What next, Soylent Green?

Written By: - Date published: 5:31 am, September 16th, 2009 - 29 comments
Categories: capitalism, class war, economy - Tags:

The Wall Street financiers crapped out on their sub-prime gambles, inflicting economic devastation on the taxpayers who generously bailed-them out in return. Now, they need a new gamble, a new game in which they bet using other people’s money while skimming off the cream for themselves until it all collapses.

The new game? Betting on when people will die.

It works like this:

The bankers plan to buy ‘life settlements,’ life insurance policies that ill and elderly people sell for cash — $400,000 for a $1 million policy, say, depending on the life expectancy of the insured person. Then they plan to ‘securitize’ these policies, in Wall Street jargon, by packaging hundreds or thousands together into bonds. They will then resell those bonds to investors, like big pension funds, who will receive the payouts when people with the insurance die.

It’s pretty similar to what happened with the sub-prime market. Bankers put the dodgy mortgages they had lent to poor people to buy over-priced houses together in packages (CDOs), which investors bought getting the payments from those mortgages as the return on their investment. Of course, as we now know, the financiers on all sides over-valued the CDOs because they were basically betting the housing boom would continue forever. When the mortgage payments started to dry up, thanks at least in part to the rising price of oil, the value of the CDOs collapsed and so would have the financial system without government bailouts.

But this new sub-prime disaster in waiting has a nasty twist:

The earlier the policyholder dies, the bigger the return

It’s a good time to be making that bet now in the US. People are losing their jobs and their health insurance. Poverty is rising and, with it, health is declining. People need cash, especially if a health problem hits the family (health problems are the most common cause of bankruptcy in the US). The Wall Street vampires offer a rip-off price for life insurance policies and wait for rising poverty to fill their coffers. There are predictions the market for these death-bets will grow to $500 billion, approaching the size of the sub-prime market at its peak.

Of course, that gives the investors a big reason to oppose health reform. Better health-care would see them take a bath on their death-bets (the money-men in the middle make their fees either way). Now, we see another reason why the big money that hides behind the screaming hicks at the town-hall meetings is so keen to stop universal health-care in the US.

And what happens when this bubble bursts? What happens when health reform and/or an improving economy improves people’s life expectancies and the Wall Street vampires find there’s not as much blood to suck as they bet on? Another collapse? Another round of bail-outs?

Isn’t it time to radically reform this dysfunctional capitalist system? With its unethical, short-term fixation on money, doesn’t it create more ill than good?

Can’t we do better?

[hat-tip eXiled Online]

29 comments on “What next, Soylent Green? ”

  • Comments are now closed

  1. tsmithfield 1
    16 September 2009 at 5:52 am

    On the other hand, maybe its just the market meeting a demand.

    One of the BIG problems of life insurance is that the policy owner never gets to enjoy the benefits, for obvious reasons. There are some policies that pay out for permanent disability, but who wants to be in that state to enjoy their nest-egg?

    The question is, is it a good deal for the policy holder to get paid out at a lessor rate than the death premium?

    The answer is, it depends. What is required is a net value calculation for money measured against the expected average lifespan of policy holders.

    Interest rates a very low at the moment, so at present rates it might not be seen as a good deal. However, it is inaccurate to factor these rates for decades ahead. Looking forward, interest rates are projected to rise considerably as governments have to control the inflation that will result from all the stimulus poured into the system. Thus, it might well be that getting paid out early at a lessor amount is actually quite a good deal for the policy holder.

    Firstly, the policy holder and their family get to enjoy the money together rather than apart.
    Secondly, they may be nearly as well off, or possibly even better off, over the long run getting the money earlier anyway.

    • travellerev 1.1
      16 September 2009 at 7:01 am

      tsmithfield,

      What a hideously cynical way of reasoning.

      You find people who are in dire need for treatment and buy their life insurance for pennies on the dollar and that is meeting a market demand? revolting.

      It would be morally reprehensible if it was just that alone but when you realise that the upper 1% of the Global elite hold interests in the healthcare insurance business and the banks that buy these life insurances it becomes a truly monstrous and murderous orgy of greed.

      • Macro 1.1.1
        16 September 2009 at 10:11 am

        It’s not because the supposed “free market” delivers the goods or not, that the neo-liberals of this world are so wedded to it. Of course, they cannot conceive that there might be other ways to fairly distribute the goods; and its not even the fact that they cannot think of any other way to run an economy. The simple fact is – that they are wedded to the “free market” because essentially they worship the god of mammon. Greed is their consuming passion and anything that gets in the way of them making a quick buck is to be roundly condemned as either “communist” “socialist” or some other equally offensive slur.

        • Quoth the Raven 1.1.1.1
          16 September 2009 at 2:34 pm

          Of course we don’t have a free market system. Look up the definition of free market. Blaming the ills on this world on the free market is akin to blaming it on communism. Communism is not in operation and neither is the free market. Neo-liberals are not wedded to the free-market, they’re weded to state-corporate-plutocracy as are many so-called social-democrats. And look at the history of socialism, Historically and contemporarily there have been plenty of socialists that support the free market.

    • Maynard J 1.2
      16 September 2009 at 9:36 am

      Do you understand what life insurance is actually for? It does not appear so.

      If you want to have money to spend with your family when you are alive, you fund your retirement. If you want money to settle your estate, ensure an inheritance can be paid out to your survivors and ensure they are comfortable after your death, you get life insurance.

      If you put more importance on the former, then get cheap (or no) life insurance, and put that money into your retirement fund throughout your working life. Do not sell out early on a bet that you will die to set up a fund that will benefit the earlier you die, thus bringing about a massive financial incentive for poor healthcare and declining life expectancy.

