The RBNZ creates 200 Million out of nothing to Buy the NZ Bonds -> The Govt spends or lends the money into the economy -> NZ Govt taxes NZr’s to service the interest on the debt to ourselves. Dropping a million dollar bomb doesn’t result in a million dollars worth of production, it results in a million dollars with of destruction, and that million dollars has gone for good. We are rebuilding! Tourism was seriously affected e.g. Henry Hazlitt, the former New York Times economics editor, wrote in his book Economics in One Lesson that when assessing the economic impact of a policy we must look not just at its immediate effect on one group but on its long-term effect on everybody in society. The hidden fault that caused the February 2011 Christchurch earthquake. 8-ԙŸjüŸjŽÙt¼r®>ÆOç7±çÞ9®ëÄûüžC;r2?›’Ç&Β" Oc\ ¹çÉåŒTT àzϱîq™ð–÷Š>ŒŽENÛÁ2'³_öcÕ-%ÖR›œ And borrowing is pretty much the same as selling an asset. Medium term: EQC and insurance companies will begin making payouts within weeks but it will be months before the big rebuilding starts. COVID-19 vaccines and community immunity (transmission), Four years of the Aotearoa NZ Science Journalism Fund, Treaty on the Prohibition of Nuclear Weapons, Labour announces that it will make more housing announcements this year, Backlash over Labour’s public housing ‘re-announcement’ prompts firm defence from Jacinda Ardern, More public housing won’t ‘fix’ the housing crisis, Jacinda Ardern’s government facing continued criticism over its. Already you can see the injustice and fraud of this system: NZ Govt sells 200 Million in NZ bonds -> Foreign Bank creates 200 Million from nothing to Buy Bonds -> NZ Govt creates an equivalent 200 Million against the 200 Million in Foreign currency created by foreign banks out of nothing -> NZ Govt spends or lends the new money into the economy -> NZ Govt taxes NZr’s to service the interest on the foreign debt (GST increases). … This was partly attributed to an increase in airborne silt and dust from liquefaction deposits, as well as dust caused by earthworks and demolition (e.g.,,,). Initial effects: The economic heart of Christchurch is shut down. Should tech giants control the public square? His Twitter handle is @MartinKulldorff #1 Public health is about all health outcomes, not just a single ... Joe Biden seems to be everything that Donald Trump was not – decent, straightforward, considerate of others, mindful of his responsibilities – but none of that means that he has an easy path ahead of him. Key at various times. Since Dwight Eisenhower’s inauguration in 1953, US presidents have joined an informal club intended to provide support - and occasionally rivalry - between those few who have been ‘leaders of the free world’. The 13th season of the flagship US version debuted, Dunedin writer Victor Billot resumes his weekly odes to New Zealanders in the news. Essentially it is the same as pure Keynesian theory with the exeption that we don’t borrow from our own bank but have the Treasury create the money directly – otherwise the rules apply. Categories: Economy - I was under the impression that for economic stimulus to be effective it had to be spent quickly so that the money recycled through the economy immediately for short periods of economic downturn. And I agree with most of the post. The sudden departure of Graine Moss from her Chief Executive role at Oranga Tamariki is a vital first step in a sequence of changes that must take place at the Ministry according to a group of wahine Māori leaders. Infrastructure improvements by definition are an increase in products and services and have the benefit of improving commerce which stimulates productivity increasing products and services. The 2010–2011 Christchurch (Canterbury) Earthquakes in New Zealand caused considerable harm, damage and disruption to the lives and livelihoods of residents. Without  support  from the  Ardern  government  and    vilified  in the  media as  somehow being  involved in the  encouragement  by  Donald Trump of the  Washington riots, he  plainly saw he had  little  chance of  crowning  his  stellar  career  ... People from all around New Zealand will be converging on the super-secret Waihopai satellite interception spybase, in Marlborough, on Saturday January 30th. He influenced Milton Friedman. We’ve met to discuss Archetypes. . As the earth shook and buildings crumbled, a statue of, I was about 15 when