Here's our summary of key economic events overnight with news the Omicron impact on the soon-to-be released US non farm payrolls report is scaring the bejesus out of the wider global financial markets. Risk is 'off' until the dust settles on this data when it is released tomorrow.
US jobless claims came in without any special jobs effect however. Last week there were 257,000 initial claims and slightly lower than expected. The total number of people on these claims went up slightly however to 2.04 mln, which means fewer came off these registers. Still, the overall level remains lower than pre-pandemic.
The Challenger job cuts data for January remained very low too, also not playing into the non-farm payroll fears either. They say most of those losing their jobs are anti-vax or anti-mandate workers, even if the numbers are actually tiny.
The US service sector PMI slipped, but not by as much as you might expect, and not by as much as analysts had expected. New order levels held up, price pressures eased somewhat, but the employment subcategory isn't expanding as fast as previously. Despite the overall small pullback, the extended expansion remains historically strong.
We also got US factory order data, but that was for the prior month, December. It reported a -0.4% slip from a strong November although these order levels are almost +15% higher than the same month a year ago.
A Canadian banking regulator is warning that some house prices there could fall as much as -20% after their current speculative bubble bursts.
China is buying a fight with India. At its Olympic torch ceremonies, it has politicised them with ceremonies honouring those who died recently in their border clash. India isn't impressed.
South Korea's factory expansion improved in January, although it remains modest. Japan's factory sector contracted slightly. And India's factory sector expanded slower in January.
In Europe, both the European Central Bank and the Bank of England met market expectations with their policy reviews overnight with the BofE raising rates +25bps to 0.50% (a back-to-back increase) and the ECB keeping policy unchanged. However, both meetings unveiled substantial hawkish shifts. The British are reducing their money printing, and the ECB is saying "the situation has changed", setting up conditions for tapering there soon too.
One reason is that producer price inflation isn't easing in the EU. The latest data for January shows it rising to an eye-watering +26% from a year ago, up +2.9% from the prior month and an acceleration from +1.9% in November from October. Yes, the situation is changing, and fast. Energy costs are driving the spectacular rises, but all the non-energy sub-indexes are up way above target too. British PPI is up sharply too, by +9.3% in a year led by a +68% rise in energy costs on the same basis.
In Turkey, their inflation rate has risen to an eye-popping +48% from January a year ago. In January 2021 it was +15% and the local were worried then
In the world of sea shipping, container rates slipped marginally last week, mainly because rates out of China fell. But bulk cargo rates fell too, for the same reason - demand out of China is down.
In NSW, there has been a drop to 12,632 new community cases reported yesterday, now with 110,892 active locally-acquired cases, but a rise to 38 daily deaths. There are now 2,578 in hospital there, off their high. In Victoria they reported 12,157 more new infections yesterday. There are now 66,648 active cases in that state - and there were 34 more deaths there. Queensland is reporting 8,648 new cases and 9 more deaths. In South Australia, new cases have slipped to 1583 yesterday and one death. The ACT has 529 new cases, and Tasmania 656 new cases and 1 death. Overall in Australia, about 37,200 new cases were reported yesterday.
The UST 10yr yield opens today at 1.83% and up +8 bps. The UST 2-10 rate curve starts today a little steeper at +63 bps. Their 1-5 curve is steeper at +89 bps, while their 3m-10 year curve is much steeper at +180 bps. The Australian Govt ten year benchmark rate is up +4 bps at 1.91%. The China Govt ten year bond is unchanged at 2.72%. The New Zealand Govt ten year is another -6 bps lower at 2.52%.
On Wall Street, the S&P500 is down -1.7% to start their Thursday trading. The NASDAQ index fell sharply, mainly because Facebook shares are being dumped. But bucking the anti-tech trend was Google who delivered stellar results. Overnight, European markets were all down by about -1.5% although not as steep in London London. Yesterday, Tokyo lost -1.0%. Hong Kong and Shanghai are closed for their week-long holiday. Yesterday the ASX200 fell a minor -0.1% while the NZX50 rose another +0.4%.
The price of gold starts today at US$1806 and down -US$3 from this time yesterday.
And oil prices start today up by nearly +US$1 from yesterday at just under US$88/bbl in the US, while the international Brent price is now just over US$89.50/bbl.
The Kiwi dollar will open today little-changed at 66.3 USc. Against the Australian dollar we are also little-changed at our lower level at 93 AUc. Against the euro we are marginally firmer at 58.7 euro cents. That means our TWI-5 starts today at 70.9 and a small net rise.
The bitcoin price is down -1.3% since this time yesterday and now at US$36,824. Volatility over the past 24 hours has been modest at +/- 1.9%.
The easiest place to stay up with event risk today is by following our Economic Calendar here ».
194 Comments
And in the US, the 34,000 truck protest is affecting the supply chain and civil order in Canada - as well as Biden’s support.
https://thehill.com/opinion/white-house/592647-us-trucker-convoy-coming…
It's amazing the lengths media and the political establishment will go to in order to demonize anyone who doesn't just shut up and do as they're told.
According to Trudeau, these tens of thousands of protesters, who managed to attract ~$8m CAD in support through one of the most successful GoFundMe campaigns ever, are a "fringe minority", and probably "racists" and "misogynists" (I'm not making this up).
Have a look at the Wikipedia page for the Freedom Convoy. It's just paragraph after paragraph of slander, trying to associate such behaviour with violent extremists, QAnon, far-right groups, you name it.
I'm reminded of a quote attributed by a journalist to US political policy advisor Karl Rove:
We’re an empire now, and when we act, we create our own reality. And while you’re studying that reality — judiciously, as you will — we’ll act again, creating other new realities, which you can study too, and that’s how things will sort out. We’re history’s actors . . . and you, all of you, will be left to just study what we do.
Trudeau is in serious trouble as well.
You've been drinking the cool aid.
A group of moronic truckers who think they possess superior medical knowledge and are prepared to create extreme supply shortages and bring their own country to it's-knees.
Ignorance in the extreme
Rastas will you still be saying that went your in line for you six booster or you won’t be able to work travel. Wake up
I don't understand what everyones issue is with boosters. It's an evolving disease and just like any disease, the more exposure you have to it, the more your immune system learns how to deal with it. Why this is even disputed is beyond me, the numbers are clear, more boosters, more protection, less likely you have severe effects when COVID does get you (which it inevitably will). We should be glad that we have boosters even available when most of the world isn't even fully vaccinated yet!
I don't hear the same people stamping their feet when they (should) line up for their third MMR vaccine when they are in their teens, or their 2nd or third tetanus one, or if you go overseas to some dodgy countries your 3rd rabies vaccination booster etc.
Just go out and get as many boosters as you can, its still 1 in 2 million that you will die from a shot, which is way lower than the chances of dying from COVID, according to our stats. Small side effects are good (like having a fever etc), it means your immune system is responding. For COVID, it's shown to be even better to go out and get multiple shots of different vaccines too, which I will be doing if they are on offer.
Why on earth wouldn't you want to protect yourself as much as possible? Sounds like most people have bought into some sort of conspiracy, or are just covering up their fear of needles or something. Be brave and think critically! Vaccines are a modern medical marvel, they are our best defence against dangerous infectious diseases.
