Note this particular quote that is indicative of the amazing financial “genius” of politicians:
“For those who don’t recall, Gordon Brown was the British government bureaucrat that sold half the UK’s gold for under $300 in 1999 and the early 2000s. Gold has since quadrupled from the price where he sold it, so the UK didn’t get that profit. The U.S. dollars that Brown bought from the gold sale then subsequently lost at least 30% of their value. This is the type of market ‘genius’ that government brings to the table. Would you like to let a government bureaucrat make investing decisions for your 401K?”
We don’t have free markets and the ‘free markets’ weren’t bailed out, institutions (ones which probably wouldn’t exist on the free market) were bailed out. It goes without saying that they shouldn’t have been bailed out and that the credit crisis wouldn’t have happened without central bank driven credit booms. It’s the way of state-corporate capitalism that the state must interfere again and again to make up for the failure of it’s other interferences. In fact Keynesians like Paul Krugman were demanding the creation of a housing bubble in the US.
Democratic Centralism is something that is wrong with communism as it came to be expressed in the USSR and Eastern Europe.
The preservation of market relations was another major flaw of Soviet style communism (the disparate power present in the command economy encourages centralisation of power in the political sphere).
The preservation of the vertical division of labour was another major flaw of Soviet style communism.
I could go on, but the point would be that all of these flaws are surmountable when we realise that the means will determine the ends.
So, no centralisation of power in our organisations of today will lead to diffused power in our institutions of tomorrow. Investing in a central figure of authority ( that can be a personality or a book of ‘correct analysis and thought’ among other things) in our organisations today will lead to dictatorial institutions tomorrow.
Electoral Role.
We already have one of these so no major changes there. What we’d be looking at is having it online so that people could check their details and change them if necessary. This would most likely require better security for identification on initial set up than it has at present to prevent/reduce fraud. I’d envision something closer to what banks do when setting up bank accounts – two forms of ID and proof of address.
All Votes To Be Recorded.
This really is no different than now except it would be recorded electronically. This is so people can log in and check their votes the purpose of which is so that, within a reasonable time limit, they can request that it be changed.
Now, I’m sure people are going to go on about anonymous voting here but that’s because people either don’t know or don’t remember why voting became anonymous. It’s because public voting (ie going down to the pub and raising your hand) lends itself to intimidation. It has nothing to do with the vote being recorded against your name.
The time limit to change your recorded vote is there for two basic reasons: A mistake was made during voting or the vote was recorded incorrectly. It also assists in preventing fraud in the vote count. Changing the recorded vote would be done through a formal written request and would be done in front of a JP or other official. The time limit is no different than now with the poll day and then time for special votes to be counted resulting in a final count.
quenchio “Yeah and all those ‘genius’ free market types never find themselves on the downside of any deal either.”
Of course they do. However, at least they stuff up with money that is invested freely. Not confiscated from unwitting taxpayers as it is by the governments who squander money they haven’t earned by pissing it away as Gordon Brown did. Think about it. Half of the UK’s gold sold for quarter the current price, and sold in US dollars that have depreciated 30%!! Imagine how much better off the UK would be now if they had simply held onto the gold.
Anyway, the main point of the article I pointed to is that when governments try to intervene by regulating prices in order to please the populace, they simply end up creating shortages (or huge surplusses) that eventually drive prices up much higher (or lower) than if the market had just been left to sort it out.
If you consider the boom-bust cycles, it is due to government interference in the market. Consider the sub-prime crash for example. The reason it was called sub-prime is that the government encouraged people who couldn’t really afford it to by houses when the Fed was holding the interest rates at a very low level. When the Fed put interest rates back up again those same people could not afford to keep up the repayments, hence where we are today.
If the free market is left to itself, there will still be ups and downs. But there would not be the huge bubbles and subsequent pops that we have become familiar that cause huge amounts of damage in the process.
Look at what the US is doing. They are trying to solve a bubble problem by creating another huge bubble. And so it goes on.
You are forgetting that that money was invested in infrastructure (eg. educati0n, health, transport etc) which has created wealth and wellbeing in the meantime, so its value can’t be based on your calculation of what the US dollars it sold for would be worth now, but what the value of that money invested at the time and since has been – I think any decent economist would be able to work out that the social and economic capital gained from that investment would be worth significanty more to the UK than it would be now if it was sitting in gold bullion in the Bank of England vaults. As anyone knows gold is valuable only when investments don’t provide any return, and since governments are expected to deliver public goods rather than cash returns on a speculative investment (what will gold be worth next year, or the year after?) it was probably the right thing to do. And, ask anyone who needed healh care weather they would swap the service they had for gold bullion worth 80ish% more than it was back then I can guess at there response. You can have all the gold that you want, but its not worth anything until you exchange it for something. Government’s have to provide for their populations, not make investments that appreciate in value.
If you consider the boom-bust cycles, it is due to government interference in the market.
Nope. Boom/Bust cycles are a natural result of the market being under supplied, which pushes pushes prices/profits up, which leads to more investment in to supply that demand, which leads to over supply when the market becomes saturated, which leads to falling prices, loss instead of profit and declining investment.
However, I am really talking more generally about the unforseen effects of government intervention in the free market.
For example, can anyone think of consequences to Venezuela intervening to drive down their currency and then outlawing store owners from putting up their prices? Crazy I know. But governments do this sort of thing quite frequently in a more civilized manner but with the same outcomes.
So far as Venezuela is concerned, some of you might argue that the prohibition on raising prices only applies to goods in stock prior to the devaluation. So therefore, companies are profiteering unfairly by putting their prices up. However, that argument would be incorrect.
Here is why.
Imagine you are a store owner having imported goods in stock that you make 30% profit on when you sell it. So, something you sell for $100 has cost you $70. However, stock that has been sold needs to be replaced. Due to the government halving the value of their currency what previously cost you $70 now costs you $140. So, in order to be able to afford to replace your stock you have to put your prices up.
