The 2010–2011 Christchurch (Canterbury) Earthquakes in New Zealand caused considerable harm, damage and disruption to the lives and livelihoods of residents. “they could create 20 Million” should be “they could create 200 Million”, Just wanted to thank you for the explanation nzfp… I’m busy absorbing it…. I must say that this is a very critical analysis. Air quality decreased in Christchurch city in 2011, exceeding the national air quality standard on 32 days. Sorry, we live in interesting times and we should beware because simple analysis doesn’t work. Thoughts on the Amazon LOTR TV Series Synopsis, the best thing this foreign polluter can do is close. and the whole developer speculator class lining up for handouts to rebuild ChCh, Friedman also gave Chile Augusto Pinochet and the Chilean deathsquads and disappeared. In both cases there is no need to service foreign interest debts and no need to pay money back to foreign banks in a currency we have no control over. As a comparison, the March 2011 earthquake and tsunami in Japan is estimated to have caused damage equivalent to around 3 to 4 percent of Japan’s annual GDP. buildings, and stop new subsections on sand (like on that beach subsection in the Coromandal, 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’. This is also part of the State Theory of Money. The commemoration of the 175th anniversary of the Battle of Ruapekapeka represents an opportunity for all New Zealanders to reflect on the role these conflicts have had in creating our modern nation, says Associate Minister for Arts, Culture and Heritage Kiri Allan. 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The quake was centred 10km south-east of the city at a depth of 5km. Categories: Economy - "F A team organized by the Earthquake … 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. Green Party will continue to push for wealth tax, blast Govt for ‘not doing enough’ about housing crisis, ‘Government is not doing enough’ – Greens, National call for action amid soaring public housing need, high house prices, Skeptical Science New Research for Week #3, 2021, A New Approach to Homogenize Global Subdaily Radiosonde Temperature Data from 1958 to 2018. (2021) global warming attribution study, Human vs. Natural Contributions to Global Warming chart. WELLINGTON — The earthquake that shattered the New Zealand city of Christchurch last month will cost the country as much as 15 billion New Zealand dollars … ™Îg¤3ÂéŒpF:#œ‘Îg¤3ÂéŒpÆ'æ'ägæ眅Ah„Ah„Ah„Ah„Ah„™ ìPС°CA‡Â What Biden and Democatic Senate can do on climate in their first 100 days. While we can see the benefit to the glazier from repairing the window (or in this case the contractors for repairing the buildings) we can’t see what the person with the broken window would have done with the money if he hadn’t had to pay for the repair. We’re going to need those ourselves for the foreseeable future (It’s going to take years to get Christchurch back to the same level that it was). But that will only be returning the country’s physical wealth to where it was before, it will not be real economic gain. That’s likely to be much worse now. TheOneRing.Net has got its paws on the official synopsis of the upcoming Amazon Tolkien TV series. They tend to be ... MPs are conflicted on rising housing prices, and will never do anything to cause them to drop. , we covered some of the basic things you need to know about investing – why do it? Hazlitt opposed Major Douglas – Major Clifford H. Douglas the founder of the Social Credit school of economic democracy. Because an increase in interest rate will lift up the return for every dollar overseas investors invest in New Zealand relative to other countries’ interest rates, therefore the demand for kiwi dollar should have increased rather than decreased. “I look forward to building a close relationship with President Biden and working with him on issues that matter to both our countries,” Jacinda Ardern said. Why Australian Open tennis players find hard loc... Level-crossing removals: a case study in why major projects must also be investments in health, Vital Signs: Biden’s economic centrism isn’t exciting, but right for these divisive times. 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Two people have seriously injured - one by a falling chimney and the other by shattered glass, and one man died of a heart attack, but this doesn't count as a fatality. We saved for the purpose! Christchurch Earthquake Simon Swaffield Place, culture and landscape all provide continuity to our lives. 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. Written By: Not a personal ministerial success, it’s fair to say, but a success nevertheless related to arms control. And I agree with most of the post. Impact of the Christchurch earthquakes on the electrical power system infrastructure . We’ve already had some of the pain. Four Indigenous composers and a piano from colonial times — making passionate, layered, honest mus... Why the COVID-19 variants are so dangerous and how to stop them spreading. “They are not going to spend up large” maybe, maybe not – but it doesn’t matter because the Government could spend up large and should – we need soo much infrastructure built and repaired in our nation and that doesn’t include the lack of investment in human infrastructure such as health and education. 