Blobbles this is probably not the only thing you don’t understand. If you enjoy getting jab with another dose of a product that nobody knows how this will effect people in years to come for the chance of being slightly less likely to get omicron which out of all the people I know in uk who have had it have said they had cold symptoms for a couple of days but most said no effect at all. Then you can go ahead fill your boots with boosters but if people don’t want to have more of this vaccine that is fine in eyes and more sensible.
All my family in friends in the UK have mostly had omicron and you're right, it was mostly cold like symptoms.
However, the difference being they're all boostered.
Some of my friends and family in Uk all were double jabbed the older ones had booster but still no problems with omicron.
"all the people I know in uk" is probably an irrelevant statistic unless you know an awful lot of people.
Jimbo have you not read the news no mandates in UK no masks no restrictions no point it does not stop omicron
I mean we have been looking at mRNA vaccines since the 1980s, in humans since the early 2000's. Pretty sure we should be able to see any long term effects by now. But hey, the choice is known deadly disease vs a very unlikely to have long term side effects vaccine. Go ahead and choose the disease if you so desire, that's your choice. Unfortunately we will have to live with your choice as we may have to look after you when you become sick or die from it. Let's just hope if it does smash you, you don't suffer from the vaccine regret that many anti vaxxers have had when on their death beds suffering from COVID.
Blobbles I have had my jabs just don’t agree with mandates and passport and governments trying to controlling citizens. If you are healthy and double jabbed then the booster shot should be a choice omicron is here and like myself and other on here family members who have had omicron are fine nothing to fear.if you want ten boosters I don’t care and I also hope you don’t suffer if in next few years if data is released confirming it somehow interferes with your immune system and you get ill with a virus not covered by booster,as you must know the drug companies have no comeback.
The long-term effects of multiple shots are just unknown. While the odds are there won't be any major negative effects from receiving multiple shots and boosters, no-one can say for certain that's the case. I am double-vaxxed but at the same time I am a bit uncomfortable about getting boosted so quickly. I'll wait until 6 months after my first shot, thank you - and see where things are at then. Merely saying this in some circles can result in nasty comments verging on abuse, which is ridiculous. It's a perfectly reasonable and legitimate concern yet you're looked at like you suggested the moon is made of cheese or earth is flat.
I'll take my chances with two shots for now (and a good immune system based on a very good diet and a very healthy lifestyle).
Same here. Hoping to get Omicron from my kids in next few months. Vaccinated + natural immunity should be plenty to see me into the endemic phase unless some weird mutation changes the field significantly.
Every downside of boosters you mention applies equally or more to infection with Omicron. There's no long term data on that either.
NZdano Like most people you will probably get both so you will find out, I would rather take a chance with just one omicron you can be the lab rat.
Yes, this is a better argument, that the effects of multiple boosters in a short period is not known and likely not studied. Thought there were reports in NZ of people getting multiple boosters in a very short period to get the McD's voucher or similar that were being given away with them! They might be a good test case...
Many people my age (30-40) I know have little interest in the booster. Reasons below are my observations:
a. 2 good friends developed health issues after taking the vaccine. Correlation doesn't equal causation, but it is enough to put them off.
b. Not convinced of overall effectiveness. 2 doses and a booster, all within 6 months with more to come. Seems a bit much?
c. Not enough known about long term effects of mRNA vaccines. Remember when smoking was perfectly fine 50 years ago?
d. Sick of being told what to do and participating in the world wide experiment of obedience.
Seems to be mostly the boomers that are lining up to get boosters in a rush.
Personally I am in no rush to get a booster. Politicians changing timelines on a whim to suit their political agenda, na mate.
Which goes to show you how little critical thinking there is in the people you know.
a. As you said, but like I said, being a bit sick afterwards is a GOOD thing, it means your immune system is primed for the real thing
b. Read the stats. Ridiculous to say "it's a bit much" when the stats are out there showing you how good they are.
c. Take your chances with a known deadly disease or a possibility (though highly unlikely) of long term vaccine effects. Then create a self deluded comparative logical fallacy about why one thing is equivalent to another
d. One assumes they never drive at speed limits, pay taxes or do any other myriad of things that are mandated by governments? Please, a pathetic excuse for un-needed rebellion.
Each booster erodes your immune system. The MRNA does not work like a vaccine, it ONLY elicits a T Cell response. Do some research, don’t be a sheep.
Facebook researchers for the win!
Lol ok. I'm just passing on observations, you sound very defensive. Anyway, in response..
a. Continuous heart palpitations on a healthy fit person and onset of a disease in another health fit person are just the immune system priming itself. Thanks, Doctor. As I said, correlation does not equal causation, but they know their body better than random internet reply guy.
b. "Read the stats" - stats are all rubbish. Figures manipulated to suit a narrative.
c. The mental gymnastics here is quality.
d. Government mandates something, means any opposing opinion is a "pathetic excuse for un-needed rebellion". Are you a critical thinker or a sheep?
Imagine thinking that disagreeing with or having an opposing opinion to the mighty government is having little critical thinking skills. Jesus wept.
Who sounds defensive?
a. Certainly, get them to visit a doctor. You used the anecdote first, disparaging someone for using the same anecdote is a double standard.
b. This beggars belief, thank you for showing how limited your thought processes are. You have a wealth of information at your fingertips, able to analyse data from sources yourself, but instead, you decide to base decisions on anecdotes instead of facts.
c. If you can't keep up, it shows how low down the thinking tree you are.
d. Didn't say anything about that, I consistently criticise the government in their failures. The "sheep" comment, shows how far down the conspiracy hole you must be.
Imagine finding a person who believes anecdotes over hard data is "critical thinking". Jesus wept.
To be honest the data showed that a booster would benefit those over 70 of getting serious disease. If you are younger with no major co morbidities the booster doesn’t provide you any additional protection from severe disease only refuses your chance of mild disease.
There are diminishing returns with the boosters. You can't keep injecting them forever.
Had this discussion with a family member and I concluded she would be getting her 100th booster in 100 months with 0.01% effectiveness if that is what the government told her to do lol.
Diminishing returns, but have you taken your first?
Double vaxxed. Not rushing to get a booster.
I am the same
HouseMouse,
I cannot begin to understand the thought process that goes into " I'm ok with having two shots of the vaccine, but not the third".
Please explain.
Not just for this topic, but in general, that lack of understanding, or even an attempt at it, is something you might benefit from addressing. It would seem to be a key component in good decision making skills. If you are unable to identify and critically assess all options then you may be left accepting a solution that does not actually address the problem and fails to work effectively, or at all.
linklater01,
I cannot begin to understand the thought process that goes into "I'm ok with having two shots of the vaccine, then need a third one in 3 months".
Nothing against a booster per se, but 3 months after your second because some politician said so? That is 3 jabs within 6 months. Why not make it 6 jabs within 12 months. If you need that many jabs, does its effectiveness not come into question.
I can explain, its pretty obvious. Met someone only today who feels the same way. Basically they have been lied to by this government and they bought into the advertising spin of "Two shots for summer". Most people thought it was going to be two shots then life was going to go back to normal. Now they realise that this is never going to end with a string of boosters to keep your passport valid. They have been sold yet another lie and they are pissed off.