      Sheesh, it is like a lesson on how to engineer a market failure.

  2. Mark M 2
    16 September 2009 at 5:59 am

    reverse annuities are not new and are popular with older people as they get some money to live out their retirement.

  3. Mach1 3
    16 September 2009 at 7:05 am

    What next, Soylent Green?

    Viager?

    • Marty G 3.1
      16 September 2009 at 9:27 am

      yeah, again, I don’t have a problem with reverse annuities or life insurance in itself. It’s the exploitation of desperate people to create a market in the hundreds of billions where the wealthy elite bets that those less well off than them will die early

  4. tsmithfield 4
    16 September 2009 at 7:23 am

    travellerev,

    Under the scheme as outlined, people who are very sick, and likely to die are likely to get paid out a far greater percentage of the policy

    Anyway, sounds like a great opportunity. I think I will do some investigation to see when and if this scheme is going to be offered in NZ. If it is coming here in the near future, I think I will quadruple the amount of life insurance I hold. Then when I get offered a payout, it will probably be hundreds of thousands higher. This probably will have only cost me a few thousand in extra premiums. Nearly as good as winning Lotto!!

    • Marty G 4.1
      16 September 2009 at 9:08 am

      You’re a financial illiterate. Do you think the financiers’ profits come out of thin air? they come from ripping off the desperate.

      If you read the NYT article you’ll learn this will actually push up premiums.

      • jagilby 4.1.1
        16 September 2009 at 11:29 am

        Ahhh I think that the profits would actually come from the insurance companies who are going to hate it. But I guess there is an argument that this will result in higher premiums that will inturn hurt the most vulnerable, so point taken.

        Just for the record I am in investment banker (yes, I am your anti-christ. Please direct all cliched vitriol in this direction) and I find this product morally abhorrent. In any case, even I didn’t find it morally distateful, it’s not an investment; it’s a gamble and I think this could be a particularly hard sell for banks.

        I can see the insurance companies really rallying against a product like this. I don’t think it quite has the same economy-busting potential that CDOs et al did given the fact that the uncertain nature of the underlying asset or security (if we can call it that) is well recognised.
        A big part of the problem with CDOs was that the exact nature of the underlying asset (quality and location of house and service abiilty of mortgagee) was clouded by negligence on the part of the rating agencies. I don’t think anyone can claim ignorance on not knowing how certain a death date was.

  5. Marty G 5
    16 September 2009 at 9:12 am

    One could argue that life insurance itself or reverse annuities are bets on when you will die but this is a whole new level. This is turning a population’s life expectancy into a commodity that can be securitised.

    We’re talking a market growing to the size of sub-prime.

    It gives the wealthy an incentive to have the middle class (the poor don’t have life insurance) poor, unhealthy, and dying earlier

  6. Lanthanide 6
    16 September 2009 at 9:53 am

    This seems like the perfect topic for Obama to have a speech about. Rebut all the ridiculous “death panel” claptrap by pointing out the vampirous wall street elite who created the financial crisis are now resisting public healthcare because it hurts their bottom line. I think that could be quite persuasive to the country hicks – then again no one likes to be told they were just a pawn in a larger game, so they could resent it and think Obama is just trying to say anything to get them to agree to his idea.

  7. grumpy 7
    16 September 2009 at 10:02 am

    Christ Marty G, I have to have a lie down.

    A very good post and you are 100% correct, this is a prime example of the inhumanity of the Capitalist system and how it “creates” a demand it can then fill with this type of disgraceful product.

    You are correct, it’s the sub-prime shonky deal all over again.

    Wankers like these give Capitalism a bad name – I’d support putting them up against the wall, comrade!

  8. tsmithfield 8
    16 September 2009 at 10:24 am

    Reading the article, it looks like these options are only going to be available to those who are quite sick or elderly anyway. Otherwise, there is little prospect of return for the investor.

    Why shouldn’t people in these circumstances be able to cash in a portion of their life insurance to enjoy life while they can?

    Are you all so ingrained in the socialist paradigm that you think that people are all too thick to work out their own circumstances for themselves?

    • Maynard J 8.1
      16 September 2009 at 10:43 am

      Do you view capitalism through such rose-tinted glasses you are unable to spot exploitation of the vulnerable when it smacks you in the nose?

      Not to mention the inevitable consequences of the idea – why are people who like capitalism incapable of seeing consequences of actions past the initial transaction? Well that is obvious – because if you do that you see the flaws, and then you probably stop liking capitalism so much.

      To you it is Person Wants Something + Market Provides = Good. Look a little deeper.

      • grumpy 8.1.1
        16 September 2009 at 11:17 am

        It’s the repackaging as “bonds” that turns my guts. Not only do they rip off the vulnerable but also the “investor”.

        This is what made America great!

        • Maynard J 8.1.1.1
          16 September 2009 at 12:34 pm

          Yeah, how on earth can someone make a rational investment decision on these. “We have all these life insurance policies, we have to keep paying them, but we will get money when people die. No idea if it is more than we will have to pay to keep the premiums paid up. Are you in?”

  9. Idiot/Savant 9
    16 September 2009 at 11:30 am

    The bankers plan to buy “life settlements,’ life insurance policies that ill and elderly people sell for cash — $400,000 for a $1 million policy, say, depending on the life expectancy of the insured person. Then they plan to “securitize’ these policies, in Wall Street jargon, by packaging hundreds or thousands together into bonds. They will then resell those bonds to investors, like big pension funds, who will receive the payouts when people with the insurance die.

