Greens forgot to fill in the blanks!

August 21st, 2014 at 4:00 pm by David Farrar

This was in a Green party press release put out this week:

Treasury’s pre-election update today shows net Government debt will be substantially higher than forecast just three months ago, demonstrating what poor economic managers National, the Green Party said today.

“National like to paint themselves as a safe pair of hands on economic management, but Treasury figures show that net debt is projected to be $3 billion higher in 2018 than projected in the May budget,” Green Party Co-leader Russel Norman said.

“That equates at $663 per New Zealander. In six years of National management, net debt per person has risen to $xxx, from $xx.

This tells us two things. The first is that the wrote their release before they even knew what the figures said. The second is that they managed to send a press release out without sticking in the actual data.

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74 Responses to “Greens forgot to fill in the blanks!”

  1. NK (1,244 comments) says:

    Hey Clint, what happened there?

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  2. straya (80 comments) says:

    An excellent demonstration of their competence, and why they should have their hands on critical levers of power.

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  3. Razorlight (52 comments) says:

    The “New Zealand Sucks” party.

    Essentially if National had anything to do with it, it must be bad according to this intellectually dishonest mob of bunny huggers.

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  4. Sir Cullen's Sidekick (891 comments) says:

    Best joke is these clowns are shamelessly saying that they will pay debt faster than National, who is led by the most financially savvy PM we ever had!!! There are 11% jokers who believe that!

    Finance and Greens – a match made in hell….I recommend uncle Norman and aunty Tueri stick to fishing and coconut water drinking and not talk about GDP, growth and debt ratios.

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  5. jv (16 comments) says:

    That will be a great way to run the economy – just put in whatever figure suits you.
    Tax rate xx% and I choose xx = 20

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  6. AM1 (17 comments) says:

    What this shows is that their main priority is to bag the current government. They’re not even interested in keeping it real.

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  7. Steve Wrathall (284 comments) says:

    Love NZ, Party Vote XXXX

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  8. NK (1,244 comments) says:

    Imagine their first budget.

    We are spending $xxx on Health and $xxx on police and $xxx on education.

    Our surplus will be $xxx which is bigger than National’s, even though we haven’t figured it out.

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  9. Rob F (7 comments) says:

    Really 3 things – a direct quote attributed to Russell Norman despite him not having said anything!

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  10. simonlouisson (1 comment) says:

    Kia Ora:
    I plead mea culpa with my clumsy digits as responsible for accidently emailing the media release before it was ready. It’s true that it was entirely predictable that debt would go up under National, but untrue the release was pre-written – I was waiting for the Parliamentary library to verify the figures before I inserted them.

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  11. RRM (9,933 comments) says:

    Change the government.

    For truly competent economic management, party vote Green.

    :lol: [sniggers]

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  12. Steve Wrathall (284 comments) says:

    Yes, they forgot to F.I.B.

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  13. Peter (1,714 comments) says:

    They should get an actor to fill in those figures.

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  14. burt (8,275 comments) says:

    Perhaps they haven’t worked out how much money they will need to print yet ?

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  15. David Farrar (1,899 comments) says:

    Simon: If it is any consolation I made way way bigger fuck ups when I was a staffer :-)

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  16. Nookin (3,361 comments) says:

    “…If it is any consolation I made way way bigger fuck ups when I was a staffer …”

    But that won’t stop anyone taking the mickey!!!!

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  17. lastmanstanding (1,297 comments) says:

    X is the unknown quantity and a triple X is three times the unknown quantity and that’s what NZ would get if the Greens ever got their hands on the lever of power. The irony is that everyone of their policies would punish the very people they claim to represent the poor. Like a falling dollar rising interest rates increasing inflation rising prices such as petrol and all imported goods.

    But of course the Left don’t care because what they want to do is fiscally enslave as many citizens as they can.

    An enslaved citizen who depends on the government in power for their very living will meekly and mildly obey and follow orders. And the Comrades who lead the Green Party will expect and demand complete obedience.

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  18. redqueen (567 comments) says:

    They also can’t handle grammar, ‘…demonstrating what poor economic managers National, the Green Party said today. ‘

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  19. questions (208 comments) says:

    So we are getting a full retraction then, or nah?

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  20. David Garrett (7,318 comments) says:

    simon louisson: If that’s your real name, then all power to you (inevitably) young man…

    But the ritual “kia ora” is not necessary over here…”Hello chaps” will do…

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  21. labrator (1,850 comments) says:

    The same Simon Louisson that thinks the Government should print money to control the dollar? Because apparently deflating savings doesn’t affect anyone and National were responsible for the GFC & Labour’s plundering of the reserves.