I found it hard enough going in and receiving 2 shots. Breaking out in sweats and feeling feint in the 20 minute wait period after getting the jab. This is how I react to needles, happens when I get a blood test too.
If being boosted becomes mandated then I'll have to suck it up, but I'll try not to go through that extra bother if I don't have to.
Ahh no, actually the returns are about re-establishing the levels of resistance to infection that were achieved through the first two injections. The numbers are in regarding booster effectiveness (reported in Guardian) and they are good.
You can of course keep getting boosters for ever, but I hope they change the formula to chase down Omicron. I take the flu shot every year for this reason.
I watched the entire Dr Malone episode and a lot of what he said made sense and there are likely to be political overlays on this episode which are dark and unvalued. But the math on the risks of infection from Delta versus the risk of side effects of the Pfizer vaccine are solid.
What will happen in 10 years when this relatively unproven medicine is shown to have caused some issues? I will sleep soundly knowing the math was clear on it being the right choice at the time based on what we knew.
Brock Landers
"There are diminishing returns with boosters. You can't keep injecting them forever."
The funny thing is that most people get an influenza vax every year. This vax is reconfigured every year to keep abreast of the latest mutated strains. I used to always get the seasonal influenza at least once a year until whenever the annual injection became routine and I haven't had one case of the flu since. You could say that each new annual flu vax is an unknown when it is released each year as to any deleterious effect it has on the human body immediately or in the future
Yet most of us sensibly and willingly get it annually. And I have never heard of a single case of a lethal adverse reaction to the annual flu vaccination.
A booster dose is just a "topping up" of the original vaccination to give a stronger resistance to the virus.
And, yes, I will continue getting the annual flu vax each year, or as you say, forever, despite it essentially being a new vaccine each year.
We are fortunate in New Zealand in having a unified political party managing our response to the pandemic. Just imagine the shambles if we had an assortment of our dysfunctional right-of-centre parties running the show.
Streetwise, the Flu vax has been tested for years.Covid booster are the same as first two jabs which has only been produced for this pandemic nobody knows what might happen in next few years with it. If you are fearful take as many boosters you like just don’t try and impose it on others we all will eventually get omicron because you can’t stop a cold virus and boosters will not stop you getting omicron .
The annual flu vaccination and the Comirnaty COVID vaccination offered locally are two totally different things. The flu vax is not reconfigured for the latest strain either, they try to pick the likely strains that already exist that will be prevalent in season, and then vaccinate for it. It's not a new vaccine each year as the strains can be cyclical, but the flu vaccine is incredibly effective. The current generation of COVID vaccinations - not so much and hence the "top ups". I have had my booster, but I won't be getting a fourth and at this time I would not vaccinate under 12s (although my children are under 5).
Sweeden has also recommended not vaxxing the 5-11 year old bracket.
It's the 'oh sorry little johnny you can't play team sport because you're not vaxxed' bollix that annoys the hell out of me.
Omicon has moved the goal posts and the govt seems unable (or unwilling) to now follow the science.
Hi Streetwise.
Nah... The funny thing was you and Micheal Baker busy paddling down towards Antarctica to keep on hiding from the virus. 🤣
A vaccine that has been reformulated for new strains of disease may certainly be of benefit.
Pumping everyone full of the same booster over and over has rapidly diminishing returns and may even be counterproductive.
You are welcome educate yourself with a Google search and read whatever publications you find reputable.
Here is something from the NYTimes to start with: https://www.nytimes.com/2022/01/06/health/covid-vaccines-boosters.html
When an existential emergency strikes us we haven't got time to pussyfoot round. We have to make decisions based on the experience of our top experts.
We have a democratically-elected majority Government openly doing their best to combat the pandemic with the help of top experts. The opposition parties are cooperating to a certain extent but many of their supporters have been doing their level best to undermine the democratic process on all media. The NZ Herald is one medium where this occurs, especially with its comments posters...it seems that only anti-Government comments are acceptable.
During WW2 all political parties got behind Churchill and allowed him to make decisions unfettered, after War Cabinet debates. Churchill made many mistakes in WW2 but got there in the end.
When a pandemic suddenly strikes decisions have to be made on the hoof. Any scheme is not going to be foolproof...mistakes will be made...some unlucky people will suffer or even die. Yes, there may be one or two who do die from adverse reactions, but I don't think it will be anywhere the number who would have died had the pandemic been allowed to sweep through the country unopposed. And I don't think those dying from adverse reactions to the vax will in anyway match the nearly 10,000 New Zealanders killed during WW2 defending the world from Nazi Fascism and Japanese Militarism.
Unfortunately if you don’t get the compulsory booster you won’t get your Vax certificate extended beyond May/June, then you’ll lose your job, and be unable to go anywhere.
So not much choice really.
It seems pretty widely recognised that if you get omicon that gives you natural immunity as well as any jab does.
It'll be interesting to see how the govt manages that.
It'll be the end of them if they don't follow the science because they're still pushing some absurd booster narrative.
Mortgage belt it will be over the country by May people would just give middle finger to the government at that point we will be the same as UK no mandates no restrictions.
Hopefully we don’t continue the mandates forever - but this Govt won’t be giving up their Vax passports and mandates in a hurry regardless of the conditions.
Getting my booster at 10:28 today. But have to point out that MMR vaccines are spaced years apart, tetanus is spaced a decade apart between boosters, and I'd much rather catch Covid-19 than rabies. Even the flu vaccine is a yearly booster modified to catch the variants of the year. This booster is going to be exactly the same formulation I received 4 months ago, a 5 1/2 months ago, and is inconvenient every time. At this stage it is going to be more inconvenient than catching Omicron is likely to be.
Yay for vaccines, but even bigger yay for vaccines like MMR, tetanus and polio which last.
Maybe they're allergic to shellfish?
There is a big difference between three jabs in 15 years, and three+ jabs within 4 months (for something that 90% of people will not experience any significant negative outcome)
If you are at risk, get the jabs. It is not something that should be mandated across an entire country.
Yeah, the difference is: We are in the middle of a pandemic with the disease which we are getting boosters for.
Guess what? Just before the outbreak of COVID19 we had an outbreak of measles, my friend caught it (as an adult). He is immune compromised, but he had luckily had a recent MMR vaccination so didn't suffer any serious effects. Talking to the health nurse (I had to be in self isolation as I was exposed to him), they said that if it became a full blown outbreak, they would be recommending MMR vaccinations to all as a booster and potentially with mandates. JUST LIKE THIS. COVID isn't special, it's the timing that is.
Guess what? MMR vaccine does not peak at 2 weeks, with a max effectiveness of 6-12 weeks.
50% of people get no Covid Symptoms. 90% receive minimal/no symptoms. 10% can get a four weekly jab.
It was 10% of anti-vaxxers holding the country to ransom. Now we have the 10% of the extremely risk adverse/High risk of serious covid holding the country to ransom.
Your risk, your life, your choice. But just stop holding the other 90% back.
Goalposts successfully moved, well done. Critical thought, out the window and we are back to logical fallacies, because they suit your own selective narrative.