    Didn’t Tonga nearly go bankrupt playing this game (on the advice of the previous king’s “court jester”) some years ago?

  10. tsmithfield 10
    16 September 2009 at 11:39 am

    As mentioned earlier, whether this is a good deal or not for the insured depends on a number of factors including present value of money calculations. Depending on the interest rates going forward, the insured might be better off financially taking the money upfront. This is all part of the risk vs return equation that both the buyers and sellers in the equation calculate.

    This actually looks like quite a good proposition for an investor, as well. One thing is sure. The insured people will eventually die. Thus, the capital will be returned at some stage.

    The only question is the rate of return. As mentioned in the first paragraph, this is all part of the risk vs return calculation that underpins capitalism and life generally.

    • Maynard J 10.1
      16 September 2009 at 12:40 pm

      What rubbish. How can you make a calculation around whether you will be better off taking the money now, in present values, or when you are dead?

      There are two glaring problems there.

      “This actually looks like quite a good proposition for an investor, as well. One thing is sure. The insured people will eventually die. Thus, the capital will be returned at some stage.”

      Not if all that capital was spent maintaining the premiums because the person did not have the decency to die quickly enough. You really are financially illiterate, but then these products are made for people like you, who seem to believe in somehow making money “100% risk free”!

  11. gomango 11
    16 September 2009 at 11:57 am

    These are nothing new. Life settlements funds have been around for ages, and sold in NZ – for instance see: http://www.lifesettlementsfund.com. BTW, investors in this fund havent had a great experience – US actuaries updated the standard life tables int he US – life expectancy increased by more than expected, result was the policies in this fund fell in value by 20%. So that was a good result for those that sold the policies initially, a bad result for investors.

    It’s difficult to draw the conclusion that they are “ripping people off” – cant see many scenarios where that is likely. A couple of key points:

    – the lives being insured are typically average age around 75. Generally for this type of business there is no interest in purchasing the life policy of someone under 70.
    – there are very valid reasons as to why a 75 year old would buy a life policy, mostly around estate tax etc in the US. Proceeds of a life policy are tax free, it is very easy to structure ones affairs using life insurance to reduce dramaticallly the effect of inheritance tax
    – yes their is a potential moral hazard (ie you don’t want to sell your life policy to a bloke with mafia connections).
    – most states that allow the trading of policies have legally mandated minimum levels for consumer protection (based on published life tables).

    This business is quite tightly controlled in the states but yes open to abuse as any commercial activity is. Any reputable life settlements business uses a blind trust structure to hold the policies they have purchased. The other point to bear in mind with this business is that the policies in question typically have a size of 2 to 10mm – they aren’t being written on the homeless. Typical profile is a 75 year old in Florida, lots of physical assets, no cash.

    the origins of this business was actually the viatical market back in the 80’s. When AIDS was a short term, terminal illness a valid business emerged where the terminally ill were able to sell their policy to fund treatment or one last overseas vacation etc.

    Its hard to argue to argue against this business on moral grounds, as long there is a minimum level of consumer protection (which there is). And investors should be aware – the risk is that mortality risk decreases – obviously it tends to with improvements in health care (and bear in mind we are talking about the moratlity risks of the economically advantaged here). A cure for bowel cancer or a revolutionary anti heart attack drug and these policies decline in value dramatically. The only real area I see for moral ambiguity is the cozy relationship between structurer and institutional buyer., where high fees tend to mysteriously appear just before disappearing into a pocket or two. But that morality issue is entirely independent of the nature of the mortality risk.

    BTW, they are nicknamed “Death Bonds” by detractors. Although the sellers of these prefer Life Settlements or Mortality Risk for obvious reasons.

    In terms of the size of the market, the exact numbers escape me – I’ll find them as I cl;ean out my office, but from memery the size of the US life market is $100 trillion dollars (?) – so far I think the secondary market is only 1 or 2% of that.

  12. Draco T Bastard 12
    16 September 2009 at 12:59 pm

    Just another example of capitalism taking wealth for no wealth creation.

  13. gomango 13
    16 September 2009 at 1:10 pm

    Just found a couple of presentations from two different firms who buy and pool life policies:

    – 22 trillion of life polices in force in the US
    – expect secondary market to be 180 billion by 2030
    – traditionally, owners of life policies could only ever sell them back to the life company that wrote the policy. Secondary marke prices are typically 20% to 100% higher than the traditional surrender value
    – largest trader of life policies has bought 19 billion face value
    – average policy size is 3 million
    – only interested in life expectancy less than 20 years
    – minimum age 60 years

    And apparently the descriptive name of choice is “Longevity Bonds”.

  14. rave 14
    16 September 2009 at 5:43 pm

    Radical reform?
    Does cutting it off at the roots qualify?
    There is only way to upset the gamblers (sorry actuaries) and that is to destroy the market.
    I’m for that. I would die happy and blow my savings this side of the grave.

    I would be very numbest (antispam!)

