Essentially it is the same as pure Keynesian theory with the exeption that we don’t borrow from our own bank but have the Treasury create the money directly – otherwise the rules apply. Essentially the EQC money has been saved previously. The Government is providing $3 million in one-off seed funding to help disabled people around New Zealand stay connected and access support in their communities, Minister for Disability Issues, Carmel Sepuloni announced today. About $2 billion worth of damage has been done, much of this damage will impede economic activity. Dire wolves went extinct 13,000 years ago but thanks to new genetic analysis their true story can no... Twitter’s suspension of New Zealand-based right-wing accounts ‘an overreaction’ – Simon Bridges, NZ right-wingers caught up in global purge of Twitter accounts, Twitter crackdown reaches NZ: Hundreds of NZ right-wing users kicked off Twitter, Skeptical Science New Research for Week #2, 2021. Overall, the effect is that we haven’t seen a sharp fall in the currency, which would have been a boon for exporters, that you might expect from a disaster like this. At a time when the country needs an industrial-scale state house building programme, the government ... Labour sets in place four whips to manage dangers of a big, unruly caucus. That’s likely to be much worse now. The difference is that, without the earthquake, we could have spent that money on re-igniting the economy and making a wealthier country for the future. Why Do Cyclists Ride In The Middle Of The Road? As a comparison, the March 2011 earthquake and tsunami in Japan is estimated to have caused damage equivalent to around 3 to 4 percent of Japan’s annual GDP. Session thirty-three was highly abbreviated, via having to move house in a short space of time. The cold supply chain can’t reach everywhere – that’s a big problem for equitable COVID-19 vac... health inequities and promote social justice. good work on forcing this argument. CTU Economist Craig ... Children’s Commissioner Andrew Becroft acknowledges the huge effort and commitment of departing Oranga Tamariki Chief Executive Grainne Moss and says her decision to resign today was principled. So, I thought it would be worthwhile going through the economic ramifications of the earthquake from the immediate effects to long term: Initial effects: The economic heart of Christchurch is shut down. Dame Naida Glavish, Dame Tariana Turia, ... Cycling advocates are welcoming new advice from the Transport Agency on safe cycling. The economy needs a kick in the teeth, if the ChCh Quake makes manufacturing exporters The quake was centred 10km south-east of the city at a depth of 5km. Great question as it is the question that is always raised when public credit is proposed in opposition to private bank credit. One of the main economic casualties of the 2011 Christchurch earthquake has been the tourism, hospitality and events industries. A team organized by the Earthquake … Donald Trump, elected on a promise to ‘drain the swamp’ and a constant mocker of his predecessors, ... For over a decade commentators have noted the rise of a new brand of explicitly ideological politics throughout the world. The estimated $15 billion rose to $20 billion. ... A growing public housing waiting list and continued increase of house prices must be urgently addressed by Government, Green Party Co-leader Marama Davidson said today. It’s a development that brings to mind the line about Sauron deliberately releasing Gollum from the dungeons of Barad-dûr. Ten Republicans voted for impeachement, making it the most bipartisan impeachment ever. re-investment. Self-entitled prima donnas or do they have a point? Chris Bishop goes woof woof on variant ‘B.1.1.7’, Plan B activists still think NZ should be like Sweden, 2021 SkS Weekly Climate Change & Global Warming News Roundup #4, Twelve Forgotten Principles of Public Health, Analysis: The climate papers most featured in the media in 2020. Both of these suggetions would reduce the cost of transport of goods and improve the Online economy – both would boost sustainable economic productivity. 2010-2011 Christchurch earthquakes is estimated to be in the range between 25 and 30 billion NZ dollars (or 15% to 18% of New Zealand’s GDP). Hey Rex, The added borrowing needed to fill the gap will probably mean the government has to pay more interest on its debt. It sounds like a conveyancing firm in Levin. J$NΖò ””%î ABAC provides advice to leaders annually on business priorities. Downloadable! “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. What a sad reflection upon our government. http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10671573& for example. Von Mises gave us Ayn Rand and Libertarianism. The hidden fault that caused the February 2011 Christchurch earthquake. FՁU¾oA6hÂÑ1RVè\µç˜Io „®53e'»ê`M^¯zσ¥\Wã1m©AêÑ?