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Thursday, June 14, 2012


The Government will not return to surplus until two years after Treasury's 2014-15 estimated timeframe, according to Reserve Bank Governor Alan Bollard.
He was appearing before Parliament's finance and expenditure select committee following this morning's monetary policy statement which saw him hold interest rates steady at a record low 2.5 per cent.
In response to a question from Labour MP David Parker, Bollard agreed the delayed return to surplus would see government debt about $10 billion higher than currently forecast.
Bollard also told the committee that the economic outlook in Europe was so unclear it was not worth putting into a model.
"Instead it is the risk in the room," he said.

So Treasury is bullshitting in other words. Their forecasting produces random numbers that could have been derived from such sources as the Lotto machine and the 0900 Tarot line mystics. It's good to see the Reserve Bank Governor continues his independence and is readily prepared to break from the government politicians and state the obvious.

Little the Tory's have done - either policies, cut-backs or bravado - have altered a dangerous trajectory towards running up a massive debt through this long slump. And having our economic recovery largely dependent on an unstable Euro zone and a faultering China is hardly news for cheer.


At 14/6/12 6:20 pm, Blogger Nitrium said...

This is worth reading as an antidote to the mostly utter bullshit our media cheerleaders and Optimist Prime keep telling us (the business commentary on mainstream TV is especially dishonest): http://kunstler.com/blog/2012/06/cloacal-finance.html

At 14/6/12 8:22 pm, Blogger countryboy said...

I'm sorry to bore you guys again and after this , I think I'll take some time off and read a book for awhile . Bear with me . What if , say NZ's economy had been bled out for years through a covert and complex accountancy system that despite it's inherently fraudulent nature had become so institutionalized as to become an integral part of all our lives . Including that of our politicians ? What if , now that the decline in the always dodgy Global Economy ( What ever the fuck that is ) has put pressure on our country to such an extent that , our TRUE economy is becoming an embarrassment for it's vitality ? I invite serious derision when I write this and I look forward to any new insult or sneer . I like to add new words to my vocabulary and I would appreciate any help with that . Meanwhile , @ Frank you're on to it too in my view . You have a good nose for neo liberal bullshit . Just remember ; leapord = spots .
Here's a piece about an interesting American fellow and it's quite ironic in a way . Chris Hedges .

Death of the Liberal Class (2010)
Death of the Liberal Class (ISBN 9781568586441) was published in October 2010 by Nation books. In it, Hedges argues that, for decades, liberals have surrendered the good fights to corporations and ruling powers. In a traditional democracy, the "liberal class" functions as a safety valve. By endorsing the basic structures of the prevailing system while endorsing the values of radicals, the liberal class makes piecemeal and incremental reform possible. Yet, for motives ranging from self-preservation to careerism, the "liberal establishment," including the Democratic Party, churches, unions, the media and academia, purged radicals from its own ranks and, as a result, lost its checks on capitalism and corporate power.[18]
I take cold comfort from that . It means that basically we're fucked . Politics ...Whether it's democratic , fascist , socialist , communist , idealist , naturalist or Fuck-that !- I'm-staying-in-bed-ist , politics is doomed to change and all we can do is try to get in a spot of breeding , laughing ,playing , aging and dying before some greedy cunt comes along and fucks it up for everybody .
Ok. Put down the wine . Go to bed .

At 15/6/12 7:53 pm, Blogger frances jane said...

When you think about it, the global economy is amplifiedly stimulated/depressed by artificial intelligence- computer says "buy", there's a worldwide bull; computer says "sell", there's a bearish crash.


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