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    How to Retrieve Deleted Call Log on iPhone Without a Computer: A Step–by–Step Guide Losing your iPhone call history can be frustrating, especially when you need to find a specific number or recall an important conversation. But before you panic, know that there are ways to retrieve deleted call logs on your iPhone, even without a computer. This guide will explore various methods, ranging from simple checks to utilizing iCloud backups and third–party applications. So, let‘s dive in and recover those lost calls! 1. Check Recently Deleted Folder: Apple understands that accidental deletions happen. That‘s why they introduced the “Recently Deleted“ folder for various apps, including the Phone app. This folder acts as a safety net, storing deleted call logs for up to 30 days before permanently erasing them. Here‘s how to check it: Open the Phone app on your iPhone. Tap on the “Recents“ tab at the bottom. Scroll to the top and tap on “Edit“. Select “Show Recently Deleted“. Browse the list to find the call logs you want to recover. Tap on the desired call log and choose “Recover“ to restore it to your call history. 2. Restore from iCloud Backup: If you regularly back up your iPhone to iCloud, you might be able to retrieve your deleted call log from a previous backup. However, keep in mind that this process will restore your entire phone to the state it was in at the time of the backup, potentially erasing any data added since then. Here‘s how to restore from an iCloud backup: Go to Settings > General > Reset. Choose “Erase All Content and Settings“. Follow the on–screen instructions. Your iPhone will restart and show the initial setup screen. Choose “Restore from iCloud Backup“ during the setup process. Select the relevant backup that contains your deleted call log. Wait for the restoration process to complete. 3. Explore Third–Party Apps (with Caution): ...
    Gareth’s WorldBy admin
    1 day ago

  • How to Factory Reset iPhone without Computer: A Comprehensive Guide to Restoring your Device
    Life throws curveballs, and sometimes, those curveballs necessitate wiping your iPhone clean and starting anew. Whether you’re facing persistent software glitches, preparing to sell your device, or simply wanting a fresh start, knowing how to factory reset iPhone without a computer is a valuable skill. While using a computer with ...
    Gareth’s WorldBy admin
    2 days ago

  • How to Call Someone on a Computer: A Guide to Voice and Video Communication in the Digital Age
    Gone are the days when communication was limited to landline phones and physical proximity. Today, computers have become powerful tools for connecting with people across the globe through voice and video calls. But with a plethora of applications and methods available, how to call someone on a computer might seem ...
    Gareth’s WorldBy admin
    2 days ago

  • Skeptical Science New Research for Week #16 2024
    Open access notables Glacial isostatic adjustment reduces past and future Arctic subsea permafrost, Creel et al., Nature Communications: Sea-level rise submerges terrestrial permafrost in the Arctic, turning it into subsea permafrost. Subsea permafrost underlies ~ 1.8 million km2 of Arctic continental shelf, with thicknesses in places exceeding 700 m. Sea-level variations over glacial-interglacial cycles control ...
    Skeptical Science
    2 days ago

  • Where on a Computer is the Operating System Generally Stored? Delving into the Digital Home of your ...
    The operating system (OS) is the heart and soul of a computer, orchestrating every action and interaction between hardware and software. But have you ever wondered where on a computer is the operating system generally stored? The answer lies in the intricate dance between hardware and software components, particularly within ...
    Gareth’s WorldBy admin
    2 days ago

  • How Many Watts Does a Laptop Use? Understanding Power Consumption and Efficiency
    Laptops have become essential tools for work, entertainment, and communication, offering portability and functionality. However, with rising energy costs and growing environmental concerns, understanding a laptop’s power consumption is more important than ever. So, how many watts does a laptop use? The answer, unfortunately, isn’t straightforward. It depends on several ...
    Gareth’s WorldBy admin
    2 days ago

  • How to Screen Record on a Dell Laptop A Guide to Capturing Your Screen with Ease
    Screen recording has become an essential tool for various purposes, such as creating tutorials, capturing gameplay footage, recording online meetings, or sharing information with others. Fortunately, Dell laptops offer several built-in and external options for screen recording, catering to different needs and preferences. This guide will explore various methods on ...
    Gareth’s WorldBy admin
    2 days ago

  • How Much Does it Cost to Fix a Laptop Screen? Navigating Repair Options and Costs
    A cracked or damaged laptop screen can be a frustrating experience, impacting productivity and enjoyment. Fortunately, laptop screen repair is a common service offered by various repair shops and technicians. However, the cost of fixing a laptop screen can vary significantly depending on several factors. This article delves into the ...
    Gareth’s WorldBy admin
    2 days ago

  • How Long Do Gaming Laptops Last? Demystifying Lifespan and Maximizing Longevity
    Gaming laptops represent a significant investment for passionate gamers, offering portability and powerful performance for immersive gaming experiences. However, a common concern among potential buyers is their lifespan. Unlike desktop PCs, which allow for easier component upgrades, gaming laptops have inherent limitations due to their compact and integrated design. This ...
    Gareth’s WorldBy admin
    2 days ago

  • Climate Change: Turning the tide
    The annual inventory report of New Zealand's greenhouse gas emissions has been released, showing that gross emissions have dropped for the third year in a row, to 78.4 million tons: All-told gross emissions have decreased by over 6 million tons since the Zero Carbon Act was passed in 2019. ...
    No Right TurnBy Idiot/Savant
    2 days ago

  • How to Unlock Your Computer A Comprehensive Guide to Regaining Access
    Experiencing a locked computer can be frustrating, especially when you need access to your files and applications urgently. The methods to unlock your computer will vary depending on the specific situation and the type of lock you encounter. This guide will explore various scenarios and provide step-by-step instructions on how ...
    Gareth’s WorldBy admin
    2 days ago

  • Faxing from Your Computer A Modern Guide to Sending Documents Digitally
    While the world has largely transitioned to digital communication, faxing still holds relevance in certain industries and situations. Fortunately, gone are the days of bulky fax machines and dedicated phone lines. Today, you can easily send and receive faxes directly from your computer, offering a convenient and efficient way to ...
    Gareth’s WorldBy admin
    2 days ago

