sign uplog in
Want to go ad-free? Find out how, here.

UST bond yields fall; Canada stays the course; Japanese machine tool orders strong; global tax deal gets sceptics; air travel not recovering; UST 10yr slips again to 1.49%; gold soft and oil firm; NZ$1 = 71.8 USc; TWI-5 = 73.4

UST bond yields fall; Canada stays the course; Japanese machine tool orders strong; global tax deal gets sceptics; air travel not recovering; UST 10yr slips again to 1.49%; gold soft and oil firm; NZ$1 = 71.8 USc; TWI-5 = 73.4

Here's our summary of key economic events overnight that affect New Zealand with news the bond market is no longer sending 'recovery' signals, and that is despite the growing inflation rates.

But first, US mortgage applications fell again last week, embedding a trend. Higher house prices are said to be excluding more borrowers there.

The US Treasury had another bond auction overnight, this time a smallish for their ten year Note. They offered US$41 bln and the Fed took US$3 bln. For the remaining US$38 bln they got offers of US$98 bln so it was very well supported. The median yield was only 1.44% pa however reflecting that heavy demand. The previous equivalent auction a month ago resulted in a median yield of 1.62%, so this matches the market retreats in bond yields recently, probably as a reaction to the underwhelming non-farm payrolls report.

In Canada, their central bank kept all its policy setting on hold, even though Canada is getting weaker-than-expected economic growth and hotter-than-normal inflation at this time. Their vaccination outlook keeps them confident things will pan out as they expected.

China's producer prices grew +9.0% in May from a year ago, the fastest rate of increase in 13 years and higher than the +8.5% expected. In April they rose +6.8% on the same basis, so the pace is quickening. Their consumer prices rose +1.3% year-on-year and while that was faster than for the prior month it was less than the +1.6% pa expected.

Japanese machine tool order levels came in very strong in May. Ignoring the year-ago change, the change from 2019 which was the last normalised May month, this 2021 data is almost +14% higher. So that is a healthy rebound.

On the global tax front, the G7 proposal for a 15% minimum rate on multinational companies has been pushed on to the G20 for adoption. But China is sending signals that it may not sign up, preferring to keep their heavy tax concessions for their own big tech firms "to encourage innovation", which is a national goal. China is likely to drive a hard bargain and may not ever sign up. In addition, it seems the UK also wants its City of London financial business exempt as well.

Yesterday we reported a strong recovery in air cargo volumes. But the same isn't true of international passenger travel. It is still moribund. However, there are strong recoveries in domestic air travel around the globe, with May 2022 volumes now only -25% lower than in May 2019 when they were 'normal'. International travel is still almost -90% lower.

Wall Street has opened with the S&P500 recording another minor +0.1% rise by early afternoon trading. Overnight, European markets were mixed with changes between -0.4% and +0.2%. Yesterday, the very large Tokyo market closed down -0.4%, Hong Kong ended down -0.1%, and Shanghai recorded a +0.3% gain. The ASX200 ended its Tuesday session down -0.3% and the NZX50 Capital Index was up +0.4%.

The UST 10yr yield starts today down another -4 bps at 1.49% which makes the decline in the past week -13 bps. The US 2-10 rate curve is decidedly flatter at +133 bps. Their 1-5 curve is also flatter at +69 bps, while their 3m-10 year curve is as well at +148 bps The Australian Govt ten year benchmark rate is -5 bps lower at 1.48%. But the China Govt ten year bond remains at 3.13%, and the New Zealand Govt ten year is down -4 bps at 1.77%.

The price of gold starts today at US$1891/oz, and down -US$2 overnight.

Oil prices start today just marginally firmer at over US$69.50/bbl in the US, while the international Brent price is just under US$72/bbl.

The Kiwi dollar opens today slightly softer at just on 71.8 USc. Against the Australian dollar we have fallen to just on 92.8 AUc. Against the euro we are down at 55.8 euro cents. That means our TWI-5 starts today at 73.4 and a small dip from this time yesterday.