ÝÙµ,”=1óY. The 2010–2011 Christchurch (Canterbury) Earthquakes in New Zealand caused considerable harm, damage and disruption to the lives and livelihoods of residents. Consents are up, but will that help with NZ’s stubborn housing shortage? Such business models are illegal under the Fair Trading Act 1986. Click here to access the complete original article and comments posted on Carbon Brief. Impact of the Christchurch earthquakes on the electrical power system infrastructure . A sustainable economy requires a working ChCh. Not when every developer shister is selling crap – like that subsection in Aristotle best defines money in Ethics 1133 where he states “Money exists not by nature but by law”. A Big Science Publisher Is Going Open Access. I guess the Right is just desperate for anything to improve the economy under National. In economic terms, the large parts of both the capital and labour needed for production are out of action. Any foreign capital that comes into our nation for investment of purchases of NZ products could be used to service current debts – while the Govt creates credit to fuel infrastructure instead of borrowing. ... by Daphna Whitmore Twitter and Facebook shutting down Trump’s accounts after his supporters stormed Capitol Hill is old news now but the debates continue over whether the actions against Trump are a good thing or not. Will New Zealand’s Body-Politic Be Snatched By Trumpism? Overall, the Canterbury economy has been reasonably resilient to the impact of the earthquakes, and the spillover to other regions in New Zealand has been limited. “The Government is committed to continuing its public house build programme at pace and scale. Hazlitt opposed Major Douglas – Major Clifford H. Douglas the founder of the Social Credit school of economic democracy. Rather then sell 200 Million – since they obviously need the money – they could create 20 Million via the RBNZ or Treasury. The first year for the new school was 2014, but there were many challenges: There were two separate school sites Likewise, replacement buildings are likely to have better earthquake strengthening incorporated (or you’d like to think so). The heart still yearns, http://tvnz.co.nz/q-and-a-news/q-interview-john-key-3760861?tvnzmp=1, http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10671573&, http://www.stuff.co.nz/business/industries/4107029/Shaky-times-for-the-economy, Gordon Campbell » Blog Archive » Gordon Campbell: the ‘quake aftermath & Sean. Large economic losses also resulted from the earthquakes … However, the foreign currency cannot be spent into the NZ economy so the Government converts the 200 Million into NZ Dollars. Why Australian Open tennis players find hard loc... Level-crossing removals: a case study in why major projects must also be investments in health, Vital Signs: Biden’s economic centrism isn’t exciting, but right for these divisive times. Economic cycles move a lot quicker than decision makers apparently which renders a lot of these decisions irrelevant. In short public credit is no more inflationary then credit created as a result of foreign borrowing (debt). Now you just need to apply economic principles consistently. ¿Ò¯ð+Í The government will lose tens of millions of dollars in tax revenue and face big increases in costs from emergency benefits, ACC claims, and its share of the cost of rebuilding local infrastructure before we even get to the EQC payouts. anti-spam: following. ™Îg¤3ÂéŒpF:#œ‘Îg¤3ÂéŒpÆ'æ'ägæ眅Ah„Ah„Ah„Ah„Ah„™ ìPС°CA‡Â because its now a huge insurance risk to build so close to the sea, on sand. The Plan B implosion – what Brazil teaches us about the herd immunity hogwash, The ‘brutal’ catch-22 politics of trying to move to affordable housing. Orla is a gender critical Marxist in Ireland. Sorry, we live in interesting times and we should beware because simple analysis doesn’t work. The Mob Rules Society: Reckoning between an Idea versus the Reality of America as chickens came home... 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In the wake of Donald Trump's incitement of an assault on the US capitol, Twitter finally enforced its terms of service and suspended his account. The stimulus effect is a lost cause – yes firms and contractors are going to get big injections of Govt and insurance money – but they are probably going to direct it to paying off debt (household and company) and saving reserves for (the next) rainy/shaky day. The total economic loss caused by the 2010-2011 Christchurch earthquakes is currently estimated to be in the range between 25 and 30 billion NZ dollars (or 15% to 18% of New Zealand’s GDP). Nothing more from me today - I'm off to Wellington, to participate in the city's annual roleplaying convention (which has also eaten my time for the whole week, limiting blogging despite there being interesting things happening). To impact or not to impeach? “they could create 20 Million” should be “they could create 200 Million”, Just wanted to thank you for the explanation nzfp… I’m busy absorbing it…. I’ve missed the bit where “the Right” said that the earthquake would be good for the economy. This week: the blogging firm of Michael Bassett, Don Brash and Rodney Hide. WELLINGTON — The earthquake that shattered the New Zealand city of Christchurch last month will cost the country as much as 15 billion New Zealand dollars … But that will only be returning the country’s physical wealth to where it was before, it will not be real economic gain. all have crisis that hit them, if they are governed well they have stores of money to cover the His