  • Protecting Your Home Computer A Guide to Cyber Awareness
    In our increasingly digital world, home computers have become essential tools for work, communication, entertainment, and more. However, this increased reliance on technology also exposes us to various cyber threats. Understanding these threats and taking proactive steps to protect your home computer is crucial for safeguarding your personal information, finances, ...
    Gareth’s WorldBy admin
    2 days ago

  • Server-Based Computing Powering the Modern Digital Landscape
    In the ever-evolving world of technology, server-based computing has emerged as a cornerstone of modern digital infrastructure. This article delves into the concept of server-based computing, exploring its various forms, benefits, challenges, and its impact on the way we work and interact with technology. Understanding Server-Based Computing: At its core, ...
    Gareth’s WorldBy admin
    2 days ago

  • Vroom vroom go the big red trucks
    The absolute brass neck of this guy.We want more medical doctors, not more spin doctors, Luxon was saying a couple of weeks ago, and now we’re told the guy has seven salaried adults on TikTok duty. Sorry, doing social media. The absolute brass neck of it. The irony that the ...
    More Than A FeildingBy David Slack
    2 days ago

  • Jones finds $410,000 to help the government muscle in on a spat project
    Buzz from the Beehive Oceans and Fisheries Minister Shane Jones relishes spatting and eagerly takes issue with environmentalists who criticise his enthusiasm for resource development. He relishes helping the fishing industry too. And so today, while the media are making much of the latest culling in the public service to ...
    Point of OrderBy Bob Edlin
    2 days ago

  • Again, hate crimes are not necessarily terrorism.
    Having written, taught and worked for the US government on issues involving unconventional warfare and terrorism for 30-odd years, two things irritate me the most when the subject is discussed in public. The first is the Johnny-come-lately academics-turned-media commentators who … Continue reading → ...
    KiwipoliticoBy Pablo
    2 days ago

  • Despair – construction consenting edition
    Eric Crampton writes – Kainga Ora is the government’s house building agency. It’s been building a lot of social housing. Kainga Ora has its own (but independent) consenting authority, Consentium. It’s a neat idea. Rather than have to deal with building consents across each different territorial authority, Kainga Ora ...
    Point of OrderBy poonzteam5443
    2 days ago

  • Coalition promises – will the Govt keep the commitment to keep Kiwis equal before the law?
    Muriel Newman writes – The Coalition Government says it is moving with speed to deliver campaign promises and reverse the damage done by Labour. One of their key commitments is to “defend the principle that New Zealanders are equal before the law.” To achieve this, they have pledged they “will not advance ...
    Point of OrderBy poonzteam5443
    2 days ago

  • An impermanent public service is a guarantee of very little else but failure
    Chris Trotter writes –  The absence of anything resembling a fightback from the public servants currently losing their jobs is interesting. State-sector workers’ collective fatalism in the face of Coalition cutbacks indicates a surprisingly broad acceptance of impermanence in the workplace. Fifty years ago, lay-offs in the thousands ...
    Point of OrderBy poonzteam5443
    2 days ago

  • What happens after the war – Mariupol
    Mariupol, on the Azov Sea coast, was one of the first cities to suffer almost complete destruction after the start of the Ukraine War started in late February 2022. We remember the scenes of absolute destruction of the houses and city structures. The deaths of innocent civilians – many of ...
    Open ParachuteBy Ken
    2 days ago

  • Babies and benefits – no good news
    Lindsay Mitchell writes – Ten years ago, I wrote the following in a Listener column: Every year around one in five new-born babies will be reliant on their caregivers benefit by Christmas. This pattern has persisted from at least 1993. For Maori the number jumps to over one in three.  ...
    Point of OrderBy poonzteam5443
    2 days ago

  • Should the RBNZ be looking through climate inflation?
    Climate change is expected to generate more and more extreme events, delivering a sort of structural shock to inflation that central banks will have to react to as if they were short-term cyclical issues. Photo: Lynn Grieveson / The KākāMy pick of the six newsey things to know from Aotearoa’s ...
    The KakaBy Bernard Hickey
    2 days ago

  • Bernard's pick 'n' mix of the news links
    The top six news links I’ve seen elsewhere in the last 24 hours, as of 9:16 am on Thursday, April 18 are:Housing: Tauranga residents living in boats, vans RNZ Checkpoint Louise TernouthHousing: Waikato councillor says wastewater plant issues could hold up Sleepyhead building a massive company town Waikato Times Stephen ...
    The KakaBy Bernard Hickey
    2 days ago

  • Gordon Campbell on the public sector carnage, and misogyny as terrorism
    It’s a simple deal. We pay taxes in order to finance the social services we want and need. The carnage now occurring across the public sector though, is breaking that contract. Over 3,000 jobs have been lost so far. Many are in crucial areas like Education where the impact of ...
    Gordon CampbellBy lyndon
    2 days ago

  • Meeting the Master Baiters
    Hi,A friend had their 40th over the weekend and decided to theme it after Curb Your Enthusiasm fashion icon Susie Greene. Captured in my tiny kitchen before I left the house, I ending up evoking a mix of old lesbian and Hillary Clinton — both unintentional.Me vs Hillary ClintonIf you’re ...
    David FarrierBy David Farrier
    2 days ago

  • How extreme was the Earth's temperature in 2023
    This is a re-post from Andrew Dessler at the Climate Brink blog In 2023, the Earth reached temperature levels unprecedented in modern times. Given that, it’s reasonable to ask: What’s going on? There’s been lots of discussions by scientists about whether this is just the normal progression of global warming or if something ...
    Skeptical Science
    2 days ago