In the case of Venezuela, the government may well be able to prevent stores from putting up their prices. But I doubt they will be able to force them to buy more stock. Therefore, there will be major shortages.
An example of government interference at its bluntest and most stupid level.
“Due to the government halving the value of their currency what previously cost you $70 now costs you $140.”
No it doesn’t. It still costs $70. If any domestic supplier attempted to charge you $140, they would be falling foul of the law and liable to whatever punishment.
That prop’s about as subtle as a slap across the coupon with a wet fish.
Let me see if I can pinpoint the unspoken nub of the matter.
There used to be a lot of privately owned coffee plantations and processing facilities maximising their profits on an export crop at the expense of growing food crops for the local populace.
Their gravy train is grinding to a halt in the face of new agricultural policies that aim to increase local food production for domestic consumption as opposed to private profits being made from exporting food.
In retaliation they ( and a lot of their private enterprise and corporate buddies) fuck up the supply of materials in the production chain which then puts the enterprise at risk of being ex appropriated and control handed over to the workers who continue to be intimidated by the still considerable presence of a fading centre of power.
Meanwhile, in the battle for hearts and minds, the domestic corporates are joined by their ideological brethren abroad who help spread the word that the good guys are Venezuela’s ‘white mofo’s’ who are fighting a valiant rearguard action against the pesky locals and their preferred government.
There used to be a lot of privately owned coffee plantations and processing facilities maximising their profits on an export crop at the expense of growing food crops for the local populace.
No, Bill. First of all coffee is identified by the Venezuelan government as an essential food item. This is not about the government wanting them to produce other crops they want them to produce coffee. The government introduced a price control and now it is not economical for most of the farmers to grow coffee.
Their gravy train is grinding to a halt in the face of new agricultural policies that aim to increase local food production for domestic consumption as opposed to private profits being made from exporting food.
No. Now they have to import coffee where before they were exporters. So the production of coffee now doesn’t actually meet local demand.
You like to see the worst in people don’t you Bill. What I see is a government with good intentions, but policies that don’t make economic sense and people who aren’t ‘white mofos’ conspiring against Venzuela’s social revolution, but just farmers nor do I think the BBC, a state-owned enterprise, is their ideological brethren it’s just reporting the news.
“You like to see the worst in people don’t you Bill?”
No.
“What I see is a government with good intentions, but policies that don’t make economic sense and people who aren’t ‘white mofos’ conspiring against Venzuela’s social revolution, but just farmers…”
The people in the piece you linked to were most definately not ‘just farmers’. They were major land owners and as such tend to be opposed to the Bolivarian Revolution
“… nor do I think the BBC, a state-owned enterprise, is their ideological brethren it’s just reporting the news.”
The BBC does not simply report the news. That is the biggest piece of naive tosh I’ve read in a wee while. The BBC, along with the rest of the liberal media, is anti the Bolivarian Revolution and the government of Venezuela.
In relation to the rest of your comment http://www.venezuelanalysis.com/news/5062 offers an interesting perspective positing as it does friction between unions and workers on the one hand and the state bureaucracy on the other.
Bill “No it doesn’t. It still costs $70. If any domestic supplier attempted to charge you $140, they would be falling foul of the law and liable to whatever punishment.”
I said imported goods, Bill. So far as I know, the laws of Venezuela don’t extend to the countries goods are imported from. There could be an argument that local industries will eventually replace some of the imported goods with local manufacture. However, there is a considerable time lag for this. So there will be shortages in the short to medium term.
Quoth the Raven “The growers claim that government price controls mean it is no longer economically viable to grow coffee.”
I guess one of the positives with this move is that the coffee farmers will suddenly become a helluva lot more competitive on the world market. However, their real-wealth purchasing power won’t have changed much, especially if they have to pay twice as much for imported equipment such as tractors and the like.
Also likely to affect a lot of locally manufactured goods. Factories making stuff in Venezuela won’t be able to sell existing stock at a sufficient price to replace any raw materials that will suddenly be double their pre-devaluation price. Therefore, a lot of factories will probably have to close, and a lot of workers will probably lose their jobs.
It looks like the Government is attempting to deflate their way out of sovereign debt. By deflating their currency as they have done, their international debt will suddenly be halved if their creditors haven’t been smart enough to specify finance in US dollars or the like. A great trick for reducing your current debt. Not such a good idea if you are hoping that lenders will be generous to you in the future.
The price controls only apply to existing stock. So replacement stock will be double the price.
However, as mentioned above, there will be a lot more unemployment due to this move. Therefore, companies will be trying to sell goods at twice the price to a much smaller market due to much higher unemployment. Thus more companies will have to close creating more unemployment. A downward spiral. I think they are stuffed.
“Now, the government will exchange dollars at different rates depending on the product that is to be imported. For essential products such as foods, health care supplies, and machinery needed to boost national production, the rate will be 2.6 bolivars to the dollar. For non-essential productst such as automobiles, telecommunications, chemicals, appliances, textiles, services, tobacco and alcohol, electronics, international travel, and remittances, the rate will be 4.3 bolivars to the dollar.”
This is something we in NZ should aspire to. I’ve been commuting on my bike for about 4 years now and I’m not at all surprised NZ is not on that top ten list.
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The government's decision to reintroduce Three Strikes is a destructive and ineffective piece of law-making that will only exacerbate an inherently biased and racist criminal justice system, said Te Pāti Māori Justice Spokesperson, Tākuta Ferris, today. During the time Three Strikes was in place in Aotearoa, Māori and Pasifika received ...
Cuts to frontline hospital staff are not only a broken election promise, it shows the reckless tax cuts have well and truly hit the frontline of the health system, says Labour Health spokesperson Ayesha Verrall. ...
