RB snaps awake, jolts markets

Written By: - Date published: 3:06 pm, March 10th, 2016 - 49 comments
Categories: economy, Financial markets - Tags: , ,

Guest Post: By Simon Louison

Seemingly asleep-at-the-wheel, Reserve Bank Governor, Graeme Wheeler, apparently snapped awake today when he announced a surprise quarter point cut to the Official Cash Rate to 2.25 percent.

Wheeler finally realised things were that bad, realising more stimulatory medicine was needed to boost an economy being sucked down by the dire position of the dairy industry and shaky global markets.

Financial markets, which had believed Wheeler’s spaced out commentary about the economy being hunky dory, were jolted awake and send the Kiwi dollar down a cent and half.

Wheeler, in his quarterly Monetary Policy Statement, cited “many risks” including “difficult challenges” in the dairy sector and the fragile international situation where the risks were “on the downside”.

Of the dairy industry, he said “it’s certainly a challenging sector there’s no question.”

The RB has “stress tested” banks on the basis that the dairy price slump holds for three more years.
The full results will be released next week, but under that “pretty tough” scenario he expects dairy land prices to fall around 40 percent.

Given the sector owes banks around $40 billion, and that that debt is mostly secured on the land, that is going to cause banks pain.

“Under that stress scenario, what the results show is that about 40 percent of the debt would be impaired and actual defaults would likely be something like about 10-15 percent of dairy lending,” Wheeler told a news conference.

But he assured us that agricultural lending made up only 10 percent of bank lending and only part of total agricultural lending was in dairy.

Of course we know that a lot of the rest of the massive bank debt is totally safe in the housing market – the bulk of it in Auckland.

Wheeler believed the banks could accommodate such a downturn in dairy.

He said the RB was also comforted that Auckland house inflation has come down from 27 percent in the year to September to just 14 percent in the year to January!

Asked if he was worried if today’s cut in the cash rate, quickly followed by mortgage rate cuts by private sector banks, would put further upward pressure on house prices, Wheeler said the house price-to-income ratio in the rest of the country was only 5.1 times against Auckland’s 8.5 times and there was more scope for the rest of the country to ‘adjust”.

Assistant Governor John McDermott said one of the main reasons for cutting today was because of low inflation expectations. Inflation has been below the bank’s 1-3 percent target for five consecutive quarters.

Wheeler denied the bank was “asymmetric” in countering inflation falling below the bottom of the target rather than rising above it.

Commenting on the risks of deflation (where prices are on downward spiral), Wheeler said there were global forces at work including globisation itself, technology such as low cost communications, oil and commodity price falls and migration cutting labour costs.

But he refused to admit that monetary policy was now impotent or that inflation targeting was a waste of time.

“No central bank has abandoned flexible inflation targeting,” he said.

Dr McDermott, with a rather smug smile of his face, noted that the RB could still cut rates another 225 basis points before it got into negative interest rates already prevalent in Japan and Europe, “which is more than most central banks have.”

(Simon Louisson formerly worked for The Wall Street Journal, NZPA, Reuters and was most recently a political and media adviser to the Green Party)

49 comments on “RB snaps awake, jolts markets”

  1. Lanthanide 1

    The banks might be able to weather the storm of dairy land prices falling 40%.

    But can they weather that, and also weather a collapse in Auckland house prices at the same time?

  2. weka 2

    Has NZ ever been in a negative interest rate? What’s the lowest we’ve gone?

  3. Nic the NZer 3

    Why is this called a surprise? It was two weeks ago English was blaming the RBNZ for having too high an OCR and not hitting its inflation targets.

  4. Keith 4

    We’re stairing down the barrel of deflation and it’s harder to get rid of than a cockroach infestation and almost as hard as finding a honest straight talking Nat MP.

    Hence the rise in the minimum wage, posing as a generous caring John Key moment, because real wage inflation is non existent under Keys ineptitude. Deflation is bad but the fact it’s knocking on the door is just the cream on a cake made of bullshit for the incompetent National government!

