Dom Post on Planet Peters

October 24th, 2013 at 1:00 pm by David Farrar

The Dom Post editorial:

Things are simple on Planet Winston Peters. There, all that is necessary for something to happen is for Mr Peters to declare it to be so.

Hence, delivering inhabitants of Planet Peters a higher rate of return on their retirement savings is simply a matter of him promising a “world class model unsurpassed by anything in the world”. Protecting those savings from sudden market drops is an equally simple matter of guaranteeing the capital invested in the scheme. No downside, no need for individuals to monitor the performance of their investments. Just leave it all to Mr Peters. In fact, vote for Mr Peters and you can have your cake and eat it too.

Unfortunately, Planet Earth orbits a different sun from Planet Peters. In this universe, the value of investments is determined not by political decree but by events beyond the control of individuals and governments. The price someone is prepared to pay for a hectare of land in Dannevirke, 500 grams of butter in Paris or a shareholding in Air New Zealand is influenced by the weather in southern Europe six months ago, the progress of negotiations over the debt ceiling in the United States, the political situation in China and a thousand and one other imponderables.

Mr Peters, for all his claims to omniscience, does not control those things. Markets go up and markets go down. What was a solid investment last week is a poor investment this week and vice versa.

The only way Mr Peters can guarantee the capital invested in any particular fund is to require those who have not invested in it to foot the bill if its managers misjudge the market. The only way he can guarantee a superior return for his “KiwiFund”, especially when he proposes to handicap its performance by directing where it invest its funds – “substantially in New Zealand” – is by pumping public moneys into it when the inevitable happens and other funds outperform it.

The editorial is spot on. Peters is proposing that taxpayers underwrite $20 billion dollars or more of investments.

As I said earlier this week, Peters should set up his own Fund and lets see how many people actually trust him enough to invest in it.

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13 Responses to “Dom Post on Planet Peters”

  1. thePeoplesFlag (237 comments) says:

    “…The editorial is spot on…”

    So were their picks for the Wellington mayoral race! Oh… Wait…

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  2. Rich Prick (1,645 comments) says:

    “lets see how many people actually trust him”

    Well, he couldn’t be trusted with a mere $156k, so ….

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  3. liarbors a joke (1,069 comments) says:

    Can just imagine Peters doing a Muldoon and promising everyone back their Kiwisaver contributions if they vote for him..in other words bribing people with their own money, exactly what Muldoon did back in the seventies. What a twat. Imagine how well off we as a country would be now had piggy not followed through.

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  4. thedavincimode (6,606 comments) says:

    Has the Kiwifund Mark II moved on from the pilot Mark I version involving brown paper bags stuffed with cash?

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  5. burt (8,172 comments) says:

    Check the electoral returns of The Spencer Trust Winston First. History says that if he is proposing something it’s because somebody has secretly paid him to adopt this policy.

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  6. igm (1,413 comments) says:

    Peters is the biggest charlatan in NZ politics currently . . . he outshines Parker, Mallard, Little, King, and Cunliffe.

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  7. Chuck Bird (4,820 comments) says:

    “Peters is the biggest charlatan in NZ politics currently . . . he outshines Parker, Mallard, Little, King, and Cunliffe.”

    He is not in any way responsible for a young man being sexually abused like King and to some degree Geoff.

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  8. Viking2 (11,334 comments) says:

    The editorial is spot on. Peters is proposing that taxpayers underwrite $20 billion dollars or more of investments.

    As I said earlier this week, Peters should set up his own KiwiSaver Fund and lets see how many people actually trust him enough to invest in it.
    ==========================
    The taxpayers underwrite a shit load more than $20 billion now and that’s the problem. We have a govt. that is invested in all sorts of shit they should’nt touch or should get rid off.

    None have enough guts to make it happen and when they timidly take action they are then brow beaten by numpties, Greens , greedies et all.

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  9. KevinH (1,191 comments) says:

    I agree with DPF, Winston should set up his own fund and put his idea’s into practice, show all the other fund managers how it is done. I propose calling it the NZ First Fund. Winston doe’s have experienced business people in his team that could make it happen. It would be interesting to see how the fund would be received in the marketplace.

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  10. RRM (9,745 comments) says:

    :???: I’m confused.

    Someone please do a grammar lesson on when it’s appropriate to say MONEY, when to use MONEYS and when to use MONIES.

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  11. jcuk (663 comments) says:

    Since I have no confidence in the current investment industry to not be padding their own pockets at the expense of savers I think he has a good idea but does it outweigh the rest of his crazy ideas.

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  12. jcuk (663 comments) says:

    And does doesn’t have an apostraphe in it :) Interesting idea though :)
    ps. what does the female deer have that Peters doesn’t ?

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  13. KapitiCoast (114 comments) says:

    Peters just needs to be reminded of Gareth ‘expert on everything’ Morgan, all MSM go running to him for comment on anything financial, and he ran his own Kiwisaver fund, and it actually LOST money. It’s delicious facts like that where the MSM media should just ignore Morgan on anything financial (afterall anything current Govt. is doing (Labour or National) it’s all wrong according to him….just as the MSM should really ignore Peters, Peters voting base is the elderly and the race card always gets brought out at election time, frightening the horses regarding Asian ‘invasion’ gets his blue rinse brigade voting for him….seems nothing changes quickly in NZ, politics even more so.

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