The Green Party has joined the call for public submissions on the fast-track legislation to be extended after the Ombudsman forced the Government to release the list of organisations invited to apply just hours before submissions close. ...
New Zealand’s good work at reducing climate emissions for three years in a row will be undone by the National government’s lack of ambition and scrapping programmes that were making a difference, Labour Party climate spokesperson Megan Woods said today. ...
More essential jobs could be on the chopping block, this time Ministry of Education staff on the school lunches team are set to find out whether they're in line to lose their jobs. ...
Te Pāti Māori is disgusted at the confirmation that hundreds are set to lose their jobs at Oranga Tamariki, and the disestablishment of the Treaty Response Unit. “This act of absolute carelessness and out of touch decision making is committing tamariki to state abuse.” Said Te Pāti Māori Oranga Tamariki ...
The Government is trying to bring in a law that will allow Ministers to cut corners and kill off native species, Labour environment spokesperson Rachel Brooking said. ...
Cancelling urgently needed new Cook Strait ferries and hiking the cost of public transport for many Kiwis so that National can announce the prospect of another tunnel for Wellington is not making good choices, Labour Transport Spokesperson Tangi Utikere said. ...
A laundry list of additional costs for Tāmaki Makarau Auckland shows the Minister for the city is not delivering for the people who live there, says Labour Auckland Issues spokesperson Shanan Halbert. ...
Te Pāti Māori co-leader Rawiri Waititi, and Mema Paremata mō Tāmaki-Makaurau, Takutai Tarsh Kemp, will travel to the Gold Coast to strengthen ties with Māori in Australia next week (15-21 April). The visit, in the lead-up to the 9th Australian National Kapa haka Festival, will be an opportunity for both ...
The Green Party has today launched a step-by-step guide to help New Zealanders make their voice heard on the Government’s democracy dodging and anti-environment fast track legislation. ...
The National Government’s proposed changes to the Residential Tenancies Act will mean tenants can be turfed from their homes by landlords with little notice, Labour housing spokesperson Kieran McAnulty said. ...
Green Party co-leader Marama Davidson is calling on all parties to support a common-sense change that’s great for the planet and great for consumers after her member’s bill was drawn from the ballot today. ...
A significant milestone has been reached in the fight to strike an anti-Pasifika and unfair law from the country’s books after Teanau Tuiono’s members’ bill passed its first reading. ...
New Zealand has today missed the opportunity to uphold the right to a clean, healthy, and sustainable environment, says James Shaw after his member’s bill was voted down in its first reading. ...
Today’s advice from the Climate Change Commission paints a sobering reality of the challenge we face in combating climate change, especially in light of recent Government policy announcements. ...
Minister for Disability Issues Penny Simmonds appears to have delayed a report back to Cabinet on the progress New Zealand is making against international obligations for disabled New Zealanders. ...
Ambassador Millar, Burgemeester, Vandepitte, Excellencies, military representatives, distinguished guests, ladies and gentlemen – good morning and welcome to this sacred Anzac Day dawn service. It is an honour to be here on behalf of the Government and people of New Zealand at Buttes New British Cemetery, Polygon Wood – a deeply ...
Distinguished guests - It is an honour to return once again to this site which, as the resting place for so many of our war-dead, has become a sacred place for generations of New Zealanders. Our presence here and at the other special spaces of Gallipoli is made ...
Mai ia tawhiti pamamao, te moana nui a Kiwa, kua tae whakaiti mai matou, ki to koutou papa whenua. No koutou te tapuwae, no matou te tapuwae, kua honoa pumautia. Ko nga toa kua hinga nei, o te Waipounamu, o te Ika a Maui, he okioki tahi me o ...
Paul Goldsmith will take on responsibility for the Media and Communications portfolio, while Louise Upston will pick up the Disability Issues portfolio, Prime Minister Christopher Luxon announced today. “Our Government is relentlessly focused on getting New Zealand back on track. As issues change in prominence, I plan to adjust Ministerial ...
Recreational catch limits will be reduced in areas of Fiordland and the Chatham Islands to help keep those fisheries healthy and sustainable, Oceans and Fisheries Minister Shane Jones says. The lower recreational daily catch limits for a range of finfish and shellfish species caught in the Fiordland Marine Area and ...
Energy Minister Simeon Brown has welcomed an important milestone in New Zealand’s hydrogen future, with the opening of the country’s first network of hydrogen refuelling stations in Wiri. “I want to congratulate the team at Hiringa Energy and its partners K one W one (K1W1), Mitsui & Co New Zealand ...
The coalition Government is delivering on its commitment to improve resource management laws and give greater certainty to consent applicants, with a Bill to amend the Resource Management Act (RMA) expected to be introduced to Parliament next month. RMA Reform Minister Chris Bishop has today outlined the first RMA Amendment ...
Overseas models for regulating the oil and gas sector, including their decommissioning regimes, are being carefully scrutinised as a potential template for New Zealand’s own sector, Resources Minister Shane Jones says. The Coalition Government is focused on rebuilding investor confidence in New Zealand’s energy sector as it looks to strengthen ...
Emergency Management and Recovery Minister Mark Mitchell has today released the Report of the Government Inquiry into the response to the North Island Severe Weather Events. “The report shows that New Zealand’s emergency management system is not fit-for-purpose and there are some significant gaps we need to address,” Mr Mitchell ...
Justice Minister Paul Goldsmith is today travelling to Europe where he’ll update the United Nations Human Rights Council on the Government’s work to restore law and order. “Attending the Universal Periodic Review in Geneva provides us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while ...
Associate Agriculture Minister, Mark Patterson, formally reopened the world’s largest wool processing facility today in Awatoto, Napier, following a $50 million rebuild and refurbishment project. “The reopening of this facility will significantly lift the economic opportunities available to New Zealand’s wool sector, which already accounts for 20 per cent of ...
