The Silent Recovery Rolls On While Many People Are Still Going On About The Global Financial Crisis

John Key is presiding over The Silent Recovery. It is a shame the GCSB Bill has been so poorly defended and an arrogant comparison to Norton Anti-Virus implemented on Campbell Live in a manner that makes anyone capable of not clicking on a phishing email go “whaaaat?”.

It doesn’t matter that manufacturing confidence is at record highs, household balance sheet restructuring is shifting into purchasing big ticket items again and the capital markets doing very well in the midst of Great Depression “2.0”.

The other day Russel Norman decided to throw his hat into the monetary policy reform ring again. He has a short memory. Monetary policy makes┬ápoliticians say silly things. The Reserve Bank of New Zealand is arguably the world leader in transparency and accountability. You can infer where they’re headed intellectually on a wide range of issues simply by reading their published documents!

Meanwhile, The Silent Recovery is rolling on. Firms have increased output and raised productivity since the onset of the GFC. For low to medium skill workers, there needs to be a sense of panic in upskilling and creating opportunities for yourself. The robots are coming and Zero Marginal Product workers are unlikely to move beyond part-time hours in the foreseeable future.

There are a lot of opportunities in New Zealand at this point in time. Unfortunately, many young people have fallen victim to the idea that everyone can become an astronaut. They must have missed that story about the Space Shuttle program being cancelled when they were stuffing around on Facebook instead of working an interesting side project that improved their IT skills.


Read more:
Lowering The Cash Rate Is No Panacea

Last week the Reserve Bank of Australia lowered its cash rate to a record low.The Australian dollar tumbled, and there...

6 Charts You Need To See From The Latest Reserve Bank Bulletin

The Reserve Bank Bulletin is always an interesting read. The June issue delivers with "The last financial cycle and the...