The bitcoin price is now at US$36,550 back up +14% higher than at this time yesterday. Volatility in the past 24 hours has remained extreme at +/- 7.4%.

The easiest place to stay up with event risk today is by following our Economic Calendar here ».

Daily exchange rates

Select chart tabs »

The 'US$' chart will be drawn here.
Daily benchmark rate
Source: RBNZ
The 'AU$' chart will be drawn here.
Daily benchmark rate
Source: RBNZ
The 'TWI' chart will be drawn here.
Daily benchmark rate
Source: RBNZ
The '¥en' chart will be drawn here.
Daily benchmark rate
Source: RBNZ
The '¥uan' chart will be drawn here.
Daily benchmark rate
Source: RBNZ
The '€uro' chart will be drawn here.
Daily benchmark rate
Source: RBNZ
The 'GBP' chart will be drawn here.
Daily benchmark rate
Source: RBNZ
The 'Bitcoin' chart will be drawn here.
End of day UTC
Source: CoinDesk

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.


The bitcoin price is now at US$36,550 back up +14%

Don't underestimate how quickly btc will retake it's ATH. Saylor's $500m bond raise will eat through the available BTC stock back up to $60k almost singlehandedly.

Normally a rise of +14% would result in a orange banner on top of the page and ..more news soon? Must be only news when its falling? Cue no coiners comments below.chuckle

they normally dont put banners on the latest from the pokies either

Nothing but candy floss for MSM financial news.

Corporates borrowing to buy Bitcoin is among the stupidest ideas there is.
This is the behavior that is going to ruin the crypto market, not buoy it.

Not really its the same as Fiat, if only a handful of people in the world owned it all it would then be worthless, think about it.

At least when buying a tulip you have a tulip.

Dead cat bounce. I'm expecting one last flurry or is that furry.

You been trotting out that line for a while now Carlos?

The microstrategy offering was massively oversubscribed as well. They received 1.6 Billion in orders! Hardly surprising given the bonds are offering 6.125%.

El Salvadore is making is mandatory for all merchants to accept btc, in a country that doesn't have its own currency! They are even adopting a nation wide, Government mining project which is 100% renewable, plus lots of incentives to bring in residents or entrepreneurs. Plus lots of other South American countries signalling that they will follow. Oh, and the Government will have a $150m trust fund to purchase the btc that merchant's decide not to accept. But you know, next thing Elon Musk tweets a fart image or something and the price dumps again

No the next thing you know is Elon Musk goes in and buys the whole country with his Bitcoin. El Salvador sounds like a bargain ! mind you hold off for a while longer and he may buy the whole of South America !

With all your talk of bitcoin, government and which army will defend it Carlos, to maintain your position now El Salvador has made BTC their reserve standard basically gives you zero credibility. Read your comment from February in this article that aged like a glass of warm milk in the sun: Patrick Watson of Mauldin Economics says Bitcoin isn't money, rather it's another risk asset like gold, shares, or pork bellies

by Carlos67 | 19th Feb 21, 10:33am

Mmmmmm pretty much as I commented yesterday but in a lot more words. Didn't think about the tax angle payment though but then again, tax collection will be the big government bonus when we finally move to a digital only currency. The big question is when will it happen or what sort of event will it take to make every citizen go woo hoo give me that digital currency because at present there would be plenty of pushback.

My favourite quote from that article by Patrick Watson in Feb just 4 months ago:

Bitcoin may keep growing in value, but it’s never going to replace the US dollar.

What happens if one part of South America adopts Bitcoin but another part adopts doge coin or etherium and the prices fluctuate widely due speculation. How do countries trade?

That comment shows how much research on the subject you have done Independent...less than zero?

I've done no research and am curious to know what would happen.

Maybe Nayib Bukele will wait until the population fully adopts Bitcoin, trade his Bitcoin stake for Doge and then overnight ban Bitcoin in favor of Doge.