Hon Andrew Bayly, Minister for Small Business and Manufacturing At the Southland Otago Regional Engineering Collective (SOREC) Summit, 18 April, Dunedin Ngā mihi nui, Ko Andrew Bayly aho, Ko Whanganui aho Good Afternoon and thank you for inviting me to open your summit today. I am delighted ...
The Government is delivering on its commitment to bring back the Three Strikes legislation, Associate Justice Minister Nicole McKee announced today. “Our Government is committed to restoring law and order and enforcing appropriate consequences on criminals. We are making it clear that repeat serious violent or sexual offending is not ...
Foreign Minister Winston Peters has today announced four new diplomatic appointments for New Zealand’s overseas missions. “Our diplomats have a vital role in maintaining and protecting New Zealand’s interests around the world,” Mr Peters says. “I am pleased to announce the appointment of these senior diplomats from the ...
New Zealand is contributing NZ$7 million to support communities affected by severe food insecurity and other urgent humanitarian needs in Ethiopia and Somalia, Foreign Minister Rt Hon Winston Peters announced today. “Over 21 million people are in need of humanitarian assistance across Ethiopia, with a further 6.9 million people ...
Minister for Arts, Culture and Heritage Paul Goldsmith is congratulating Mataaho Collective for winning the Golden Lion for best participant in the main exhibition at the Venice Biennale. "Congratulations to the Mataaho Collective for winning one of the world's most prestigious art prizes at the Venice Biennale. “It is good ...
The Government is reforming financial services to improve access to home loans and other lending, and strengthen customer protections, Commerce and Consumer Affairs Minister Andrew Bayly and Housing Minister Chris Bishop announced today. “Our coalition Government is committed to rebuilding the economy and making life simpler by cutting red tape. We are ...
“China remains a strong commercial opportunity for Kiwi exporters as Chinese businesses and consumers continue to value our high-quality safe produce,” Trade and Agriculture Minister Todd McClay says. Mr McClay has returned to New Zealand following visits to Beijing, Harbin and Shanghai where he met ministers, governors and mayors and engaged in trade and agricultural events with the New ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 - ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
I was initially resistant to the idea often suggested to me that the Government should deliver an arts strategy. The whole point of the arts and creativity is that people should do whatever the hell they want, unbound by the dictates of politicians in Wellington. Peter Jackson, Kiri Te Kanawa, Eleanor ...
Pacific Media Watch Palestine solidarity protesters today demonstrated at the Auckland headquarters of Television New Zealand, accusing the country’s major TV network of broadcasting “propaganda” backing Israel’s genocidal war on Gaza. About 50 protesters targeted the main entrance to the TVNZ building near Sky Tower and also picketed a side ...
Opinion by Lynley Hood. Forty years on from my 1985 Fulbright Grant, my disquiet over the war in Gaza evoked some troubling questions. The answer to my first question – What is the primary purpose of the Fulbright Programme? – was on the Fulbright NZ website. It says: US Senator, ...
The ministers responsible for green-lighting major projects need to be open about potential conflicts of interest, says Transparency International. ...
Source: The Conversation (Au and NZ) – By Anastasia Powell, Professor, Family and Sexual Violence, RMIT University It has been a particularly distressing start to the year. There is little that can ease the current grief of individuals, families and communities who have needlessly lost a loved one to men’s ...
Source: The Conversation (Au and NZ) – By Gregory Moore, Senior Research Associate, School of Ecosystem and Forest Sciences, The University of Melbourne Lichen, the first described example of symbiosis.AdeJ Artventure/Shutterstock Once known only to those studying biology, the word symbiosis is now widely used. Symbiosis is the intimate ...
Source: The Conversation (Au and NZ) – By Kim Hemsley, Head, Childhood Dementia Research Group, Flinders Health and Medical Research Institute, College of Medicine and Public Health, Flinders University Olena Ivanova/Shutterstock “Childhood” and “dementia” are two words we wish we didn’t have to use together. But sadly, around 1,400 ...
Source: The Conversation (Au and NZ) – By Peter Whiteford, Professor, Crawford School of Public Policy, Australian National University The government’s Economic Inclusion Advisory Committee has just published its second report. It was set up by Treasurer Jim Chalmers and Minister for Social Services Amanda Rishworth in 2022 to provide: ...
Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne The Queensland state election will be held in October. A YouGov poll for The Courier Mail, conducted April 9–17 from a sample ...
Source: The Conversation (Au and NZ) – By Amin Naeni, PhD candidate at Alfred Deakin Institute for Citizenship and Globalisation, Deakin University There’s been much talk in recent months about what a possible second Donald Trump presidency in the United States could mean for Europe, Russia’s war in Ukraine, the ...
A brief round-up of submissions on the controversial proposed law. This is an excerpt from our weekly environmental newsletter Future Proof. Sign up here. Last week, submissions on the controversial Fast-track Approvals Bill closed just hours after the government released a list of stakeholder organisations who were sent letters advising how they could ...
A poem from Robin Peace’s new collection Detritus of Empire: feather / grass / rock. Cereal giving I see a woman’s hands, see her curious hands break a stalk as she walks through the tall prairie, the savannah, the steppe, wherever it was. See her idly bite the grass that ...
The only published and available best-selling indie book chart in New Zealand is the top 10 sales list recorded every week at Unity Books’ stores in High St, Auckland, and Willis St, Wellington.AUCKLAND1 Hemingway’s Goblet by Dermot Ross (Mary Egan Publishing, $38)A handsomely produced (debossed cover, lovely ...
The Commissioner's decision validates the longstanding efforts of the local community and ensures that Awataha Marae will be managed to serve the needs of the local community, particularly for hosting tangihanga. ...