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  22. goldnkiwi (1,329 comments) says:

    They will say that it was ‘hacked’ before they were ready to release it. Mere victims, no incompetence. Perhaps too much reliance on minions?

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  23. hmmokrightitis (1,590 comments) says:

    Oh gee, Simon likes printing money, yup, that will cure all our issues.

    Fuck me, this just serves to highlight how fucking dangerous these green dipshits really are. Our tiny little economy, printing money.

    Sweet haysus, please, Simon, do some reading on QE, and the issues its causing. Then STFU.

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  24. FeralScrote (220 comments) says:

    Labour only want to tax us,the Greens want to tax us back to the stone age .

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  25. Bill Courtney (161 comments) says:

    Why wait for the Parliamentary Library, when they could have just used the published Treasury data:

    http://www.treasury.govt.nz/government/data

    Core Crown Net Debt as at 30 June 2008: $10.258 billion or 5.5% of GDP.

    Same figures as at 30 June 2013: $55.835 billion or 26.3% of GDP.

    “…most financially savvy PM we ever had!!!” Yeah Right!!

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  26. UrbanNeocolonialist (290 comments) says:

    Simon, kudos on fronting to a hostile forum. Some days it pays to stay in bed.

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  27. labrator (1,850 comments) says:

    Core Crown Net Debt as at 30 June 2008: $10.258 billion or 5.5% of GDP.
    Same figures as at 30 June 2013: $55.835 billion or 26.3% of GDP.
    “…most financially savvy PM we ever had!!!” Yeah Right!!

    What was the forecast when Labour left power? Decade of deficits or something like that? And we’ll be in a surplus in 2014 even after the GFC? Whilst also fighting Labour and the Greens against every single change to get us there. Can’t wait to find out where the Greens and Labour will find their $28 Billion dollars to pay for the promises they’ve made and keep us in surplus.

    I have a feeling that Norman can’t wait to get his hands on the Reserve Banks printer and get some Green economy going. The classic thing about this is, if you’re an investor housing, this is great news! With the Greens deflating your debt you’d be stupid not to buy more and more houses. QE is free money if you have debt. Maybe that’s where their 11% support comes from? Greedy housing investors.

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  28. Berend de Boer (1,711 comments) says:

    simonlouisson: It’s true that it was entirely predictable that debt would go up under National

    How dare you to criticise the most financially savvy PM we ever had??

    He only let his Minister of Finance borrow $300 million a week!

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  29. Yogibear (366 comments) says:

    Simon. You are wrong on several counts

    Debt to GDP is dropping under national, just not by as much as was forecast in Budget.

    Secondly, you say it was obvious. If so, the greens must have hacked IRD because the drop is entirely due to lower tax take, while economic growth has remained on forecast. Unless you are privy to monthly tax receipts, you could not have known

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  30. Richard (859 comments) says:

    Bill Courtney- nice bit of selective use of Treasury data. I can do that too! Its a game anyone can play:

    ”Net core Crown debt as a share of GDP peaks in 2014/15 at 26.4% (Figure 2.12). By 2017/18 net core Crown debt is expected to be 23.8% of GDP, consistent with the Government’s medium-term target of net core Crown debt at a level no higher than 20% of GDP by 2020. ”

    And lets not forget the impact of the ChCh earthquakes on Crown accounts.

    Cheers.

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  31. Bill Courtney (161 comments) says:

    But Richard, it’s not “selective use of data”. The last line of their release referred quite clearly to the 6 years of National… etc. i.e. it was backward looking as a matter of fact.

    Whether or not the forward looking forecasts prove correct or not is not the subject matter of the release in question.

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  32. thedavincimode (6,803 comments) says:

    $xxx to $xx

    Yikes!! A 1000% increase :(

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  33. thedavincimode (6,803 comments) says:

    Well done to simple simon fronting though.

    But since you’re here simon, how much wealth do you think will hang around in the country to cop it up the chook from your ragtag liebore/melon/hatfield/slobcrim confluence? How much more do you think you can wring out of them before they all just fuck off and take advantage of cheap property in the South of France. After all, if ya gunnna live under the socialist yoke, best be comfortable.

    What do you make of those stats on the wealth that pissed off the last time around when you had your noses up klerk’s unmentionable?

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  34. Yoza (1,879 comments) says:

    hmmokrightitis (1,553 comments) says:
    August 21st, 2014 at 5:09 pm

    Oh gee, Simon likes printing money, yup, that will cure all our issues.