    • McFlock 4.1

      they’d need to suddenly and significantly increase the minimum wage, 25c or 50c won’t do it. At least a few bucks. And even then any effect might not be tangible.

      • Draco T Bastard 4.1.1

        That’d go against National’s basic principle of screwing over workers as much as possible.

        • Stuart Munro 4.1.1.1

          The most direct reversal would probably be achieved by reversing their stupid and vindictive welfare cuts. That was always the dark secret of social welfare – it all gets spent at the bottom so it’s economic benefit is relatively strong – unlike Nic’s corruption.

          • Keith 4.1.1.1.1

            I heard this afternoon Graham Wheeler saying that the rate cut was to encourage growth. I believe Wheeler.

            Then I heard Key going on about how good this is, even cheaper interest rates than the already ridiculously cheap rates, touching on a lower exchange rate that is good for exporters then moving quickly on not to make mention of higher consumer prices that will result, real hollow opportunist bit of turd polishing. Key sounded as trustworthy as a stereotypical used car salesman.

            Funny thing is in contrast to Wheelers comments we muppets in NZ have been told for quite some time we have a Rockstar economy, an economy with more growth than nearly any other western nation, averaging 2 to 3 plus percent in growth, ra, ra, ra!. Trouble is that growth never seemed real as in you can feel it and that every one seems to be doing better. High (real) unemployment, people living in cars, insufficient income to pay the bills or hours to work, government borrowing soaring. There’s been this nagging doubt about how real this “growth” is and it appears to be tied to things like speculative housing inflation and rebuilds and tremendously localised area’s selected to enhance this statistic. No matter how tanking is the dairy industry, real things like that don’t seem affect predicted growth.

            So bullshit away National, the truth is the economy is flat lining and slipping under and you don’t have and never have had a clue!

            • Lanthanide 4.1.1.1.1.1

              Key’s always had it both ways: low interest rates are good because people have more money in their back pocket, and high interest rates are good because it makes the dollar higher, which makes it cheaper to buy things in the shops and it shows the economy is strong.

              He has literally used both of these explanations about 1 year apart, back during 2011-2012 time frame.

            • Nic the NZer 4.1.1.1.1.2

              You must have passed over the bit of the RBNZ anouncement where they mentioned the RBNZ targeting a 1-3% inflation band. Are you suggesting a lower inflation band should be set as the tatget?

      • Richard McGrath 4.1.2

        Or the government could consider abolishing tax on incomes below $50k p.a.

        • Sans Cle 4.1.2.1

          ….and taxing anything over $200,000 at 95%, if we could properly account for all income sources – not just on paid employment.

          • Colonial Viper 4.1.2.1.1

            I think a historically fair but high rate of income tax is 89%.

            • Richard McGrath 4.1.2.1.1.1

              Do you honestly believe anyone would bother working in the situation where there was an 89% tax rate? Or a business remaining there rather than shifting to Hong Kong, Singapore or somewhere else with lower degrees of wealth confiscation?

              • lprent

                A tax credit system for kids is far simpler for everyone from employers to the IRD.

                Raising low income wages is even better. It helps eliminate exploitive ratshit employers and nonviable businesses as a economic benefit – allowing resources to flow to more constructive ventures.

                • Jones

                  Why not go for a UBI?

                • The Chairman

                  “Raising low income wages is even better. It helps eliminate exploitive ratshit employers and nonviable businesses as a economic benefit – allowing resources to flow to more constructive ventures.”

                  Indeed.

                • Richard McGrath

                  Should wages be related to productivity or dictated from on high?

                  • One Anonymous Bloke

                    Right now, they aren’t related to productivity: they’re dictated by employers. Hence the massive fall in the value of wages over the last three decades, despite the increased productivity; aka market failure.

                    It’s the fault of deregulatory fuckwits with a hard-on for Libertard/Objectigimp delusions.

                    That’s why no-one cares what they think anymore.

              • Draco T Bastard

                Do you honestly believe anyone would bother working in the situation where there was an 89% tax rate?