Frankly it gets embarrassing, the low level of thought that goes into some of this. Why not just admit Noncents that your fear of needles is actually driving you to these conclusions, which when actually examinined, hold little weight? Seems like it's easier to be loud and wrong, than thoughtful and correct.
Also can't remember the last time that I got banned from going out to a cafe, or potentially made unemployed, for getting a bit behind on my tetanus or MMR boosters.
It's great for you to feel that way, not everyone does and you should respect that. It's being forced to get vaccinated that people are protesting about. Imagine an alternate reality where someone born a male, decided that they were a female based on how they feel, would you then force them to be a male and rage at them if they protested?
"Why on earth wouldn't you want to protect yourself as much as possible?"
What irks me about this whole thing is that people are so willing to take a shot which is likely to be safe, but let's be real, has no long term data to support that. YET they still eat horribly, don't exercise, don't look after their health. Everyone has had two years to get their act together, to try to reduce their comorbidities, yet I still see the same amount of land whales walking around. If people want get real about reducing their risk, getting to a healthy weight is a great start. In doing so that often cascades to lower blood pressure, better blood sugar control, cholesterol etc etc. I'm shaking my head.
Emma its easier for a land whale to get 2 jabs in the fat than it is to exercise like hell to stay in shape. I'm 55 now and it gets harder not easier to stay in shape you have to thrash yourself to look half way decent.
Exercise only assists the fat loss. The good news is you don't have to thrash yourself with exercise to lose the weight. The bad news is you have to watch your diet carefully.
I'm also not saying don't get the vaccine, I'm saying improve your chances by actually attempting a healthy lifestyle.
Imagine if all those fhb gave up saving just because it was hard.
So correct, and indeed if you only want to shed some weight then the best way is not to thrash yourself.
Keep the exercise aerobic (walking) rather than anaerobic (running) and that's the best way to get rid of the 'winter coat'.
Emma
Two wrongs don't make a right.
Thanks Doctor DTRH, recently qualified from the Social Media school of med.
And you? Where did you go to med school?
No problem rastus this time advice is free, if you get to the point where the six booster is recommended just take it your immune would have stopped working and you will need it
...you have assumed too much. I am following closely the Israeli med findings on boosters.
I have listened to Fauci a length interview New York Times
An Interview With Dr. Anthony Fauci - The New York Times (nytimes.com)
and to Joe Rogan.
I recommend them both.
These truckies think they are patriots, but they are just bullies in trucks. Big, dumb and stupid.
Can I just ask, how come all the weird anti-vax people keep using the same little catch phrase ‘wake up’? Did someone on facebook start it and because all the research is done through facebook the ‘wake up’ slogan stuck? Not after an argument just interested where all the dumb people society doesn’t want around get their little phrases. Cheers.
Kiwi Tim are you a anti-vax as you do seem a little slow wake up just means be aware.
I have not seen a medical argument put forwards for vaccination mandates with out current vaccines up against omicron. Sure, we are still trying to suppress delta and don't have omicron natural immunity to finish that off yet but overseas there is a growing number of countries who have removed restriction with omicron case still high. Vaccine mandates are a political decision with their main purpose being to compel people to get vaxed not prevent transmission. While we are late to party, most people overseas will have anecdotally seen vaccine failure vs omicron and Canada must have had enough.
Have a look RNZ stats tracker under the who's catching section. There is a very recent inflection for omicron. The vax effectiveness for the rolling 7 day average is by my reckoning -200%. The hospitalisations use to be a solid >80% unvaxed. I think they are calculating this from daily deltas of MOH data. I'm not sure if boosters make a difference but just ask Israel if the next one works.
Interestingly, the blockade is able to be broken up under the Critical Infrastructure Defence Act passed by the conservative state government to free them to break up indigenous blockades and protests.
chebbo,
Why would you seek to bolster your argument by quoting a hard-right winger like Karl Rove, a key player in the leadup to the entirely disastrous Iraq war? Remember the WMD which didn't exist?
Rastus is right. The Canadian truckdrivers who are trying to hold the country to ransom are a very small minority( of truck drivers) and moronic. Sure, they have the absolute right not to be vaccinated and to peaceful protest, but this has gone well beyond that.
You're taking what I said completely out of context.
I quoted Karl Rove as an example of the type of naive thinking which politicians all over the world - Trudeau being one example - employ when facts become inconvenient for them; namely, the idea that if they say something loud enough for long enough, it somehow becomes reality.
"We live in a time where smart people are silenced so that stupid people won't be offended" - some dude.
Amazing when people stand together how they can end governments mandates. In uk the government had no chance of carrying out mandates same in US this mandate push around the world will see governments being toppled including this Labour government who have overstepped and are trying to control population under health act. Over 90% double jabbed and still not letting us get on with life.
Just been for a run observing people getting on with life on a warm sunny morning..
Was out and about yesterday afternoon and there were lots of people out getting on with life.
Yes you are still able to a have run at the moment but try and get a coffee without a passport.your freedoms are being eroded
Oh the humanity! I made mine this morning using a stove top expresso with Boring Oat milk (made in NZ)...delicious
Frazz are you not able to download your passport, just in case you are not sure but if you don’t have a vax passport you can’t do much like travel get hair cut have beer in pub go to gym, and if the government decides you need a booster every three months and tells you to take some other medical treatment like having a probe up your rectum so you can get better wifi are you still going to comply with government mandates
I made mine this morning by opening a sachet of Nescafe Cappuccino Strong and combining with boiling water.
Make sure you add a little cold water to the cup first, pour the sachet in, stir, and then add boiling water. This ensures you don't burn the coffee.
Nz Dan you should put you making coffee on YouTube I think you and frazz would have a nice time watching it .
preparing to fly off to the gold coast for a fun weekend and fly back on tuesday ..... oops maybe not - or go to my daughters wedding with all her friends -- no guest list limited to 100 and cant have her unvaccintated sister attend or its down to ten --
whatever else you say about the response -- please dont pretend that people can get on with normal lives because they simply cant -- weddings funerals , holidays concerts festivals are all part of normal life
'preparing to fly off to the gold coast for a fun weekend and fly back on tuesday"...normal? I can smell the jet fuel on your breath
Agree, again why did we get vaxed for? Oh that's right as the promise of all our freedoms back was tangled in front of us...See the modellers are all trying to justify themselves now with there ridiculous predictions of infection rates, meanwhile small businesses are burning thanks to the scare tactics used.
their
Denmark: Removed all restrictions
Norway: Removed many restrictions
Sweden: Expected to remove all restrictions
Finland: Will remove all restrictions 1st March
England and Ireland have also removed all their restrictions.
We are just 2 years behind the rest of the world. .
Used to be 20 years behind. We're getting better.
Excellent!
We're now really seeing the effects of the vaccination programme not getting off its keister until July last year.
I have news for you DTRH, the 90% vax rate is fake news. There is no way its 90% sorry and this government are shitting their pants with worry over the hospitals getting overloaded, you know the same hospitals they have had over 2 years now to boost with more and better paid staff. Thats the real reason we are not opening up like the rest of the world has done already.
Below is shocker action by banks, if this is the start than many investors who are up for refinance or on interest only loan should also be concern
https://www.stuff.co.nz/business/127650304/couple-stunned-as-bank-takes…
Sucked in by the media BS headlines? If you read to the bottom of the article...