I realised that halftime banana cake wasn’t a tradition outside of my family. The Green Party welcomes the resignation of Grainne Moss as Chief Executive of Oranga Tamariki. Here’s why, Rodeo Cowboy Convicted And Fined For Ill Treatment Of Animals, Man Sentenced For Child Sexual Abuse Material, Ngā Tāngata Microfinance Calls For Tougher Penalties For Pyramid Scheme Promoters, Kiwi Women Given The Chance To Be British High Commissioner For A Day, Māori Party Welcome Resignation Of Grainne Moss, The Dunedin district fostering the next generation of startups, The Fold: Stuff owner Sinead Boucher on how she bought the company for $1. We’ve already had some of the pain. The September quake had occurred in the early hours of the morning with family generally close at hand. The only problem we have is creating the necessary funds and putting the money to use fueling the labour necessary to produce the necessary infrastructure. ASB chief economist Nick Tuffley puts the hit at 0.6% of GDP. ™Îg¤3ÂéŒpF:#œ‘Îg¤3ÂéŒpÆ'æ'ägæ眅Ah„Ah„Ah„Ah„Ah„™ ìPС°CA‡Â Hey Rex, New Zealand Journal of Geology and Geophysics. Irish Marxist looks at postmodern transgender identity politics and ideology, Trump’s surprisingly large army of New Zealand supporters, Prime Minister Jacinda Ardern won’t say if she’s backing Chris Liddell for OECD’s top job, The progressive fault lines facing New Zealand in 2021 and beyond, What the Blood Supply Shows About Covid-19’s Spread, Coronavirus: few vaccines prevent infection – here’s why that’s not a problem, scheduled to close their last coal plant by the end of this year. ChCh built on SAND! On 22 February 2011, Canterbury and its largest city Christchurch experienced its second major earthquake within six months. However, how would you respond to the coventional wisdom that what you’re proposing would be inflationary and thus damaging? As you pointed out in the last paragraph, “Offsetting this, possibly, is that it just became much less likely the Reserve Bank will increase interest rates again, which should dampen demand for the dollar.”. You’re next!”, Coming attraction: IPCC's upcoming major climate assessment, Look for more emphasis on 'solutions,' efforts by cities, climate equity ... and outlook for emissions cuts in, After the Insurrection: Accountability, Reform, and the Science of Democracy, Prof. Angela Gallego-Sala & Dr. Julie Loisel. In both cases they think only of one side of the transaction, those who financially benefit from the broken window/government spending, while forgetting those who are worse off, the person with the broken window/less money because the government has taken it to give to someone else. The leader of each APEC economy appoints three private sector representatives to ABAC. Paul Henry on Monday. Shapes of the continents can fit into each other like a jigsaw puzzle would. Sorry, we live in interesting times and we should beware because simple analysis doesn’t work. “New Zealand ... A major investment to tackle wilding pines in Mt Richmond will create jobs and help protect the area’s unique ecosystems, Biosecurity Minister Damien O’Connor says. Identifying the economic impact is difficult. This may lead to possible labour or skills shortages in some trades, such as services. One of the main economic casualties of the 2011 Christchurch earthquake has been the tourism, hospitality and events industries. As you note, there will be in some cases some marginal benefit, in that when something is rebuilt it could be “better” than what existed previously. The quake was centred 10km south-east of the city at a depth of 5km. The overall effect would be hugely beneficial to our economy and would result in a net lowering of all taxes. yeah but one pot of government money is the same as another in reality. The Canterbury earthquakes of 2010-11 required a momentous recovery undertaking by the City of Christchurch in New Zealand. ¿Ò¯ð+ý It is for the economy as a whole that there is a net loss. The 200Million in Foreign Currency was created out of nothing at all by foreign banks – an exercise the Government could do itself. Joe Biden inauguration: The pendulum has swung, but how far? 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economic impacts of christchurch earthquake 2011

