Without really trying.Originally Posted by nosebleed
Forum whore
Without really trying.
If a man is alone in the woods and there isn't a woke Hollywood around to call him racist, is he still white?
Anarchic Wild Child
Yeah ??? LIke HenryDC I hate all the fuckers .. I just gave National examples because I happened to run across those easily on the interdweb ...
Naa .. Only if you think that National is the Government right now - it's actually a coalition - and the total party votes for the parties in the colation exceeds 50% therefore the coalition Government has a majority ... and any coalition Govermment will do in the future (unles they just happen to be a true minority Goverment - whch is still possible. )
I'm sure if you asked there are groups outr there who will give them to you for free ... just ask any Islamist group ...
Bwhahahaha .. he can't even keep himself honest .. "Which part of NO don't you understand?" ...
"So if you meet me, have some sympathy, have some courtesy, have some taste ..."
"channellling the Pleideans"
Well to be fair I didn't.
I did get the "two jousting sticks for $180" reference though.
I thought elections were decided by angry posts on social media. - F5 Dave
Bogeyman
HDC needs to try harder.
Go soothingly on the grease mud, as there lurks the skid demon
"channellling the Pleideans"
I could have googled it I guess but I am notoriously lazy.
I thought elections were decided by angry posts on social media. - F5 Dave
Anarchic Wild Child
It specifically refers to Andy Krieger nearly sending our country bankrupt ...
(from http://www.investopedia.com/articles...ncy-trades.asp)
No. 3: Andy Krieger Vs. the Kiwi
"In 1987, Andy Krieger, a 32-year-old currency trader at Bankers Trust, was carefully watching the currencies that were rallying against the dollar following the Black Monday crash. As investors and companies rushed out of the American dollar and into other currencies that had suffered less damage in the market crash, there were bound to be some currencies that would become fundamentally overvalued, creating a good opportunity for arbitrage. The currency Krieger targeted was the New Zealand dollar, also known as the kiwi.
Using the relatively new techniques afforded by options, Krieger took up a short position against the kiwi worth hundreds of millions of dollars. In fact, his sell orders were said to exceed the money supply of New Zealand. The selling pressure combined with the lack of currency in circulation caused the kiwi to drop sharply. It yo-yoed between a 3 and 5% loss while Krieger made millions for his employers."
The rest of Brian D'Marge's post does refer to the 1951 waterfront dispute ... (http://www.teara.govt.nz/en/strikes-...isputes/page-7) .. the Labour Party said it was neither for nor against the unions ... and in the following election many union people did not vote .. meaning Labout lost ..
"So if you meet me, have some sympathy, have some courtesy, have some taste ..."
Royal Enfield user
The thing is , Donkey WAS pulled up about his trading affairs , memory went blank and then it was all fogotten about
unlike the purchaser of the joustiing sticks who was dreaming , donkey was scheming AND NOT ONE HAS taken him to task on it
not that I know
Stephen
"Look, Madame, where we live, look how we live ... look at the life we have...The Republic has forgotten us."
Royal Enfield user
sorry I tried to just link it to the post but ,,,,,,, so I cut and pasted it .. basically its what was happening to NZ during the 70s I hightlighted the important bits and as bb has found , included a bit from investmetwiki
anyway NZ during the 70 and 80s ........I would like someone who remembers the devaluation ( i do but,,,,) and how it effected them , also what was the reason Muldoon won power ,, what was the feeling at that time .?
Stephen
from my blog ...
8 March 1983 The New Zealand Dollar was devalued by 6% against its weighted basket of currencies.
The middle rate in terms of the U.S. Dollar was consequently changed to US$0.655=$NZ1,
representing a depreciation of 8.3% from the middle rate of the previous day.
8 August 1983 The Reserve Bank practice of fixing daily exchange rates for the New Zealand Dollar
against the U.S. Dollar was abandoned, allowing the unit to follow international currency movements.
1984 At the end of 1984, almost all foreign exchange controls were in the process of removal.
31 December 1984 The buying and selling rates for the U.S. Dollar were US$0.4723 and US$0.4823,
respectively, per $NZ1.
4 March 1985 The practice of establishing a fixed exchange rate with respect to a trade-weighted
basket of currencies was terminated.