    Fuck me, this just serves to highlight how fucking dangerous these green dipshits really are. Our tiny little economy, printing money.

    Sweet haysus, please, Simon, do some reading on QE, and the issues its causing. Then STFU.

    The alternative to governments printing (or creating) money is for private financial institutions to usurp the task. Having private corporations controlling the creation of national currencies defies common sense.
    State governments, at the very least, have a tenuous mandate to oversee the stability of the national medium used as an exchange of goods and services. Private corporations, on the other hand, have no such responsibility to the general public, they exist to serve the profit motives of their shareholders and would consequently manipulate currency production to serve their specific interests.

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  35. Richard (859 comments) says:

    Yes Bill and what happened over the last 6 years? Umm..let’s see… oh yeah the 2008 Global Financial Crisis which crippled Spain, Greece, Portugal, Ireland, Iceland etc etc and saw a massive jump in the developed world sovereign debt. But that’s hardly an excuse right? I’m sure Labour and the Greens would never have used that as a reason to increase borrowing?
    So it must have been something else as well..hmmm something to do with Christchurch??? Oh yes the earthquakes.

    Really I’m glad you brought this issue up Bill because looking back over the last 6 years under National what surprises me about govt debt is that despite the GFC and the quakes National have managed through these unprecedented difficult times to keep borrowing lower than most other developed countries, maintain centre Left wing policies like student loans, Kiwi saver and now free GP visits and prescriptions, produce a surplus in the last budget, see falling unemployment, a growing economy and get a Treasury forecast of falling debt, if re-elected of course.

    You are 100% right bill- Key is “…most financially savvy PM we ever had

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  36. David Garrett (7,318 comments) says:

    Give the man credit boys…even if that’s not his real name he ventured into hostile territory and admitted fault…he deserves some kudos for that…

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  37. Longknives (4,767 comments) says:

    Economics is easy if you have a money-printing machine!

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  38. I Say Look Here (57 comments) says:

    I got a big smile on hearing Phil Goff on Radio Live today chuckling away in his patronizing way and saying once the Greens get their feet under the cabinet table and get their heads around the realities of government they’ll surprise us all and actually turn out to be perfectly sensible and responsible economic managers.

    So what he was really telling us is that all their wild election promises and pledges are total BS. They’ll promise the world to win the votes, but get into government and it’ll be sorry folks, we’re responsible economic managers now – we’re keeping the cookies in the jar.

    Either that or Goff himself was BSing – and the catastrophic lolly scramble will be all on exactly as advertised.

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  39. Yoza (1,879 comments) says:

    Longknives (4,623 comments) says:
    August 21st, 2014 at 7:04 pm

    Economics is easy if you have a money-printing machine!

    Money is an abstract concept, it is not a naturally occurring phenomena. All money is printed (or created) artificially, the way a lot of you talk it is as if money is mined out of the ground. Modern economics would be impossible if you did not have a money-printing machine, Longknives.

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  40. redqueen (567 comments) says:

    @ David Garrett

    I entirely agree and well said. Facing into a hostile forum still takes guts, even if we don’t agree with his politics. Kudos for that.

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  41. Longknives (4,767 comments) says:

    Yoza (Like his hero Russel) clearly didn’t pass Fourth-form Economics….

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  42. adze (2,126 comments) says:

    Money is an abstract concept

    So is math.

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  43. Yoza (1,879 comments) says:

    Longknives (4,624 comments) says:
    August 21st, 2014 at 7:23 pm

    Yoza (Like his hero Russel) clearly didn’t pass Fourth-form Economics….

    Whatever that means.

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  44. big bruv (13,935 comments) says:

    David Garrett

    “But the ritual “kia ora” is not necessary over here…”Hello chaps” will do…”

    Well said. However if the stinking Greens do form a part of our next government then you can look forward to Maori becoming compulsory. We will all be forced to use the greeting, failure to do so will be deemed racist and will be covered in hate speech legislation.

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  45. Yoza (1,879 comments) says:

    adze (1,937 comments) says:
    August 21st, 2014 at 7:34 pm

    Money is an abstract concept

    So is math.

    You might want to elaborate on that point, adze. Money exists as a collective agreement on a medium through which we can trade goods and services. Math is the manipulation of symbols to quantify shared experience. Am I missing something between the relationship of money to math that undermines any argument I have posited in this thread?