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. We use detailed (neighbourhood-level) … “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. As Westpac noted “This will boost national GDP by far more than the initial income loss, with a corresponding letdown once the reconstruction boom ends.” Just as with the Rugby World Cup, the one-off up-tick in GDP will be matched by a corresponding downwards movement when the spending stops. A few highlights: Israel chose to pay a bit over the odds for the Pfizer vaccine to get earlier access. She gave a presentation on 15 January 2021 on the connection between postmodern/transgender identity politics and the current attacks on democratic and free speech rights. The government will lose tens of millions of dollars in tax revenue and face big increases in costs from emergency benefits, ACC claims, and its share of the cost of rebuilding local infrastructure before we even get to the EQC payouts. It is better explained by Professor Michael Hudson in an earlier post of mine here and on his website here. However the level of tax could be set a lot lower then the neo-liberal monetarist model and in many cases most taxes could be eradicated. Northland farmer Derek Robinson was sentenced earlier today by the District Court in Whangarei for two offences of ill-treating animals at rodeo events. However, the Austrian School of Economics defines money as a commodity with intrinsic value, which is contradictory to historical and empirical evidence. quake resistent upgrades without any loss of life. “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. It is good timing, however, in one sense. This resignation is the result of the continued strong pressure of the Māori Party ... Chris Liddell has  dropped  his  candidacy to become  director-general of  the  Paris-based  OECD. 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. He influenced Milton Friedman. Medium term: EQC and insurance companies will begin making payouts within weeks but it will be months before the big rebuilding starts. 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. re-investment. Once again you are labouring under the misapprehension that, while an earthquake destroying buildings is bad for the economy, the government spending money to “stimulate” the economy is good. Impacts of Christchurch Earthquake In total, the 'rehabilitation' costs $15.1 billion dollars worth of damage, Many businesses needed to fire employees due to the heavy re-building fee. Statistical Damage Survey of the 2010 and 2011 Christchurch Earthquakes T. Lai, & A. Nasseri AIR-Worldwide Corporation, Boston, MA, USA F. Turner California Seismic Safety Commission, USA SUMMARY The two recent earthquakes in Christchurch, New Zealand provided an opportunity for researchers to collect information on seismic performance of buildings. Both are bad for the economy but due to the visual impact of buildings literally being destroyed it is easier for the layman to identify the economic damage from an earthquake than from government “stimulus”. Of Geological Sciences ... (2012). Of course, that’s just jobs that would otherwise be lost saved, not new jobs created. 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Rātana leader urges followers to break away from Labour, Stronger business investment – by farmers, too – is essential for NZ’s post-Covid recovery, Why are Japan’s leaders clinging to their Olympic hopes? Session thirty-three was highly abbreviated, via having to move house in a short space of time. Disrupts normal life On the 22nd February 2011 Christchurch experienced an Earthquake which was rated as one of the nations deadliest peace time disasters. The Government is committed ... Prime Minister Jacinda Ardern has appointed Anna Curzon to the APEC Business Advisory Council (ABAC). This boom and bust might further damage business confidence and, with it, longer-term growth. Radio NZ reported this morning that the Govt was selling 200 Million in NZ Bods today (this afternoon). One of the main economic casualties of the 2011 Christchurch earthquake has been the tourism, hospitality and events industries. The latest events are most likely aftershocks of the M6.3 earthquake that devastated Christchurch and left more than 180 people dead at 22 February, 2011 and of the M7.0 event in September last year. All together there are 12 large plates and 8 smaller plates; these plates move around in different directions at a pace of 2 cm once a year. The boost of the rebuilding itself will not be permanent and will contribute little to long-term production capacity. Environmental, economic and social impacts affecting Christchurch. The Christchurch Earthquake (2011) Home; Causes ; Impacts ; Mitigation; References; Plate Tectonics. The added borrowing needed to fill the gap will probably mean the government has to pay more interest on its debt. The magnitude 6.3 Earthquake severely damaged New Zealands second largest city. What a sad reflection upon our government. The assault on the US