts to discuss regional security and defence matters. I welcome the opportunity to ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Study shows need to remove distractions in class
    The Government is committed to lifting school achievement in the basics and that starts with removing distractions so young people can focus on their learning, Education Minister Erica Stanford says.   The 2022 PISA results released this week found that Kiwi kids ranked 5th in the world for being distracted ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Minister sets expectations of Commissioner
    Today I met with Police Commissioner Andrew Coster to set out my expectations, which he has agreed to, says Police Minister Mark Mitchell. Under section 16(1) of the Policing Act 2008, the Minister can expect the Police Commissioner to deliver on the Government’s direction and priorities, as now outlined in ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • New Zealand needs a strong and stable ETS
    New Zealand needs a strong and stable Emissions Trading Scheme (ETS) that is well placed for the future, after emission units failed to sell for the fourth and final auction of the year, Climate Change Minister Simon Watts says.  At today’s auction, 15 million New Zealand units (NZUs) – each ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • PISA results show urgent need to teach the basics
    With 2022 PISA results showing a decline in achievement, Education Minister Erica Stanford is confident that the Coalition Government’s 100-day plan for education will improve outcomes for Kiwi kids.  The 2022 PISA results show a significant decline in the performance of 15-year-old students in maths compared to 2018 and confirms ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Collins leaves for Pacific defence meeting
    Defence Minister Judith Collins today departed for New Caledonia to attend the 8th annual South Pacific Defence Ministers’ meeting (SPDMM). “This meeting is an excellent opportunity to meet face-to-face with my Pacific counterparts to discuss regional security matters and to demonstrate our ongoing commitment to the Pacific,” Judith Collins says. ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Working for Families gets cost of living boost
    Putting more money in the pockets of hard-working families is a priority of this Coalition Government, starting with an increase to Working for Families, Prime Minister Christopher Luxon says. “We are starting our 100-day plan with a laser focus on bringing down the cost of living, because that is what ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Post-Cabinet press conference
    Most weeks, following Cabinet, the Prime Minister holds a press conference for members of the Parliamentary Press Gallery. This page contains the transcripts from those press conferences, which are supplied by Hansard to the Office of the Prime Minister. It is important to note that the transcripts have not been edited ...
    BeehiveBy beehive.govt.nz
    5 days ago

  • Lake Onslow pumped hydro scheme scrapped
    The Government has axed the $16 billion Lake Onslow pumped hydro scheme championed by the previous government, Energy Minister Simeon Brown says. “This hugely wasteful project was pouring money down the drain at a time when we need to be reining in spending and focussing on rebuilding the economy and ...
    BeehiveBy beehive.govt.nz
    7 days ago

  • NZ welcomes further pause in fighting in Gaza
    New Zealand welcomes the further one-day extension of the pause in fighting, which will allow the delivery of more urgently-needed humanitarian aid into Gaza and the release of more hostages, Foreign Minister Winston Peters said. “The human cost of the conflict is horrific, and New Zealand wants to see the violence ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Condolences on passing of Henry Kissinger
    Foreign Minister Winston Peters today expressed on behalf of the New Zealand Government his condolences to the family of former US Secretary of State Henry Kissinger, who has passed away at the age of 100 at his home in Connecticut. “While opinions on his legacy are varied, Secretary Kissinger was ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Backing our kids to learn the basics
    Every child deserves a world-leading education, and the Coalition Government is making that a priority as part of its 100-day plan. Education Minister Erica Stanford says that will start with banning cellphone use at school and ensuring all primary students spend one hour on reading, writing, and maths each day. ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • US Business Summit Speech – Regional stability through trade
    I would like to begin by echoing the Prime Minister’s thanks to the organisers of this Summit, Fran O’Sullivan and the Auckland Business Chamber.  I want to also acknowledge the many leading exporters, sector representatives, diplomats, and other leaders we have joining us in the room. In particular, I would like ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Keynote Address to the United States Business Summit, Auckland
    Good morning. Thank you, Rosemary, for your warm introduction, and to Fran and Simon for this opportunity to make some brief comments about New Zealand’s relationship with the United States.  This is also a chance to acknowledge my colleague, Minister for Trade Todd McClay, Ambassador Tom Udall, Secretary of Foreign ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • India New Zealand Business Council Speech, India as a Strategic Priority
    Good morning, tēnā koutou and namaskar. Many thanks, Michael, for your warm welcome. I would like to acknowledge the work of the India New Zealand Business Council in facilitating today’s event and for the Council’s broader work in supporting a coordinated approach for lifting New Zealand-India relations. I want to also ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Coalition Government unveils 100-day plan
    Prime Minister Christopher Luxon has laid out the Coalition Government’s plan for its first 100 days from today. “The last few years have been incredibly tough for so many New Zealanders. People have put their trust in National, ACT and NZ First to steer them towards a better, more prosperous ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • New Zealand welcomes European Parliament vote on the NZ-EU Free Trade Agreement
    A significant milestone in ratifying the NZ-EU Free Trade Agreement (FTA) was reached last night, with 524 of the 705 member European Parliament voting in favour to approve the agreement. “I’m delighted to hear of the successful vote to approve the NZ-EU FTA in the European Parliament overnight. This is ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

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