Well just fyi, 10,000 new doge coins are created every minute because it is literally a meme coin with 0 development. Bitcoin on the other hand currently generates 6.25 new coins every 10 min on average, and this will be cut in half in 2024, and perpetually cut in half until the last coin is mined in 2140. Nice chart which basically summarises the whole point of a deflationary currency

It was an honest question Frazz - if you don't have an answer its okay.. Or are you going to join the cancel culture of the other bitcoin fanatics - where if you question its validity the fanatics decide they must destroy the views of any doubters?

I think most people have given up trying to reply to your "honest questions" IO - I certainly have. The question you asked is so basically flawed, it's really not worth wasting any time answering it. Your complete lack of understanding and unwillingness to learn about the crypto space after folks on here have spent countless hours answering your honest questions is preposterous. Unfortunately a hallmark of your generation though.

If you'd bothered to read the bill, the answer is contained within: "The exchange rate between Bitcoin [read - any cryptocurrency] and the US dollar [read - any other currency] will be freely established by the market".

"A hallmark of your generation" - how do you know that I'm not younger than you?

"free established by the market" - and that is the issue I raise in my initial question. How do you trade when prices are fluctuating this much and not all countries jump onboard with bitcoin? It was a legitimate question. Imagine trying to hedge a futures contract because you don't know what your etherium or bitcoin is going to be worth relative to one another in six months time - simply so that you can do a contract with a foreign country. It was an honest question. You can cancel culture me if you like (which appears to be what the bitcoin fanatics do).

And could you just clarify what you mean by 'your generation'. What happens if I'm actually in my 20's or 30's? Or this a comment that is aimed at boomers?

Really Independent - one minute you are a fan then you come out with a bullshi$t comment such as that. All I asked was how much research you made before commenting - Galloleous has taken the time to respond, ditto my response.

Easy frazz - it was an honest question which seems to have riled the bitcoin fanatics. And usually people only get riled when you're getting close to a truth that they not willing to acknowledge.

If you're doing business in El Salvador and buying product from another country that doesn't do bitcoin in order to complete a project, but you have to use bitcoin and you don't know if the value of bitcoin is going to up or down 100x in the next six months, how do you hedge for that? Or the other country decides is using etherium not bitcoin, how do you hedge the risk? These are honest questions - if you have the answers please let me know!

One would presume that BTC should eventually stabilise in value. But volatility might continue for years...prolonging it being of much 'use' aside from speculation.
I am currently reading Sapiens: A brief History of Humankind. The read touches on the creation of money. Unexpectedly this gave me insight to BTC which no finance book ever has.
So I can see that left alone, BTC has a future.
However, I don't believe it will be left alone. It will be taken down when the powers decide.

Yuval Noah Harari is a living oxymoron. Glad you got something out of his books rastus, but I could barely finish the first half of homo deus it was so idiotic. He's the epitome of the foolish appearing wise IMO. And the poster child for many of the things that are wrong in the world RN stuck in his ivory tower.

If you want a great intro to the history of money, Check out The Bitcoin Standard by Saifadeen Amous, goes through a good selection of the previous money systems and tops it off wiht a few chapters at the end about how Bitcoin could evolve to be the next major currency. Takes a hard line at some points but he has changed his thinking a bit over the last few years while righting The Fiat standard.

So your buying a bond that has a capped return of 6.125% p.a. to invest in a highly volatile and speculative asset that has the potential to destroy all of your capital.

Capped upside limitless downside. Why not just buy Bitcoin?

As a bond holder you are paid out from Microstrategy's operating profits, it makes no difference to them if BTC goes up or down. There is no where else you can make 6% at such low risk. Microstrategy then gets the BTC for their reserves, which they believe it much better than sitting on rapidly deflating USD.

Very generous of them to offer 6% if they're such low risk...maybe the market doesn't agree - 6% is junk bond territory. Each to their own, I guess.

It makes no difference if BTC goes up or down

Except that it does as they have to repay both coupon and principal in fiat.