  • Backbone, revisited
    The schools are on holiday and the sun is shining in the seaside village and all day long I have been seeing bunches of bikes; Mums, Dads, teens and toddlers chattering, laughing, happy, having a bloody great time together. Cheers, AT, for the bits of lane you’ve added lately around the ...
    More Than A FeildingBy David Slack
    3 days ago

  • Ministers are not above the law
    Today in our National-led authoritarian nightmare: Shane Jones thinks Ministers should be above the law: New Zealand First MP Shane Jones is accusing the Waitangi Tribunal of over-stepping its mandate by subpoenaing a minister for its urgent hearing on the Oranga Tamariki claim. The tribunal is looking into the ...
    No Right TurnBy Idiot/Savant
    3 days ago

  • What’s the outfit you can hear going down the gurgler? Probably it’s David Parker’s Oceans Sec...
    Buzz from the Beehive Point  of Order first heard of the Oceans Secretariat in June 2021, when David Parker (remember him?) announced a multi-agency approach to protecting New Zealand’s marine ecosystems and fisheries. Parker (holding the Environment, and Oceans and Fisheries portfolios) broke the news at the annual Forest & ...
    Point of OrderBy Bob Edlin
    3 days ago

  • Will politicians let democracy die in the darkness?
    Bryce Edwards writes  – Politicians across the political spectrum are implicated in the New Zealand media’s failing health. Either through neglect or incompetent interventions, successive governments have failed to regulate, foster, and allow a healthy Fourth Estate that can adequately hold politicians and the powerful to account. ...
    Point of OrderBy poonzteam5443
    3 days ago

  • Matt Doocey doubles down on trans “healthcare”
    Citizen Science writes –  Last week saw two significant developments in the debate over the treatment of trans-identifying children and young people – the release in Britain of the final report of Dr Hilary Cass’s review into gender healthcare, and here in New Zealand, the news that the ...
    Point of OrderBy poonzteam5443
    3 days ago

  • A TikTok Prime Minister.
    One night while sleeping in my bed I had a beautiful dreamThat all the people of the world got together on the same wavelengthAnd began helping one anotherNow in this dream, universal love was the theme of the dayPeace and understanding and it happened this wayAfter such an eventful day ...
    Nick’s KōreroBy Nick Rockel
    3 days ago

  • Texas Lessons
    This is a guest post by Oscar Simms who is a housing activist, volunteer for the Coalition for More Homes, and was the Labour Party candidate for Auckland Central at the last election. ...
    Greater AucklandBy Guest Post
    3 days ago

  • Bernard's pick 'n' mix of the news links at 6:06 am
    The top six news links I’ve seen elsewhere in the last 24 hours as of 6:06 am on Wednesday, April 17 are:Must read: Secrecy shrouds which projects might be fast-tracked RNZ Farah HancockScoop: Revealed: Luxon has seven staffers working on social media content - partly paid for by taxpayer Newshub ...
    The KakaBy Bernard Hickey
    3 days ago

  • Fighting poverty on the holiday highway
    Turning what Labour called the “holiday highway” into a four-lane expressway from Auckland to Whangarei could bring at least an economic benefit of nearly two billion a year for Northland each year. And it could help bring an end to poverty in one of New Zealand’s most deprived regions. The ...
    PolitikBy Richard Harman
    3 days ago

  • Bernard's six-stack of substacks at 6:26 pm
    Tonight’s six-stack includes: launching his substack with a bunch of his previous documentaries, including this 1992 interview with Dame Whina Cooper. and here crew give climate activists plenty to do, including this call to submit against the Fast Track Approvals bill. writes brilliantly here on his substack ...
    The KakaBy Bernard Hickey
    4 days ago

  • At a glance – Is the science settled?
    On February 14, 2023 we announced our Rebuttal Update Project. This included an ask for feedback about the added "At a glance" section in the updated basic rebuttal versions. This weekly blog post series highlights this new section of one of the updated basic rebuttal versions and serves as a ...
    Skeptical Science
    4 days ago

  • Apposite Quotations.
    How Long Is Long Enough? Gaza under Israeli bombardment, July 2014. This posting is exclusive to Bowalley Road. ...
    Bowalley Road
    4 days ago

  • What’s a life worth now?
    You're in the mall when you hear it: some kind of popping sound in the distance, kids with fireworks, maybe. But then a moment of eerie stillness is followed by more of the fireworks sound and there’s also screaming and shrieking and now here come people running for their lives.Does ...
    More Than A FeildingBy David Slack
    4 days ago

  • Howling at the Moon
    Karl du Fresne writes –  There’s a crisis in the news media and the media are blaming it on everyone except themselves. Culpability is being deflected elsewhere – mainly to the hapless Minister of Communications, Melissa Lee, and the big social media platforms that are accused of hoovering ...
    Point of OrderBy poonzteam5443
    4 days ago

  • Newshub is Dead.
    I don’t normally send out two newsletters in a day but I figured I’d say something about… the news. If two newsletters is a bit much then maybe just skip one, I don’t want to overload people. Alternatively if you’d be interested in sometimes receiving multiple, smaller updates from me, ...
    Nick’s KōreroBy Nick Rockel
    4 days ago

  • Seymour is chuffed about cutting early-learning red tape – but we hear, too, that Jones has loose...
    Buzz from the Beehive David Seymour and Winston Peters today signalled that at least two ministers of the Crown might be in Wellington today. Seymour (as Associate Minister of Education) announced the removal of more red tape, this time to make it easier for new early learning services to be ...
    Point of OrderBy Bob Edlin
    4 days ago

