When does the debt ridden, property speculating, milk powder price declining rebuild from an earthquake bubble pop?



One of the most important illusions that the National Party use is the myth that they are better managers of the economy than Labour is by playing to small business moral values. This is bewilderingly successful as almost every focus group can attest to. Put NZers in a room and ask them who manages the economy better – Labour or National – and like sheep they all baa National.

This is an extraordinary feat of propaganda when you consider that the only people who have benefited from National are speculators.

This isn’t a ‘rock star economy’, it’s corporate feudalism.

The resounding defeat in Northland suggests this myth may be melting faster than the ice caps


…NZs ‘rock star’ economy is a fake illusion built upon sand.

Look at the debt National are clocking up so that they can afford to borrow billions for tax cuts to the richest NZers and so they can afford their corporate welfare.

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Look at the joke surplus that was never going to occur start to disappear because all it was ver built upon was the pretence of fiscal responsibility rather than any actual responsibility.

Look at students needing to declare bankruptcy because student loan penalties are impossible to recover from.

Look at poverty and social infrastructure rotting away the economic reality for vulnerable women working.

Look at the sick joke of ‘social housing‘ or housing affordability.

Look at the collapse of dairy as we have put all our cows in one paddock.

This Government are not taking responsibility for the economy. Their illusion of growth is built upon dairy, cheap immigration that is speculating the Auckland property market and rebuilding from a natural disaster. We have an economic micro-climate that has more to thank for our geographic proximity to Australia and China while China is also Australia’s largest trade partner. With China and Australia both tanking economically,  that micro-climate won’t save us any more.

When the false growth bubble pops, what answers will the Left have ready?


  1. Hi Martyn,

    Key is treating NZ as a wall street commodity and we will follow his involvement in the Wall St crash in 2007-8 operating with false speculative crash that all began the 2007 depression that still lingers on today.

    Key is like a western frontier poker player, throwing our last dollar n the table before a gunslinger comes into the bar and has a shootout we will be left dead and bloodied on the floor after his reckless games are played out.

    Just see how Lehman Brothers went down after several others as we went to the polls to unfortunately elect this sick man we still have today leading this hapless land.


  2. Excellent question.
    I think the ‘Left,’ to an extent represented by the Green Party, would in a post bubble-burst world, apply its intelligence to whatever issue is on the table, examine it thoroughly and come to the best possible policy, given that climate change,human rights and ecological concerns would be prioritized as much as humanly possible. Of interest would be their approach to to turning the tables on Corporate Imperialism.

  3. I fear a book cooking exercise to go into surplus is on the way because they have no idea otherwise.

    And isn’t it so terribly ironic that in the 2015 “Rock Star” economy, (High fives from National to their good friend Paul Bloxham of HSBC), National still cannot run this country at a genuine surplus. And isn’t it ironic that this doesn’t seem to matter to our media.

  4. You have nailed the key problems with NZs faux economic success. Once the air comes out of the Auckland housing mega-bubble and all that spending based on the fictitious capital gains on horrifically overpriced middle-class housing evaporates, watch them all scratching their heads and claim that “no could possibly have seen it coming”. IMO we are one recession away from economic disaster, given that there is little room to move with the interest rates already at near record lows (remember that no one intentionally lends money at a loss).

  5. The NeoLiberal God, all bow down and worship The Free Market is about to make a second coming! O ye of little faith! 🙁 All these problems will vanish!

  6. I believe you have been banging this particular drum for a number of years now. Prior to the 2011 election I seem to recall you stating the economy was about to double dip and the middle class would be all but wiped out. If you keep this up at some stage you will probably be right just as a clock with hands that has stopped is accurate twice a day.

    • How poetic….however , nasty as it may seem , this isn’t just about ‘ money ‘.

      Money is simply a tool and a weapon in the hands of the oligarchs. It is about power.

      And you , Gosman know it.

      So when the housing bubble bursts?….who steps in to take on all that gnasty debt?…why , – the same old crowd that have been setting the nations economy’s up to fail since the beginning.

      The reward? – not only all that cash made from borrowings in interest , but golly gee whiz…all that cheap land now as well.

      Oh dear , what a pity , never mind these people have lost their savings and – dear me – in many cases their houses – gee golly gosh.

      And I find it hilarious that we have a neo liberal supporter on this forum who bleats on about ‘small govt ‘ , the evils of socialist borrowing ….

      I mean really ,…$250 -300,000,000 borrowed every week to support tax cuts for corporate bludger’ s over the last 6-7 years?

      And you know the really obnoxious and sick thing about it Gosboy ?

      Your hero Key tries to blame it on the unemployed and the working poor.

      There is so much more to add but I’ve a few things to do and the hours getting late…and its only you I’m replying to. Got better things to do with my time than wasting it on fools.

      • Lot’s of people work on the equivalent of zero hour contracts and are happy with them. An independent trades person for example is on call almost every day. If noone hires him or her then they don’t get paid

        • How do you know they are happy, can you give statistics? You demand statistics of everyone else who makes broad claims so now its time to provide some yourself, if you can. Also has it escaped your notice that most, if not all, tradespersons get considerably more than the minimum wage?

  7. Anyone else notice it’s Key now, not finance minister English talking up the economy re deficit/surplus etc? Has English been sacked from the job?

    A bit of Joyce/Crosby Textor spin here methinks, to make the dirty politics BS seem more credible coming from the mouth of the ‘chosen one’!

    As it’s been said, Old Nick himself is able to be so convincing as to give an absolute lie more credibility than the truth!

  8. “what answers will the Left have ready?”

    Ooooh! Ooooh! I know that one!

    A committee of Seriously Important People, old fogies (of any age) and the sort of timid management done so well by H M Clark.

    And some consultants. We must have them.

    Unfortunately trees will die in large numbers for the production of yet another bookcase filler.

    If we don’t winkle The Left (behind in the kitchen to reminisce) out of their cozy navels the poor dears won’t have a clue – let alone answers.

    I’ve never voted for Mr Peters. I don’t intend to either – yet he had a workable answer while he was out in political oblivion: he travelled and talked with and listened to. He worked to know and connect.

    Do you suppose that miserable clot of PC annointeds masquerading as ‘representatives’ could earn their pay and do the same? They might get answered.

    • You obviously overlook that even Treasury is uneasy about the economy being so narrowly focussed on the Canterbury rebuild and dairy milk prices. If you think Treasury is a leftist organisation then you are living in la-la land.

  9. Read todays Wake up Kiwi to see how Key learnt his trade how the stock exchange in USA is manipulated and rigged , to see how USA controls the world and how if the rest of the world dispenses with American dollar we can beat banks and New World Order. See the reasons why Key wants to pass the TPP,and how it benefits the corporations not the people, see who benefits from wars , well worth reading and a great insight into how the world is cheated .

  10. Don’t know when but can guess what the response will be: tax cuts for the rich to stimulate spending (the 1%’s spending, that is); cuts to all government services; charge interest on student loans; sell off KiwiRail and NZ Post.

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