Posts by merc
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Dame Anne Salmond is an amazingly talented writer and academic.
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Awe. So many good points there, will they listen?
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OnPoint: PREFU 2011: "What credit downgrade?", in reply to Keith Ng,
I know, me either.
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Finance Minister Bill English said he still expected the "tax switch" to be revenue-neutral over a period of four or five years, and in any case it was primarily about shifting incentives towards more saving and investing, and less spending and borrowing for property speculation.
http://www.nzherald.co.nz/politics/news/article.cfm?c_id=280&objectid=10758397
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Hard News: Occupy: Don't call it a protest, in reply to Stephen Judd,
Thanks ;-) Also http://en.wikipedia.org/wiki/Federal_Reserve_System
Board of Governors
The seven-member Board of Governors is a federal agency. It is charged with the overseeing of the 12 District Reserve Banks and setting national monetary policy. It also supervises and regulates the U.S. banking system in general.[62] Governors are appointed by the President of the United States and confirmed by the Senate for staggered 14-year terms.[38] The Board is required to make an annual report of operations to the Speaker of the U.S. House of Representatives.
The Chairman and Vice Chairman of the Board of Governors are appointed by the President from among the sitting Governors. They both serve a four year term and they can be renominated as many times as the President chooses, until their terms on the Board of Governors expire.[63]
Balance between private banks and responsibility of governments
The system was designed out of a compromise between the competing philosophies of privatization and government regulation. In 2006 Donald L. Kohn, vice chairman of the Board of Governors, summarized the history of this compromise:[45]
Agrarian and progressive interests, led by William Jennings Bryan, favored a central bank under public, rather than banker, control. But the vast majority of the nation's bankers, concerned about government intervention in the banking business, opposed a central bank structure directed by political appointees. The legislation that Congress ultimately adopted in 1913 reflected a hard-fought battle to balance these two competing views and created the hybrid public-private, centralized-decentralized structure that we have today.
In the current system, private banks are for-profit businesses but government regulation places restrictions on what they can do. The Federal Reserve System is a part of government that regulates the private banks. The balance between privatization and government involvement is also seen in the structure of the system. Private banks elect members of the board of directors at their regional Federal Reserve Bank while the members of the Board of Governors are selected by the President of the United States and confirmed by the Senate. The private banks give input to the government officials about their economic situation and these government officials use this input in Federal Reserve policy decisions. In the end, private banking businesses are able to run a profitable business while the U.S. government, through the Federal Reserve System, oversees and regulates the activities of the private banks.I may be wrong in my stating that the Fed is wholly privately owned, it is part privately owned with the Governors (only 5 needed to make a meeting consensus) appointed by the President, and privately.
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Hat tip Interest.co.nz http://www.interest.co.nz/property/56362/opinion-hugh-pavletich-sees-political-circus-running-rebuild-and-objects-taking-garde
Suggests that if insurers will not insure city rebuild, city will have to be built elsewhere, but there is nowhere nearby allowed for that density. -
Ah thanks Interest.co.nz here's how much Bill has been and will be borrowing, http://www.interest.co.nz/bonds/56352/nzdmo-borrow-net-nz179-bln-government-over-next-5-years-mostly-201314-inflation-indexed-
I hope he's not basing his borrowing on Treasury growth forecasts? 3% growth coming, yeah. -
Government spending was beginning to fall and 43,000 new jobs had been created in the past financial year; 20,000 more than predicted in this year's Budget.
In May Treasury predicted 170,000 new jobs would be created over the next four years.
English said its revised estimate of 150,000 new jobs recognised actual jobs were already ahead of its earlier forecasts.
http://www.stuff.co.nz/business/industries/5848275/Treasury-confirms-Govt-on-track-for-surplusIs it me or does this not make any sense?
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Something weird going on here with articles amended, the Stuff response here, http://www.stuff.co.nz/business/industries/5848275/Treasury-confirms-Govt-on-track-for-surplus
Treasury facts I did not know here, http://en.wikipedia.org/wiki/New_Zealand_Treasury
It's all so arbitrary until you realise who is responsible for what Crown entities. -
In my area the billboard for a brighter Key future has been replaced by a billboard for Banks...