                Yep, I do – because it’s happened before. All around the OECD in fact.

                • Richard McGrath

                  Which countries had an 89% tax bracket apart from the U.S. under Eisenhower more than fifty years ago?

                  • McFlock

                    UK seems to have been in the ballpark, for one.

                    Figure 2: knock yourself out. First page of the first google attempt, by the way.

                    Draco might have over-egged it by saying “all around the OECD”, but that had probably only about half the egg of your “Do you honestly believe anyone would bother working in the situation where there was an 89% tax rate?” nonsense.

                    89% is a high marginal tax rate, sure, but it’s not exactly unheralded and it has actually existed without resulting in capital flight and economic collapse. If that’s outside your conceptual capabilities, then you need to reassess your relationship with reality.

                    • One Anonymous Bloke

                      I say force them to go Galt: build an island out of sand and industrial waste, and set them loose.

              • Anno1701

                “Or a business remaining there rather than shifting to Hong Kong, Singapore or somewhere else with lower degrees of wealth confiscation?”

                “we are not in the least afraid of ruins” ….. Buenaventura Durruti

        • lprent 4.1.2.2

          Why go for a complex and massively expensive solution like that?

          Firstly just defining what a “FAMILY” is. Whatever way you do it you get distortions. For instance when I was living with my recently separated sister and her preschool kids. Or if Lyn and I took responsibility for godchildren after fatalities with their parents without doing the adoption or guardian procedures with the approval of their remaining family.

          Just think how scam artists would love claiming they are a family and withholding PAYE, Bad enough the way that they have to pursue deadbeat business people through th courts now. Imagine that kicked up twenty-fold for small amounts.

  5. esoteric pineapples 5

    Great posts Simon. As much as I enjoy all the other blogs on The Standard, it’s good to have some journalistic reporting, something that tends to be absent on even the best blogs. Even sites like Scoop tend to just print press releases. What a journalist does is use their intelligence, skill, and experience to gather information and present it in a way that different points of view make sense against each other. They are providing a value added service that the general layperson can’t do themselves (or simply doesn’t have the time).

    • Sacha 5.1

      “Even sites like Scoop tend to just print press releases. ”

      That’s their business model. Our big media duopoly have have no excuse.

      • Colonial Viper 5.1.1

        The main point with Scoop is that they will publish legit press releases that the MSM completely ignore.

  6. Stephen Doyle 6

    Won’t this cut just continue fuelling the Auckland housing market?

    • Kiwiri 6.1

      Yup, that will buy more time to keep things bubbling along, as well as the feel good factor in the home equity
      Buys a bit more time for some dairy farmers too

  7. Expat 7

    Wheeler should not have increased the OCR two years ago, against global trends, it saw Kiwi’s pay more for their mortgages (taking money out of the economy) and held the dollar up (getting less for exports) and now he’s paying the toll

    The dollar just dropped 3c against the Aussie.

    • Lanthanide 7.1

      Or, he at least shouldn’t have gone higher than 0.5%

    • Paul 7.2

      Raising the interest rate also encouraged speculation in the dollar.

      The fact we nave so many neo-liberal ideologues in this country is killing jobs and the economy.
      Hoggard of Federated Farmers bemoans the common sense approach of those countries who protect their agriculture. Protecting your people’s food base seems a lot more prudent than a religious belief in markets. Farmers who bought this belief are now going to have to sell their land to overseas owners. Soon we shall be like medieval serfs, working the land for foreign overlords.

      Our economic problems are then compounded by dolts like Key, who on one hand blather on about ‘free trade’ while at the same time tying us to a slavish support of the US, meaning farmers can’t sell their milk to Russia and undermining our sovereignty by signing the TPPA.

      When the Auckland house prices collapse, the million or so people who have voted for National on the basis that ‘I’m alright Jack’, will learn like others already have that Key and his gang are only concerned for the 1% and the transnational corporations

      By then, though, it will be too late..