  • Bryce Edwards: Will politicians let democracy die in the darkness?
    Politicians across the political spectrum are implicated in the New Zealand media’s failing health. Either through neglect or incompetent interventions, successive governments have failed to regulate, foster, and allow a healthy Fourth Estate that can adequately hold politicians and the powerful to account. Our political system is suffering from the ...
    Democracy ProjectBy bryce.edwards
    4 days ago

  • Was Hawkesby entirely wrong?
    David Farrar  writes –  The Broadcasting Standards Authority ruled: Comments by radio host Kate Hawkesby suggesting Māori and Pacific patients were being prioritised for surgery due to their ethnicity were misleading and discriminatory, the Broadcasting Standards Authority has found. It is a fact such patients are prioritised. ...
    Point of OrderBy poonzteam5443
    4 days ago

  • PRC shadow looms as the Solomons head for election
    PRC and its proxies in Solomons have been preparing for these elections for a long time. A lot of money, effort and intelligence have gone into ensuring an outcome that won’t compromise Beijing’s plans. Cleo Paskall writes – On April 17th the Solomon Islands, a country of ...
    Point of OrderBy poonzteam5443
    4 days ago

  • Climate Change: Criminal ecocide
    We are in the middle of a climate crisis. Last year was (again) the hottest year on record. NOAA has just announced another global coral bleaching event. Floods are threatening UK food security. So naturally, Shane Jones wants to make it easier to mine coal: Resources Minister Shane Jones ...
    No Right TurnBy Idiot/Savant
    4 days ago

  • Is saving one minute of a politician's time worth nearly $1 billion?
    Is speeding up the trip to and from Wellington airport by 12 minutes worth spending up more than $10 billion? Photo: Lynn Grieveson / The KākāTL;DR: The six news items that stood out to me in the last day to 8:26 am today are:The Lead: Transport Minister Simeon Brown announced ...
    The KakaBy Bernard Hickey
    4 days ago

  • PM’s South East Asia mission does the business
    Prime Minister Christopher Luxon has completed a successful trip to Singapore, Thailand and the Philippines, deepening relationships and capitalising on opportunities. Mr Luxon was accompanied by a business delegation and says the choice of countries represents the priority the New Zealand Government places on South East Asia, and our relationships in ...
    BeehiveBy beehive.govt.nz
    3 hours ago

  • $41m to support clean energy in South East Asia
    New Zealand is demonstrating its commitment to reducing global greenhouse emissions, and supporting clean energy transition in South East Asia, through a contribution of NZ$41 million (US$25 million) in climate finance to the Asian Development Bank (ADB)-led Energy Transition Mechanism (ETM). Prime Minister Christopher Luxon and Climate Change Minister Simon Watts announced ...
    BeehiveBy beehive.govt.nz
    20 hours ago

  • Minister releases Fast-track stakeholder list
    The Government is today releasing a list of organisations who received letters about the Fast-track applications process, says RMA Reform Minister Chris Bishop. “Recently Ministers and agencies have received a series of OIA requests for a list of organisations to whom I wrote with information on applying to have a ...
    BeehiveBy beehive.govt.nz
    22 hours ago

  • Judicial appointments announced
    Attorney-General Judith Collins today announced the appointment of Wellington Barrister David Jonathan Boldt as a Judge of the High Court, and the Honourable Justice Matthew Palmer as a Judge of the Court of Appeal. Justice Boldt graduated with an LLB from Victoria University of Wellington in 1990, and also holds ...
    BeehiveBy beehive.govt.nz
    23 hours ago

  • Education Minister heads to major teaching summit in Singapore
    Education Minister Erica Stanford will lead the New Zealand delegation at the 2024 International Summit on the Teaching Profession (ISTP) held in Singapore. The delegation includes representatives from the Post Primary Teachers’ Association (PPTA) Te Wehengarua and the New Zealand Educational Institute (NZEI) Te Riu Roa.  The summit is co-hosted ...
    BeehiveBy beehive.govt.nz
    23 hours ago

  • Value of stopbank project proven during cyclone
    A stopbank upgrade project in Tairawhiti partly funded by the Government has increased flood resilience for around 7000ha of residential and horticultural land so far, Regional Development Minister Shane Jones says. Mr Jones today attended a dawn service in Gisborne to mark the end of the first stage of the ...
    BeehiveBy beehive.govt.nz
    24 hours ago

  • Anzac commemorations, Türkiye relationship focus of visit
    Foreign Affairs Minister Winston Peters will represent the Government at Anzac Day commemorations on the Gallipoli Peninsula next week and engage with senior representatives of the Turkish government in Istanbul.    “The Gallipoli campaign is a defining event in our history. It will be a privilege to share the occasion ...
    BeehiveBy beehive.govt.nz
    24 hours ago

  • Minister to Europe for OECD meeting, Anzac Day
    Science, Innovation and Technology and Defence Minister Judith Collins will next week attend the OECD Science and Technology Ministerial conference in Paris and Anzac Day commemorations in Belgium. “Science, innovation and technology have a major role to play in rebuilding our economy and achieving better health, environmental and social outcomes ...
    BeehiveBy beehive.govt.nz
    1 day ago