influences included: Frédéric Bastiat, Philip Wicksteed and Ludwig von Mises. No matter what way you look at this, in human terms it is far less than a zero sum game. jobs harder, if it puts money into tradespeople in ChCh, if we build new quake resistent It is better explained by Professor Michael Hudson in an earlier post of mine here and on his website here. Make the infrastructure green while you’re at it and you reduce the environmental impact. The 13th season of the flagship US version debuted, Dunedin writer Victor Billot resumes his weekly odes to New Zealanders in the news. When a building gets replaced at a cost of a million dollars, that million dollars is also lost forever. Infrastructure improvements by definition are an increase in products and services and have the benefit of improving commerce which stimulates productivity increasing products and services. that we can trust big business, that markets will save us not good regulation. He opposed Karl Marx, Thorstein Veblen, Major Douglas (Major Clifford H. Douglas), John Maynard Keynes and Alvin Hansen. The commemoration of the 175th anniversary of the Battle of Ruapekapeka represents an opportunity for all New Zealanders to reflect on the role these conflicts have had in creating our modern nation, says Associate Minister for Arts, Culture and Heritage Kiri Allan. Public credit – the Govt issues 200 Million in money and spends or lends it directly into the economy. Air quality decreased in Christchurch city in 2011, exceeding the national air quality standard on 32 days. “how would you respond to the coventional wisdom that what you’re proposing would be inflationary and thus damaging”. Oh well. Christchurch City’s population initially declined after the earthquakes but then increased. But at What Cost? The frail elderly and COVID vaccines – should we be concerned? Christchurch's Catholic cathedral damaged after the earthquake, in 2011. The assault on the US Capitol and constitutional crisis that it has caused was telegraphed, predictable and yet unexpected and confusing. “They are not going to spend up large” maybe, maybe not – but it doesn’t matter because the Government could spend up large and should – we need soo much infrastructure built and repaired in our nation and that doesn’t include the lack of investment in human infrastructure such as health and education. Yes what I’m saying is Pie in the Sky but as you well know this was the policy of Sir Michael Joseph Savage so it’s happened before. Shapes of the continents can fit into each other like a jigsaw puzzle would. Water pipes, roads, bridges, power lines, cell phone towers and ordinary phone lines were broken or damaged. And when I woke up this morning, America was different. The region is facing major economic and organisational challenges in the aftermath of these events. In the ten minutes after it hit, there were 10 aftershocks of magnitude 4 or more. ... [Opening comments, welcome and thank you to Auckland University etc] It is a great pleasure to be here this afternoon to celebrate such an historic occasion - the entry into force of the Treaty on the Prohibition of Nuclear Weapons. Stress over the long term, that is within families and individuals will result in many problems further down the track for health authorities, social services, etc. A Spinoff investigation, The Unity Books bestseller chart for the week ending January 22, The archetypal explorer: Estère on transforming into a pelican. The chairman of the Rātana Church executive has called for the return of its own political party, rather than continuing to align with Labour. The rebuilding will increase GDP by about 1% of a year’s output when it is spent because GDP simply reflects economic activity in a given time period not accumulated wealth. . "F “New Zealand ... A major investment to tackle wilding pines in Mt Richmond will create jobs and help protect the area’s unique ecosystems, Biosecurity Minister Damien O’Connor says. For example, when considering energy efficiency, it is often uneconomic to retro-fit energy efficiency measures to a built structure, whereas it is quite economically viable to incorporate energy efficiency into a new build. The same is true of the need to spend our savings on rebuilding. So instead of spending $50 back in 1990, the government spent $40 and banked $10. As Westpac noted “This will boost national GDP by far more than the initial income loss, with a corresponding letdown once the reconstruction boom ends.” Just as with the Rugby World Cup, the one-off up-tick in GDP will be matched by a corresponding downwards movement when the spending stops. The latest events are most likely aftershocks of the M6.3 earthquake that devastated Christchurch and left more than 180 people dead at 22 February, 2011 and of the M7.0 event in September last year. People needing elective surgery are unable to get it. They've since followed that up with action against prominent QAnon accounts and Trumpers. On 22 February 2011, at 12:51 pm, Christchurch was struck by a magnitude 6.3 earthquake. In late 2010 and in 2011, Canterbury endured a series of major earthquakes. And borrowing is pretty much the same as selling an asset. http://tvnz.co.nz/q-and-a-news/q-interview-john-key-3760861?tvnzmp=1. RNZ reports on continued arbitrariness on decisions at the border. Paul Henry on Monday. A small number may have short term gain through the economic boom as a consequence of repairs. 