“This approach has been standard for many years, and aims to ensure remaining lending remains affordable and safely structured for the customer.”
The policy pre-dated changes to the Credit Contract and Consumer Finance Act.
Nifty1 Agree that it might be normal but this normalcy was missing earlier when money pouring to one and all throwing all norms out of the window.
Sounds pretty standard.
$300k off their mortgage. My heart bleeds. They'll just have to pay for their renovations the old fashioned way - by working for money.
The couple say they never signed any paperwork for the money to be taken by The Bank, but if they read the fine print on the original mortgage documentation they would see The Bank can do whatever they want. Probably including taking their first-born. It is incredibly one sided.
Get a grip. They cannot abduct children. They lend you sums of money far outside your personal lending capacity. Of course they protect thier risk via strong terms and conditions.
In this instance the whole practice has also enabled this couple to pocket 300k in profit. For doing nothing. That profit comes from other peoples debt.
My heart bleeds
Settle. My point was people should actually read the fine print so they are not surprised by The Bank's actions.
For example, how many people know that The Bank can tell you You must repay all the loan amount at any time even if you have never missed a payment?
Lol, it was clearly a joke.
But you may be interested in the fact a few years ago, the ancestory.com DNA tests had in their small print that they "owned" your DNA. They have updated their T&C now and put out a disclaimer. Setting the Record Straight: Ancestry and Your DNA | Ancestry Corporate.
So first child is definitely not out of the realms of possibility.
So yeah, Beanie's message stands. Always, always, always read the fine print.
An anecdote about reading the fine print:
A few years ago I was filling in a credit application form for a supplier to the company I worked for. Buried in the fine print was a clause that would allow them to put a mortgage over MY property if my employer didn't pay the account at any stage. Obviously I refused. It was then a fellow manager told me he had fallen into that very trap a few years earlier. Several years after he had left an employer he was presented with a demand for about 15k. The old employer had gone under but his signature was still on the old credit application form with his personal guarantee in the fine print. He had to pay it.
An even funnier anecdote, was the guy who filled out his credit card application the bank sent, who then accepted it without reviewing the fine print, after he sent it back. He had changed the fine print to his own, with terms that suited him. The bank signed it and sent it back. What ensued can only be described as "just desserts".
Yes, but we all know how the NZ system would view that.
Power, small print, and courtcases must only favour one party, and it ain't the NZ Consumer.
The Bank can do whatever they want. Probably including taking their first-born.
Why would a bank want your liabilities? It's you assets they'd come after.
The bank's action is normal business practice, and has been so for many years. The law firm advising the couple, on the other hand, needs a swift boot in the slats.
Edit: Beaten by several. Caffeine, please, lots of it.
Standard practice. Your equity and job circumstances change when you sell a house then of course the bank will re evaluate any remaining loan obligations.
What's shocking is that people enter mortgage arrangements assuming the banks are social services and don't understand mortgage terms and conditions.
But yes, as rates go up banks are now taking a more Conservative approach. So we should all expect more of this type of thing.
Which is good of course as we have run up a giant credit card bill and now need to pay it back.
Headline should read "couple surprised banks wants debt paid back"
Where people are getting caught is when they sell their home, port over their existing loan to a new property thinking that their conditions will carry on as normal but find a full vetting occurs from the bank. Then are stuck with a non-approval. And no home.
Yes this is a startling discovery. We had this exact situation recently and very quickly went through two brokers before we found one that could work the numbers. By the skin of our teeth. We really should be watching for the first time this happens because then they are setting the template for what will happen more and more.
In my situation the value of my property had risen enough to crest the wave of new servicing obligations and higher interest repayments - what is going to happen when the value of the property goes down!!??
So don’t attempt to sell your home if you only have 20-40% equity, and have a reasonably large mortgage relative to your household income as you would not get approval for a similar setup elsewhere. A lot of people are now ‘locked in’ for the next 3 years staying put for fear of coming under the banks radar.
Fluff you and the others who are saying "standard practice" are missing the whole point of the article. the point is the bank took the money without any consultation with the couple. The point being all the power rests with the banks, and what we think is OUR money when it is with the banks is in fact NOT our money but the banks! The banks have been a primary player in creating the current mess and they only seek to protect their own interests at the cost of individuals society and the economy as a whole. In effect they are predatory parasites. Yes the couple walked into this, but read the article, the bloke changed his job, he didn't lose his job. Most of us who take out a mortgage do so with the absolute understanding that we will do anything necessary to pay it back in full, and this chap and couple reads like having that attitude. They also say that if the bank had just chosen to discuss it with them, they may well have been happy to use the money to do just that, but the bank didn't, it just acted without consent.
Exactly. We are surrounded by rules, and there is an expectation that if you live a certain way, certain rules that are there for 'exceptions', will never become the new normal, because if the exception becomes the norm, then we (society) are in big trouble.
For example, the fine print of the law also says Govt. can acquire your property without consent, but this would only be used in very limited circumstances and that you will be compensated. However, if Govt. started to use this as the norm. for acquiring property, whether or not you were compensated enough, then we as a society need to be worried.
For the banks to enact this 'fine print' the way they did, suggests a new worrying norm.
The point of the article is to drum up anti cccfa sentiment and sell more clicks.
Banks are not social services, its complaining about a contractual arrangement after they've signed it AND pocketed 300k in the process.
Its only because we have these rules, terms and capabilities, that banks able to lend in the first place.
Interesting, that they made 300 k on the sale of a rental , goes without comment. I guess that's small fry these days. 6 years income for some.
Have they even bothered calculating the tax owing. Or is that tomorrows "surprise" headline?
ha ha -- i suspect IRD are doing that for them at this very moment ! could be a spectacular BACKFIRE
Bet they'll chase it just as hard as they've chased investment property compliance in the past.
Just get the money deposited into a different banks bank account than the one you have your mortgage with
Responsible lending is good but Why Now, after being over generous and trapping many taking advantage of greed in the market.
Interesting time ahead, may be we fear a fall in the housing market but they are able to see the crash.
Home buyer should beware that this is not normal downturn and to not get suck just like many in stock market got screwed by following the policy of buying the dip. Many stocks were down 30% to 60% just few weeks before and many went for buy the dip and in just over a week are again down 30% to 60% and trading at fraction of their ATH, with no end on sight for now.
stock market reacts fast in both direction upward as well as downward as more liquid unlike real estate, it takes a while and will know by April, which many are predicting doomsday specially for those who are overleveraged.
Yeah this is completely standard practice. Read the fine print on the mortgage.
I know people who sell investment property for a living (the devil, I know). One of the first things they tell you is to set up your investment properties across multiple banks so exactly this doesn't happen. This is known. It is not news. It's just 'stuff' :)
This has been the deal for a while (its not new policy) and is one of the risks of using equity in your main residence to fund rental property mortgages or the linking of new mortgages to existing mortgages
They dont go into the exact details of this issue but it mentions the couple in question have lower paying jobs - this combined with the loss of their rental income would have resulted in the bank reassessing their ability to pay their original mortgage - I suspect the 2 mortgages were linked (usually by equity) and this then gives the bank the right to ensure there is sufficient equity/ capability to pay the existing mortgage in the couples main residence and they can then use the proceeds of the loan to pay down the mortgage .