The exchange rate for the New Zealand Dollar was to be determined on the basis of supply and demand
in the foreign exchange market.
The Reserve Bank ceased to quote official buying and selling rates for the New Zealand Dollar, but
would enter the market in periods of disturbed conditions.
31 December 1985The buying and selling rates for the U.S. Dollar were US$0.499 and US$0.5,
respectively, per $NZ1.
1986 The $NZ25 tax on foreign travel tickets was abolished.
The Effective Rate was eliminated and replaced by the Interbank Rate which was to be determined by
supply and demand conditions in the exchange market. The Reserve Bank retained discretionary power
to intervene in the market.
31 December 1986 The buying and selling rates for the U.S. Dollar were US$0.5250 and
US$0.5240, respectively, per $NZ1.
31 December 1987 The buying and selling rates for the U.S. Dollar were US$0.6595 and
US$0.6585, respectively, per $NZ1.
1989 During 1989, a number of exchange control regulations were abolished.
So to review and remembering the nixon shock ...
In 1971, the Effective Rate was created and
the currency's link to Pound Sterling was replaced with a pegging to the U.S. Dollar. In 1973, the New
Zealand Dollar was placed on a controlled, floating basis. Exchange rate is computed from the value of
the New Zealand Dollar, which is determined on the basis of the fixed relationship between the New
Zealand Dollar and a basket of currencies representing New Zealand's main trading partners. The
weights of the currencies included in the basket are established in accordance with their proportionate
share of New Zealand's total current overseas receipts and payments; the weights are adjusted
quarterly. From 1979, a crawling-peg system of monthly depreciation adopted.
In March 1985, the New Zealand dollar was floated as part of a broad-based deregulation of financial
markets. The rate was determined by the supply and demand in foreign exchange market. The Reserve
Bank has not intervened in the foreign exchange market since the float. In mid-October 1993, the New
Zealand dollar was worth less on a trade-weighted basis than at the time of the float. In early
November, the New Zealand Dollar was trading at 65 U.S. cents (buying rate: US$0.6515 and selling
rate: US$0.6520), having appreciated 6% against the U.S. Dollar in the previous 12 months.
This brings us to the mid eighties ,during the 1970s and early 1980s, New Zealand was faced with a
series of economic problems brought on by changes in the global economy, many of which directly
affected the country, such as Britain’s entry in to the European Economic Community in 1973. New
Zealand was rating badly for living standards and economic performance compared to OECD averages:
in 1980 it had slipped from being in the top five OECD countries to 19th Roger Douglas, who would
later become finance minister, went so far as to say that the country stood “on the brink of economic
ruin”.
Prior to 1985 the New Zealand Dollar was controlled centrally by the Reserve Bank of New
Zealand at a fixed exchange rate to the United States Dollar. In early 1984 the Deputy Governor of the
Reserve Bank, Roderick Deane, became concerned that the dollar had become significantly overvalued
and was vulnerable to currency speculation on the financial markets in the event of a "significant
political event"
Media speculation followed a leak that an incoming Labour government would be likely to
significantly devalue the dollar upon election. The Reserve Bank advised the Prime Minister, Sir
Robert Muldoon, that the dollar should be devalued. Muldoon ignored the advice, owing to his belief
that it would hurt poorer New Zealanders in the medium term. In June 1984 Muldoon announced a
snap election to be held in July. This caused an immediate run on the dollar, as currency speculators
believed a Labour win would mean devaluation. Despite a deepening foreign exchange crisis, Muldoon
continued to refuse to devalue, forcing the Reserve Bank to take some extraordinary steps, such as the
temporary closing the forex markets for a short period of time to slow down devaluation.
On 14 July, Muldoon and National lost the general election, and the Fourth Labour government was
sworn in on 26 July.
By constitutional convention, between election day and the return of the writs for the election, an
outgoing caretaker government defers to the wishes of an incoming government. On Sunday 17 July,
following a meeting between Reserve Bank officials (Reserve Bank Governor Spencer Russell, deputy
Roderick Deane, and Treasury Secretary Bernie Galvin) and the incoming government at Auckland
International Airport, the incoming government requested that the dollar be devalued.