Thats the problem, theres so much money trying to get into Bitcoin, but current regulations, or corporate finance set ups don't allow it. So buying Microstrategy bonds is as good as a Bitcoin ETF as these investors can get.
Its also different to the previous offerings as it protects the previously purchased Bitcoin from these creditors incase they do go bust.

Buying a bond bears no resemblance to buying a bitcoin ETF. Bitcoin could go up 100x and you still just get your 6%.

Anyone else see the irony in borrowing fiat in order to buy more Bitcoin?

That's what I did. Best decision of my life. Money becomes less valuable and inflation pays off the debt, while bitcoin increases in value

And people doing it now while Bitcoin falls in value?

Still up 200% over the past year, despite all the FUD being flung at it. You’ve got to admit, it is pretty resilient. Remember this is a free market pricing a new asset class.

I don't have to admit anything!

A 50% fall in a few months isn't resilient.

People could also argue that the AMC share price is pretty resilient.

You're new to this space? The real rip your face off volatility was a few years ago. Before all this Lazer eyes diamond hands fanboy crap. Back then you were on your own riding the roller coaster led by only an idea of what seemed right. Now it's mainstreet level paradigmal whining. Which is good. Adoption has been strong. But a 50% fall from ATH to ATH yoy is still taking the p*ss.

Easy on IO, you’re starting to sound like a fanatical crypto-hater. If you’re not into it, stop trolling the comments about it, and move on. Maybe stick to your boomer stocks and shiny rocks.

The irony...a troll comment accusing another of trolling. It's odd that if you can see a few issues with crypto, suddenly you must be 60+. I think Ezy jumps to the same inaccurate assumption/s.

You do know its possible to be in your 20s - 50's and see the issues crypto are going to face being implemented?

As I've said, I think bitcoin etc are a great idea. But in the world government by central banks and having a reasonable grasp of the history of financial markets, I can see headwinds for decentralised crypto.

Being a boomer is an attitude not an age. There are indeed headwinds for BTC, but how do you stop something that is virtually everywhere, and nowhere at the same time? Maybe go download an "illegal" movie on The Pirate Bay whilst you consider your answer.
This is why, flick through the images. key point is the diverging direction of an inflationary, always decreasing in value fiat currency against a deflationary, always increasing in value Bitcoin.

no different to borrowing fiat to buy more houses
It may be a hedge if we can keep the greater fools coming

But Neither will ultimately provide any INCOME if fiat tanks

The difference is location and liquidity though. Houses by nature are pegged to a national currency by location, while BTC is a global asset class. Bitcoin can be liquidated any time, any where at will, whilst a house may not sell at all in a depressed market. Fine if your Debt/Equity ratio is fat, but disastrous if not and the banks come looking for their pound of flesh.

Don't underestimate how quickly btc will retake it's ATH. Saylor's $500m bond raise will eat through the available BTC stock back up to $60k almost singlehandedly.

Your ultra-orthodox is shining through again Ezy. A few days ago you would have been as quiet as a door mouse as the BTC price was seemingly heading into an abyss. Sentiment changes on a dime and you're brimming with confidence about its price action.

Lol. I've been quiet because unlike most of the naysayers, and navel gazers on this site I've been at my terminal taking advantage of the FUD and putting my money where my mouth is. Had a big spend up with an average buy price across trades of 32.8k. We're not out of the woods just yet but if the fib breaks 38.18k it's looking increasingly likely. The dip has been very good to me and overall I'm up 14% since the start of May. From here until September I'll be mostly hodling, then will start to diversify into a smaller set of alts aimed at generating regular income. Well on track to functional retirement in the very near term.

No mention of the biggest financial story of the day? El Salvador officially becomes the first country in the world to adopt Bitcoin as legal tender.

And they are going all in on state backed mining as well.
“I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanoes, this is going to evolve fast".”

Probably no mention of it because it's exactly back to where it was 48 hours ago...

Don’t be so myopic. Have you forgotten what a truely free-market pricing of an emerging asset looks like?

last i heard, El Salvador wasnt the economic success story you are making it out to be

Looks like they think prosperity can be voted in

Offshore assembly products, coffee, sugar, shrimp, textiles, and chemicals are El Salvador's main exports. The leading imports are raw materials, consumer and capital goods, fuel, food, petroleum, and electricity. The United States is by far the largest trading partner.

