What happened Wednesday

Economy / news

A review of things you need to know before you sign off on Wednesday; only small retail rate changes today, jobs data not as tough as expected, dairy prices hold, swap rates rise sharply, NZD rises too, & more

7th Aug 24, 3:59pm by David Chaston

Here are the key things you need to know before you leave work today (or if you already work from home, before you shutdown your laptop).

MORTGAGE/LOAN RATE CHANGES
The Cooperative Bank said it will be cutting rates tomorrow. All rates are here.

TERM DEPOSIT/SAVINGS RATE CHANGES
And the Coop Bank is cutting TD rates tomorrow too. Nelson Building Society dod so as well. All updated rates less than 1 year are here, for 1-5 years, they are here.

UNEMPLOYMENT RISES
The June unemployment rate climbed to 4.6%, although that was slightly less than most analysts had expected. But it is a three year high. Population growth outpaced employment in the quarter, pushing the jobless rate up with youth unemployment rising the most.

MORE PAY FOR LESS HOURS
Meanwhile, wage growth as measured by the labour cost index, rose +1.2% during the quarter which brought the annual change to +4.3%. This was driven by record growth in front-line public sector wages. Analysts noted that despite that, total hours worked retreated -0.9%. The QES data for average weekly earnings (for FTEs) rose to $1612. For the public service it was $1934. That is an increase in the private sector of +4.4% and the public sector of +7.5% from the same quarter a year ago. All this probably means productivity was under fierce pressure in Q2-2024.

DAIRY PRICES HOLD
The overnight full GDT dairy auction saw prices rise +0.5% overall with SMP down -2.7% but WMP up +2.4%. A lot more WMP was sold however.

NEW KIWIBANK CHIEF DIGITAL & TECHNOLOGY OFFICER JOINS FROM BNZ
Kiwibank has hired Paul Littlefair from BNZ to be its new Chief Digital and Technology Officer. Littlefair, who was BNZ's Executive, Technology until August 2, succeeds Hamish Rumbold at Kiwibank who left on June 28. Littlefair's Kiwibank appointment requires the standard Reserve Bank approval.

TRADING HALT
Manawa Energy (MNW, #23) is in a trading halt because it needs to reduce its earnings guidance. They say this is because of a combination of "adverse market conditions in the wholesale energy markets" and a large potential bad debt possibility.

FRAUD CASE PUSHED ON, OPENS UP
The ongoing action by the Serious Fraud Office has seen another defendant named. In this particular case, a total of 37 charges have been filed in relation to an alleged mortgage fraud scheme, against Christopher Peters, Robert Peters and two other people who have name suppression, for obtaining credit or property by deception and attempting to obtain credit by deception. One of the unnamed defendants has pleaded guilty to four charges having admitted to providing misleading information to their bank as part of a 2018 loan application and is due to be sentenced this month. Charges for an alleged investment fraud have also been filed against Christopher Peters, Robert Peters, Gerard Peters and Serene Peters for obtaining $1.8 mln by deception. Christopher and Robert Peters have also been charged with obtaining those funds by forgery as an alternative charge.

LIVING COST PRESSURE IN AUSTRALIA
Australia released its five Living Cost Indexes for Q2-2024 today, supplemental to their CPI. For 'pensioners & beneficiaries' they were up +4.1% for the year. For 'aged pensioners' up +3.7%. For 'self-funded retirees, up +3.6%. For other benefit recipients, up +4.6%. For 'employees', living costs were up +6.4%. The overall CPI was up 3.8% in the same period.

NOT WHAT WAS EXPECTED
China released its July trade data today. Their exports were up less than expected, a three month growth low. Their imports rose more than expected and its strongest rise since April. That meant their trade surplus shrank in July.

