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Friday, September 30, 2011

NZ credit downgrade that English 'didn't see coming' shows how vacant John Key's optimism really is

Credit downgrade: I didn't see it coming - English
Finance Minister Bill English said he spoke with Fitch Ratings people last week, but did not know they were about to downgrade New Zealand's credit rating.

Fitch ratings agency has lowered New Zealand's credit rating by one notch to "AA" and expressed concern over its high external debt.

"New Zealand's high level of net external debt is an outlier among rated peers - a key vulnerability that is likely to persist as the current account deficit is projected to widen again," Andrew Colquhoun, Fitch's head of Asia-Pacific sovereigns said overnight.

The country's net external debt hit 70 per cent of annual gross domestic product (GDP) in June.

On Tuesday John Key bounded into Parliament and listed off how wonderful the NZ economy was and how wonderful he is. He refused to readjust Treasury predictions for the economy and refused to hear anything negative about the impending collapse of the free market system he worships.

Key's a wide eyed little ray of sunshine in a multi-millionaire bubble world who sees only rainbows and unicorns set against a pink sky raining cupcakes of love, however if I had a Hawaiian mansion and $50 million in the bank, I'd be pretty bloody optimistic as well.

I'm just not sure, 'Don't worry, be happy' can be an actual economic policy and this Governments economic mismanagement has exacerbated our troubles rather than prepared us for the double dip global recession.

That optimism of how well John Key has led the economy was Tuesday.

Today is Friday, and NZ's credit rating has just been downgraded! Bill English can't say he saw it coming, so that means he didn't see it coming and this week shows up the vacant aspiration of Key at it's most delusional.

If Helen Clark had boasted the economy was doing well, and by the end of the week the credit downgraded, TVNZ would be playing her claims of economic robustness juxtaposed with the downgrade on a 24 hour loop. Key does it and the stunned mullet media continue to broadcast Rugby World Cup manufactured chatter.

How is Darien Fenton and the Mad Butcher bigger news than our credit downgrade after Key claimed on Tuesday that the economy was great?



At 30/9/11 11:27 am, Blogger Frank said...

"If Helen Clark had boasted the economy was doing well, and by the end of the week the credit downgraded, TVNZ would be playing her claims of economic robustness juxtaposed with the downgrade on a 24 hour loop. Key does it and the stunned mullet media continue to broadcast Rugby World Cup manufactured chatter."

Spot on, Bomber, spot on.

And no doubt right wing bloggers would be frothing with vitriol if this had happened on Clark's watch.

I must check how much froth is pouring out of certain blogs...

At 30/9/11 11:55 am, Blogger so you tell me said...

not that we can, but John needs all his ways of amassing wealth assessed, clearly as the rest of us lose he is in a position to gain, him and his flunkies, narks and pushers.

Stockbrokers like him, and him being a Gifted one, dream of collapsing economies, THAT is HOW they make money.. off everyone else's ruin.. why the fuck are we thinking that this is not his interest now?

there's nothing like hiding in plain sight... the rush is it's own reward

At 30/9/11 12:22 pm, Blogger Nitrium said...

My guess is that this came as a bit of a blow to The Smiling Assassin (which is what John Key's Merrill Lynch buddies so lovingly called him). There is no free lunch folks. The "Borrow and hope" bluff eventually always gets called by the market, and then you have to show your cards. This is why Keynesian Economics is so utterly worthless. Ultimately you mathematically will ALWAYS become Greece.

At 1/10/11 3:04 am, Blogger Tar and Feather The Bastards said...

So do I get this right - English speaks with the people who do the down grading last week and didn't pick up on "any negative signals." Hmmm maybe there WEREN'T any, but the farmer from Dipshit, basking in the reflected glory of his invitation to the wall st ponzi enablers crapfest, SAID SOMETHING THEY PICKED UP ON, leading to the current "duh were did that come from?" !!??!!