Enjoy your coffee Ham

i will
but, in other words, TOTALLY dependent (ie cant do much without electricity, raw materials, food, petroleum)
which means they can be controlled at will if needed

it smacks of desperation to me

Tonga may be next nation to adopt #Bitcoin 
Lord Member of Parliament @LordFusitua says he's already chatting with @jackmallers and is looking to buy #bitcoin  with the nation's $750 million of reserves.
Remittances also make up 37% of their GPD.

What could go wrong?

Gee, sux your cup is half empty.

A similar thing happened in New Zealand during the 1800s. People traded land for blankets and muskets believing they were getting a good deal at the time. Blankets and muskets were a valuable commodity back then, much like Bitcoin is today.

Difference is, blankets still exist after a net collapse.

We just had a wee reminder of the fragility.

By my rough calcs, using the Strike app, on the bitcoin lightning network could save roughly 30% in remittance fees per year. If 37% of their GDP comes from remittances, that’s roughly 55million dollars saved every year. That money would go directly into the local economy, and would buy approximately $500 worth of blankets and muskets per year/per citizen.

Collectively the G7/20 can strongarm China into tax reform, just make it clear that offering a lower tax rate will effectively exclude those companies from other markets.

Bond yields slip despite inflation signals
Inflation/Rate Hike Probabilities Were Never High To Begin With, And Now, Despite CPI & Labor Shortage, They Are Even Less

And today, despite the out-of-this-world inflation numbers along with JOLTS Job Openings as apparent confirmation of massive labor shortage pressures, the eurodollar futures curve like the Treasury yield curve is “somehow” pricing even lower probabilities of higher rates all over again – as if the CPI didn’t really mean much or anything beyond early 2021.

Not just “transitory” inflation, which isn’t inflation, it’s all transitory price behavior for the same reasons these curves never truly got off the ground. Overall conditions really haven’t changed all that much from one of the worst years on record. No wonder there’s so much disinformation because there is next to nothing in evidence conceding all this talk of sustained inflation is even much possible.

One Reason U.S. Treasuries Don’t Seem That Worried About Inflation

Holdings recorded for large US banks far exceed HQLA regulatory requirements.
Safe and liquid and useful for rehypothecation in the repo market and limited capital requirements compared to other asset classes. Unfortunately, they crowd out loans to what's left of US productive business enterprises.

Audaxes, you have been predicting inflation not to rise for a while now, I'm not saying you're wrong, personally I don't know what to believe, but it will be interesting to see where inflation is in 12 months time and wether your calls were right.

I'm am not predicting anything - I follow the collective market signals embedded in global bond markets - if those signals change so will I.

audaxes... "collective market signals embedded in global bond markets".

With the extent of financial repression going on by Central Banks in hand with Govt fiscal policies... (and which one has to go back quite a few yrs to find similar periods in history)..... how much confidence do you really have in the Bond mkts to signal possible inflation..??

From my perspective, Bond markets will not be prescient, in regards to inflation, but will be reactionary , possibly in the form of a shock... a paradigmn shift.

Im watching the commodity mkts more than the bond mkts ( which I feel have been interfered with by Central Banks, since the GFC ).
Also watching the wage/price thing.. ( eg. In NZ , minimum wages, fair pay agreement, Union led strikes etc.. )
This is more relevant to me than the contrived ( since GFC) long term Bond mkts..
just my view...

I have a different opinion formed over the 20 years I was employed in the trading department of a G-SIB bank in London. The tradeable float of outstanding debt instruments, sovereign and private dwarfs that which central banks have purchased. It is private dealers driving down interest rates, which central banks follow.