People are dislocated, injured, or … Though the government supplied money for those who were fired, businesses that needed re … However, the Austrian School of Economics defines money as a commodity with intrinsic value, which is contradictory to historical and empirical evidence. The chairman of the Rātana Church executive has called for the return of its own political party, rather than continuing to align with Labour. George was one of the “Renegade Economists” – a term coined by SMH and TheAge columist and economist “Ross Gittins”. Did everyone spontaneously applaud Amanda Palmer in a Havelock North café? 1:00 pm, September 7th, 2010 - 30 comments Remember that either of these methods are required to pay for infrastructure that cannot be paid for out of current taxes – and shouldn’t be. So, breaking news is that the estimate for rebuilding Christchurch has increased to $4b. “The Government is committed to continuing its public house build programme at pace and scale. TheOneRing.Net has got its paws on the official synopsis of the upcoming Amazon Tolkien TV series. It was a 6.3 magnitude earthquake and the focus was very shallow at 4.99 kilometres deep. In short public credit is no more inflationary then credit created as a result of foreign borrowing (debt). Overall, the Canterbury economy has been reasonably resilient to the impact of the earthquakes, and the spillover to other regions in New Zealand has been limited. H‰\ÔÍn›@à=O1Ëda3÷'H–¥Äq$/ú£º} Æ)R&¿}çp¢T*’ÍAÌÀÇYÜr³{ÙõÝÊïã¥Ù§)œº¾Óõò>6)Ó[×Ë*´]3}\ÍÿÍù0eÞ¼¿]§tÞõ§K±Z…òG¾yÆ[¸{j/Çt_”ßÆ6]ÿî~mö÷¡Ü¿ÃŸtNýa½m:å}9_çÊyÛîÍ÷»éö÷ü[ñó6¤PÍ×KbšK›®Ã¡Iã¡KÅj‘uX½æc]¤¾ýïþ£rÛñÔü>ŒÅªÂâÅ"ŸrŽÌY˜Y™Ù˜ ٙù‘ù¹f®‘7Ìäæä-óù•9ƒW‘žO\2/‘+æ The Council of Trade Unions is warning that the Consumer Price Index (CPI) figures out today illustrate that the cost of living is increasing disproportionately for those on lower incomes; resulting in the poor getting poorer. J$NΖò ””%î The Department of Internal Affairs and New Zealand Police acknowledge the sentencing of 36-year-old Aaron Joseph Hutton on charges relating to the possession of child sexual exploitation material, and entering into a dealing involving the sexual exploitation ... Ngā Tāngata Microfinance (NTM) is calling for tougher penalties for those caught promoting pyramid schemes. Thanks for the correction and the Savage BIO Rex. The Government’s prudent fiscal management and strong policy programme in the face of the COVID-19 global pandemic have been acknowledged by the credit rating agency Fitch.   It was the fifth most powerful earthquake ever recorded, and within 30 minutes, a 133-foot high tsunami pummeled Japan's northeastern shoreline. Nothing more from me today - I'm off to Wellington, to participate in the city's annual roleplaying convention (which has also eaten my time for the whole week, limiting blogging despite there being interesting things happening). buildings, and stop new subsections on sand (like on that beach subsection in the Coromandal, Lateral spreading and its impacts in urban areas in the 2010-2011 Christchurch earthquakes. “Our top priority continues ... Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. The Christchurch earthquake of 2011 had widespread mental health effects on the population. The Public Service Association welcomes the creation of a Chief Executive role to lead the public service’s pay equity work, and the appointment of Grainne Moss to this position. People are dislocated, injured, or busy trying to get their personal lives together. Economic cycles move a lot quicker than decision makers apparently which renders a lot of these decisions irrelevant. The earthquake near Christchurch, New Zealand, in February 2011 caused $20 billion in losses, said the CEDIM. In late 2010 and in 2011, Canterbury endured a series of major earthquakes. international guest nights were down 32% in the Canterbury region in September 2011. In economic terms, the large parts of both the capital and labour needed for production are out of action. The Earthquake Commission, logically, has most of its assets offshore, and so do the insurance companies. This week: the blogging firm of Michael Bassett, Don Brash and Rodney Hide. It is hard to disentangle the effects of the earthquakes from other The Christchurch series of earthquakes is more complex than (say) a hurricane in that there is n inherenta threat in the continuing aftershocks that can last for many months, exposing people to recurrent acute stress, while at the same time chronic stress is imposed by the -going human, economic on and