SWAP RATES JUMP
Wholesale swap rates are possibly sharply higher today with both the one and two year rates up more than +10 bps. The labour market data is driving the rethink. Our chart below will record the final positions. The 90 day bank bill rate is actually up +3 bps at 5.35%. The Australian 10 year bond yield is up +8 bps from this time yesterday to 4.08% reflecting the RBA guidance. The China 10 year bond rate is up +1 bp at 2.15% and off its all-time record low. The NZ Government 10 year bond rate is up +10 bps at 4.39% and the earlier RBNZ fix was at 4.29% and up +11 bps from yesterday. The "not-so-bad" labour market data has been noticed by markets. The UST 10yr yield is up +7 bps from this time yesterday at 3.90%. Their 2yr is now at 4.01%, so that curve is now inverted by just -11 bps.

EQUITIES TRY TO FORGET MONDAY
The NZX50 is up +0.5% in late trade today. The ASX200 is also up +0.5% in Wednesday afternoon trade. Tokyo has bounced back further in opening trade, up +2.3%. Hong Kong is up +1.2%. Shanghai however is only up +0.3% in its opening trade. Singapore is up +1.2%. Wall Street closed its Tuesday trade up a full +1.0% and a partial recovery.

OIL EASES
The oil price is down -US$1 from this time yesterday at US$72.50/bbl in the US, and at just underer US$76.50/bbl for the international Brent price.

CARBON PRICE HOLDS
Today the carbon price is essentially holding at $52.50/NZU today little-changed from yesterday's $53/NZU. See our new daily chart tracker of the NZU price for carbon, courtesy of emsTradepoint.

GOLD LOWER
In early Asian trade, gold is down another -US$24 from this time yesterday at US$2383/oz.

NZD SURGES
The Kiwi dollar has risen +½c from this time yesterday, now back up to 60 USc. Against the Aussie we are up +40 bps at 91.7 AUc. Against the euro we are more than +½c at 55 euro cents. This all means the TWI-5 is at 68.8 with a strong daily recovery.

BITCOIN ACTS MORE LIKE OLD SELF
The bitcoin price is back up +2.5% today from this time yesterday, now at US$57,162. Volatility of the past 24 hours has been moderate at just on +/- 2.6%.

USE OF AI
No articles on this news service are produced with AI. Occasionally we use AI to derive images. They are always identified in the attribution.

Daily exchange rates

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Source: RBNZ

Source: CoinDesk

Daily swap rates

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Source: NZFMA

This soil moisture chart is animated here.

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85 Comments

by burgleman | 7th Aug 24, 4:40pm 1723005622

It's good to see we all make mistakes - from the Morningstar Kiwisaver June 2024 report issued today on page two.

Inflation and Interest Rates

The Reserve Bank of New Zealand (RBNZ) maintained its cautious stance, keeping interest rates steady at 4.5%. This decision reflected a balancing act between controlling inflation, which showed signs of moderating, and supporting economic growth, which remained tepid. The Consumer Price Index (CPI) for Q2 indicated a year-on-year inflation rate of 3.2%, down from 3.8% in Q1, suggesting thatinflationary pressures were easing but still above the RBNZ's target range.

by bw | 7th Aug 24, 4:18pm 1723004304

Yet some keep making them... From Mr Alexander this afternoon.

"I can write glowingly about the upturn in our economy coming along as a result of interest rate cuts, which are arriving sooner than expected."

https://www.oneroof.co.nz/news/tony-alexander-why-interest-rate-cuts-wo…

by TronMVP | 7th Aug 24, 4:30pm 1723005056

Read the full article, why don't you.

by HouseMouse | 7th Aug 24, 4:46pm 1723005983

Tony is suddenly starting to talk sense….😂

by IT GUY | 7th Aug 24, 6:24pm 1723011862

Tony is not talking pooperty doubles every 10 years ie 7% pa, he is talking a low growth environment... therefore if you cannot make returns out of capital gain there is no point paying todays prices... you need yield instead.

I agree with him that NZD may not drop as far as in the past thus exporters will not save the day.

bag holders be looking like.... bag holdy

Waves of liquidations, be not that spruikery, in fact I see a lot of DGM in that missive. Sounds like something any DGM on here would write...

Nek Minute

by bw | 7th Aug 24, 5:03pm 1723006983

I did.