Low Rates Aren't a Central Bank Providing Accommodation

This is what Milton Friedman called the interest rate fallacy, and it indeed refuses to die. We can tell what monetary conditions are in the real economy, as opposed to financial liquidity, though the two can be linked, by the general level of interest rates. When money is plentiful, interest rates will be high not low; and when money is restricted, interest rates will be low not high. The reason is as Wicksell described more than a century ago:

[The natural rate] is never high or low in itself, but only in relation to the profit which people can make with the money in their hands, and this, of course, varies. In good times, when trade is brisk, the rate of profit is high, and, what is of great consequence, is generally expected to remain high; in periods of depression it is low, and expected to remain low.

When nominal profits are expected to be robust, holders of money must be compensated for lending it out by higher interest rates. Thus, the same holds for inflationary circumstances, where nominal profits follow the rate of consumer prices. During the Great Inflation, interest rates weren’t low at all, they were through the roof well into double digits and higher by 1980. At the opposite end in the Great Depression, interest rates were low and stayed there because, as Wicksell wrote, the rate of profit was low and was expected to be low well into the future. High quality borrowers were given as much money as they could want while the rest of the economy was deprived of funds; liquidity and safety being the only preferences in what sounds entirely familiar. Link

Were your views also formed from a study of history, or mostly from actual trading experience ?

The period between 1935 and 1948ish is a time when the bond mkt did not respond to or anticipate inflation. ( FED manipulation/control )
(There are similarities between Govt/FED policy responses to Covid and also to WW2. )

Scroll down in linked article to see relationship of bonds to inflation for period 1940 to 1952

Actual trading experience.
Case Study in Missing Growth & Profits

Spot the deliberate errors.

If mostly adopted, the Commission’s blueprint will radically yank New Zealand’s emissions reduction strategy away from an Emissions Trading Scheme to a more state-directed system in which the ETS would only be a part.

In accepting the latest report, Ardern referenced her speech four years ago in Auckland when she compared climate change to the nuclear-free movement.

"The movement of the 1980s represented a life or death situation for the Pacific, and so does this."

-The politics is getting stinky
- Until Carr can show his workings, this is just his "Lancet Letter". Like misdirection & batty.

Warning - another Zero Hedge link..


Just look at their assumptions:

"they point out that a typical EV is on average 50% heavier than a similar internal combustion engine"... Uhhh... tesla model 3 ~1750kg. I just picked out a Ford Mondeo 2L as similar, roughly weighs in at 1600 kg. 50% heavier? Nope...

" In other words, the cost and carbon-intensity of lithium-ion batteries is predicated on renewable energy which itself requires cheap and carbon-efficient lithium-ion batteries." ??? This shows how dense the authors are. Hydro is renewable energy, it doesn't require batteries to run because the lake is the battery. Almost all renewable is currently hydro and wind and barely anyone has batteries backing them up (there are about 5 countries with pumped hyrdo and Aus has some big battery installations).

They also don't show their actual data, just a whole bunch of wrong assumptions. Someone asks for it in the comments, which they respond to by giving them a link to a report on copper supply chain and pricing issues. The "research" they have in that report is the same post full of invalid assumptions, so again they don't show their data. Report here:

Until you can see their data I call bulls#%t. I think it's just a clickbait article to try and get more subscribers (you have to put your email in to get the report link). Their first assumptions are so inaccurate that it shows it is likely the rest of it is bull as well. Read at your own risk, this is not unbiased research it is horrific "get to what I wanted to find by making invalid assumptions and not displaying my workings and data" based "research" - in other words bulls&$t.

Are you quoting the weight of a Ford Mondeo diesel turbo station wagon?

I have a link quoting the petrol saloon weight at 1301kg and the hybrid saloon weighing in at 1579kg.

Used the midpoint between them and my older Ford Focus is around 1500kg according to its book. It's tough to compare the vehicles however, Teslas are a bit more luxurious and are high performance. Do you compare a high performance luxury car with similar specs? In which case they would be about the same weight or heavier. Or do you compare a compact car (Tesla model 3's aren't hugely spacious)? In which case the 50% heavier is probably accurate. Do you take the average weight of cars? In which it's roughly 1500 to 2000kg.

