E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

Read More

US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

Read More

Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

Read More

Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

Read More

Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

Read More

Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

Read More

Real reason for electricity blackouts hitting southern US

Real reason for electricity blackouts hitting southern US

“Large oil companies have for a decade artificially shorted the gasoline market to drive up prices,” said FTCR president Jamie Court. “Oil companies know they can make more money by making less gasoline.” The following article was written by Paul Joseph Watson. He is t

Read More

World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

Read More

Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

Read More

US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

Read More

FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,” FDIC spokeswoman Michele Heller said in an e-mailed statement. “We welcome and work

Read More

Canadian government admits recovery never happened

Canadian government admits recovery never happened

“Not only did their stimulus fail to create the jobs of tomorrow, it also failed to protect the jobs of today,” Scott Brison, the opposition Liberal Party’s spokesman for finance issues, said by telephone. "Most of us were shaking our heads in disbelief early last year w

Read More

Content By: The Coming Depression Editorial Staff (dates cited below)
Copyright: include link to this article on top of reproduction if you use it.
Bookmark and Share
(No Ratings Yet)
Loading ... Loading ...

new zealand bank

“Future Governments will face two basic options. They can either lift economic growth above current assumptions or they can cut spending and reduce public services,” Mr English said.

New Zealand is an interesting case study because of its changes throughout the years and its experiments with globalization. In the early 1980s as the Pacific nation approved and implemented the gospel of internationalism in their economy and government. “Privatization” was quietly introduced. The tax burden shifted smoothly from the high wage earners down to the poor. During the years of social programs were dismantled, resources were drained by foreigners and led to crumbling infrastructure under foreign ownership (what renter takes care of someones’ land, anyway?).

Dissatisfaction at several levels have led to a change in government. New Zealand eventually shrugged and disapproved of many levels of globalization, but it seems it could not escape the worldwide slump that crushed its budgets last year and is continuing to ravage this small island nation-state.

In 1999 its electors voted to change direction, endorsing a strong interventionist government devoted to a mix of national social policies, enforceable economic regulations and a stable private sector. Why? Its national industries had been sold off, its economy was in decline and its standard of living had been stagnant for all 15 years of its Globalisation experiment. Its young were emigrating at alarming rates (JRS, 2005).

New Zealand faces deepening debt with little way out: Treasury
By New Zealand Herald

The economic crash has seen Treasury dramatically revising its long term outlook for the economy, questioning Government spending in virtually every area, including the eligibility of the pension for 65-year-olds.

Treasury says if spending follows historic trends, the books will remain in the red beyond 2050 and debt will rise to 220 per cent of the country’s wealth.

It points to other countries raising the eligibility age for the pension, with Treasury Secretary John Whitehead saying decisions made now can prevent economic disaster later.

Mr Whitehead says making early incremental change reduces the risk around the quality of decision making and gives people time to adjust.

The Government has been adamant it won’t change the eligibility age.

Today Finance Minister Bill English said the Government had a plan to tackle the report’s findings.

“Future Governments will face two basic options. They can either lift economic growth above current assumptions or they can cut spending and reduce public services,” Mr English said.

“This Government is focused on lifting our economic growth and we have a clear plan to do that.

“I remain confident about New Zealand’s long-term future. We are coming out of the recession in a relatively strong position compared with many other countries.

“The task now is to unleash our real growth potential and ensure New Zealanders who lose jobs can find a new one as soon as possible.”

Related posts:

  1. Canada's real debt seeps to 131 per cent per GDP“We’ll start paying it down once we’re back in surplus,” Flaherty said. There is a pool of money untapped by government: the practice of undeclared barter. When an individual says...
  2. Australian Senator warns of U.S. debt default”The US dollar is almost becoming like junk bonds,” Australian Joyce said. A default by the U.S. government is a certainty in many analysts’ opinions because there is too much...
  3. Canada’s $1-trillion debt babyBy Terence Corcoran of National Post The Tory commitment to ‘eliminate’ Canada’s total net debt by 2021 now looks absurd Debt is good, even for governments. But it depends on...
  4. Shock: USA guaranteed debt default says Greenspan & Guidotti“So how does America rank on the Greenspan-Guidotti scale? It’s a guaranteed default.” — Two well-known economists – Alan Greenspan and Pablo Guidotti – published the secret formula in a...
  5. Dubai in debt default; investors spooked around globePeople forget the reason Adolph Hitler came into power was due to the Great Depression. People forget the political consequences of economic greed, corruption and bubble creation is always the...
  6. US Senate approves gargantuan national debt increase“The legislation would put the government on track for a national debt of $14.3 trillion—equal to about $45,000 for every American—and provide a vivid reminder of the United States’ dire...

This entry was posted on Thursday, October 29th, 2009 at 11:30 am and is filed under Eurasia. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Comment

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.


Under the 'fair use' rule of copyright law, an author may make limited use of another author's work without asking permission. Fair use is based on the belief that the public is entitled to freely use portions of copyrighted materials for purposes of commentary and criticism. The fair use privilege is perhaps the most significant limitation on a copyright owner's exclusive rights. "