OnPoint by Keith Ng

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OnPoint: Easy as 1, 2, 22.8 billion

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  • Ian Dalziel,

    the Buck stops HERE...
    Interesting take on John Key's pal
    little Timmy Geithner
    and his time at the IMF
    (which is fast becoming
    the Impossible Mission Force)

    Christchurch • Since Dec 2006 • 7953 posts Report Reply

  • Sacha, in reply to Ian Dalziel,

    Interesting take on John Key's pal
    little Timmy Geithner

    Fascinating.

    Worse, [ex Australian Treasurer and PM] Keating argued, Geithner's misjudgment had done terminal damage to the credibility of the IMF, with seismic geoeconomic consequences: "The IMF is the gun that can't shoot straight. They've been making a mess of things for the last 20-odd years, and the greatest mess they made was in east Asia in 1997-98, so much so that no east Asian state will put its head in the IMF noose."

    China, in particular, drew hard conclusions from the IMF's mishandling of the Asian crisis. It decided that it would never allow itself to be dependent on the IMF, or the US, or the West generally, for its international solvency. Instead, it would build the biggest war chest the world had ever seen.

    ...

    Keating went on to argue that, by frightening the Chinese into building their vast $US2 trillion foreign reserves, Geithner was responsible for the build-up of tremendous imbalance in the world financial system. This imbalance, in turn, according to Keating, contributed to the global financial crisis which has since devastated the world economy.

    Ak • Since May 2008 • 19745 posts Report Reply

  • Joe Wylie, in reply to Sacha,

    Any criticism by Paul Keating is bound to be driven by personal grudge, with analysis tacked on by way of justification. It's the way of the tribal ALP , where unflinching loathing and loyalty are as natural as breathing.

    While there's no argument about Geithner's being a disaster, it's more than a little rich for Keating to use his handling of the East Asian crisis as an example. It was Keating who defied parody by emerging from his long post-election defeat back then to describe his old friend Suharto as a "constitutionalist" as the kleptocracy imploded.

    flat earth • Since Jan 2007 • 4593 posts Report Reply

  • Ian Dalziel, in reply to Sacha,

    Fascinating

    People who liked this also liked this …*

    …oh and these two clips

    *<added> Scary thing is, I think this is how John Key’s
    mental processes work, too…

    Christchurch • Since Dec 2006 • 7953 posts Report Reply

  • Ian Dalziel, in reply to Joe Wylie,

    It was Keating who defied parody by emerging from his long post-election defeat back then to describe his old friend Suharto as a “constitutionalist” as the kleptocracy imploded.

    ...at least Helen Clark boycotted Suharto's funeral!

    and lest we forget the Nugan Hand / Indonesia link here's a chilling timeline (all anonymous and unvalidated), I'm waiting for the movie!

    ... and Keating is mentioned in a more reasoned and recent assessment on the Austro-Indonesian relationship.

    Christchurch • Since Dec 2006 • 7953 posts Report Reply

  • Joe Wylie, in reply to Ian Dalziel,

    ... and Keating is mentioned in a more reasoned and recent assessment on the Austro-Indonesian relationship.

    While Hugh White's a professor these days, his past career as a defense department official under mainly Labor governments tends to colour his views with a certain retrospective justification. Proof that getting it horribly wrong, as he did with Suharto and East Timor, is no barrier to taking the Murdoch shilling. Like Keating he pushes the line that Suharto's legacy is blighted by the inherent bias of Fairfax and the ABC.

    flat earth • Since Jan 2007 • 4593 posts Report Reply

  • Sacha,

    Rich listers' wealth up 20% in the last year while the poor languish. Yet watch wanker Barry Colman try to deny the numbers in this 7 min CloseUp clip alongside Mangere budget advisor Darryl Evans.

    Ak • Since May 2008 • 19745 posts Report Reply

  • DexterX,

    This is news only for the week ending Friday July 29, 2011

    The minimum wage needs a lift - it is the best way to boost an economy that has been mismanaged along the lines of a wait and see approach on the basis that it can't stay bad forever.

    Nationally one in every five children lives in an impoverished household.

    "The young kids, who have dropped out of school, who don't want to go to school, who have fried there brains on marijuana, who are basically only fit for labouring jobs or unskilled labour they are the ones who would be ”souped” (?) up if we had a lift in the minimum wage"

    Is a cliché that doesn't stand up to close examination and as a justification to keep the low minimum wage it is just bullshit.

    To do "labouring" or unskilled labour - one also needs to apply ones wits and also possess a broad skill set. To retain a decent labourer you would need to be paying somewhere over $15 an hour. The minimum wage is ???

    Problems are - domestically the economy has shrunk - and the high NZ dollar is killing the non agricultural export sectors including tourism.

    Auckland • Since Nov 2006 • 1224 posts Report Reply

  • Sacha, in reply to Sacha,

    Barry Colman

    quoted thus in another TVNZ story (text).

    But Barry Colman, publisher of the National Business Review and number 45 on the Rich List, denied the wealth gap was widening on TV ONE's Close Up tonight.

    "The gap between rich and poor is one of the most damaging myths we have in New Zealand," he said.

    He added companies had suffered the effects of the recession as well, and that New Zealand's welfare system meant "the people who are poor in New Zealand today are enormously better off than the people who were poor 50 years ago."