A modern petrol Peugeot 508 is 1460kg and can achieve 5l/100km, averaging 6 at 100km/hr.
I don’t see a case for the hybrids, they just fill a space in the market for a short time.

Yep, most unconvincing.

At this rate the South Island is better off moving to join Australia
Reconnecting as a Dominion once again, like we were, probably Statehood.
Let the North Island run the govern by redistribution and identity, while South Island remains a govern by democracy, one person one vote. Equality of colour, culture etc, etc...

Unfortunately according to Transpower due to hydro shortages,we are only at 70% renewables for electricity, despite Tiwai being 1 pot down, and the long term rainfall in NZ is down by 12%.
So electricity for EVs will come from burning coal/gas in the next 5-10 years at least
Pumped hydro can only work when we have spare electricity to run the pumps.

If we really want to build more hydro, we could. We are definitely looking at building more windfarms as well. Long term we are around 85% renewable and very much looking to up this. Plus we have some big geothermal projects already underway or being seriously looked at.

But even so, to claim all EV power will come from burning coal/gas is not accurate. Maybe if the major gentailers stopped their dumping practices on the southern lakes, we would have higher generation now.

The next normal irrational response to this is that our electricity system won't be able to handle it. But one look at the daily load chart on the transpower site shows that our electricity system is designed for the peaks and is not well utilised when everyone is asleep. Guess when most EVs would charge?

At the moment 31% of electricity is fossil fuelled without EVs by the million, and we have already dammed everything, and are still just dreaming about wind and solar

The Inconvenient Truth is around the charging source - fossil fuel charged EV's - oh the irony. Basically in China the US and Europe they are coal driven. We can't even supply 100% renewable energy to existing infrastructure and import coal for christs sake - where is the energy coming from to charge the 4 million EV's every night let alone the infrastructure to get it to them.

There's a whole lot of confusing comments here. Broken down:

"Fossil fuels will be used to charge EVs" - correct in many places currently, but the fight is happening on all fronts for countries to lower emissions, which is the major driver for them to do so. You should note that only countries/regions with either already high renewables or planned future renewables are mandating electric cars, for this reason. EU is 34%, China is 30% renewable already and that is climbing, so by the time electric cars are really coming on line, these big polluters will probably have their act together a lot more. Assuming current state = future state is folly.

"We can't even supply 100% renewable energy to existing infrastructure" - we don't need to, but the more the better.

"...let alone the infrastructure to get it to them" see the above comment about infrastructure. And again, current state <> future state. We can improve our infrastructure if required.


If anyone has some warm clothes or shoes or blankets to give away, please drop them off today to the Community Hall at 65 Great North Rd, Grey Lynn between 4:00 & 5:30 pm, we will deliver them to the homeless together with the food tonight. They need warm clothes, thanks

I would imagine the need is growing daily Yvil (much like house prices in NZ) -well done

I will come just to see who you are.

Cant miss him..woll have a pipe and wearing a federoa

Haha, that's not me at all but I will be wearing a Federer t-shirt though, lol

Great Rosenstein, I have another appointment at 4pm so I'll drop the food off at 3:30-3:45, look forward to meeting you

Rosenstein, I'm sorry I missed you, why did you not come down ?

BBC: Coronavirus: Auckland ranked most liveable city as pandemic shifts list. "Auckland in New Zealand has been named the world's most liveable city, in an annual ranking that has been shifted by the coronavirus pandemic. The Economist Intelligence Unit (EIU) survey ranked 140 cities on factors including stability, infrastructure, education and access to healthcare.

But the pandemic proved to be the defining factor in this year's list. It meant European cities fell while those in Australia, Japan and New Zealand rose up the rankings.

Those island countries responded swiftly to the coronavirus outbreak and were able to minimise cases and loosen restrictions."

Yes we are indeed very lucky to be fortunate enough to live in the most liveable city in the world, let's be thankful and enjoy are life.

"Against the euro we are down at 55.8 euro cents"
That should be 58.5 euro cents I think