And like the poster above, my first thought was "Some sense at last". But on reflection, I give Mr Alexander NO credit for this piece, as he and his ilk are substantially why we are where we are today. It's not this attempt at a fawning article that matters, but what has been written over the last decade and more by him and his like. And that view predates his 'independent' articles as a writer for One Roof, but extends way back to his days at BNZ. When, or more likely IF, there are more that follow in the same vein, then perhaps I may alter my opinion.

by HouseMouse | 7th Aug 24, 5:09pm 1723007345

Yeah

I left the BNZ when he started his bullshit about eating too much avocado on toast as being the reason it was so hard for FHBs to buy

hah bloody hah. I guess it was funny for his spruiker boomer fanboys

by sit23 | 7th Aug 24, 5:21pm 1723008061

The young couple who have just bought next door to us said it took years of sacrifice and doing without to get the house. They have to have a boarder to make the project work. But they know they have made the correct decision. The avocado on toast was a metaphor for all the day to day immediate gratification spending people do instead of saving up their money for long term benefit. I see the avocado on toast people, and the saving hard people all around me. I know which ones are going to be better off, in terms of living a decent life, not just financially, in the long term.

by malamah | 7th Aug 24, 5:40pm 1723009258

The real question is, is that a way to run an economy? Spend nothing, purchase one asset in hopes of passing on crushing debt to future generations.

Are we really that naive to think that those exiting the housing market are better at spending money throughout our economy than young workers?

by ChrisOfNoFame | 7th Aug 24, 5:46pm 1723009589

"But they know they have made the correct decision."

Did they?

Or is that your opinion?

by HouseMouse | 7th Aug 24, 6:04pm 1723010641

There’s some truth in what you say. But only some.

by Zwifter | 7th Aug 24, 6:07pm 1723010866

Correct sit23, the Avo on toast is a reflection of peoples attitude to spending across the board.

by IT GUY | 7th Aug 24, 6:13pm 1723011195

I thought we managed to eliminate the Avo on toast story about 2019 house prices, its well accepted now that MOST need help from mom and dad at current prices, but the Ponzi cannot survive on this crowd as there are not enough of them.

Houses have been expensive since 2015, with or without a full English. You Spuikers are stuck on an island with prices collapsing around you, I hope you have not followed your own advice and bought recently.

by HouseMouse | 7th Aug 24, 6:49pm 1723013355

And it’s such a lazy generalisation

by IT GUY | 7th Aug 24, 7:34pm 1723016063

the funny thing , is if this generation does not try to sort there shit out and give up living (eating breakfast), the current Ponzi buyers will have no one to sell to... that will be ok they will be in London eating full English

by sit23 | 7th Aug 24, 5:14pm 1723007663

Does anybody here really believe that NZ's current economic position is the fault of Tony Alexander and his ilk? Nobody seriously believes that the Cindy and Robbo comedy show consulted him, or his ilk, even once before making all their economic decisions.

by J.C. | 7th Aug 24, 5:20pm 1723008055

Nobody seriously believes that the Cindy and Robbo comedy show

The latter nickname is OK. The former is not. Some of us have learnt the errors of our ways. I suggest you do some soul searching.

by HGWR | 7th Aug 24, 6:01pm 1723010461

Rent free

by Rampart | 7th Aug 24, 7:20pm 1723015223

He couldn’t even make it to the second paragraph 😂

by Mark L | 7th Aug 24, 4:16pm 1723004217

I'd like to have some term deposits with them but the co-op banks rates are already uncompetitive against much better rated banks. Lowering them further won't help.

by Justa comment | 7th Aug 24, 5:31pm 1723008692

Exactly, the B club has to expect to offer higher rates.

by J.C. | 7th Aug 24, 4:20pm 1723004402

So the BOJ have said they will behave so not to cause any meltdown in the Anglosphere. We have the Japanese well trained. And they know they have to stop their nonsense cause Harris has an election to win.

With a US Treasury Quarterly Refunding Announcement by Yellen, we will see an injection of $300bn to $1.05tn between now and the end of the year.