    Colman said the fact that the average worth of the Rich Listers went up 20% was not a reflection on how the businesses were doing as a whole and he called for a decrease in the minimum wage, claiming it would increase employment.

    Ak • Since May 2008 • 19745 posts Report Reply

  • Steve Barnes, in reply to Sacha,

    Yet watch wanker Barry Colman try to deny the numbers

    Ah yes but. John Keys (sic) says...

    Mr Key has described the list as a "joke" which underestimates the net worth of those included while missing many other seriously wealthy people.

    So, who do we believe?
    Are there really all those quiet achievers?
    And, even if there are more that the list claims then how does that compare to the 1 in 4 children living below the poverty line, what does it mean? 1 in a 5000 or so people have hoarded more than they deserve. Greedy C**ts rather than National treasures I reckon but treasured by National they will be.

    Peria • Since Dec 2006 • 5521 posts Report Reply

  • DexterX, in reply to Steve Barnes,

    The economics problems are - not compounded by the Rich Listers – the lack of growth and leadership vacuum and other stuff I bang on about here from time to time.

    Auckland • Since Nov 2006 • 1224 posts Report Reply

  • Islander, in reply to DexterX,

    No very rich person is ever worthy of respect- unless they follow Buffet's prescription.
    Alsmost none anywhere do: in ANZ, you get self-agrandising projects but - name another Sam Morgan?

    Big O, Mahitahi, Te Wahi … • Since Feb 2007 • 5643 posts Report Reply

  • Steve Barnes,

    The economics problems are – not compounded by the Rich Listers

    I beg to differ. What use would it be if the Country gained 10 Billion if that 10 billion just ended up in some "Rich Listers" trust account?
    Remember, every dollar held by an avaristic "Have" is a dollar denied the humble "Have Nots"

    Peria • Since Dec 2006 • 5521 posts Report Reply

  • DexterX, in reply to Steve Barnes,

    What income and equity level do you set as "Rich"?.

    Every tax dollar taken and spent unwisely is a dollar denied the humble have nots.

    Auckland • Since Nov 2006 • 1224 posts Report Reply

  • DexterX, in reply to Islander,

    What income and equity level do you set as "Very Rich"?

    As an example would you consider Willie Jackson very rich and someone not worthy of respect?

    Auckland • Since Nov 2006 • 1224 posts Report Reply

  • Islander, in reply to DexterX,

    I have no idea which Willie Jackson you refer to.

    'Very rich' is anyone who has over $10 million at their immediate disposal.

    Big O, Mahitahi, Te Wahi … • Since Feb 2007 • 5643 posts Report Reply

  • Islander, in reply to Islander,

    *Obscenely rich" are the other ones, and I will happily provide the barbecue-

    Big O, Mahitahi, Te Wahi … • Since Feb 2007 • 5643 posts Report Reply

  • Hilary Stace,

    Extraordinary story in the news tonight about Key and his people paying a PR firm $10,000 (of taxpayers' money) to get on the US Letterman show in 2009. They even sent a demo tape. The performance itself was obviously scripted and quite embarrassing. (Incidentally, since then tourism has plummeted).

    Wgtn • Since Jun 2008 • 3229 posts Report Reply

  • Islander, in reply to Hilary Stace,

    Heh!
    Love it!
    (And, o yeah, understand other factors for the tourism plummet - but Key has actually done a really shitty job as M of Tourism eh?)

    Big O, Mahitahi, Te Wahi … • Since Feb 2007 • 5643 posts Report Reply

  • Ian Dalziel, in reply to Hilary Stace,

    video killed the rodeo tsar...

    Key and his people paying a PR firm $10,000 (of taxpayers’ money) to get on the US Letterman show in 2009

    Another PR coup orchestrated by Hill & Knowlton, well known for spinning such toxic winners as BCCI, the Tobacco Industry and the Govt of Kuwait (remember the alleged babies ripped from incubators in Iraq War Round 1) - helping Key look like a trained buffoon would've been money for jam - albeit chump change to H&K.

    Christchurch • Since Dec 2006 • 7953 posts Report Reply

  • Steve Barnes, in reply to DexterX,

    What income and equity level do you set as “Rich”?.

    I don't have to, NBR publishes a list for us.
    :-)

    Peria • Since Dec 2006 • 5521 posts Report Reply

  • Steve Barnes, in reply to Hilary Stace,

    Extraordinary story in the news tonight about Key and his people paying a PR firm $10,000 (of taxpayers’ money) to get on the US Letterman show in 2009.

    Key goes on to say that they paid no-one to get him on letterman. He explains this by saying that they retain the services of a company that does this sort of thing for them.
    Hmm, sounds like paying someone to me.
    Crosby Dexter? (sic)

    Peria • Since Dec 2006 • 5521 posts Report Reply

  • DexterX, in reply to Ian Dalziel,

    I'm Ok with it - it is not a big deal and money well spent.

    Auckland • Since Nov 2006 • 1224 posts Report Reply

  • Sofie Bribiesca, in reply to DexterX,

    So that's a lie that's ok eh?

    here and there. • Since Nov 2007 • 6796 posts Report Reply

  • Kumara Republic, in reply to DexterX,

    I’m Ok with it – it is not a big deal and money well spent.

    Then why does a certain ex-RadioNZ talkback host have a beef with Wellington’s mayor getting media training at public expense? Is it simply him being himself and shooting from the hip?

    The southernmost capital … • Since Nov 2006 • 5446 posts Report Reply

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