But there is an up side apparently - heard on RNZ (only thing I listen to so probably from them) that we borrowed a billion on thursday before the downgrade. If we'd borrowed it today the interest woulda been a million plus (or some such) more than thursday !! So WOW, how lucky did we get on thursday?? . . . . Or ahhh, maybe borrowing the billion kicked off the downgrade

As an aside - here in North ChCh the nat's signage is getting hammered, the pm's face has been completely removed from some hoardings, leaving a face shaped vacant hole (very fitting??)but only slashed and defaced on others. Wilkinsons photo hasn't been touched in any of the ones I did - I mean saw in my travels. . . All the signage was in areas of houses in the 500k plus neigbourhood . . . go figure

At 1/10/11 9:43 am, Blogger countryboy said...

key not worrying about a tiny , little , itse bitsy , teenseweensy widdle thing like us lot going down the gurgler is EXACTLY because he's got fifty million dollars and a flash hut in tacky Hawaii ! ( And how did he manage to buy that Hut on US soil ? ) He actually doesn't give a fuck ! Neither do the other architects of our down-the-gurgler-ing because ... well look at the fuckers ! Fay , Richwhite , Fletcher , Brierly , Mainfreight , Owens , Bolger , Muldoon ( Rest In Grief you fucker ) ... All of them . ALL OF THEM ARE FILTHY RICH ! WHAT DOES THAT TELL YOU ? They went in like Flyn armed with superb educations instructing them on how to fuck us all on any deal . They cleaned us out , secreted away their ( our ) loot and now all they have to do is desperately try to keep a lid on their deviant ways until they're too old to be prosecuted or die before we wake up to what it is they did exactly . Muldoon had a numbered Swiss bank account ! Why ? Fay , Richwhite , Citibank , Cook Islands , BNZ ? What the fuck went on there ! ? Oh ! Oh ! I know ! I know ! They were all acting in OUR BEST INTERESTS when they sold our infrastructures off and made millions upon millions for themselves and now we're broke ... That's it isn't it ? They love their country , they love us , it's all about love ! Love's what motivates key . He loves the poor and the disadvantaged . That's why he empowers Pit Bull Bennett and threatens to unleash that Fright in a Frock on the weakest . While it's just great for SIR ( Gag ! ) roger douglas to fly himself and his wife to the UK for a holiday AT OUR EXPENSE , claiming it as his entitlement , the WINZ office interrogates and intimidates those whom need a food grant to buy the things they need from one of the super market duopolies , one of which is Progressive Enterprises controlled by SIR ( Gag ! ) Ron Brierly of BIL investments . As Progressive Enterprises rort the fuck out of us and make millions , we , us schmucks have to eat second grade food bought at Global Market prices ! ( Ironically , as Progressive sell Edmonds Baking Powder , BIL pulled down the beautiful and iconic Edmonds baking powder factory in Christchurch . They then built a gas station on the site which went broke and sat vacant for years ) The Uber Riche don't care because THEY DON"T NEED TO CARE ! Chillingly , while we don't care that they don't care , they could care less that we don't give one tiny little fuck for each other . Alone , we're fucked . Together , we're a force to be reckoned with . Think about it .

At 1/10/11 1:36 pm, Blogger fatty said...

@ Tar and Feather The Bastards

Yeah, the same thing is happening in central Christchurch, John Key's face has been removed on the Nicky Wagner signs.

A crooked sign with Nicky Wagner's face looks very sad indeed

At 1/10/11 5:03 pm, Blogger Tar and Feather The Bastards said...


Someone musta come along just b4 you - I mean they - had time to push the sign over completely ;-)

Clayton Cosgrove had lots of big hoardings up as soon as he was able (hints at a good organization I'd say). What has suprised me is that until yesterday I hadn't seen one that had been defaced in any manner. . . and the one I saw on the outskirts of Belfast had what looks like a stylized maori fern like design in a light coloued water paint in one bottom corner, leaving his face undamaged . . . hardly a rabid labour hating display of hostility. Ditto with the nats and lone maori party signage. Weird.

At 1/10/11 10:02 pm, Blogger Frank said...

On a more "serious" note, we can report that John Key's cat prefer's "Chef" over budget-brands. Suggestions that Key's cat is spoiled rotten has been dismissed by Kiwiblog as "the politics of envy".


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