Party harder than you ever have before.

https://economictimes.indiatimes.com/markets/stocks/news/boj-wont-raise…

by lonewolfnz | 7th Aug 24, 4:42pm 1723005736

By far the biggest news today was the BOJ all but admitting that they won't raise rates again. Markets should like that tomorrow.

by J.C. | 7th Aug 24, 4:46pm 1723006000

It's not that it's just election year. Don't be surprised if there's a massive coverup. Remember, the Fed and BOJ have a direct channel between each other. The entire world is relying on it right now.

by bw | 7th Aug 24, 5:01pm 1723006897

You're not trying to tell us that the BoJ told all market participants to reprice their opening offers 11% higher in unison yesterday morning, I hope? Shudder the thought....

by J.C. | 7th Aug 24, 5:05pm 1723007109

Well JP Morgan says Institutions bought the dip while retail panic sold.

Retail sold $1 Billion. Institutions bought +$14 Billion.

At the same time, trading platforms like Robinhood, Schwab, etc were down for retail investors.

Probably nothing.

by J.C. | 7th Aug 24, 4:44pm 1723005874

BITCOIN ACTS MORE LIKE OLD SELF

Remember the hobgoblins who said Bitcoin was on its way to zero 2 days ago?

Never forget these people who show their true colors in moments of mass panic. They cannot be trusted and should probably be chided for their fear mongering.

by Pa1nter | 7th Aug 24, 4:53pm 1723006436

Yeah guys, it's totally safe. Trust JC, he has all the chart evidence.

NVidia, Apple, the rest of the big stocks that are actual companies, and massively over valued, they'll get their day of reckoning.

But Bitcoin, the fundamentals are rock solid. It's value will definitely hold if things really turn to custard in the rest of the market. Drinks are on me in the Seychelles next August!

We can get there in our self driving Teslas.

by J.C. | 7th Aug 24, 6:30pm 1723012252

Yeah guys, it's totally safe.

That's what I don't understand P. The general population wants and expects all asset prices to go up (as our leading lady Jacinda Ardern alluded to). That's the whole basis and attraction of Ponzinomics.

But for some reason whenever BTC moves up or down dramatically, people start screeching about Ponzis and scams as if they've encountered an existential threat.

by Pa1nter | 7th Aug 24, 5:06pm 1723007210

This is like one of those debates we have whether NZ corruption is equivalent to corruption elsewhere.

What you're into is too much like a culty club. They often result in all the followers meeting a sticky end.

As I've said before though, if you cashed out today, and the time and energy you've put into BTC has paid you out more than what you could've earned working at the supermarket, you've done well.

by J.C. | 7th Aug 24, 5:31pm 1723008704

As I've said before though, if you cashed out today, and the time and energy you've put into BTC

I would say minimum 1,000 to 10,000 hours to really start understanding anything - some things click, some do not. But if you're not prepared to think, best allocate your time elsewhere. Not just BTC, but any pursuit really. Remember, pilots and maritime captains take this stuff seriously.

by Pa1nter | 7th Aug 24, 5:20pm 1723008038

I would say minimum 1,000 to 10,000 hours to really start understanding anything

Correct. And your subsequent daily reading and promotion about it. Probably 1000 hrs a year, if not more.

Basically, your outlay should've returned you a net half a million bucks by now. Likely more, if you've learned enough to truly make it "click".

And that's just to be as lucrative a use of your time as minimum wage at the supermarket. I assume you're able to add value to time better than that.

by Baywatch | 7th Aug 24, 5:22pm 1723008130

If only Bitcoin was a store of value...?

by Pa1nter | 7th Aug 24, 5:29pm 1723008580

Anything with a market value is a store of value.

But if we're talking about taking your money, and adding your time to it to make it worth more than you started, there's an expectation it'll provide you a worthwhile net positive return.

by ChrisOfNoFame | 7th Aug 24, 6:35pm 1723012557

"Anything with a market value is a store of value."

Seriously?

What a load of tosh.

by Pa1nter | 7th Aug 24, 6:50pm 1723013412

Don't just say it's a load of tosh, tell me how something with a value, isn't a store of value. H

Whether they're a "good" store of value, is another matter.