The best way to avoid this scenario is ensure when taking out mortgages for rental properties - you dont use equity in other properties to fund the loan and/or you dont link your mortgages.
Re the Chinese military man who fought India carrying the flag at the Olympics, are China deliberately trying to poke India, or are they trying to boost support for the military at home.
Occam's Razor rarely applies when it comes to Chinese foreign affairs. Their ability to think many moves ahead would make a chess grand master weep.
My opinion is the Chinese strategy is a shambles, everyone knows what they're up to and they're pissing everyone off by trying to call all these bluffs. Just admit you're stretched with a mostly backwards cold war tech military, and the ccp couldn't feed their population after 6 months In a wartime scenario.
That's a good point about food security. So in a wartime scenario they would need to secure their sources of food...either militarily, or with a compliant/complicit supplier. Which option would they take with NZ ?
There is half a world of ocean between here and communist China. In a wartime scenario any food bound their way would be fed to the fishes long before it arrived. Likewise any military assets that strayed down here.
Friday thoughts:
The Federal Reserve and Treasury painted the U.S. into a corner with its Quantitative Easing to save the banks and brokerage houses after 2008. The policy succeeded in supporting and even raising real estate prices, and providing arbitrage opportunities to borrow at low rates to buy higher-yielding stocks and bonds, vastly increasing the magnitude of financial wealth. This has been especially the case since the pandemic, creating an estimated trillion dollars in “capital gains” (including short term arbitrage) for the wealthiest One Percent.
What seemed to be the financial death trap was the prospect of rising interest rates ending the free lunch of interest-dividend arbitrage, and easy mortgage money. The threat was to reverse the asset-price run-up. We already are seeing that in recent weeks as stocks plunged to reflect the rise in Treasury bond rates.
But by now, 14 years after the Obama bailouts and QE rescue of insolvent banks, a new condition has emerged: a vast sum of private capital seeking to move out of the financial markets. Many of the most astute One Percent is taking their money and running – into private equity and real estate.
The result is that housing prices are soaring as private capital is out-bidding owner-occupant home buyers. While the latter face rising mortgage-interest rates, private capital finds the likelihood for both current rental income and capital gains to be a much better bet than the stock and bond market. The result will not be a decline in real estate prices, but a decline in home-ownership rates as a shift to rental housing occurs. The financial class is becoming the new absentee landlord class.
Lower stock prices will spur a similar private-capital wave of corporate takeovers, posturing as “rescuers” of the economy. The aim will be short-term asset stripping, of course (that is the business plan of private equity), but it will consolidate ownership in the hands of a financial elite. And to the extent that state and local budgets suffer from the downturn, sell-offs of public land and infrastructure also will transfer property and its rent-extracting opportunities into hands – not with borrowed credit but for all-cash, the cash that QE policy and tax favoritism has brought into being in the past 14 years.
So, to the extent that there are bankruptcies, this will have the usual result: consolidation and concentration of wealth ownership. The non-financial economy’s structure is being transformed – under the slogan of individualistic free markets. Link
Oops, nearly forgot to expose where the authority resides to entertain these endeavours.
Andrei: Eventually, government payments and handouts will either lose their value due to inflation or won’t even be paid, right?
Michael Hudson: There is no problem of the U.S. government not having the money to pay. Inasmuch as most payments are to the wealthiest FIRE sector classes that have become the political Donor Class, there’s no need to worry. The recent wave of savings INTO Treasury bonds show that it is still the safest haven.
Second, the Fed is buying a lot of longer-term Treasury securities. The effect of such quantitative easing has been evident in real yields since the time the Fed began its asset purchases in 2008: They typically decline whenever the central bank ramps up its purchases. This happens because the Fed takes long-dated securities out of circulation and replaces them with bank deposits and reserves. Investors respond by seeking to replenish their holdings of long-term securities, pushing yields down. But the cash they spend to buy the bonds becomes someone else’s near-zero-yielding deposits, perpetuating the broader impetus to keep buying slightly higher-yielding securities. And the Fed adds to the demand by buying even more. This is why QE may be considerably more powerful than generally appreciated.
Had QE worked at all in any one of its surmised channels (including portfolio effects), then banks wouldn’t want low yielding safe securities, whether Treasuries, bank reserves, or deposits. On the contrary, they’d be moving out of them by the boatload to invest in high nominal returns offered by a normal and healthy economic environment. Link
US on tenterhooks awaiting non-farm payrolls report
Holding my breath (crossing fingers etc) waiting to see if the rain forecast for the North Island on Sunday actually comes true this time!
Up to 7 days' worth of rain and showers in our forecast, hopefully we get at least 2 of those. Even the rabbits are giving up on digging at the moment.
I'm not sure that's a good idea.
Holding breath until Sunday? No, probably not.
Does anyone know how many years data goes into the average soil moisture chart?
I've been over to NIWA and can't find any mention there on what average actually means.
Due to the nature of rainfall events I see the average map is being relatively inaccurate at any given time. Can't explain it well but it seems intuitive to me that the daily and the average almost can't meet.
It would be interesting to understand if the average chart includes the 'average' number of la nina and el nino events, (e.g. 15-20 years of data maybe?) or if it gets skewed by not including the average number of them (like less than 10 years).
I thought last year was pretty harsh, but this year the soil moisture deficit chart caught up really quickly to last year's (well it seemed to). Which suggests to me that the soil moisture readings might be from quite a shallow depth.
There was an interesting article in the local rag years ago from a south taranaki farmer who with a large time series of his own data, claimed a drought situation could be predicted quite early on. Along the lines of late Autumn into Winter soil moisture deficit (behind 'normal') could never be caught up in time before summer.
Just switched my weather station from daily to weekly rainfall accumulation. Just had light showers here and only 2.8mm for the week so far.
Yes those showers have freshened things up nicely this morning.
Still looking a bit murky over Welcome Bay hills.
Lucky we planted those farms in pine trees.
"The global temperature departure from average in January fell from December to what is essentially zero, at +0.03 °C (+0.05 °F)"
Global Temperature Report :: The University of Alabama in Huntsville (uah.edu)
That's the lower troposphere. Sea level to about 10 km up. Most heat is absorbed by the oceans.
Climate Change: Ocean Heat Content | NOAA Climate.gov
You are cherry picking to support your denial.
Been going since the end of the Little Ice Age. Similar rate pre-1945 when there was bugger all industry. Boring inter-glacial warming - rather than chicken little runaway global warming that can be fixed with a tax.
If you are going to cherry pick a time period be sure exclude low antro CO2 pre-1945 periods. Nicely played NOAA.
"The total OHC change since 1871 is estimated at 436 ± 91 ×1021 J, with an increase during 1921–1946 (145 ± 62 ×1021 J) that is as large as during 1990–2015."
Global reconstruction of historical ocean heat storage and transport
This is why I hate the Climate Change bollocks. It may or may not be correct, but the absolute certainty is that we are using finite resources as if they're infinite.
Climate Change or not, it can't carry on and neither can the so-called mitigation.
May or may not be correct but is still bollocks?
Agree..seems to be sitting on the fence?