Capitol and constitutional crisis that it has caused was telegraphed, predictable and yet unexpected and confusing. Public credit – the Govt issues 200 Million in money and spends or lends it directly into the economy. The New Zealand Treasury estimates that The Prime Minister of New Zealand Jacinda Ardern and the Prime Minister of the Cook Islands Mark Brown have announced passengers from the Cook Islands can resume quarantine-free travel into New Zealand from 21 January, enabling access to essential services such as health. I remember when that visionary leader George Dubbyerbush decided to dump billions of dollars of bombs on Iraq and Afghanistan the right crowed with delight about the benefits to the US economy that would entail. Advocates of government spending fall prey to the same broken window fallacy that afflicts those touting the supposedly stimulatory effects of the earthquake. Ultimately, about $2 billion of capital from the government and private insurers will be converted into expenditure to rebuild the capital that was lost. Key at various times. Given how long it takes it get building permits, import building materials (which adds to the current account deficit) and get a builder, I would have thought the stimulus effect would be extremely diluted by the anticipitated time this money will be spent over. In short public credit is no more inflationary then credit created as a result of foreign borrowing (debt). They've since followed that up with action against prominent QAnon accounts and Trumpers. 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. After CEO exit, the big question for Oranga Tamariki: reform it or scrap it and start again? Why not use this stimulus to build a high speed rail network with Christchurch as the nexus throughout the entire South Island, couple this with building Fiber to the home and improved telecommunications. People are dislocated, injured, or … The US House of Representatives has just impeached Donald Trump, giving him the dubious honour of being the only US President to be impeached twice. To make the payouts, they’re going to have to buy a lot of New Zealand dollars – higher demand equals higher exchange rate. On March 11, 2011, a 9.1 magnitude earthquake occurred 231 miles northeast of Tokyo. Photograph: David Wethey/EPA. On this basis, how could the money have been spent re-igniting the economy etc.? 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. Normal bloggage will resume Tuesday. ¿Ò¯ð+ý to make a measurable difference, you would have to spend it quickly but it would just be quicker up, quicker down. The region is facing major economic and organisational challenges in the aftermath of these events. “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. good work on forcing this argument. 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.,,,). Thanks for the correction and the Savage BIO Rex. We are rebuilding! Earthquake Impacts in the Christchurch CBD Prof Jarg Pettinga & Dr Tom Wilson Dept. Now we’re getting access to that $10 again, but it isn’t new money magicked out of nowhere, but deferred spending from 1990. The slow-down in commercial construction was about to put 20,000 jobs at risk. Infrastructure is damaged as are buildings and factories. South Brighton Bridge . And borrowing is pretty much the same as selling an asset. Labour Government: Prioritising The Interests Of Middle-Class Landlords Over Struggling Working Clas... 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I thought the EQC funds were set aside specifically for post-disaster rebuilding. Trump's Surprisingly Large Army Of New Zealand Supporters. 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. The Government has released its Public Housing Plan 2021-2024 which outlines the intention of where 8,000 additional public and transitional housing places announced in Budget 2020, will go. with a early morning quake removing a lot of previously buildings needing expensive 1:00 pm, September 7th, 2010 - 30 comments be that its a cost, but actually its more like a reinvestment. The total economic loss caused by the 2010-2011 Christchurch earthquakes is currently estimated to be in the range between 25 and 30 billion NZ dollars (or 15% to 18% of New Zealand’s GDP). Christchurch's Catholic cathedral damaged after the earthquake, in 2011. Oh well. Should tech giants control the public square? The rebuilding will increase GDP by about 1% of a year’s output when it is spent because GDP simply reflects economic activity in a given time period not accumulated wealth. I never knew Savage was a Georgist although in hindsight it seems obvious. You’re next! Orla is a gender critical Marxist in Ireland. To do this they park the foreign currency in a foreign currency account and create an equivalent 200 Million NZD out of nothing. When a building gets replaced at a cost of a million dollars, that million dollars is also lost forever.   It was the fifth most powerful earthquake ever recorded, and within 30 minutes, a 133-foot high tsunami pummeled Japan's northeastern shoreline. RNZ reports on continued arbitrariness on decisions at the border. 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