Source: The Conversation (Au and NZ) – By Tristan Salles, Associate professor, University of Sydney Examples of Australian landscapes.Unsplash Seventy thousand years ago, the sea level was much lower than today. Australia, along with New Guinea and Tasmania, formed a connected landmass known as Sahul. Around this time – ...
Source: The Conversation (Au and NZ) – By Felicity Castagna, Lecturer, Creative Writing, Western Sydney University Day Day Market, ParramattaPhoto: Garry Trinh I live on the edge of Parramatta, Australia’s fastest-growing city, on the kind of old-fashioned suburban street that has 1950s fibros constructed in the post-war housing boom, ...
Source: The Conversation (Au and NZ) – By Michael Ryan, Teaching Fellow in Economics, University of Waikato GettyImagesfatido/Getty Images There is an ongoing global debate over whether the high inflation seen in the aftermath of the COVID-19 pandemic can be lowered without a recession. New Zealand is not ...
The ‘Wicked Game’ heartthrob is in his late 60s now. That didn’t stop him putting on a lively, goofy and very sparkly show. Apart from ‘Wicked Game’, which graces a sultry playlist of mine simply called 💋, my last sustained Chris Isaak listening session took place when I was about ...
Analysis - Two ministers were stripped of portfolios in a warning to Cabinet, drama broke out at the Waitangi Tribunal, and the gang patch ban bill ran into opposition. ...
Tara Ward makes an impassioned plea for some vital pop culture merch. In April 1999, I became obsessed with a new reality television show called Popstars. Every Tuesday night, five strangers transformed into music royalty before my very eyes as Joe, Keri, Carly, Erika and Megan were chosen to form ...
PNG Post-Courier In the early hours of ANZAC Day, aerial photographs captured an impressive gathering of Australians and Papua New Guineans at Isurava in the Northern (Oro) Province. The solemn dawn service yesterday was held at a site steeped in history, where some of the fiercest battles of World War ...
The PSA is shocked that Oranga Tamariki has used the cost cutting drive to downgrade its commitment to Te Ao Māori and remove many specialist Māori roles. ...
Source: The Conversation (Au and NZ) – By Ian Kemish, Adjunct Professor, School of Historical and Philosophical Inquiry, The University of Queensland There can be no more powerful symbol of the relationship between Australia and Papua New Guinea than the prime ministers of these neighbouring countries walking together on the ...
Source: The Conversation (Au and NZ) – By Sharon Robinson, Distinguished Professor and Deputy Director of ARC Securing Antarctica’s Environmental Future (SAEF), University of Wollongong, University of Wollongong Andrew Netherwood Over the last 25 years, the ozone hole which forming over Antarctica each spring has started to shrink. ...
Source: The Conversation (Au and NZ) – By Viktoria Kahui, Senior Lecturer in Environmental Economics, University of Otago Getty Images/Amy Toensing Biodiversity is declining at rates unprecedented in human history. This suggests the ways we currently use to manage our natural environment are failing. One emerging concept focuses on ...
Source: The Conversation (Au and NZ) – By Timothy Colin Bednall, Associate Professor in Management, Swinburne University of Technology marvent/Shutterstock Finding the best person to fill a position can be tough, from drafting a job ad to producing a shortlist of top interview candidates. Employers typically consider information from ...
Wondering where to host your next BYO? Whether its a small gathering or a massive party, we’ve got some recommendations. I was first introduced to the concept of BYOs at Dunedin’s India Gardens, a legendary but sadly defunct establishment, which purveyed enormous quantities of mango chicken to Aotearoa’s drunkest future ...
Source: The Conversation (Au and NZ) – By Julien Cooper, Honorary Lecturer, Department of History and Archaeology, Macquarie University Julien Cooper The hyper-arid desert of Eastern Sudan, the Atbai Desert, seems like an unlikely place to find evidence of ancient cattle herders. But in this dry environment, my new ...
The sector says it’s hopeful her replacement Paul Goldsmith will be able to throw it a lifeline, after six months with a minister deemed missing in action, writes Catherine McGregor in this excerpt from The Bulletin, The Spinoff’s morning news round-up. To receive The Bulletin in full each weekday, sign ...
The government can't just rely on axing public sector jobs and has to do more to cut spending, says the chief economist at a free market think tank. ...
Rock The Vote NZ, known for its advocacy for minor party unity and its role within the Freedoms NZ Coalition during the 2023 General Election, celebrates this merger as a strategic enhancement of its operational strength and outreach. ...
Nearly everyone has experienced the frustration of something you use breaking and being difficult or expensive to fix. Proposed legislation could change that. It’s been raining on and off all Sunday afternoon but people are lining up outside a building in a corner of Gribblehirst Park in Sandringham, Auckland. In ...
What does a forever relationship look like when you don’t believe in marriage? And how do you celebrate it? This essay is part of our Sunday Essay series, made possible thanks to the support of Creative New Zealand.I’m going to do it, right now. I’m going to say ...
It’s not that long ago Eliza McCartney was seriously wondering if the Paris Olympics would be her pole vaulting swansong. After years of being hounded by injury after injury, the Rio Olympics bronze medallist was still confident she would compete at her second Olympics in Paris in July, unless something ...
FICTION 1 Take Two by Danielle Hawkins (Allen & Unwin, $36.99) There’s commercial fiction, like this book, and then there’s quality fiction, quality writers, quality literature; the forthcoming Auckland Writers Festival is full of quality, and ReadingRoom has two tickets to give away to the following events: Paul Lynch (Dublin ...
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You can’t have missed the Gallipoli story as the movies, documentaries, essays and books capture what it was like for New Zealand troops in their eight-month campaign on the Peninsula. But this Anzac Day the Auckland War Memorial Museum has published a book that sheds light on a little-known aspect of the ...