Given the pre-1945 warming can't be explained by anthro CO2 perhaps sitting on the fence in the best option? That way the billions squandered on climate change slush funds - to enrich large landowners and ETS speculation - could be spent on ICU's and preparing us for the next earthquake or eruption?
If redcows is meaning that it's a minor point in the big scheme of things - they are dead right.
As you know.....
Irrelevant a better term.
profile,
I find it quite amusing that you should put up this link. Here is a quote from it; "Global OHC, global mean sea surface temperature (SST), and sea level have been incontestably rising in the past several decades (4, 5). However, there are significant regional variations in their pattern"
Where do you think all this heat is coming from? The answer is as you know, from all the additional CO2 now in the atmosphere from human activities. Remember the Keeling Curve.
"Boring inter-glacial warming - rather than chicken little runaway global warming that can be fixed with a tax." Pretty bizarre statement. Those already feeling its effects are unlikely to find it boring. From Yale Environment 360; "Extreme Weather Events have Increased Significantly In The Last 20 Years". What would be taxed to "fix runaway global warming"?
You might find it instructive to look at the World Glacier Monitoring Service. Some interesting figures there on glacier melt.
I don't disagree with your selected quote - "Global OHC, global mean sea surface temperature (SST), and sea level have been incontestably rising in the past several decades (4, 5). However, there are significant regional variations in their pattern". Temperature ans sea levels have been rising since the end of the Little Ice Age.
Where did the OHC heat come for the prior 1945 warming? Given pre-1945 warming was on the same magnitude as the post 1990 warming - and anthro CO2 was about 1/7 in magnitude pre-1945? We just didn't have the industry prior to 1945 compared to today. 1/3 of anthro CO2 has been emitted since 2000 and it certainly hasn't shown up in the satellite record or OHC at a higher magnitude.
"The total OHC change since 1871 is estimated at 436 ± 91 ×1021 J, with an increase during 1921–1946 (145 ± 62 ×1021 J) that is as large as during 1990–2015." Where is the runaway global warming in the OHC?
Nice goalpost shift from OHC to extreme weather - damage adjusted for GDP growth are going down and deaths from natural disasters are a fraction of what they were last century. Everyone is safer, wealthier and warmer.
https://ourworldindata.org/explorers/natural-disasters?facet=none&hideC…
Don't know about wider geological history like the above discussions (interesting to read though)
Also nothing about disasters being more prevelant.
But I do know 100% my ski season is slowly eroding. I'd happy support climate control on that alone. Fix please.
profile,
I find it quite amusing that you should put up this link. Here is a quote from it; "Global OHC, global mean sea surface temperature (SST), and sea level have been incontestably rising in the past several decades (4, 5). However, there are significant regional variations in their pattern"
Where do you think all this heat is coming from? The answer is as you know, from all the additional CO2 now in the atmosphere from human activities. Remember the Keeling Curve.
"Boring inter-glacial warming - rather than chicken little runaway global warming that can be fixed with a tax." Pretty bizarre statement. Those already feeling its effects are unlikely to find it boring. From Yale Environment 360; "Extreme Weather Events have Increased Significantly In The Last 20 Years". What would be taxed to "fix runaway global warming"?
You might find it instructive to look at the World Glacier Monitoring Service. Some interesting figures there on glacier melt.
Yeah...wowsers. Crazy stuff.
In Turkey, their inflation rate has risen to an eye-popping +48% from January a year ago. In January 2021 it was +15% and the local were worried then
This time next year...
In New Zealand, their inflation rate has risen to an eye-popping +30% from January a year ago. In January 2022 it was +5.9% and the local were worried then
You joke. But it wouldn't be surprising with Orr busy wailing for the trees instead of doing his actual job.
Well considering Erdogan fired his finance minister because he wasn't happy with the inflation numbers, maybe Steve Hanke's inflation estimations of 100% are more accurate:
https://twitter.com/steve_hanke/status/1489339940647448579?s=20&t=l-i-Z…
Inflation?
Washing powder to the moon, HODL!
And I remember mocking those larger-boned American moms for punching each other out in Walmart for 50 rolls of toilet paper. Will they get the last laugh?
My nomination nomination for the
!!!! "Best comment of 2022" !!!
😂
Bitcoin volatility you say?
Facebook parent Meta loses $200 billion in market cap after dire earnings, on track for the biggest loss of value in stock-market history
Wait I was told stocks were safe against this kind of volatility because they were regulated?
https://www.businessinsider.com.au/facebook-stock-price-meta-q4-earning…
Who knew being in the business of selling advertising 1s and 0s on a site that is about collecting 1s and 0s may not be quite it is all cracked up to be.
A decline on it's own is not volatility
FB - decline based on poor performance verse BTC ups and downs all over the place for no apparent reason - because its's based on nothing.
A decline on it's own is not volatility?
Inflation seems to be ramping up Rastus - how are you preserving your hard earned wealth these days - cash under the mattress?
Spread across pretty much all sectors - but not crypto. So the markets can do what they like...I will rise and fall with the rising or lowering tide (though I wish id gone heavier into kraneshares..up 56% in a couple months - carbon). But i wont mention the losers of course!!
In the Bitcoin world inflation has been about 50% over the last 12 months
Lol
So changing the definition of volatility now days are we?
I suppose it has already been done with inflation and Vaccination, so why not.
Yea I have to chuckle. As I stated yesterday..
Facebook down 23% yesterday.
Paypal down 18% in an hour.
Netflix down 25% not long ago.
Since when did public listed companies puke 1/5 of their value in a day? Crypto and stocks are now one giant intertwined casino.
Oh not to mention HOOD (robinhood) is down 85% from when it IPOd. "Crypto bad, stocks good" - SEC. Ok, thanks for protecting me guys.
We cant have a spot ETF in America, its too VOlAtiLe!!!
And yet, where does the futures traded ETF get their price data from? Well the large exchanges that trade spot of course haha
Maybe this year they will get with the times.
Meanwhile someone invested heavily into Bitcoin via the Canadian Bitcoin Purpose ETF yesterday. More than 1000 $BTC have been added to AUM on Tuesday.
https://twitter.com/JanWues/status/1488949012631805952?s=20&t=wfjb6VbWQ…
Slowly but surely. I'm patiently waiting for the next country to adopt it. It will be a bigger deal than the first country, El Salvador, in my opinion. The first seems crazy, the second confirms they are not. Like dominos, they will slowly fall.
Def one in Latin America confirmed, and Tonga as well this year. Dominoes....
Swings and roundabouts. My share portfolio has lost 1.2% in all the panic, and no matter the share price I'm still getting dividends.
For me it's all about balance, the equivalent I guess would be spreading crypto over more than just BTC. I don't hold crypto but I'm not totally against the principle. I'm not going to tell anyone to avoid it because I lack the knowledge to make an informed decision myself.
Perhaps to demonstrate that lack of knowledge I'll try and portray my view of crypto. I liken it to a 100% growth stock investment - the return you get from it is whatever you sell for minus whatever you bought for, with no dividend payout between those events. Is this correct?
Genuine question, no ulterior motives or judgements made.
Indeed. It is wise to hold some crypto. It's risky to hold a lot of your portfolio in crypto.