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  46. Bill Courtney (161 comments) says:

    Richard, nice rant but it doesn’t change the purpose of my posting nor of the original blog entry. Who could have done better / differently is a matter of conjecture. But the reality is the starting net debt position was pretty damn good. That helped a lot.

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  47. David Garrett (7,318 comments) says:

    Yoza: How much capital gain have you enjoyed on your house in working class Newtown ?

    You will of course be selling it for what you paid for it should you decide to move…

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  48. David Garrett (7,318 comments) says:

    Off topic, sorta…I wonder what is going to become politically correct when the Chinese become our biggest minority – over the Maori – in the next ten years or so? The “special people” will demand they all do the old kia ora won’t they? Cant see your average Chinese property developer give two flying ones about not offending the special ones…

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  49. David Garrett (7,318 comments) says:

    No Yoza ya socialist mongre…you will take every dollar you can get ! Just as Cunliffe hides his assets in trusts…ever wondered why the Labour Party never find time to review the law relating to trusts in their 9 long years in power? Come on…you know the answer…

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  50. goldnkiwi (1,329 comments) says:

    Discussion re Kia Ora in Whangarei on Stuff
    http://www.stuff.co.nz/business/better-business/10409129/War-of-words-over-Kiwi-greeting

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  51. Yoza (1,879 comments) says:

    David Garrett (6,654 comments) says:
    August 21st, 2014 at 7:54 pm

    Yoza: How much capital gain have you enjoyed on your house in working class Newtown ?

    How is this relevant to anything posted in this thread?

    You will of course be selling it for what you paid for it should you decide to move…

    This doesn’t make any sense. Why would anyone do that?

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  52. Tinshed (170 comments) says:

    But the ritual “kia ora” is not necessary over here…”Hello chaps” will do…

    Don’t forget chapesses as well. Where’s Judith when you really need her?

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  53. David Garrett (7,318 comments) says:

    Yoza: Because you are socialist/anarchist!! How can you possibly justify taking “unearned income” of probably three times what you paid for your working class abode in the 80’s? Or perhaps you are guilty of irredentism? (One of the many -isms that the communists dreamed up pre 1991)

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  54. adze (2,126 comments) says:

    Yoza
    I am not an economist. But it is clearly not sufficient to wave away the problems of money printing (as a way of increasing the money supply) with a reminder that money is a construct. Otherwise countries like Argentina and Greece could happily print themselves to prosperity. Markedly increasing the money supply only increases inflation.

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  55. Johnboy (16,722 comments) says:

    “Where’s Judith when you really need her?”

    Knocking up a batch of her famous pikelets to serve to the chaps at her conference? :)

    She’s almost earned her PhD for her pikelet recipe you know! :)

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  56. David Garrett (7,318 comments) says:

    tinshed: I don’t actually think our Judith is a member of the Special People…she will of course – as a student of psychology or whatever she is supposedly getting a PhD in – be very much into acting and speaking as if the Special People were just that…

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  57. Johnboy (16,722 comments) says:

    I thought her PhD was in Hypnotherapy DG. She swings a big round pikelet in front of all of us and we all go to sleep.

    Some of us resist the urge and argue/mock/laugh at her! :)

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  58. Tinshed (170 comments) says:

    Knocking up a batch of her famous pikelets to serve to the chaps at her conference?

    I love pikelets. One of my strongest memories is of my mother making pikelets on a griddle in our kitchen in Dunedin sometime in the late 1950’s. Mock you may, but pikelets were a thing of such delight back then. Cream, strawberry jam and warm pikelets….

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  59. Yoza (1,879 comments) says:

    David Garrett (6,657 comments) says:
    August 21st, 2014 at 8:58 pm

    Yoza: Because you are socialist/anarchist!! How can you possibly justify taking “unearned income” of probably three times what you paid for your working class abode in the 80′s? Or perhaps you are guilty of irredentism? (One of the many -isms that the communists dreamed up pre 1991)

    The capitalist system doesn’t discriminate, all actors within its sphere of influence are necessarily coerced into conforming to its demands. I cannot sell my house for its 80s value as I could not buy off someone else with the expectation that they would sell me their house for its 80s value, I don’t see the sense in this line of reasoning.
    The rules do not change to suit the political persuasion of any of the inmates, if any of the inmates attempt to question the legitimacy of those rules they are ruthlessly set upon by the security apparatus.

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  60. David Garrett (7,318 comments) says:

    Yoza: ah, so that’s the excuse! “all the actors are coerced into conforming to its demands”…How very convenient!