The Prime Minister has committed to resuming direct flights to Thailand. But it’s not a promise he will be able to deliver on anytime soon. The post Prime Minister jumps the gun in Thailand appeared first on Newsroom. ...
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra In the free-for-all between the Australian government and Big Tech boss Elon Musk this week, the government had to be on a winner. Most people would have little sympathy with Musk’s vociferous opposition to ...
Asia Pacific Report Chief Mandla Mandela, a member of the National Assembly of South Africa and Nelson Mandela’s grandson, has joined the Freedom Flotilla in istanbul as the ships prepare to sail for Gaza, reports Kia Ora Gaza. Mandela is also the ambassador for the Global Campaign to Return to ...
Pacific Media Watch Journalists who report on environmental issues are encountering growing difficulties in many parts of the world, reports Reporters Without Borders. According to the tally kept by RSF, 200 journalists have been subjected to threats and physical violence, including murder, in the past 10 years because they were ...
Analysis by Dr Bryce Edwards, Democracy Project (https://democracyproject.nz)Political scientist, Dr Bryce Edwards. Prime Minister Christopher Luxon has surprised everyone with his ruthlessness in sacking two of his ministers from their crucial portfolios. Removing ministers for poor performance after only five months in the job just doesn’t normally happen in ...
Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra BagzhanSadvakassov/Upsplash, CC BY-SA Australia’s inflation rate has fallen for the fifth successive quarter, and it’s now less than half of what it was back in late 2022. ...
ACT's Rural Communities and Veterans spokesman Mark Cameron responds to cancellations and protests of ANZAC Day commemorations in Wellington. He says, "These pitiful attempts to detract from ANZAC Day are not at all indicative of the feelings of mainstream ...
Source: The Conversation (Au and NZ) – By Meighen McCrae, Associate Professor of Strategic & Defence Studies, Australian National University American and Australian stretcher bearers working together near the front line during the Battle of Hamel in 1918.Australian War Memorial While the AUKUS alliance is new, the Australian-American partnership ...
Pōneke based peace activists staged a silent protest at the ANZAC day service to highlight New Zealand’s complicity in war and genocide, and urge the government to take concrete steps to stop the genocide in Palestine. ...
Source: The Conversation (Au and NZ) – By Magdalena M.E. Bunbury, Postdoctoral Researcher, James Cook University Burial with a horse at the Rákóczifalva site, Hungary (8th century AD).Sándor Hegedűs, Hungarian National Museum, CC BY How do we understand past societies? For centuries, our main sources of information have been ...
Amanda Thompson doesn’t really do Anzac Day. But what she does do is remember the people she knew who had a lifetime to remember stuff they didn’t really want to, because of a war they didn’t ask for. And she does make Anzac biscuits.First published in 2021.All my ...
Source: The Conversation (Au and NZ) – By Kathryn Willis, Postdoctoral Researcher, CSIRO Xavier Boulenger/Shutterstock In the two decades to 2019, global plastic production doubled. By 2040, plastic manufacturing and processing could consume as much as 20% of global oil production and use up 15% of the annual carbon ...
With our collective remembrance, and steadfast belief in our common humanity, we strengthen our hope and resolve to do what we can to foster dialogue and understanding, and to heal divisions in our pursuit of peace. ...
Principal reasons for the opposition is the loss of the public’s democratic right to have “a fair say” and the vital need for a government free from corruption, said Casey Cravens of Dunedin, president of the New Zealand Federation of Freshwater ...
Never mind the scoreboard – in the 2000 Bledisloe Cup decider, the real trans-Tasman battle was won before kickoff.First published in 2016. The dawn of the new millennium was a dark time for the All Blacks. Their final game pre-Y2K was a 22-18 loss to South Africa in the ...
I’m on the wrong side of 40, I never pursued creative work and now my job is killing my soul. Help! Want Hera’s help? Email your problem to helpme@thespinoff.co.nzDear Hera,May I start with the least original conversation opener you’re likely to hear around the motu at the moment, particularly in Wellington: ...
“Never again - No AUKUS” was the message of the wreath laid at this morning’s national ANZAC Day commemorative service at Pukeahu National War Memorial Park this morning by the Stop AUKUS group. ...
Here is a persuasive reason why governments of whatever persuasion should STFO of meddling in the free market.
http://seekingalpha.com/article/182784-a-toothless-cftc-trying-to-bite-down-on-gold-and-silver
Note this particular quote that is indicative of the amazing financial “genius” of politicians:
“For those who don’t recall, Gordon Brown was the British government bureaucrat that sold half the UK’s gold for under $300 in 1999 and the early 2000s. Gold has since quadrupled from the price where he sold it, so the UK didn’t get that profit. The U.S. dollars that Brown bought from the gold sale then subsequently lost at least 30% of their value. This is the type of market ‘genius’ that government brings to the table. Would you like to let a government bureaucrat make investing decisions for your 401K?”
Yeah and all those ‘genius’ free market types never find themselves on the downside of any deal either.
No, that’s just another indication that you will believe whatever tripe someone says that agrees with your ideology.
As will you.
As will you.
(I feel really intelligent now)
Here is a persuasive reason why governments of whatever persuasion should STFO of meddling in the free market.
Apart from bailing said free markets out to the tune of a couple of trillion dollars you mean? That still OK with you? Sheeesh.
US$10.8 Trillion according to IMF figures obtained by the BBC.
US$3.6 Trillion by the US which puts Obama’s tough talking on US$117 Billion into perspective.
We don’t have free markets and the ‘free markets’ weren’t bailed out, institutions (ones which probably wouldn’t exist on the free market) were bailed out. It goes without saying that they shouldn’t have been bailed out and that the credit crisis wouldn’t have happened without central bank driven credit booms. It’s the way of state-corporate capitalism that the state must interfere again and again to make up for the failure of it’s other interferences. In fact Keynesians like Paul Krugman were demanding the creation of a housing bubble in the US.