Good analogy.
Firstly Bitcoin is in an entirely different category to the rest of crypto, as per the Fidality report that came out his week:
https://twitter.com/DigitalAssets/status/1488935192505065472?s=20&t=UG4…
Then you have all the other cryptos, who are like high risk tec stocks that have a dream, but most of the time, not much of a working product.
Big component is buzzwords, social media hype and raising funding. Just like in 2017 at the peak of the ICO mania, most will loose 95% of their value once Bitcoin starts cooling off. Bitcoin is king and dictates the entire crypto market and picking a good shitcoin takes a lot of research and luck.
In summary, get even 1-2% of your portfolio in BTC and consider it as insurance against the remaining 98%, and just forget about it.
I liken it to a 100% growth stock investment - the return you get from it is whatever you sell for minus whatever you bought for, with no dividend payout between those events. Is this correct?
Generally speaking, yes. However there are plenty of tokens that generate a return just buy holding them. So a dividend, if you will. Also you can place non yield generating crypto like BTC in funds that will give you a return. So you are lending them your crypto for a return. The space is pretty creative and the options for returns will continue to grow.
The common problem is if you hold token x and get say 5% return PA paid out in said token, that is great, until value of said token drops 95% haha. So 5% return in token terms, but the token is worthless. A bit like getting a dividend from your shares in NZD, but the NZD value decreasing. Oh wait, that is actually happening, albeit at a slower rate.
How do those funds work? Where does the 5% return come from?
If you lend your btc to earn interest on it, I assume they use your crypto and lend it out. I haven't read the details but it there are pretty well known companies doing it e.g. Blokfi or Nexo. People harp on about the high rates of return being unsustainable compared to banks. Problem is these people have been conditioned by the banks to accept utter horsesh*t rates of return and as soon as something better comes along it is immediately dodgy. Fact is the banks can offer far better rates, they just choose not to.
If tokens are generating a return or "dividend" then it is likely that comes from an uncirculated pool of said token or it is in the form of a secondary token that has unlimited supply (like the dollar lol). There are so many examples and they are all slightly different.
This article is a good illustration of how Maori are continuously portrayed as a homogenous group by pakeha media.
https://www.stuff.co.nz/national/health/coronavirus/127680467/border-se…
I, and many Maori I know, wanted the border opened a month ago. We do not all think the same, we vote differently and have different values and beliefs and education like any population. We have had a lot of time to get vaccinated and healthy, those of us who chose not to have taken that risk.
This cuts a million ways. Most conservatives aren't fascists, many politicians entered politics to serve, the occasional real estate agent isn't scum, and most people are above average drivers, to name a few. I voted ACT last election but voted against euthanasia and cannabis reform (and am not pro-mass immigration), but have also voted Alliance, Labour and New Zealand First in consecutive elections. The tendency to pigeonhole people in the media is an insurmountable problem methinks.
Agreed, everything is tribal and nuance has been cancelled.
> the occasional real estate agent isn't scum
let's not get carried away now
< /s >
Avoid the frustration and stick to reading Maori media only.
It starts with the politicians. there is a lot of mileage to be gained by using the race card. But if you listen to them (Maori politicians playing the race card) they are saying Maori can't be trusted to make good decisions, need to be told how to live their lives, shouldn't have to obey Pakeha laws, shouldn't have to work for a living and be able to treat anyone and everyone, including children any damn way they please with impunity. Edit - and all Pakeha hate Maori and are always putting them down.
The reality of course is vastly different, but then we shouldn't let truth and facts get in the way of a good political platform should we?
It's nuanced. Maori do need help breaking the poverty cycle, getting into education and higher paying jobs (Finance for example). But we also can't play the victim all the time.
The poverty cycle is not about Maori. It's about generations of very poor socio-economic policy coming out of Wellington which impact many Pakeha too. Due to the ravages of the treaty breaches in the late 1800s and early 1900s Maori are disproportionately impacted by the lousy policies. But if we get a Government who genuinely tries to build national resilience, build jobs every where, including the regions, that pay decent wages then Maori will disproportionately benefit. But then of course what we get out of Wellington is mostly BS, and designed to increase dependency.
I am interested in what Luxon might offer, but not too hopeful. In addition I am interested in what the rent control idea will bring up. I have spoken on this before, and have argued for rent controls as a part of a package around housing laws. But again interested but not very hopeful.
Another $32 million of nuance and 20% share in commercial spectrum allocation will hopefully trickle down..
"He reported that under the deal, signed in Parliament on Wednesday, an ongoing allocation of 20% of future national commercial spectrum allocations will be given at no cost to a Māori spectrum entity.
Seeding funding of $32 million will also be given to the new entity over five years."
“I’m excited we have reached this enduring agreement as it recognises the critical role Māori are able to bring to the telecommunications sector,” Minister for the Digital Economy and Communications, David Clark said.
https://businessdesk.co.nz/article/technology/maori-spectrum-agreement-…
Finance is a higher paying job?
Spare me.
For brief moment in human history, there was enough surplus energy for layers of parasitism. Finance is not 'work' in the real sense, and is discretionary in the societal sense. It is parasitic, and it's a goner where we are going.
Ever ask yourself why Polynesian cultures never built cities (there there is now Honolulu or Papeete)? Lack of surplus energy, period. Same reason Inuit build small insulated accommodation. These folk didn't lack technical nous - the double-hull waka was a serious bit of kit (and the Tongan ama-joint is a marvel) but they didn't do cities - they migrated first.
Lack of surplus energy. The reason why no young person should rack up debt (student or otherwise) and the reason they should get themselves future-useful skills.
Which sure don't include finance......
Even by your standards, that's out there!
lol, I am introducing "PDK's Law" given to the first commentator who mentions limited resources, or who bends the topic to that.
https://www.stuff.co.nz/travel/127688437/kea-steals-gopro-from-hut-on-k…
Did you read that a Kea stole some kid's Go-Pro in Fiordland? What the article doesn't highlight is the limits to growth and energy underwrite of commodity items such as portable high resolution cameras. Systems are interconnected, every action has a reaction or feedback loop.
While I agree with you, I'll play Devil's Advocate and point out your comment homogenises Pakeha*. :p
*One day I'll figure out where all the macrons are hiding in my keyboard.
I didn't say Pakeha, I said Pakeha media - there is quite a difference
Touche.
(Dammit, where's the accent key too?)
where's the accent key
"Akshully"
Touch(ponytail).
There's a Pakeha media?
That's woke ideology. Homogeneous identity groups not individuals. Disagree? You are racist.
Now let's get back to infantilising the "Maori and Pasifika communities". Every action can be justified in their name.
I decided on the 1st January this year that there is no such thing as racism anymore. You have had hundreds of years to sort your shit out in another country, stop blaming other people for your continued failure. Still hate it where you are ? try going back to where you came from, I guarantee you will hate it even more. Totally over it when the race card gets played, its just an excuse.
Gee Carlos...did not think you get get in lower on the ladder "try going back to where you came from"..
It is not the "pakeha media" ( an imaginary homogeneous pakeha group .) but rather the "National Māori Pandemic Group" and the Maori Party you should be blaming for this
you're just a statistic - take your number and wait to be called.
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