    I am younger than you, but not by that much…I remember after the Roger Douglas reforms of the mid 80’s farmers throughout the country said they would be forced to “walk off the land”…I was living in New Plymouth at the time…I put an ad in the good old Daily News inviting any farmer to swap his 300 acres plus – with its encumbrances – with my house in NP with a bit of a ball crushing mortgage…guess how many takers I got??

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  61. Yoza (1,879 comments) says:

    adze (1,938 comments) says:
    August 21st, 2014 at 8:59 pm

    Yoza
    I am not an economist. But it is clearly not sufficient to wave away the problems of money printing (as a way of increasing the money supply) with a reminder that money is a construct. Otherwise countries like Argentina and Greece could happily print themselves to prosperity. Markedly increasing the money supply only increases inflation.

    Greece’s money supply is controlled by the European Union, I do not think they exercise much control over the value of the Euro or its production. The problem with Greece and Argentina is their inability to service debt repayment the way the US gets away with it, as Michael Hudson points out:

    ” Let’s compare how the US handled its bank bailout after 2008, and how Europe did.

    In the US they didn’t raise taxes, and they didn’t borrow from foreigners. The Federal Reserve simply created four trillion dollars of credit electronically. That’s what a central bank is supposed to do. It’s supposed to create the money to monetize and finance government spending deficits.

    The eurozone forbids this in two ways, and this is what the German court ruled in Karlsruhe last week. The European constitution prevents the European Central Bank from lending to governments. It won’t’ monetize debt that results from deficit spending – although it will create money to pay bondholders and speculators. It’s there to enrich the 1%, not the 99% – and even worse, it thinks that the main way to enrich the 1% is by impoverishing the 99%. That is why it is so dysfunctional and downright evil.

    So, instead of creating the money that Europe’s central bank gives to the crooks – in the Anglo-American way – it actually make the taxpayers pay the crooks. This is completely unnecessary. You could just create money and give the crooks everything they want, without having to make things worse by taxing labor and industry to wreck the economy. But the eurozone aims deliberately to wreck the economy, in order to scale back wages. It thinks that whatever is taken from labor can be grabbed by the financial sector. There’s no concept of symbiosis, and that without a domestic market the debts ultimately will have to go bad.”

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  62. lolitasbrother (703 comments) says:

    Its looking pretty good. the conservatives are coming across from NZ First and NZ Conservative .
    We have possibly 4 % there, this is the slack between the guaranteed 45%
    Too early yet to predict yet but it could be a a landslide.
    I gave my dear wife flowers today, she said you have won already

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  63. Yoza (1,879 comments) says:

    David Garrett (6,658 comments) says:
    August 21st, 2014 at 9:26 pm

    Yoza: ah, so that’s the excuse! “all the actors are coerced into conforming to its demands”…How very convenient!

    Yes, using reality to qualify personal experience is very convenient.

    I am younger than you, but not by that much…

    No, you are not, I’m 45.

    I remember after the Roger Douglas reforms of the mid 80′s farmers throughout the country said they would be forced to “walk off the land”…I was living in New Plymouth at the time…I put an ad in the good old Daily News inviting any farmer to swap his 300 acres plus – with its encumbrances – with my house in NP with a bit of a ball crushing mortgage…guess how many takers I got??

    Wasn’t the Rogernomics ‘miracle’ responsible for a marked increase in farmer suicides?

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  64. labrator (1,850 comments) says:

    That’s what a central bank is supposed to do. It’s supposed to create the money to monetize and finance government spending deficits.

    So much absurdity, so little time.

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  65. adze (2,126 comments) says:

    The problem with Greece and Argentina is their inability to service debt repayment the way the US gets away with it

    The US is a temporary special case. It’s a major petro-currency, and it happens to be the biggest economy on the planet. So there’s a lot of demand for and confidence in the US dollar. But even they will not be able to do print money indefinitely, have a look at their debt to GDP ratio:

    http://upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Government_debt_gdp.jpg/550px-Government_debt_gdp.jpg

    The problem for the world is that the US is currently “too big to fail”. But they’ll be in trouble once they are surpassed by another superpower.
    It’s true that Greece doesn’t control the Euro. But even if they had the drachma, that doesn’t change the fact that neither they nor Argentina can print their way out of debt.

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  66. Yoza (1,879 comments) says:

    labrator (1,814 comments) says:
    August 21st, 2014 at 9:52 pm

    So much absurdity, so little time.

