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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Ilaine who wrote (81169)	10/10/2011 8:13:59 PM
From: Brian Sullivan	Read Replies (1) \| Respond to of 217655

Other chapters are on the meltdowns in Greece, Ireland, Germany, and US state and local governments. And all also printed in Vanity Fair. Michael Lewis is one of my favorite authors but I fear that his latest book is just a compilation of his Vanity Fair articles.

To: Ilaine who wrote (81169)	10/10/2011 11:48:33 PM
From: Maurice Winn	1 Recommendation Read Replies (1) \| Respond to of 217655

NZ continues along the same path as that taken by the USA [at 1/100th the scale]: <Tuesday, October 11 2011 Today’s release of the final numbers for the Government’s financial affairs for the year ended 30 June 2011 confirms what the ACT Party has been saying for many months, ACT Party Leader Don Brash said today. “The final numbers show that the Government’s deficit increased from a bad $6.3 billion in 2009/2010 to an appalling $18.4 billion in 2010/11,” Dr Brash said. “To be sure, nearly half of that deficit was a result of the Canterbury earthquakes, but even excluding that impact the deficit increased by 48 per cent to $9.3 billion. “That result was despite an increase in core Crown revenue. The basic problem was an increase of 10 per cent in core Crown expenses, the great majority of that increase having nothing to do with any earthquake. “The National Government inherited a strong growth in Government spending from the Labour Government that preceded them. Even though National had criticised much of that spending when they were in Opposition, they have failed to reverse most of it, despite a dramatic slowdown in revenue growth as a result of the recession and the huge cost involved in dealing with the earthquakes. “The Government borrowed nearly $20 billion during the year, adding to both the government debt and to the debt we owe to foreigners. The Government certainly didn’t borrow the $20 billion from mum and dad investors in New Zealand. Most of it came from offshore, pushing up our exchange rate and hurting our exporters in the process. “I don’t underestimate the political difficulties of removing policies which benefit particular interest groups, but the failure to do so will cost our children and our grandchildren who will be lumbered with the increased debt,” Dr Brash said. Dr Brash noted that, over the three years from 2007/08 to 2010/11, nominal GDP had grown by just $17.1 billion. Core Crown expenses over the same period had grown by $13.5 billion, thus the Crown had absorbed 79 per cent of the total growth in GDP in that period. “In 2010/11, core Crown expenses made up 35.2 per cent of GDP, a larger share of GDP than in any year during the nine years of the Labour Government,” Dr Brash said. > I quite like recessions - fewer traffic jams, less traffic in general, walk into any cafe any time and find a seat, people are even a bit grateful to have some business. Mqurice