Government still expect surplus by 2015 the way I still expect to win Lotto this weekend
So Treasury have popped out their latest 10 commandments from God and amazingly growth is forecast to bring the country back into surplus by 2015. The only people who believe Treasury predictions are John Key and Bill English, from 2008 Treasury claimed we would get 1.5% growth, 2.3% growth and then 3.2% growth. We actually got -1.1% growth, -.4% growth and -.1% growth.
Treasury have been out by as much as 3.1% of GDP as little as last year and we are supposed to believe we will be back in surplus by 2015? How that will happen when Treasury admit that we could lose twice the cost of the Christchurch Earthquake if the global economy turns and that things could be worse than even that suggests that we have entered a glorious reign of utter denial with Emperor John Key wearing new clothes of fine spun gold encrusted with diamonds and sapphires...
Nats fail to stop growth of 'underclass'
The National Government's commitment to halt the growth of the "underclass" is patchy - with statistics showing many areas the party focused on in Opposition have worsened.
...John Key's economic policy seems totally reliant on everyone in the country winning Big Wednesday.
Brothers and Sisters, despite what the captain of the Titanic says, we are in for a hard landing, pretending we are not is part of the problem.
posted by Bomber @ 6:53 am
1 comments
1 Comments:
we are in for a hard landing, pretending we are not is part of the problem.
Yep. Judging from the actions of western governments so far it looks like we are destined for a hyperinflationary depression, Weimar Germany style. So far we have been papering over the depression with debt backed by treasuries (i.e. future production), but as interest payments become increasingly unfundable it is only a question of time until we either start printing unbacked currency or we default it. The latter option seems to be untenable to politicians since it would cause the big banks to instantly detonate and expose the world economy to their US$600 TRILLION (that is no typo, it is over 10x the global GDP) of derivatives. This crisis has only just started.
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