The following links say it all.
NZ ‘Generous’ for Haiti
http://www.stuff.co.nz/world/americas/3234611/Kiwis-generous-for-Haiti-victims
Kiwi specialists ready to go Haiti
http://www.stuff.co.nz/world/americas/3231651/Kiwi-specialists-ready-to-go-to-Haiti
Haiti now the focus of the entire world says Gordon Brown.
http://news.scotsman.com/world/Helping-Haiti-now-focus-of.5980750.jp
Our government has donated $1 million and said ‘there’s nothing we can do’.
http://www.thestandard.org.nz/helping-haiti/
But only one of those is a blog article which is actively trying to disparage the govt ….. what do you expect ?
A question for the lefties here…
What, if anything, is wrong with communism?
Okay. I’ll bite.
Democratic Centralism is something that is wrong with communism as it came to be expressed in the USSR and Eastern Europe.
The preservation of market relations was another major flaw of Soviet style communism (the disparate power present in the command economy encourages centralisation of power in the political sphere).
The preservation of the vertical division of labour was another major flaw of Soviet style communism.
I could go on, but the point would be that all of these flaws are surmountable when we realise that the means will determine the ends.
So, no centralisation of power in our organisations of today will lead to diffused power in our institutions of tomorrow. Investing in a central figure of authority ( that can be a personality or a book of ‘correct analysis and thought’ among other things) in our organisations today will lead to dictatorial institutions tomorrow.
Online Voting: A basic Howto
Electoral Role.
We already have one of these so no major changes there. What we’d be looking at is having it online so that people could check their details and change them if necessary. This would most likely require better security for identification on initial set up than it has at present to prevent/reduce fraud. I’d envision something closer to what banks do when setting up bank accounts – two forms of ID and proof of address.
All Votes To Be Recorded.
This really is no different than now except it would be recorded electronically. This is so people can log in and check their votes the purpose of which is so that, within a reasonable time limit, they can request that it be changed.
Now, I’m sure people are going to go on about anonymous voting here but that’s because people either don’t know or don’t remember why voting became anonymous. It’s because public voting (ie going down to the pub and raising your hand) lends itself to intimidation. It has nothing to do with the vote being recorded against your name.
The time limit to change your recorded vote is there for two basic reasons: A mistake was made during voting or the vote was recorded incorrectly. It also assists in preventing fraud in the vote count. Changing the recorded vote would be done through a formal written request and would be done in front of a JP or other official. The time limit is no different than now with the poll day and then time for special votes to be counted resulting in a final count.
quenchio “Yeah and all those ‘genius’ free market types never find themselves on the downside of any deal either.”
Of course they do. However, at least they stuff up with money that is invested freely. Not confiscated from unwitting taxpayers as it is by the governments who squander money they haven’t earned by pissing it away as Gordon Brown did. Think about it. Half of the UK’s gold sold for quarter the current price, and sold in US dollars that have depreciated 30%!! Imagine how much better off the UK would be now if they had simply held onto the gold.
Anyway, the main point of the article I pointed to is that when governments try to intervene by regulating prices in order to please the populace, they simply end up creating shortages (or huge surplusses) that eventually drive prices up much higher (or lower) than if the market had just been left to sort it out.
If you consider the boom-bust cycles, it is due to government interference in the market. Consider the sub-prime crash for example. The reason it was called sub-prime is that the government encouraged people who couldn’t really afford it to by houses when the Fed was holding the interest rates at a very low level. When the Fed put interest rates back up again those same people could not afford to keep up the repayments, hence where we are today.
If the free market is left to itself, there will still be ups and downs. But there would not be the huge bubbles and subsequent pops that we have become familiar that cause huge amounts of damage in the process.
Look at what the US is doing. They are trying to solve a bubble problem by creating another huge bubble. And so it goes on.
You are forgetting that that money was invested in infrastructure (eg. educati0n, health, transport etc) which has created wealth and wellbeing in the meantime, so its value can’t be based on your calculation of what the US dollars it sold for would be worth now, but what the value of that money invested at the time and since has been – I think any decent economist would be able to work out that the social and economic capital gained from that investment would be worth significanty more to the UK than it would be now if it was sitting in gold bullion in the Bank of England vaults. As anyone knows gold is valuable only when investments don’t provide any return, and since governments are expected to deliver public goods rather than cash returns on a speculative investment (what will gold be worth next year, or the year after?) it was probably the right thing to do. And, ask anyone who needed healh care weather they would swap the service they had for gold bullion worth 80ish% more than it was back then I can guess at there response. You can have all the gold that you want, but its not worth anything until you exchange it for something. Government’s have to provide for their populations, not make investments that appreciate in value.
captcha ‘money’ heh heh
Nope. Boom/Bust cycles are a natural result of the market being under supplied, which pushes pushes prices/profits up, which leads to more investment in to supply that demand, which leads to over supply when the market becomes saturated, which leads to falling prices, loss instead of profit and declining investment.
I agree with you to a point there Matt,
However, I am really talking more generally about the unforseen effects of government intervention in the free market.
For example, can anyone think of consequences to Venezuela intervening to drive down their currency and then outlawing store owners from putting up their prices? Crazy I know. But governments do this sort of thing quite frequently in a more civilized manner but with the same outcomes.
http://edition.cnn.com/2010/WORLD/americas/01/11/venezuela.chavez.economy/
So you don’t remember our very own price and wage freezes tsmithfield?.
Good point Mach1.
So far as Venezuela is concerned, some of you might argue that the prohibition on raising prices only applies to goods in stock prior to the devaluation. So therefore, companies are profiteering unfairly by putting their prices up. However, that argument would be incorrect.