      And history will show that Douglas, Richardson, Shipley, Key and a long list of self centred followers sold our country for the proverbial thirty pieces of silver.
      They were aided and abetted by court jesters and popinjays such as Henry, Hosking and Christie, who sold the neoliberal lie to a populace sated on modern day circuses.

      This about sums it up.

      • Expat 7.2.1

        Paul

        All good points, as far as killing jobs goes, it started in Key’s first year of rein, 200k Kiwi’s left NZ since 2010, and the jobs market has only deteriorated since then.

        The most accurate indicator of a prosperous, thriving economy is LOW unemployment, preferably below 4.5%, but modern right wing govts don’t subscribe to this ideology, they still focus on high unemployment, to keep wages low, how counter productive is that, every time we see it, the economy starts going backwards.

  8. dave 8

    if interest drops in the bank iam pulling my money out why should we give them the us of our saving for next zero when bank fees are added in stuff that

  9. Murray Simmonds 9

    Dave:

    Your savings account is pretty much irrelevant to the bank, as is mine and everyone else’s savings.

    Banks make their money out of mortgages. So the bank really just agrees to hold our savings account because each customer with an account on their books represents a potential mortgage customer. (Bank fees reamed out of you by way of bank fees are peanuts compared to what they stand to make out of you in interest payments if you take out a mortgage).

    If I borrow $100,000, that money is created there, on the spot by the bank. I then repay it at whatever interest rate and the bank then gets to keep my interest payments – money that they have essentially made out of “digital vapour” (i.e out of an entry in a spreadsheet).

    That’s the way modern banking works.

  10. vto 10

    interest rates dropping to near zero is the logical outcome of the monetary system we operate under

    was always going to happen

    question is: what is going to happen next, when the current system finally breaks? how is the monetary system going to be changed? and make no mistake – it will be changed

  11. pat 11

    the question is whether it will be changed pre-emptively or not…

  12. Murray Simmonds 12

    “interest rates dropping to near zero is the logical outcome . . . .”

    The thing is, vto, that interest rates have dropped, for the first time in history, to BELOW zero in some of the more troubled world economies (Japan and some European countries for example.)

    IMO this shows just how “out of control” the world monetary system has become.

    “the question is whether it will be changed pre-emptively or not…”

    Well. pat, the only changes made after the 2008 GFC were effectively changes that maintained the status quo.

    I’m not holding out much hope for anything much changing this time. But whatever happens, one can pretty much guarantee that it will be exactcly what the 1% want.

    • pat 12.1

      it is a question of whether the change will be controlled or uncontrolled….the 1% would be expected to want to retain control….that dosnt mean events will accomodate them

  13. Murray Simmonds 13

    Zero-Hedge article on Japanese bonds:

    http://www.zerohedge.com/news/2016-02-29/japan-sells-first-ever-10y-bond-negative-yield

    the comments below that article are amusing – Americans trying to get their heads around the question of why on earth anyone would want to buy bonds with a negative yield.

    My guess is that it is something to do with this:
    if you believe that your bank is about to go bust then you draw out all your money and put it somewhere safe. Traditionally, that was gold bullion. But with everyone rushing into gold, that might be a bit of a problem, long term.

    So negative-yielding govt bonds might not be a bad hedge against losing your entire savings when the bank files for insolvency. You might lose a LITTLE in your purchase of negative-yield bonds, but you’d lose a helluva lot more if you kept your money in a failing bank. So its a kind of “insurance policy”.

    • Nic the NZer 13.1

      The simple explanation here is that the BOJ is rumning a negative cash rate. If the cash is in bonds it doesnt get confiscated.

  14. Murray Simmonds 14

    “the 1% would be expected to want to retain control….that dosnt mean events will accomodate them”

    Yes, pat, unless you take the view that the 1% ARE the agents in control.

    This is where the conspiracy theorists come in.

    I watched the long documentary posted by Paul (above) this morning.

    Dunno if it was a good idea or not . . . . but its a fascinating POSSIBLE scenario. It’ll probably give me bad dreams tonight . . . .

