Friday 29 August 2014

Questions about the National Party debt... Is it $65b or $83b ??

28 Aug 2014. NZ's overseas debt. Tim Mcindoe MP, Hamilton West. 
Published 29 August 2014

Tim Mcindoe MP National, spoke frankly to students on Thursday 28 Aug 2014, in the build-up to the New Zealand General Election on 20 September.

Mcindoe was interesting, heartfelt and insightful. He's a genuinely nice guy. 
Thanks for coming and speaking to our class Tim. It was good to meet you.  

For Reserve Bank debt figures go to:   Statistics - Discontinued statistics -  International position - E3 Discontinued 

Q:  Am I correct, under Labour we had 17 Billion debit, Under National that debit has increased to $65 billion ....

A:  Yes. That is more or less correct. 

At the end of the September 2008 quarter our overseas debt under Labour was $17,246,000,000 or 17 and a quarter billion dollars. 

I'm not sure WHO that debt was to... I haven't asked that question yet  but likely The Bank of America, IMF, World Bank or BIS... or a combination of the big corporate players.

By the end of the December 2012 quarter, our overseas debt under National had increased by another $35,235,000,000 to a Grand Total of $52,481,000,000.

These are statistics you can find on the Reserve Bank website. THIS particular set of statistics was "Discontinued" at the end of the December 2012 quarter. No... nothing to see here...
Discontinued June 2012. Monthly foreign exchange turnover by instrument and by counterparty based on daily averages replaced the previously published data.

Q:  So the answer is to sell out to the Country with the most world debit... lol 

Not sure which would be worse, being owned by China or the US...

A  The story (sadly) DOES continue however... If you go to The NZ Treasury website, you'll find the Total debt (including the original 17b) was $71,099,800,000 on 30 June 2013.

I could have just given you the link... but there's heaps of stuff on The Treasury website so I thought i'd direct you there too.

On the pdf. you see the ACTUAL TOTAL (including the 17b from 2008) for 30 June 2013 was $77,984,000,000 gross debt. 

The PREDICTION Treasury gave for the following period ending 30 June 2014 was 81,628,000,000 gross debt.

A:  National's Tim Mcindoe says the debt has come DOWN... ?? Who knows?? I'm not sure how to get a final ACTUAL DEBT summary for 30 June 2014. It probably doesn't come out until December.... But that claim stands in contrast to the NZ Debt Clock which is ticking over and approaching $86 billion. We may not know conclusively until December.
The Debt Clock says currently:  $85,832,000,000
Source: NZ Treasury. Gross sovereign‐issued debt excluding settlement cash and Reserve Bank bills.
Comment: The Net core Crown debt excluding student loans and other advances at 30/04/14 was NZ$ 70,814 000 000.  Net debt may fluctuate during the year largely reflecting the timing of tax receipt
- NZ Debt Clock

A:  But one thing i'm pretty sure of... The $65 billion Mcindoe was talking about VERY LIKELY DID NOT INCLUDE the original $17 billion they inherited off Labour. I'd say that's the way Key, Joyce and English all roll... "mitigation" you might call it. So the Grand Total right now in my estimate would be $83 billion. 

I also feel that Mcindoe was not "lying" per se... but this is all he knows, as told to him by his own Party - "smoke and mirrors". Same old conjuring tricks the Puppet Masters like to play.

Source   NZ Reserve Bank governor Graeme Wheeler.

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