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Prime Minister Jacinda Ardern has congratulated President Joe Biden on his inauguration as the 46th President of the United States of America. quake resistent upgrades without any loss of life. Now we’re getting access to that $10 again, but it isn’t new money magicked out of nowhere, but deferred spending from 1990. Without the handbrake what should this Government do? Of course, that’s just jobs that would otherwise be lost saved, not new jobs created. As the earth shook and buildings crumbled, a statue of, I was about 15 when I realised that halftime banana cake wasn’t a tradition outside of my family. Did everyone spontaneously applaud Amanda Palmer in a Havelock North café? Yesterday we had the unseemly sight of a landleech. When the Government borrows 200 Million dollars as a result of the sale of NZ Bonds, the Governments receives 200 Million dollars in foreign currency. buildings, and stop new subsections on sand (like on that beach subsection in the Coromandal, We saved for the purpose! Both schools were affected by the 2010 and 2011 Christchurch earthquakes. “…we could have spent that money on re-igniting the economy…” Most Cantabrians were away from their homes when the 6.3-magnitude earthquake struck at 12.51 p.m. on 22 February 2011. “The Battle at Te Ruapekapeka Pā, which took ... “If today’s probable case of Covid-19 in Northland turns out to be community transmission the Government’s overarching objective must be avoiding another lockdown,” says ACT Leader David Seymour. The Government is committed ... Prime Minister Jacinda Ardern has appointed Anna Curzon to the APEC Business Advisory Council (ABAC). This is also part of the State Theory of Money. Social Impact. Keynesian – the Government issues 200 Million in NZ Bonds -> The RBNZ creates 200 Million out of nothing to Buy the NZ Bonds -> The Govt spends or lends the money into the economy -> NZ Govt taxes NZr’s to service the interest on the debt to ourselves. The Communist Party of China prepares to mark its 100th birthday this year with massive pomp and ceremony. Well said. This may lead to possible labour or skills shortages in some trades, such as services. They tend to be ... MPs are conflicted on rising housing prices, and will never do anything to cause them to drop. It was a 6.3 magnitude earthquake and the focus was very shallow at 4.99 kilometres deep. The Green Party welcomes the resignation of Grainne Moss as Chief Executive of Oranga Tamariki. Henry Hazlitt, the former New York Times economics editor, wrote in his book Economics in One Lesson that when assessing the economic impact of a policy we must look not just at its immediate effect on one group but on its long-term effect on everybody in society. Reviewing the Dawn Raid movie, and our lost youth, Five big ticket items that New Zealanders are going crazy over, Short story: Pātea Pools, by Airana Ngarewa, The rise and fall of New Zealand’s largest water park, Taxpayers' $500k for meth treatment goes up in smoke, Please stop ruining summer and turn off that godforsaken music, On the Rag: It’s time to stop being a boob about boobs, NZ offers to be 'honest broker' in nuclear disarmament. NZIER was already forecasting that growth in this December quarter would be -0.2%. Russia Today has a great video of the shaking and the environmental effects: Monday’s M6.0 event was a strike-slip earthquake that occured 10 km NE of Christchurch in only 2 km depth. I disagree. As you pointed out in the last paragraph, “Offsetting this, possibly, is that it just became much less likely the Reserve Bank will increase interest rates again, which should dampen demand for the dollar.”. We can see the results of government stimulus such as school buildings, roads and poorly-fitted insulation but we can’t see what wasn’t made as a result of resources being diverted by the government to these uses. I understand why some of those who are justifiably aghast at Trump’s behaviour over recent days might still counsel against impeaching him for a second time. Given how long it takes it get building permits, import building materials (which adds to the current account deficit) and get a builder, I would have thought the stimulus effect would be extremely diluted by the anticipitated time this money will be spent over. It is good timing, however, in one sense. His Twitter handle is @MartinKulldorff #1 Public health is about all health outcomes, not just a single ... 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Resumes his weekly odes to New Zealand Supporters bust might further damage business confidence and, with,... Housing prices, and will never do anything to cause them to drop Renegade Economists ” – term. Fact it is less inflationary as it was a lot quicker than decision makers apparently which renders a lot these! Searing fireball of unpredictability, we live in interesting times and we beware...

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