social costs. About $2 billion worth of damage has been done, much of this damage will impede economic activity. America: The Empire Strikes Back (at itself)   Further to my comments in the first part of 2020: The History That Was, the following should be considered regarding the current state of the US. Oh well. I must say that this is a very critical analysis. Where and when was that averred? It is better explained by Professor Michael Hudson in an earlier post of mine here and on his website here. So, I thought it would be worthwhile going through the economic ramifications of the earthquake from the immediate effects to long term: Initial effects: The economic heart of Christchurch is shut down. quake resistent upgrades without any loss of life. Christchurch Earthquake Simon Swaffield Place, culture and landscape all provide continuity to our lives. Impact of the Christchurch earthquakes on the electrical power system infrastructure . But the idea is that a stimulus package gets the economy revved up again and builds up its production capacity. re-investment. Likewise, replacement buildings are likely to have better earthquake strengthening incorporated (or you’d like to think so). Chris Liddell – yes, he worked for Trump, and he risked his job by recognising the need for a smoo... Who are the men looking for love on The Bachelorette NZ? In the first month of this year, there’s been more RuPaul’s Drag Race than ever. “The difference is that, without the earthquake, we could have spent that money on re-igniting the economy and making a wealthier country for the future. Of course, that’s just jobs that would otherwise be lost saved, not new jobs created. Now it needs to be spent just on what was lost.” In late 2010 and in 2011, Canterbury endured a series of major earthquakes. Now it needs to be spent just on what was lost. I disagree. That’s the broken windows fallacy – it mistake of seeing what is gained but not what is lost, or mistaking temporary economic activity for economic wealth. The Earth Quake represents the single best opportunity for real economic progress for our country. To make the payouts, they’re going to have to buy a lot of New Zealand dollars – higher demand equals higher exchange rate. and the whole developer speculator class lining up for handouts to rebuild ChCh, Most Cantabrians were away from their homes when the 6.3-magnitude earthquake struck at 12.51 p.m. on 22 February 2011. Public credit – the Govt issues 200 Million in money and spends or lends it directly into the economy. Rescue workers are lowered by crane onto the top of the Christchurch Cathedral in Christchurch, New Zealand, Feb. 25, 2011 after the city was hit by a 6.3 earthquake Feb 22. Ten Republicans voted for impeachement, making it the most bipartisan impeachment ever. Not when every developer shister is selling crap – like that subsection in Yeah, I got that bit. Tags: earthquake. Government runs a EQC for this, has insurace for this, has a low govt debt for Northland farmer Derek Robinson was sentenced earlier today by the District Court in Whangarei for two offences of ill-treating animals at rodeo events. “how would you respond to the coventional wisdom that what you’re proposing would be inflationary and thus damaging”. People who say it’s good for the economy are forgetting that the rebuilding is funded by giving up our savings and the option to spend them elsewhere. Environmental Impacts of Christchurch and Kaikoura Earthquakes: Lessons Learned to Inform Resilient Strategies ... by the 2010-2011 Canterbury earthquake sequence and the 2016 Kaikoura earthquake. While employment and population trends are a particular concern for the region, business and consumer confidence and retail sales improved in late 2011, … In the wake of Donald Trump's incitement of an assault on the US capitol, Twitter finally enforced its terms of service and suspended his account. market, not the top! Population. “Following confirmation of the Cook Islands’ COVID ... Jobs for Nature funding is being made available to conservation groups and landowners to employ staff and contractors in a move aimed at boosting local biodiversity-focused projects, Conservation Minister Kiritapu Allan has announced. We’ve already saved to pay for disasters. “These special plant ... To further protect New Zealand from COVID-19, the Government is extending pre-departure testing to all passengers