The outgoing Prime Minister Sir Robert Muldoon refused. The foreign exchange market was closed the
following day. In an impromptu television interview with Richard Harman that evening, Muldoon
stated he had been asked to devalue the currency by the incoming government but was not going to.
Prime Minister elect David Lange responded with an interview of his own. He stated: "This nation is at
risk. That is how basic it is. This Prime Minister outgoing, beaten, has, in the course of one television
interview tried to do more damage to the New Zealand economy than any statement ever made. He has
actually alerted the world to a crisis. And like King Canute he stands there and says everyone is wrong
but me".
This provoked a further crisis in the foreign exchange markets - when the exchange was finally opened
on 19 July, millions of foreign exchange dollars left the country as currency speculators expected a
devaluation of the New Zealand dollar.
Lange later remarked "We actually were reduced to asking our
diplomatic posts abroad how much money they could draw down on their credit cards! That is the
extent of the calamity that had been ground into us by the briefings that we'd got".
In the late 1980s the leverage available through derivatives threw up some volatile P&L figures.
Volkswagen came unstuck on some unauthorized currency deals with the National Bank of
Hungary. The broker in the middle Joachim Schmidt did a runner. The London borough of
Hammersmith & Fulham lost $500 million in swaps and swaptions and landed in a celebrated
court case. Britain's law lords controversially ruled the swaps null and void (ultra vires). Bankers
Trust's star currency trader, Andy Krieger, made a killing shorting the New Zealand dollar.
1987 to be exact
Snip http://voter08.wordpress.com/a-brief...e-kiwi-dollar/
See bb post ( its the same info )
As for Donkey
snip;
Key's first job was in 1982, as an auditor at McCulloch Menzies, and he then moved to be a project manager at Christchurch-based clothing manufacturer Lane Walker Rudkin for two years.[7] Key began working as a foreign exchange dealer at Elders Finance in Wellington, and rose to the position of head foreign exchange trader two years later,[8] then moved to Auckland-based Bankers Trust in 1988.[3]
so He would have been at Elders finance october 1987 . and ya dont get promoted unless ya do something .............( the slimey wnker)
I need to re-organise this blog site as I screwed up the layout. and also as said find out what happened in Britain
http://mustnt-grumble.blogspot.jp/20...1_archive.html
"Look, Madame, where we live, look how we live ... look at the life we have...The Republic has forgotten us."
Anarchic Wild Child
Why ??? People here don't really care that much - so don't waste you time ...
"So if you meet me, have some sympathy, have some courtesy, have some taste ..."
Royal Enfield user
some do and its a pain to find anything!!
Stephen
"Look, Madame, where we live, look how we live ... look at the life we have...The Republic has forgotten us."
NEDWN VIII
He was a popular man by all accounts?
He and Muldoon are the only Prime Ministers that have had songs written with them in mind (to my knowledge anyway) Culture by the Knobz, Big Norm by Ebony.
''The band Ebony, topped the charts and won 'Group of the Year' in 1974.
They got their award the night before Mr Kirk died, and received a telegram from him congratulating them... the last message he ever sent''.
Curmudgeon
Norm Kirk was a colossus.
I was barely a teenager at the time but he was a hero to me.
NEDWN VIII
I was 12 when he died, I remember being in the car with Dad driving in Palmerston North somewhere, when the news of his death came on the radio.
"channellling the Pleideans"
Hey this should get you conspiracy theorists fizzing at the bung. I use the iGovt thing a bit (companies office) and this was a link off that site:
first its voluntary: then its "Voluntary" but only if you dont want the state support that you're entitled to/ Then its compulsory (but only for scummy benny fraudsters so that Paula Bennett can sit on them if they do the wrong thing, then its compulsory for all (becuase EVERYONE depends on the state), then the Stasi (sorry, po po) are shipping people off for re-education to Huntly or Invercargill or the Chathams.
"Realme" indeed.
http://www.realme.govt.nz/
I thought elections were decided by angry posts on social media. - F5 Dave
Bogeyman
I'm not interested in the conspiracy theory. I was simply disappointed you felt the need to be fair in the face of such staggeringly puerile and inconsequential bullshit.
It's just not done.
Go soothingly on the grease mud, as there lurks the skid demon
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