Although it sounds like I've done better storing my value in old cars than I would've storing it in BTC (and that's only by accident).

by Baywatch | 7th Aug 24, 7:33pm 1723016038

Although it sounds like I've done better storing my value in old cars

Any proof to back up that "sounds like?

by Pa1nter | 7th Aug 24, 7:39pm 1723016349

JC can't make minimum wage as a Bitcoin expert, and you still haven't invited me to cook on your private yacht.

by Baywatch | 7th Aug 24, 8:41pm 1723020108

You like making thigs up Painter..just when I was starting to take you seriously.

by Pa1nter | 7th Aug 24, 9:00pm 1723021205

Why would you take any of this seriously.

None of us got to choose this timeline.

by J.C. | 7th Aug 24, 5:30pm 1723008632

And your subsequent daily reading and promotion about it. Probably 1000 hrs a year, if not more.

1000 hours is not much. The equivalent of 125 x 8-hour days.

Basically, your outlay should've returned you a net half a million bucks by now.

The real OGs don't think in fiat. That's the first indicator you're still a normie.

by Pa1nter | 7th Aug 24, 5:37pm 1723009060

I sorta worked on 2-3hrs a day on average.

But yeah that'd do it too.

The real OGs don't think in fiat. That's the first indicator you're still a normie.

I was gonna make the remark that'd you'd try and re-define what a net return was.

Correct though, if someone claims to be investing/making money, my weird benchmark is to establish that based on how much they've made over time. I put 10 acorns in, and now I can turn that into 20 acorns.

If your measure of success in investing differs from making a relative net positive return, we will never agree on much in that area.

by J.C. | 7th Aug 24, 5:40pm 1723009251

I was gonna make the remark that'd you'd try and re-define what a net return was.

Seems most people are comfortable with zero BTC. Understandable considering most people don't think they need to own assets like gold.

Some others might set themselves targets - like BTC0.1. Remember, that's more than most people have in fiat cash savings.

Each person is different. That's perfectly natural. It's not a competition.

by Pa1nter | 7th Aug 24, 5:56pm 1723010166

But your stated aim is taking your fiat, and adding your time and decision making to it, to make it worth more than the fiat.

by IT GUY | 7th Aug 24, 6:18pm 1723011503

how do you feel about gold bugs?

by Pa1nter | 7th Aug 24, 6:28pm 1723012103

Most of them want you to join a club too.

Although there's presumably a lot less time investment needed to get up to speed with gold. Way less terms and names to learn.

by IT GUY | 7th Aug 24, 6:32pm 1723012364

I guess the simplicity of property investment attracts a type as well.... pretty simple no need to worry about yields or risk free rates of return, it will double soon, maybe I will not even rent it out.

by Pa1nter | 7th Aug 24, 6:41pm 1723012902

I guess everyone's got different aims.

I don't think property returns that well either, as a set and forget sort of undertaking. Then again I know people who've done well out of property (and other investments), but they've been a lot more experienced and directly involved in whatever they're invested in.

Most people don't seem to do much better than a managed fund, trying to work out making a dollar themselves. You really gotta treat it like a job, and be demonstratively good at it.

by IT GUY | 7th Aug 24, 6:43pm 1723012987

i agree with you 100% on this

by KH | 7th Aug 24, 5:01pm 1723006879

Fear mongers / Spruikers. Neither are of any use here JC.

by J.C. | 7th Aug 24, 5:08pm 1723007290

Everyone's suddenly an expert on the JPY carry trade at the water coolers, neighborhood BBQs, and sports clubs.

by Pa1nter | 7th Aug 24, 6:30pm 1723012205

You frequent a sports club?

Sounds fishy.

by ChrisOfNoFame | 7th Aug 24, 6:38pm 1723012737

Yup. I'd noticed that too. (typical Kiwis)

by Pa1nter | 7th Aug 24, 6:43pm 1723013008

People are so predictable, listening to and relaying topical news.

What's next, the weather?

by IT GUY | 7th Aug 24, 7:26pm 1723015579

“In contrast to the process of policy interest rate hikes in Europe and the United States, Japan’s economy is not in a situation where the bank may fall behind the curve if it does not raise the policy interest rate at a certain pace,” Uchida said. “Therefore, the bank will not raise its policy interest rate when financial and capital markets are unstable.”