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    by Rafael D. Quiles (gender-critical gay man from Puerto Rico) The writing on the wall is right in people’s faces and people just don’t see it or don’t want to. What could actually possess a heterosexual male to want to feminize himself and claim that he is a lesbian? Because ...
    RedlineBy Admin
    6 days ago
  • Trump: “Where’s my favourite dictator?”
    From the Wall Street Journal:Inside a room of the ornately decorated Hotel du Palais during last month’s Group of Seven summit in Biarritz, France, President Trump awaited a meeting with Egyptian President Abdel Fattah Al Sisi. Mr. Trump looked over a gathering of American and Egyptian officials and called out in ...
    6 days ago
  • Magdalen Burns, 1983-2019, fighter for women’s liberation
    by the Redline blog collective At Redline we are very saddened to hear of the death of Magdalen Burns who passed away on the morning of Friday, September 13 (British time). Magdalen was a great fighter for the rights of women in general and lesbian women in particular, a defender ...
    RedlineBy Admin
    7 days ago
  • Parliament and the Executive
    The Brexit issue has certainly brought with it a series of apparently difficult constitutional issues, many of them concerning the respective roles of the executive and parliament. Most of them arise because of the unwillingness of MPs, despite their professions to the contrary, to be bound by a constitutional rarity ...
    Bryan GouldBy Bryan Gould
    1 week ago
  • The Abigail Article; Martyn Bradbury’s Article, and My Response
    . . This blogpost is different to my usual format of reporting on issues… Since July 1011, I have blogged on a variety of political issues; near always political and/or environmental; mostly highly critical of the previous National Government. Other issues included Israeli occupation of Palestinian lands and repression of ...
    Frankly SpeakingBy Frank Macskasy
    1 week ago
  • Police will have to wear silly Buckingham Palace hats from now on, says Police Minister
    Those close to the Police Minister believe the initiative may be the result of Nash “seeing a great deal” on AliExpress. In a move that comes seemingly out of nowhere, Police Minister Stuart Nash announced this afternoon that he expects all frontline staff to don bearskin hats, famously worn by ...
    The CivilianBy admin
    1 week ago
  • A sensible crackdown
    The government has released its Arms Legislation Bill, containing the second tranche of changes to gun laws following the March 15 massacre. And it all looks quite sensible: a national gun register, higher penalties for illegal possession and dealing, tighter restrictions on arms dealers and shooting clubs, and a shorter ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • California bans private prisons
    Private prisons are a stain on humanity. Prison operators explicitly profit from human misery, then lobby for longer prisons terms so they can keep on profiting. And in the US, prison companies run not only local and state prisons, but also Donald Trump's immigration concentration camps. Faced with this moral ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Why PPPs are a bad idea
    When National was in power, they were very keen on Public-Private Partnerships (PPPs) - basicly, using private companies to finance public infrastructure as a way of hiding debt from the public. They were keen on using them for everything - roads, schools, hospitals. But as the UK shows, that "service" ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • A Movement That No Longer Moves.
    Moving And Shaking: There was a time when people spoke matter-of-factly about the “labour movement” – a political phenomenon understood to embrace much more than the Labour Party. Included within the term’s definition was the whole trade union movement – many of whose members looked upon the Labour Party as ...
    1 week ago
  • NZ ‘left’ politically embracing extreme postmodernism
    by Philip Ferguson Much of the left, even people who formally identify as marxists, have collapsed politically in the face of postmodern gender theory of the sort pioneered by American philosopher Judith Butler. For Butler even biological sex is socially constructed. “If the immutable character of sex is contested, perhaps ...
    RedlineBy Daphna
    1 week ago
  • The obvious question
    The media is reporting that the (alleged) Labour party sexual assaulter has resigned from their job at Parliament, which means hopefully he won't be turning up there making people feel unsafe in future. Good. But as with everything about this scandal, it just raises other questions. Most significantly: why the ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • The moment I found out that you found out, I acted swiftly
