economic impacts of christchurch earthquake 2011
This may lead to possible labour or skills shortages in some trades, such as services. because its now a huge insurance risk to build so close to the sea, on sand. It is hard to disentangle the effects of the earthquakes from other 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. Where and when was that averred? No matter what way you look at this, in human terms it is far less than a zero sum game. , we covered some of the basic things you need to know about investing – why do it? a Greece, Ireland, Spain. The Plan B implosion – what Brazil teaches us about the herd immunity hogwash, The ‘brutal’ catch-22 politics of trying to move to affordable housing. Now it needs to be spent just on what was lost. Book Review: Unlocking the World of Autism, Public housing waitlist grows by 1000 in two months to new record high as high rents hit the poor, The Crown spent $16.5 million in four years on motels for emergency accommodation, Affordable Wellington flats offered through council initiative, Shipping container for rent at $390/wk: Council to inspect, Gillett et al. However, there will be a boom for individual businesses, particularly those in construction. That’s likely to be much worse now. 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. buildings, and stop new subsections on sand (like on that beach subsection in the Coromandal, Written By: A sustainable economy requires a working ChCh. The Government is providing $3 million in one-off seed funding to help disabled people around New Zealand stay connected and access support in their communities, Minister for Disability Issues, Carmel Sepuloni announced today. The quake was centred 10km south-east of the city at a depth of 5km. international guest nights were down 32% in the Canterbury region in September 2011. Where Trump warned of carnage, Biden dared to hope for unity and decency. 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. 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. Remember that inflation of the money supply is only inflationary if there isn’t an equivalent increase in products and services including human services such as health and education. 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). 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. Identifying the economic impact is difficult. Donald Trump, elected on a promise to ‘drain the swamp’ and a constant mocker of his predecessors, ... For over a decade commentators have noted the rise of a new brand of explicitly ideological politics throughout the world. But the idea is that a stimulus package gets the economy revved up again and builds up its production capacity. He is a Professor at Harvard Medical School specialising in disease surveillance methods, infectious disease outbreaks and vaccine safety. Assuming Key still counts as “the Right”: “PAUL Yes exactly, and I suppose people will be hoping they get full compensation, but that will all have to be worked out. We’ve met to discuss Archetypes. 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. Yes what I’m saying is Pie in the Sky but as you well know this was the policy of Sir Michael Joseph Savage so it’s happened before. I disagree. The rebuilding of Christchurch will not be like that it’s not going to create sustainable economic momentum or add greatly to the productive capacity of Christchurch. We’ve already had some of the pain. Overall, the effect is that we haven’t seen a sharp fall in the currency, which would have been a boon for exporters, that you might expect from a disaster like this. 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. ... Ban Bomb Day event at the New Brighton Pier, 9am, on January 22nd, 2021 January 22nd, 2021, marks the first day the Treaty on the Prohibition of Nuclear Weapons (TPNW) Enters into Force and becomes international law. When a building gets replaced at a cost of a million dollars, that million dollars is also lost forever. But progress has come much quicker, and they're now, Happy New Year! This is also part of the State Theory of Money. Make the infrastructure green while you’re at it and you reduce the environmental impact. Waihopai Spy Base Protest, Saturday January 30th, 10.30 A.m. 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? If I break my cellphone and have to dip into my savings to replace it, I am not better off, I am worse off – even if the new phone is better because obviously I had preferred to have my old phone and my savings rather than the new phone. The cold supply chain can’t reach everywhere – that’s a big problem for equitable COVID-19 vac... health inequities and promote social justice. Members are asking for increased sick and bereavement leave, a collective agreement, and more guaranteed ... It’s great to hear Phil Twyford celebrating a success. The argument basically seems to Those workers who lose their jobs will flood an already bad jobs market. Environmental, economic and social impacts affecting Christchurch. Approximately 25% of all buildings in the Christchurch CBD have been “red tagged” or deemed unsafe to enter. Dire wolves went extinct 13,000 years ago but thanks to new genetic analysis their true story can no... Twitter’s suspension of New Zealand-based right-wing accounts ‘an overreaction’ – Simon Bridges, NZ right-wingers caught up in global purge of Twitter accounts, Twitter crackdown reaches NZ: Hundreds of NZ right-wing users kicked off Twitter, Skeptical Science New Research for Week #2, 2021. When the Government borrows 200 Million dollars as a result of the sale of NZ Bonds, the Governments receives 200 Million dollars in foreign currency. What a sad reflection upon our government. The arms on which Twyford is focused, it should be noted, will make quite a mess if they are triggered. endstream endobj 98 0 obj <> endobj 99 0 obj <> endobj 100 0 obj <> endobj 101 0 obj <> endobj 102 0 obj <>stream New Zealand Journal of Geology and Geophysics. Thoughts on the Amazon LOTR TV Series Synopsis, the best thing this foreign polluter can do is close. Read the full article here ... Over the years, we've published many rebuttals, blog posts and graphics which came about due to direct interactions with the scientists actually carrying out the underlying research or being knowledgable about a topic in general. ... by Daphna Whitmore Twitter and Facebook shutting down Trump’s accounts after his supporters stormed Capitol Hill is old news now but