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Tuesday, October 9, 2012

Gareth Morgan reflects on John Key

Key spat out a personal insult aimed at Metiria Turei in the House recently. Gareth Morgan sums Key up accurately in this article from his blog - Gareth's World.

"Could John Key’s response to Turei’s proposed legislation be more superficial?

“She argues that we have people that are well off, then she wants to give the same millionaires yet more money to raise their kids – she is barking mad,” Mr Key said.

Quite apart from the fact that he seems to misunderstand the Bill, does he not realise that we already hand over something like $18,000 a year net as a welfare payment to many millionaires, they just happen to be over 65 (that payment is called NZ Superannuation)? He has no problem doing it for that age group, but does doing it for kids. His criticism is flaky, his stance hypocritical.

Of course what’s really bugging Mr Key is that a universal child payment means more tax has to be collected. And the only sensible way to do that is to shut down the gaping tax loopholes that are a cancer in our tax system. And guess who that would hurt? Yes, the millionaires Mr Key represents. He isn’t really objecting to giving money to millionaires, he’s objecting to taking it from them. This is where his ability to objectively assess the role of tax and benefits flounders, he cannot accept that a tax regime that sees the biggest suckers paying tax are PAYE earners as somehow wrong. Far rather that, it seems to this bond trader, than taxing those who generate the most income in the true sense of that word, those in control of the most wealth.

He hadn’t a leg to stand on, he’s an apologist for tax loopholes for the rich. Pity there are so many mugs amongst the voting public who can’t see that."


Armchair Critic said...

Up in the Waikato, where:
- it's all blue,
- Greens are what accompanies the steak, and
- the only other place green is allowed is in the pasture,
the editor of the Times has also questioned the credibility Messrs Key and Joyce when describing Dr Norman's ideas as wacky.
Another sign that change is well under way.

robertguyton said...

Russel has held his line nicely and looks unflustered by any overheated criticism. Metiria was on RadioLive for an extended interview and talkback yesterday and was tremendously well by the hosts and callers-in.
Mr Key got roundly criticised for being out of his depth by an American Security spokesman in todays Southland Times...on and on it goes.

Shunda barunda said...

"Lets print our children's money and use that!" said Mr Norman, "that's silly" said everyone else, "no it isn't said Norman"

The Greens have lost the plot.

I mean, really lost it this time, "follow America" they say....

Blarr-deee HELL!!

robertguyton said...

Russel didn't say, "Follow America", anymore than including rice in your diet proves you are a Chinese Communist.

Shunda barunda said...

It doesn't matter, that is exactly what he is doing.

And the only reason QE ever worked is because of an ever increasing consumption of the planets limited resources.

This is insanity from a party that claims to care for the environment, absolute insanity.

robertguyton said...

It's not exactly what he's doing at all. Have you read the details of what Russel proposed? It's quite a different regime than the American model, with checks and balances designed so that it's effective, rather than just 'printing money ad nauseum'. It's important to look at what Russel really said, not just the reactionary responses from those who can't listen past the first statement.

robertguyton said...

Shunda - has this sequence at Frogblog not opened your thoughts at all???

alistair Posted October 12, 2012 at 2:41 AM
I can see what you’re doing here Russel : QE is not a dirty word, on the contrary all the serious people are doing it. So what the Greens are proposing is not strange or radical, but common sense.

BUT: As practiced elsewhere, QE consists of squirting liquidity everywhere, on the principle that a rising tide floats all boats. But the reality, as others have commented, is that the money gets used to prop up dying banks, or to speculate on commodities, and only part of it trickles down into the real economy.

What you’re proposing, on the contrary, is… radically different : targeted spending financed by QE. Which is great! because it has a much bigger direct positive effect on the economy, for the same “cost” as “normal” scattershot QE.

Like or Dislike: 2 1 (+1)

bjchip Posted October 12, 2012 at 5:07 AM
Alastair nails it here.

This is not the useless sort of QE that the US does, but instead it is a more appropriately targeted version.

I observed elsewhere that the US experience is not that relevant to ANYONE else because they are used as the reserve currency, and Triffin made it clear that that was not as advantageous as it first appears.

However, QE forever, as much as it takes is the battle cry in Europe, Japan AND the USA… and we can do it MUCH better.

I suggest that we are on the right track here.

and they

and John Key and his supporters here

are all indulging in this….

Like or Dislike: 2 1 (+1)

bjchip Posted October 12, 2012 at 9:26 AM
Alistair – I have no idea who Alastair is – sorry

Like or Dislike: 0 1 (-1)

Shunda barunda Posted October 12, 2012 at 9:39 AM
I am shocked you guys think spending our children’s money is a good idea, absolutely shocked.

The reason this worked in the past for the USA is because the ever increasing consumption of planet earths resources enabled it to happen.

You lot really are bat shit crazy.

Like or Dislike: 0 2 (-2)

bjchip Posted October 12, 2012 at 10:17 AM

Where does money come from?
What does money represent now?
What IS money?

…we can’t do what we’d really want to do. We can do this. It IS NOT what you think it is.

Like or Dislike: 0 0 (0)