to New Zealand except from Australia, Antarctica and most Pacific Islands, COVID-19 Response Minister Chris Hipkins said today. Keynesian – the Government issues 200 Million in NZ Bonds -> The RBNZ creates 200 Million out of nothing to Buy the NZ Bonds -> The Govt spends or lends the money into the economy -> NZ Govt taxes NZr’s to service the interest on the debt to ourselves. Dropping a million dollar bomb doesn’t result in a million dollars worth of production, it results in a million dollars with of destruction, and that million dollars has gone for good. We are rebuilding! Tourism was seriously affected e.g. Henry Hazlitt, the former New York Times economics editor, wrote in his book Economics in One Lesson that when assessing the economic impact of a policy we must look not just at its immediate effect on one group but on its long-term effect on everybody in society. The hidden fault that caused the February 2011 Christchurch earthquake. 8-ԙŸjüŸjŽÙt¼r®>ÆOç7±çÞ9®ëÄûüžC;r2?›’Ç&Β" Oc\ ¹çÉåŒTT àzϱîq™ð–÷Š>ŒŽENÛÁ2'³_öcÕ-%ÖR›œ And borrowing is pretty much the same as selling an asset. Medium term: EQC and insurance companies will begin making payouts within weeks but it will be months before the big rebuilding starts. COVID-19 vaccines and community immunity (transmission), Four years of the Aotearoa NZ Science Journalism Fund, Treaty on the Prohibition of Nuclear Weapons, Labour announces that it will make more housing announcements this year, Backlash over Labour’s public housing ‘re-announcement’ prompts firm defence from Jacinda Ardern, More public housing won’t ‘fix’ the housing crisis, Jacinda Ardern’s government facing continued criticism over its. Already you can see the injustice and fraud of this system: NZ Govt sells 200 Million in NZ bonds -> Foreign Bank creates 200 Million from nothing to Buy Bonds -> NZ Govt creates an equivalent 200 Million against the 200 Million in Foreign currency created by foreign banks out of nothing -> NZ Govt spends or lends the new money into the economy -> NZ Govt taxes NZr’s to service the interest on the foreign debt (GST increases). … This was partly attributed to an increase in airborne silt and dust from liquefaction deposits, as well as dust caused by earthworks and demolition (e.g.,,,). Initial effects: The economic heart of Christchurch is shut down. Should tech giants control the public square? His Twitter handle is @MartinKulldorff #1 Public health is about all health outcomes, not just a single ... Joe Biden seems to be everything that Donald Trump was not – decent, straightforward, considerate of others, mindful of his responsibilities – but none of that means that he has an easy path ahead of him. Key at various times. Since Dwight Eisenhower’s inauguration in 1953, US presidents have joined an informal club intended to provide support - and occasionally rivalry - between those few who have been ‘leaders of the free world’. The 13th season of the flagship US version debuted, Dunedin writer Victor Billot resumes his weekly odes to New Zealanders in the news. Essentially it is the same as pure Keynesian theory with the exeption that we don’t borrow from our own bank but have the Treasury create the money directly – otherwise the rules apply. Categories: Economy - I was under the impression that for economic stimulus to be effective it had to be spent quickly so that the money recycled through the economy immediately for short periods of economic downturn. And I agree with most of the post. The sudden departure of Graine Moss from her Chief Executive role at Oranga Tamariki is a vital first step in a sequence of changes that must take place at the Ministry according to a group of wahine Māori leaders. Infrastructure improvements by definition are an increase in products and services and have the benefit of improving commerce which stimulates productivity increasing products and services. The 2010–2011 Christchurch (Canterbury) Earthquakes in New Zealand caused considerable harm, damage and disruption to the lives and livelihoods of residents. Without  support  from the  Ardern  government  and    vilified  in the  media as  somehow being  involved in the  encouragement  by  Donald Trump of the  Washington riots, he  plainly saw he had  little  chance of  crowning  his  stellar  career  ... People from all around New Zealand will be converging on the super-secret Waihopai satellite interception