    By Prime Minister Jacinda Ardern I am every bit as angry as you are. I am every bit as disappointed as you must be. The people with power, oversight and the ability to do something about these processes within the Labour Party should be ashamed. Whoever those people are, I ...
    The CivilianBy admin
    1 week ago
  • This is why people hate property developers
    Property developers think there is an "oversupply" of houses in Auckland:High turnover rates and falling prices may be a sign that there are too many new houses going in to some parts of Auckland, commentators say. [...] Property developer David Whitburn said there was a "bit of an oversupply" in ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Australia to Pacific: “Fuck you, you can all drown”
    World leaders are meeting in New York in two weeks for the 2019 Climate Action Summit, where they are expected to announce new and more ambitious targets to stop the world from burning. But the Australian Prime Minister won't be there, despite being in the USA at the time:Scott Morrison ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Implausible ignorance
    Labour Party president Nigel Haworth resigned yesterday over the party's sexual assault scandal. But while that's good news, its unlikely to take away the stench of a coverup. Because according to Paula Bennett in Parliament yesterday, pretty much everyone in the Prime Minister's office was involved as well:I have been ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Labour’s Fatal Flaw.
     Two-Faced? Labour insiders' commitment to the neoliberal status quo puts them at odds with their party’s membership; its trade union affiliates; and a majority of Labour voters, but this only serves to strengthen the perception they have of themselves as a special elite. Among the lesser breeds, they’ll talk up a ...
    1 week ago
  • Ten reasons the Tories do NOT want an election
    There has been a lot of talk about Boris Johnson wanting an election, and he has blustered with great gusto about 'chicken' Jeremy Corbyn refusing one, but I think there are many reasons why he is secretly glad he has been refused the opportunity:The Tories are an utter rabble,tearing themselves ...
    1 week ago
  • Prorogation Illegal, rule Scottish judges
    Scottish appeal court judges have declared that Boris Johnson’s decision to suspend parliament in the run-up to the October Brexit deadline is unlawful. The three judges, chaired by Lord Carloway, Scotland’s most senior judge, overturned an earlier ruling that the courts did not have the powers to interfere in the prime ...
    1 week ago
  • Let me explain what I meant by Everyday New Zealanders
    By Simon Bridges. The following is a press release from the office of Simon Bridges, leader of The National Party. Key ora, New Zealand. Happy Maori Language Week. Look, I’m writing to you today because I want to clear something up. There’s been a lot of kerfuffle around some things ...
    The CivilianBy admin
    1 week ago
  • Yes, the SIS is subject to the Public Records Act
    I understand there's some stuff going round about how the SIS "was removed from the list of public offices covered by the Public Records Act in 2017". The context of course being their records derived from US torture, which will be disposed of or sealed. The good news is that ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • An evidence-based discussion of the Canadian fluoride/IQ study
    Dr. Christopher Labos and Jonathan Jarry discuss the recent Canadian fluoride/IQ research. They provide an expert analysis of the paper and its problems. Click on image to go to podcast. The critical debate about the recent ...
    1 week ago
  • Climate Change: Australia in denial
    Australia is burning down again, and meanwhile its natural disaster minister is denying climate change:Australia’s minister responsible for drought and natural disasters, David Littleproud, has said that he doesn’t “know if climate change is manmade”. Clarifying earlier comments that the question is “irrelevant” when considering the Coalition government’s response to ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Philippines activist speaking on the Duterte tyranny
    Auckland Philippines Solidarity is excited to host Professor Judy Taguiwalo for a speaking tour of NZ in September. She is a well-known activist in the Philippines and was a political prisoner under the Marcos dictatorship. Professor Taguiwalo briefly served as a Cabinet member under President Duterte but was forced from ...
    RedlineBy Daphna
    1 week ago
  • Disgust
    I have no special insights to offer on the Labour sexual assault coverup. All I have is disgust. Disgust that an organisation could fail its people so badly. Disgust that they punished the victims rather than the perpetrator. Disgust that its party hacks are apparently blaming the victims for demanding ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Speak Up for Women calls out Greens’ censorship