    Sure, labrator, vulture funds should be allowed to trump economic sovereignty. When countries like Greece or Argentina can’t pay their debts they won’t pay their debts, that is how reality works. Those who lent them the money in the first place should have been more prudent and those that bought those debts cheaply off the original lenders should not have expected to be repaid the original value of the debt.

    As the entire global financial system seems to be founded on the expectation that its creditors will be repaid the unrealistically vast sum lent to its debtors we are ensured of experiencing another global financial meltdown.

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  67. Richard (859 comments) says:

    Bill Courtney at 7:53 pm
    ”But the reality is the starting net debt position was pretty damn good. That helped a lot.”

    Sorry Bill but that doesn’t wash. National inherited a mess from Labour.

    Bill English 24 March 2009:

    ”.. this week’s statistics will show that the balance of payments deficit for 2008 is in the order of 9 percent of GDP, one of the worst in the OECD, and this week’s GDP statistics will show that output declined in the December quarter to a level of around 2 percent lower than a year earlier—that is, the economy will have contracted by about as much as that. The pre-election fiscal update showed ongoing fiscal deficits, and the outlook has worsened considerably since then. So New Zealand faces a challenge of chronic twin deficits as a result of 10 years of mismanagement, chronic fiscal deficits, and balance of payments deficits.”

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  68. Bill Courtney (161 comments) says:

    So, Bill English is right and the hard data from Treasury is wrong? Rubbish! Every incoming government wants to paint a negative picture and then claim success for whatever they claim they have salvaged.

    Years of surpluses can’t be argued away as easily as you are attempting to, Richard. Cullen paid down debt and created the Cullen fund with over $14 billion of seed money. This asset is now worth over $26 billion!

    Call that a mess?

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  69. Jim (398 comments) says:

    That’s what a central bank is supposed to do. It’s supposed to create the money to monetize and finance government spending deficits.

    You do understand that fiat money has no intrinsic value. It’s value must ultimately derive from the productive part of the economy (goods and services). So the value of money is just it’s scarcity compared to what is traded with it.

    Print money (that does not match any tangible increase in productivity) and it is just worth less. You pay more for the same thing, or you get less for your dollar. Inflation yay!

    So yeah, you could double the money supply overnight and double everyones wages. Problem would be that every working person would be worse off due to tax creep. Everything would cost twice as much, but your after tax income would not be doubled. The only winners would be those in debt and those with lots of hard assets (property) – and perhaps anyone not part of the productive economy.

    So no, printing money is not an enduring solution. It fucks over the average worker.

    Perhaps due to the slight delay between printing money supply and prices rising you could look at it as some kind of government administered Ponzi scheme where the suckers are the working population. Is that what you think central banks should do?

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  70. Richard (859 comments) says:

    Bill-He’s talking about Treasury’s own data at the time. What more is there to say? And the surplus years were built on massive bank lending of foreign capital invested in property while actual GDP output declined. The bubble burst and Labour left office.

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  71. Bill Courtney (161 comments) says:

    “…while actual GDP output declined.”

    Wow, now I know you’re on drugs! Sorry to keep using the same Treasury data set (in the spreadsheet I linked to earlier) but nominal GDP for the 30 June 1999 year was $107.188 billion. In the year ended 30 June 2008 it was $185.729 billion. Nice “decline”, Richard.

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  72. Paulus (2,633 comments) says:

    It does not matter what the Green Taliban say – they are taking all the wind, and votes, from Labour.

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  73. Richard (859 comments) says:

    Bill-”… this week’s GDP statistics will show that output declined in the December quarter (2008) to a level of around 2 percent lower than a year earlier—that is, the economy will have contracted by about as much as that..”

    The rot had already set in Bill before National came into office. Thankfully the Nats came into office and have managed to turn it around. The gains made prior to that were thanks to Labour keeping most of Ruth Richardson’s policies but 2008 they had started to screw things up again.

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  74. Bill Courtney (161 comments) says:

    Richard,
    Your arguments are weak and, frankly, all over the place. On the one hand, you want to use the excuse of the GFC and the associated recession to explain away the deficits run during the Nats term of government. But you have no hesitation in saying that “the rot had already set in…” when the GFC simply arrived from offshore during calendar year 2008. Why the inconsistency?

    Your comment late last night clearly said “the surplus years…”, i.e. those between 1999 and 2008, which were obviously NOT periods of time during which “…actual GDP output declined” as you suggested. The Treasury stats, based on June years, demonstrate that quite clearly. During that time, Cullen paid down debt and seeded the Cullen fund with over $11 billion of capital. Again, something you have ignored.

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