spybase, in Marlborough, on Saturday January 30th. He influenced Milton Friedman. We’ve met to discuss Archetypes. . As the earth shook and buildings crumbled, a statue of, I was about 15 when I realised that halftime banana cake wasn’t a tradition outside of my family. The Green Party welcomes the resignation of Grainne Moss as Chief Executive of Oranga Tamariki. Here’s why, Rodeo Cowboy Convicted And Fined For Ill Treatment Of Animals, Man Sentenced For Child Sexual Abuse Material, Ngā Tāngata Microfinance Calls For Tougher Penalties For Pyramid Scheme Promoters, Kiwi Women Given The Chance To Be British High Commissioner For A Day, Māori Party Welcome Resignation Of Grainne Moss, The Dunedin district fostering the next generation of startups, The Fold: Stuff owner Sinead Boucher on how she bought the company for $1. We’ve already had some of the pain. The September quake had occurred in the early hours of the morning with family generally close at hand. The only problem we have is creating the necessary funds and putting the money to use fueling the labour necessary to produce the necessary infrastructure. ASB chief economist Nick Tuffley puts the hit at 0.6% of GDP. ™Îg¤3ÂéŒpF:#œ‘Îg¤3ÂéŒpÆ'æ'ägæ眅Ah„Ah„Ah„Ah„Ah„™ ìPС°CA‡Â Hey Rex, New Zealand Journal of Geology and Geophysics. Irish Marxist looks at postmodern transgender identity politics and ideology, Trump’s surprisingly large army of New Zealand supporters, Prime Minister Jacinda Ardern won’t say if she’s backing Chris Liddell for OECD’s top job, The progressive fault lines facing New Zealand in 2021 and beyond, What the Blood Supply Shows About Covid-19’s Spread, Coronavirus: few vaccines prevent infection – here’s why that’s not a problem, scheduled to close their last coal plant by the end of this year. ChCh built on SAND! On 22 February 2011, Canterbury and its largest city Christchurch experienced its second major earthquake within six months. However, how would you respond to the coventional wisdom that what you’re proposing would be inflationary and thus damaging? As you pointed out in the last paragraph, “Offsetting this, possibly, is that it just became much less likely the Reserve Bank will increase interest rates again, which should dampen demand for the dollar.”. You’re next!”, Coming attraction: IPCC's upcoming major climate assessment, Look for more emphasis on 'solutions,' efforts by cities, climate equity ... and outlook for emissions cuts in, After the Insurrection: Accountability, Reform, and the Science of Democracy, Prof. Angela Gallego-Sala & Dr. Julie Loisel. In both cases they think only of one side of the transaction, those who financially benefit from the broken window/government spending, while forgetting those who are worse off, the person with the broken window/less money because the government has taken it to give to someone else. The leader of each APEC economy appoints three private sector representatives to ABAC. Paul Henry on Monday. Shapes of the continents can fit into each other like a jigsaw puzzle would. Sorry, we live in interesting times and we should beware because simple analysis doesn’t work. “New Zealand ... A major investment to tackle wilding pines in Mt Richmond will create jobs and help protect the area’s unique ecosystems, Biosecurity Minister Damien O’Connor says. Identifying the economic impact is difficult. This may lead to possible labour or skills shortages in some trades, such as services. One of the main economic casualties of the 2011 Christchurch earthquake has been the tourism, hospitality and events industries. As you note, there will be in some cases some marginal benefit, in that when something is rebuilt it could be “better” than what existed previously. The quake was centred 10km south-east of the city at a depth of 5km. The overall effect would be hugely beneficial to our economy and would result in a net lowering of all taxes. yeah but one pot of government money is the same as another in reality. The Canterbury earthquakes of 2010-11 required a momentous recovery undertaking by the City of Christchurch in New Zealand. ¿Ò¯ð+ý It is for the economy as a whole that there is a net loss. The 200Million in Foreign Currency was created out of nothing at all by foreign banks – an exercise the Government could do itself. Joe Biden inauguration: The pendulum has swung, but how far? 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