Here is why.
Imagine you are a store owner having imported goods in stock that you make 30% profit on when you sell it. So, something you sell for $100 has cost you $70. However, stock that has been sold needs to be replaced. Due to the government halving the value of their currency what previously cost you $70 now costs you $140. So, in order to be able to afford to replace your stock you have to put your prices up.
In the case of Venezuela, the government may well be able to prevent stores from putting up their prices. But I doubt they will be able to force them to buy more stock. Therefore, there will be major shortages.
An example of government interference at its bluntest and most stupid level.
“Due to the government halving the value of their currency what previously cost you $70 now costs you $140.”
No it doesn’t. It still costs $70. If any domestic supplier attempted to charge you $140, they would be falling foul of the law and liable to whatever punishment.
Interesting news about coffee production in Venzuela. Venezuela’s ‘dying art’ of coffee production.
That prop’s about as subtle as a slap across the coupon with a wet fish.
Let me see if I can pinpoint the unspoken nub of the matter.
There used to be a lot of privately owned coffee plantations and processing facilities maximising their profits on an export crop at the expense of growing food crops for the local populace.
Their gravy train is grinding to a halt in the face of new agricultural policies that aim to increase local food production for domestic consumption as opposed to private profits being made from exporting food.
In retaliation they ( and a lot of their private enterprise and corporate buddies) fuck up the supply of materials in the production chain which then puts the enterprise at risk of being ex appropriated and control handed over to the workers who continue to be intimidated by the still considerable presence of a fading centre of power.
Meanwhile, in the battle for hearts and minds, the domestic corporates are joined by their ideological brethren abroad who help spread the word that the good guys are Venezuela’s ‘white mofo’s’ who are fighting a valiant rearguard action against the pesky locals and their preferred government.
No, Bill. First of all coffee is identified by the Venezuelan government as an essential food item. This is not about the government wanting them to produce other crops they want them to produce coffee. The government introduced a price control and now it is not economical for most of the farmers to grow coffee.
No. Now they have to import coffee where before they were exporters. So the production of coffee now doesn’t actually meet local demand.
You like to see the worst in people don’t you Bill. What I see is a government with good intentions, but policies that don’t make economic sense and people who aren’t ‘white mofos’ conspiring against Venzuela’s social revolution, but just farmers nor do I think the BBC, a state-owned enterprise, is their ideological brethren it’s just reporting the news.
“coffee is identified by the Venezuelan government as an essential food item.”
Can’t argue with that.
“You like to see the worst in people don’t you Bill?”
No.
“What I see is a government with good intentions, but policies that don’t make economic sense and people who aren’t ‘white mofos’ conspiring against Venzuela’s social revolution, but just farmers…”
The people in the piece you linked to were most definately not ‘just farmers’. They were major land owners and as such tend to be opposed to the Bolivarian Revolution
“… nor do I think the BBC, a state-owned enterprise, is their ideological brethren it’s just reporting the news.”
The BBC does not simply report the news. That is the biggest piece of naive tosh I’ve read in a wee while. The BBC, along with the rest of the liberal media, is anti the Bolivarian Revolution and the government of Venezuela.
In relation to the rest of your comment http://www.venezuelanalysis.com/news/5062 offers an interesting perspective positing as it does friction between unions and workers on the one hand and the state bureaucracy on the other.
Bill “No it doesn’t. It still costs $70. If any domestic supplier attempted to charge you $140, they would be falling foul of the law and liable to whatever punishment.”
I said imported goods, Bill. So far as I know, the laws of Venezuela don’t extend to the countries goods are imported from. There could be an argument that local industries will eventually replace some of the imported goods with local manufacture. However, there is a considerable time lag for this. So there will be shortages in the short to medium term.
Sorry. Missed the imported caveat.
Don’t know how that’s being dealt with.
Quoth the Raven “The growers claim that government price controls mean it is no longer economically viable to grow coffee.”
I guess one of the positives with this move is that the coffee farmers will suddenly become a helluva lot more competitive on the world market. However, their real-wealth purchasing power won’t have changed much, especially if they have to pay twice as much for imported equipment such as tractors and the like.
Bill “Sorry. Missed the imported caveat.
Don’t know how that’s being dealt with.”
Also likely to affect a lot of locally manufactured goods. Factories making stuff in Venezuela won’t be able to sell existing stock at a sufficient price to replace any raw materials that will suddenly be double their pre-devaluation price. Therefore, a lot of factories will probably have to close, and a lot of workers will probably lose their jobs.
It looks like the Government is attempting to deflate their way out of sovereign debt. By deflating their currency as they have done, their international debt will suddenly be halved if their creditors haven’t been smart enough to specify finance in US dollars or the like. A great trick for reducing your current debt. Not such a good idea if you are hoping that lenders will be generous to you in the future.
It gets worse.
The price controls only apply to existing stock. So replacement stock will be double the price.
However, as mentioned above, there will be a lot more unemployment due to this move. Therefore, companies will be trying to sell goods at twice the price to a much smaller market due to much higher unemployment. Thus more companies will have to close creating more unemployment. A downward spiral. I think they are stuffed.
“Now, the government will exchange dollars at different rates depending on the product that is to be imported. For essential products such as foods, health care supplies, and machinery needed to boost national production, the rate will be 2.6 bolivars to the dollar. For non-essential productst such as automobiles, telecommunications, chemicals, appliances, textiles, services, tobacco and alcohol, electronics, international travel, and remittances, the rate will be 4.3 bolivars to the dollar.”
http://www.venezuelanalysis.com/news/5062
Top 10 bicycle-friendly cities
This is something we in NZ should aspire to. I’ve been commuting on my bike for about 4 years now and I’m not at all surprised NZ is not on that top ten list.