  • Comprehensive Partnership the goal for NZ and the Philippines
    Prime Minister Christopher Luxon held a bilateral meeting today with the President of the Philippines, Ferdinand Marcos Jr.  The Prime Minister was accompanied by MP Paulo Garcia, the first Filipino to be elected to a legislature outside the Philippines. During today’s meeting, Prime Minister Luxon and President Marcos Jr discussed opportunities to ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Government commits $20m to Westport flood protection
    The Government has announced that $20 million in funding will be made available to Westport to fund much needed flood protection around the town. This measure will significantly improve the resilience of the community, says Local Government Minister Simeon Brown. “The Westport community has already been allocated almost $3 million ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Taupō takes pole position
    The Government is proud to support the first ever Repco Supercars Championship event in Taupō as up to 70,000 motorsport fans attend the Taupō International Motorsport Park this weekend, says Economic Development Minister Melissa Lee. “Anticipation for the ITM Taupō Super400 is huge, with tickets and accommodation selling out weeks ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Cost of living support for low-income homeowners
    Local Government Minister Simeon Brown has announced an increase to the Rates Rebate Scheme, putting money back into the pockets of low-income homeowners.  “The coalition Government is committed to bringing down the cost of living for New Zealanders. That includes targeted support for those Kiwis who are doing things tough, such ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Government backing mussel spat project
    The Coalition Government is investing in a project to boost survival rates of New Zealand mussels and grow the industry, Oceans and Fisheries Minister Shane Jones has announced. “This project seeks to increase the resilience of our mussels and significantly boost the sector’s productivity,” Mr Jones says. “The project - ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Government focused on getting people into work
    Benefit figures released today underscore the importance of the Government’s plan to rebuild the economy and have 50,000 fewer people on Jobseeker Support, Social Development and Employment Minister Louise Upston says. “Benefit numbers are still significantly higher than when National was last in government, when there was about 70,000 fewer ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Clean energy key driver to reducing emissions
    The Government’s commitment to doubling New Zealand’s renewable energy capacity is backed by new data showing that clean energy has helped the country reach its lowest annual gross emissions since 1999, Climate Change Minister Simon Watts says. New Zealand’s latest Greenhouse Gas Inventory (1990-2022) published today, shows gross emissions fell ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Earthquake-prone buildings review brought forward
    The Government is bringing the earthquake-prone building review forward, with work to start immediately, and extending the deadline for remediations by four years, Building and Construction Minister Chris Penk says. “Our Government is focused on rebuilding the economy. A key part of our plan is to cut red tape that ...
    BeehiveBy beehive.govt.nz
    2 days ago

  • Thailand and NZ to agree to Strategic Partnership
    Prime Minister Christopher Luxon and his Thai counterpart, Prime Minister Srettha Thavisin, have today agreed that New Zealand and the Kingdom of Thailand will upgrade the bilateral relationship to a Strategic Partnership by 2026. “New Zealand and Thailand have a lot to offer each other. We have a strong mutual desire to build ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Government consults on extending coastal permits for ports
    RMA Reform Minister Chris Bishop and Transport Minister Simeon Brown have today announced the Coalition Government’s intention to extend port coastal permits for a further 20 years, providing port operators with certainty to continue their operations. “The introduction of the Resource Management Act in 1991 required ports to obtain coastal ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Inflation coming down, but more work to do
    Today’s announcement that inflation is down to 4 per cent is encouraging news for Kiwis, but there is more work to be done - underlining the importance of the Government’s plan to get the economy back on track, acting Finance Minister Chris Bishop says. “Inflation is now at 4 per ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • School attendance restored as a priority in health advice
    Refreshed health guidance released today will help parents and schools make informed decisions about whether their child needs to be in school, addressing one of the key issues affecting school attendance, says Associate Education Minister David Seymour. In recent years, consistently across all school terms, short-term illness or medical reasons ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Unnecessary bureaucracy cut in oceans sector
    Oceans and Fisheries Minister Shane Jones is streamlining high-level oceans management while maintaining a focus on supporting the sector’s role in the export-led recovery of the economy. “I am working to realise the untapped potential of our fishing and aquaculture sector. To achieve that we need to be smarter with ...
    BeehiveBy beehive.govt.nz
    3 days ago

  • Patterson promoting NZ’s wool sector at International Congress
    Associate Agriculture Minister Mark Patterson is speaking at the International Wool Textile Organisation Congress in Adelaide, promoting New Zealand wool, and outlining the coalition Government’s support for the revitalisation the sector.    "New Zealand’s wool exports reached $400 million in the year to 30 June 2023, and the coalition Government ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Removing red tape to help early learners thrive
    The Government is making legislative changes to make it easier for new early learning services to be established, and for existing services to operate, Associate Education Minister David Seymour says. The changes involve repealing the network approval provisions that apply when someone wants to establish a new early learning service, ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • RMA changes to cut coal mining consent red tape
    Changes to the Resource Management Act will align consenting for coal mining to other forms of mining to reduce barriers that are holding back economic development, Resources Minister Shane Jones says. “The inconsistent treatment of coal mining compared with other extractive activities is burdensome red tape that fails to acknowledge ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • McClay reaffirms strong NZ-China trade relationship
    Trade, Agriculture and Forestry Minister Todd McClay has concluded productive discussions with ministerial counterparts in Beijing today, in support of the New Zealand-China trade and economic relationship. “My meeting with Commerce Minister Wang Wentao reaffirmed the complementary nature of the bilateral trade relationship, with our Free Trade Agreement at its ...
    BeehiveBy beehive.govt.nz
    4 days ago

  • Prime Minister Luxon acknowledges legacy of Singapore Prime Minister Lee
    Prime Minister Christopher Luxon today paid tribute to Singapore’s outgoing Prime Minister Lee Hsien Loong.   Meeting in Singapore today immediately before Prime Minister Lee announced he was stepping down, Prime Minister Luxon warmly acknowledged his counterpart’s almost twenty years as leader, and the enduring legacy he has left for Singapore and South East ...
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    5 days ago

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