    This open letter to the Green Party was penned after an opinion piece by Jill Abigail, a feminist and founding member of the party, was censored by the Greens’ leadership. (Redline has reprinted her article here).The intolerance of the Green Party leaders and their acceptance of the misogyny of gender ...
    RedlineBy Daphna
    1 week ago
  • Member’s Day: End of Life Choice, part 3
    Today is a Member's day, and David Seymour's End of Life Choice Bill continues its slow crawl through its committee stage. They're spending the whole day on it today, though the first hour is likely to be spent on voting left over from last time. After that they'll move on ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Flight to Los Angeles turned back after passengers decide they don’t want to go anymore
    An ambitious plan to fly to Los Angeles petered out into a brief sight-seeing trip and a desire to return home and get some sleep before work tomorrow. Air New Zealand has confirmed a flight to Los Angeles last night was turned back about a quarter of the way into ...
    The CivilianBy admin
    1 week ago
  • Indigenous Futures: defuturing and futuring – an analytical framework for policy development?
    There appears to be consensus – by omission – that the concept of indigenous futures should be accepted at face value. So I scavenged the internet to see if I could locate an academic descriptor or a framework around how we think about it as a concept, and whether it ...
    EllipsisterBy Ellipsister
    2 weeks ago
  • Cadbury rumoured to be releasing the Pineapple Trump
    Here’s another novelty chocolate to shove in your gob, New Zealand Cadbury could be seeking to make itself great again with a rumoured new release: Pineapple Trumps, a spin on its classic chocolate-encased pineapple treat and do-it-yourself tooth remover. The global confectionery manufacturer and bumbling “before” character in an infomercial, ...
    The CivilianBy admin
    2 weeks ago
  • The coming resource war.
    During my time in the Pentagon I had the privilege of sitting down with military leaders and defence and security officials from a variety of Latin American nations. Sometimes I was present as a subordinate assistant to a senior US defence department official, sometimes as part of a delegation that ...
    KiwipoliticoBy Pablo
    2 weeks ago
  • Māori Language Week with The Civilian
    Kia ora, Aotearoa. It’s that magical time of year. Te Wiki o te Reo Māori. In English, the week that frightens talk radio. As you probably know by now, all your favourite media outlets are participating, some more successfully than others. Stuff has changed its name to Puna for the ...
    The CivilianBy admin
    2 weeks ago
  • Will Horizons act on climate change?
    Local body elections are coming up next month. And it looks like all Palmerston North candidates for Horizons (the Manawatu-Whanganui Regional Council) want to take action on climate change:Climate change is set to be a key issue in Palmerston North for the next three years if those wanting to get ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • BORA reform is stalled
    Eighteen months ago, the government promised to strengthen the Bill of Rights Act, by explicitly affirming the power of the courts to issue declarations of inconsistency and requiring Parliament to formally respond to them. So how's that going? I was curious, so I asked for all advice about the proposal. ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • Corbyn and Brexit
    As the Brexit saga staggers on, the focus is naturally enough on the Prime Minister and his attempts to achieve Brexit “do or die”. But the role played by the Leader of the Opposition is of almost equal interest and complexity. The first problem for Jeremy Corbyn is that he ...
    Bryan GouldBy Bryan Gould
    2 weeks ago
  • A ditch for him to die in
    Last week, English Prime Minister Boris Johnson boldly declared that he would rather die be dead in a ditch than delay Brexit. Unfortunately for him, the UK parliament accepted the challenge, and promptly dug one for him. The "rebellion bill" requires him to ask for and secure yet another temporary ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • Warning! Warning! Danger Jacinda Ardern! Danger Marama Davidson! Warning!
    Lost In Political Space: The most important takeaway from this latest Labour sexual assault scandal, which (if I may paraphrase Nixon’s White House counsel’s, John Dean’s, infamous description of Watergate) is “growing like a cancer” on the premiership, is the Labour Party organisation’s extraordinary professional paralysis in the face of ...
    2 weeks ago

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