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90 seconds at 9am: Hanover revelations; Chinese loan crackdown; Icelandic rejection
Bernard Hickey details the key news overnight in 90 seconds at 9am in association with the BNZ, including revelations in the Sunday Star Times over the weekend about Mark Hotchin's deals with property developers in the final weeks before Hanover Finance's loan book was handed over to Allied Farmers.
Hotchin has confirmed personal guarantees over loans were forgiven in the final weeks. Allied Farmers is furious over what it says is Hotchin 'helping his mates escape a sinking ship'. Those developers were now 'smiling like cats' says Allied MD Rob Alloway.
Meanwhile, Icelandic voters have rejected a plan for them to repay the debts of an Icelandic bank that borrowed from Dutch and British savers. The deal would have lumbered Icelandic voters with repayments of US$135/month each for 8 years.
Now the Icelandic govt must renegotiate the deal It raises questions about where the buck stops in a world of globalised banks and sovereign bailouts. Will voters pay when the music stops?
Meanwhile, China plans to nullify guarantees given by local governments for lending, which will help slow down lending growth.
10 Comments
Some photos from Iceland; http://iceland-dori.blogspot.com/
Some photos from Iceland;
http://iceland-dori.blogspot.com/
I particularly like the "Inglorious Basterds" and "Another World is Possible" banners.
I feel for this population but also think they are doing the world a great service should they become the example of what happens when you decide as a citizenry to 'go it alone'.
speaking of public v private
speaking of public v private v govt, interesting story from the guardian, keep your critical glasses on though :
http://www.guardian.co.uk/business/2010/mar/07/oil-gas-production-north-sea
Great link to China. Sometimes
Great link to China.
Sometimes one wonders who the good guys are!
Is the Squid allowed in China?
PetroYen anyone?
@Greg out west. So they're
@Greg out west.
So they're trying to blame peak oil on the private companies. :-) Didn't both the North sea oil fields and Norway peak in 2000-2003? It's all pretty much downhill from here chaps!
Off topic, <a href="http://www.electric.co.uk/news/united-nation
Off topic,
but...
By hook or by crook...
<a href="http://www.electric.co.uk/news/united-nations-thinks-ab
Bloody hyperlingy syntax... thanks NA!
sorry... really old news -
sorry... really old news - got carried away...
Re Iceland - just how
Re Iceland - just how it nmanifests is perhaps not as important as understanding the fundamentals.
It's the same with whaling, bluefin tuna, mining in DoC land, and all the rest.
We are simply a species in 'overshoot' , and have been since 1980. The environmental/depletion debt was sure to show up as book debt at some point.
Just in which ledger, is only of academic interest, it had to be somewhere.
Essentially, there's not enough left to underwrite either the debt, or a sustained recovery above 2007-8 levels of activity.
This hasn't been examined in the media - and for a classic example, see the piece in the latest SST business section, re 'fuel cells'. These folk even don't know enough to differentiate a vector from a source.
That's not even physics 101, it's 3rd form general science.
And our current Cabinet is full of the same calibre.
Makes you weep.
Re. powerdownkiwi, yes the changing
Re. powerdownkiwi, yes the changing world we are entering into it hasn't been addressed by the media or our leaders. Why - because some of them are too stupid to understand it, those that do are too scared to face it. Unfortunately, the drawback of populist democracy and populist media is that they tell people what they want to hear, not what they need to hear.
I would love to see a NZ political party telling it straight and not caring about political correctness or winning votes. Then we could have some real debate.
@Greg out W and MartinV:
@Greg out W and MartinV: the idea is a waste of space...the UK choose to throw its revenue into the day to day pot instead of investing it wisely...it could have done that with the model it chose it doesn't need to "Nationalise" its too late anyway...the decline is terminal...
@PDK: "Makes you weep" indeed...but these honkies are the one in Govn, at some stage the price of oil will rocket again and the Q's will be asked....the obviousness of peak oil and the lack of action by successive Govns will be plain for the voter who can read....the backlash will be interesting to watch....
@FromtheS: "I would love to see a NZ political party telling it straight and not caring about political correctness or winning votes. Then we could have some real debate."
The Green party has been more or less saying this, but I think they have toned down their rhetoric over the last few years because they see it has been costing votes.
regards