Yes an economic recession is coming – 5 things Labour must guarantee us now


It seems some in the mainstream media are realising that economic carnage is looming.

It is.

Most commentators didn’t understand the magnitude of Grant Robertson lifting the debt ceiling last week.

By taking Crown assets like the NZ Super Fund, and liabilities like the debt held by Kainga Ora, Grant has managed to leverage our debt ceiling up.

By simply allowing our debt ceiling to grow, Grant manages to continue Government spending without raising taxes while keeping the rainy day money at the ready.

And that is what most commentators are missing.

Robertson is one of the most cautious Minister’s of Finance Labour have ever had, who is always shooting left wing ideas to stop populist left economics from ever spooking Treasury.

His pact with the Wellington Bureaucracy is that he is the trusted pair of hands who won’t ever allow neoliberalism to be challenged beyond the most broad of measurements (the well being budget).

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Grant looks like he’s loosening up the purse strings but has zero intention of spending that purse and this is what should be making everyone nervous.

Grant is prepping a higher debt ceiling because he is smart enough to see the looming dangers on the horizon.

Putin is just starting.

The recession in America and Europe is just beginning.

China is becoming more unstable by the passing week.

Geopolitical crisis + economic meltdown + catastrophic climate change = looming meltdown.

Grant is raising the debt ceiling not to spend more, he is raising it because he knows what’s coming next.

When a politicians as cautious as Grant is opening the cheque book, we should all be very concerned.

With the looming economic implosion upon us, we need clear guidelines.

1: No bank bail outs except for KiwiBank – Theses fucks led us here, fuck them a thousand times if it all goes belly up and they need bail outs! Rule one is no bank bail outs!

2: Help owner occupier first time home owners – Kiwibank should be prepared to step in and take any owner occupier first time home buyers off other banks to prevent mortgagee sales, but fuck the speculators. They should all be forced to sell.

3: Include tax debt, student debt and beneficiary debt to be written off if bankruptcy is required. 

4: No corporate bail outs. NONE!

5: Continue to fund universal services that save people real money each week: Free Public Transport, free school breakfasts & lunch, 30% stakeholder role in smashing up Supermarket Duopoly to force down prices alongside GST off food and vegetables.  

I swear to the little baby Jesus, I’m going to lose my shit if Grant starts bailing banks, speculators and corporations out while ordinary people suffer.

The Left need to be kinder to individuals and crueler to Corporations.

Not to put too fine a point on it…

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  1. And all foreign workers need a foreign worker penalty rate loaded onto there starting/wage sufficient enough to pay for private medical insurance, time off and holiday pay. So about $2.50 during week days, $5 on Saturday and $7.50 on Sundays loaded onto the base rate.

  2. In other words, GFC MKII is coming and so is Austerity.

    Who woulda thought this was gonna happen again?

    Robo needs to get his Bazooka out again. But this time, aim it at the 40% of the population that needs it. Not those who went out and bought another couple of houses last time! Not those who don’t need it! And not the wealthy folks who reluctantly took the money but who never vote for them!

    That 40% of the population who have struggled throughout the covid epidemic need a hit this time.
    Not the PSA bureaucrats. Not the middle class that bought houses and not another business sector bailout.

    Bailout the people this time because they’ll support the local domestic economy by spending it on day to day consumables. Like food! Rent, gas, power, and clothing and shit.

  3. Excellent Post @ MB.
    The dirty, lazy, greedy, foreign owned banksters DID lead us to here. But who enabled them? Which Kiwi-As traitor/s did that to us? We should find them and they should go to prison for treason at the very least.
    The carnage that’s soon to be our larger cities will be as a result of Big Money fraud. The fraudsters who do this to us must be brought to justice and their many assets must be stripped from them and that money must be returned to our most disadvantaged first because it’s in poverty and hardship that societal dysfunction like drug addictions, gang affiliations, domestic violence, social unrest generally, poor mental and physical health and suicides are born from. But we know that. So how come the banks are still able to function here?
    I can tell you. It’s because we’re being lied to.
    For example: Bank with Kiwibank, SBS or TSB, The Co-operative bank for example is owned by its customers
    Here’s their blurb.
    “At The Co-operative Bank we’ve been doing the right thing by our customers since we began our journey in 1928, right here in New Zealand. Our customers are at the heart of our bank – in fact, they own it.”
    Why then give your money to the same greedy scum who take billions out of our economy every fucking year!?
    I’m going to drop this link in again by Russell Brand.
    Russell Brand is incredibly intelligent and equally well researched. He’s worth 17.17 minutes of your time. You could do the dusting or have lunch while listening to him. Like we used to listen to RNZ’s nine to noon when Kim Hill was on. Before Shusshy Slush Mc Shush Trousers Kath Ryan started spittle flecking pro neoliberal propaganda all over the microphone.

    • The government is borrowing about $300 billion out to about 2030 so no mater what happens the economy will double. Once borrowing comes off the boil, then we can talk about how sustainable that spending was. I mean arguably National / Act needs and wants have to be tended to as much as the left if it’s to have broad based buying. They want there capital gains untaxed, fine, the left should have cost of livings loaded on to base wage/salary rates.

  4. Yep. Poor Man’s Gordon Brown’s moment of truth is on us. He will fail of course given a combination of limited financial ability and lack of gumption to make the hard decisions.

    Watch for all our shit spending to continue…..

    Te Reo can’t believe his luck

  5. The only thing labour is going to guarantee is more poverty, more division, more broken promises, less accountability, much less transparency. But they’ll take great care of themselves at our expense.

    • And who is going to be better? Do you really think that a Nat/ACT govt would do anything else but return to the methods that the Key government used to munt NZ to the point of it being almost impossible to reverse the damage to our sovereignty/economic independence? Dream on… This is OUR party in power.. If we want things to change, then we need to mobilise, and put them to the blowtorch, and force the fuckers to start behaving like a proper labour govt.. Running back to the party of colonial privilege now would finish this country as an independent, sovereign state forever..

      • So your saying that people should vote for a party who has shit all over them for the last four years and who has focussed solely on enriching the already rich like Luxon?

      • Stefan, Labour has obviously done a great job in bullshitting you into thinking they give a damn about you. ‘OUR party’, are you effing kidding me? They are the party of the elite and powerful, they want more money from you and to keep you down just so they can throw you crumbs. And you’ll dutifully crawl back to them and worse of all defend them. ACT, Greens, LAB, NAT, all of them are identical, that much should be obvious to you.

  6. Labour? If you’re genuine, you can save this. Yes, you can.
    And all you have to do is tell us the truth.
    Like the parasite he is, roger douglas ate Labour alive from the inside out to leave a hollowed out carcass of a thing more resembling a big, red, toothless neoliberal National Party clone.
    Labour? Speak slowly and clearly to we, the people. Speak, the so far, unspeakable. Speak the truth. Tell people the truth. Bluntly and without farce or formality. We can take it. What we won’t be able to take is losing our AO/NZ and a stint with national and act as the Klingon to the natzos and we’ll lose the sovereignty of our lands.
    Ask Maori how that worked out for them?
    peter thiel paid $10 million to live like a billionaire here. Our homeless pay nothing to live here and get a shop door way to sleep in.

  7. I think that Grant Robertson has had to be cautious and that the intention was for him to share the pie around and for him to become a popular Minister, and of course, for there to be more pie!

    A mere two years into labour’s first term under Ardern, the coronavirus global pandemic struck, halting plans for any meaningful tax cuts for at least half a decade. Robertson and his team have had to work within tighter constraints than they otherwise would have needed to, resulting in a cautious approach to finance.


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