Well, dear central banker, a quick primer: this is called passive aggressive forward guidance. The Japanese market will now NEVER become "stable", in doing so preventing any more rate hikes, and in fact will become so unstable the BOJ will have to cut again.

If the yen collapses here they will have to lift rates, and this little wobble will look like a wobble, in comparison to what's going to happen...

by Eschaton | 7th Aug 24, 5:05pm 1723007119

Buy local, that's all.

by JimboJones | 7th Aug 24, 5:32pm 1723008760

HouseMouse a while back we discussed soft landings, you asked me what I defined as one for NZ, and I said unemployment < 5%, and you seemed to agree. (I may have also mentioned GDP but I can't remember what I said there).

Touch and go whether that happens or not, but do you still agree that would be a soft landing?

by HouseMouse | 7th Aug 24, 6:06pm 1723010816

Yep I agree.

However I think the peak unemployment rate will be significantly higher than 5%. So I don’t think we will get a ‘soft landing’

by OldSkoolEconomics | 7th Aug 24, 6:20pm 1723011653

The wreckage will be spread far and wide.

Those who cashed up will do very well out of it all.

by JimboJones | 7th Aug 24, 6:35pm 1723012504

Define significantly? Less than 6% is a medium landing?

by HouseMouse | 7th Aug 24, 6:52pm 1723013533

Roughly, yes

by J.C. | 7th Aug 24, 5:35pm 1723008953

This is not good. Aussie is supposedly one of the wealthiest countries on earth.

One in four Australians fear becoming homeless, as the cost of living crisis continues to squeeze the country.

The Salvation Army's sentiment tracker found 25 per cent of people were worried about losing their home, while new research revealed it was even worse among those doing it tough.

https://www.9news.com.au/national/homelessness-fears-one-quarter-of-aus…

by OldSkoolEconomics | 7th Aug 24, 6:23pm 1723011830

Capitalism works really well for those at the top. Unfortunately they arent the sort who are keen to share.

There is a good netflix movie called "the platform' that does a good job of explaining how it all works.

by tis i | 7th Aug 24, 7:04pm 1723014248

Capitalism works for all levels tbh. Or perhaps you’ve forgotten how bad poverty used to be?

by OldSkoolEconomics | 7th Aug 24, 7:33pm 1723015983

I am keen to be convinced.

Food bank numbers tell a story.

by powerdownkiwi | 7th Aug 24, 8:03pm 1723017825

Capitalism was born when there was a nearly-fully-stocked planet.

In the halcyon years, there was enough that it could be spread into the middle, and even the lower, classes. First World, mind; not the Third.

Then the Great Acceleration did depletion enough, that competition started - somewhere in the mid-70s.

And things have gotten exponentially worse, since then. Less and less can access the trough. And those who can, are pigging out.

But when the trough is half-empty, GROWTH is over. And those who are hungry, will riot. Tell any story, deny any denial, but that's what is happening.

by Flying high | 7th Aug 24, 9:28pm 1723022889

The mid 1970s the halcyon of life as we know it, beatles, rocknroll, radio with pictures, long hair, sexploration, communes, music festivals ... and great LSD

Oh and PDKs weeping, howling and lamenting while wearing his hand knitted jumper could only be heard in small rooms in shivering Otago

We cant have it ALL !

by Pa1nter | 7th Aug 24, 9:12pm 1723021955

I am keen to be convinced.

Food bank numbers tell a story.

Obesity rate tells another one.

Capitalism has helped make such luxurious high technology goods accessible to most everyone.

The downside is, invariably the ownership of capital is consolidated, making most relatively poorer.

by tis i | 8th Aug 24, 6:06am 1723054000

Excess food everywhere. So much so we can afford to give it away to food banks. Brought to you by fossil fuels and capitalism.

Todays poor may be relatively more poor than todays rich but I’d suggest todays poor are not more poor than yesterday’s poor but that today’s rich are many times more rich than yesterday’s rich.

by MLSmith | 7th Aug 24, 6:33pm 1723012410

Appears the left is happy with hate speech and racism as long as it’s coming from the left!

Note people, the happening in UK at moment and how the oppressed became the oppressor in Russia and South Africa…. Think about the direction we’re heading next time we’re at the ballot box (that is if democracy is still alive in NZ)

by Jonny.Foe | 7th Aug 24, 6:03pm 1723010590

Sorry, can you translate this comment out of alt-right reddit group speak for me? I'd love to know what point you are making.

by powerdownkiwi | 7th Aug 24, 6:29pm 1723012166

Chuckle.

At least with others, you can understand their nonsense (lauding 8 billion as if it were a permanent achievement rather than sapience-less stupidity of the species involved) but I had trouble with that one too.

Funny how far folk can get down rabbit-holes.

by Te Kooti | 7th Aug 24, 6:41pm 1723012911

I think he's referring to immigration changing the fabric of society and how a hard left Labour Govt has turned against the indigenous Brits including applying different policing standards depending on ethnicity.

I noticed that Labour, stopped the pensioners winter fuel subsidy, all the while paying illegal migrants to stay in 4* accomodation. Illegal immigrants are running at around 700 to 800 per day and receive accom, meals, phones and cash.

I'd be on the streets as well.

by Jonny.Foe | 7th Aug 24, 7:33pm 1723016006

Indigenous Brits?!?

by powerdownkiwi | 7th Aug 24, 8:07pm 1723018049

British Labour? Hard Left?

Maybe there is a parallel universe.

They bought into Bernays, a long time ago. As did the US Dems. Sure, both have soft rump rank-and-file, but the leadership are well aware where their sponsorship comes from.

They've been a party of two-faced slogans for decades.

by agnostium | 7th Aug 24, 11:41pm 1723030874

Two tier policing? C'mon man don't tell me you've been sucked in to the extremist propaganda too.

It won't be long before this gets picked up by the coalition and we start hearing how Maori benefit from two-tier policing. In the UK immigrants are the other, in NZ, the coalition are working hard to make Maori the other.

https://www.theguardian.com/uk-news/article/2024/aug/06/england-riots-t…

by OldSkoolEconomics | 8th Aug 24, 4:30am 1723048247

It would be really interesting to understand the dynamics and the motivations of different instigators of what's happening in the uk right now.

The worry is how so many people seem to be motivated by the group opions and are getting involved in the violence. It must say something about the feelings that are simmering away in a large portion of society.

by JimboJones | 7th Aug 24, 6:32pm 1723012333

The property market is making a comeback?

https://www.oneroof.co.nz/news/south-auckland-auction-bags-over-22m-of-…

by IT GUY | 7th Aug 24, 6:42pm 1723012929

Baaaaa, man he got you. Basing the recovery on group stupidity may not be the smartest thing to admit.

However, prices weren’t the whole story, though. “People were saying to me, ‘It feels like we’ve turned a corner’, that there was a lot of positivity in the market,” he said.

“Once you have communal positivity, things become more positive because we’re sheep in this country, when it comes to confidence.”

keep posting and I will keep putting the articles through my BullShit meter for you

by Te Kooti | 7th Aug 24, 6:43pm 1723013009

Great, no rate cuts needed then.

by IT GUY | 7th Aug 24, 6:55pm 1723013733

Confidence returns lets put rates up to slow the coming rises

by HouseMouse | 7th Aug 24, 7:01pm 1723014075

😂

by Averageman | 7th Aug 24, 8:48pm 1723020527

And lower dti...a lot. Let them eat cake from tax paid equity vs specu bank all the way debt stacking.

by HouseMouse | 7th Aug 24, 6:55pm 1723013726

Sounds very cultish

by J.C. | 7th Aug 24, 7:05pm 1723014316

The SEC and DOJ charge Nader Al-Naji, the founder of crypto social media platform BitClout, with wire fraud and the sale of unregistered offerings of crypto asset securities.

Al-Naiji was among Forbes 30 under 30. Also on this list were Shkreli, SBF, Caroline Ellison, Elizabeth Holmes, Trevor Milton (Nikola Motors).

https://www.dailyprincetonian.com/article/2024/08/bitclout-founder-nada…

https://www.forbes.com/profile/nader-al-naji/