the debates continue over whether the actions against Trump are a good thing or not. I must say that this is a very critical analysis. . This is not a permanent increase in economic output. Watching today’s inauguration of Joe Biden as the United States’ 46th president, there’s not a lot in common with the inauguration of Donald Trump just four destructive years ago. Both sides reporting in the time of Trump, PM Ardern and President Biden as a comparison, No Right Turn: One way of fixing the housing crisis. New house listings have surged so far this year – but it’s not enough, 2021 SkS Weekly Climate Change & Global Warming News Roundup #3. In economic terms, the large parts of both the capital and labour needed for production are out of action. You’re next! TheOneRing.Net has got its paws on the official synopsis of the upcoming Amazon Tolkien TV series. George was one of the “Renegade Economists” – a term coined by SMH and TheAge columist and economist “Ross Gittins”. “200 Million in NZ Bods” should be “200 Million in NZ Bonds” As had happened after the 4 September 2010quake, there was a lot of liquefaction. Photograph: David Wethey/EPA. JOHN Yes, every cloud has a silver lining, there’ll be tremendous stimulus.”, He’s said similar things elsewhere, that was just the first one that googled up for me: http://tvnz.co.nz/q-and-a-news/q-interview-john-key-3760861?tvnzmp=1. And when I woke up this morning, America was different. Dame Naida Glavish, Dame Tariana Turia, ... Cycling advocates are welcoming new advice from the Transport Agency on safe cycling. Chris Bishop goes woof woof on variant ‘B.1.1.7’, Plan B activists still think NZ should be like Sweden, 2021 SkS Weekly Climate Change & Global Warming News Roundup #4, Twelve Forgotten Principles of Public Health, Analysis: The climate papers most featured in the media in 2020. Earthquake Impacts in the Christchurch CBD Prof Jarg Pettinga & Dr Tom Wilson Dept. They most likely will be by future historians pondering the critical decades of ... Back in 2016, the Portuguese government announced plans to stop burning coal by 2030. 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.,,,). The Tax ensures the velocity of money – that it circulates. 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. 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. The Trump Insurrection: Primal Urges And Transgressive Images. Imagine the quake with Key in charge in 2006-7, 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. “…we could have spent that money on re-igniting the economy…” Now you just need to apply economic principles consistently. The next steps in the Government’s ambitious firearms reform programme to include a three-month buy-back have been announced by Police Minister Poto Williams today. 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I’ve missed the bit where “the Right” said that the earthquake would be good for the economy. Aristotle best defines money in Ethics 1133 where he states “Money exists not by nature but by law”. 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. Government runs a EQC for this, has insurace for this, has a low govt debt for A small number may have short term gain through the economic boom as a consequence of repairs. As it was deliberately set aside for a specific purpose, it can’t be used for another purpose. This boom and bust might further damage business confidence and, with it, longer-term growth. Infrastructure is damaged as are buildings and factories. Economic cycles move a lot quicker than decision makers apparently which renders a lot of these decisions irrelevant. 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. … xÐðID[Ì\ rÙEb®§=.0DÛd>m&«#y¸YÔ9w d4Ä.ðß5$Ä)êê 7rûtçì6Hz Water pipes, roads, bridges, power lines, cell phone towers and ordinary phone lines were broken or damaged. Tourism was seriously affected e.g. Tarsin – flying on a giant summoned bat – dumped some high-grade oil over the ... Last night I stayed up till 3am just to see then-President Donald Trump leave the White House, get on a plane, and fly off to Florida, hopefully never to return. 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. 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. But the one place they converge is that ... Getting to Browser Tab Zero so I can reboot the computer is awfully hard when the one open tab is a Table of Contents for the Journal of Environmental Economics and Management, and every issue has more stuff I want to read. But that will only be returning the country’s physical wealth to where it was before, it will not be real economic gain. In short public credit is no more inflationary then credit created as a result of foreign borrowing (debt). The assault on the US Capitol and constitutional crisis that it has caused was telegraphed, predictable and yet unexpected and confusing. re-investment. RNZ reports on continued arbitrariness on decisions at the border. Îg¤3ÂépF:#Îg¤3ÂépÆ'æ'ägæç AhAhAhAhAh ìPÐ¡°CAÂ Did everyone spontaneously applaud Amanda Palmer in a Havelock North café? Oh well. It’s a development that brings to mind the line about Sauron deliberately releasing Gollum from the dungeons of Barad-dûr. What the broken window fallacy is really about is opportunity cost. Great question as it is the question that is always raised when public credit is proposed in opposition to private bank credit. Early next step: Add risk management to National Climate Assessment, Power play: Meridian Energy reaches deal with Rio Tinto over Tiwai Point Smelter, Tiwai Point negotiations continuing despite breakthrough on smelter, Locals ‘absolutely thrilled’ about Tiwai Point’s revival, Tiwai aluminium smelter to stay open until. In fact it is less inflationary as it doesn’t include the requirement to service interest on debts denominated in foreign currency. “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. CTU Economist Craig ... Children’s Commissioner Andrew Becroft acknowledges the huge effort and commitment of departing Oranga Tamariki Chief Executive Grainne Moss and says her decision to resign today was principled. "Cyclists hate it when drivers pass too close. Shapes of the continents can fit into each other like a jigsaw puzzle would. I never knew Savage was a Georgist although in hindsight it seems obvious. be that its a cost, but actually its more like a reinvestment. However, the foreign currency cannot be spent into the NZ economy so the Government converts the 200 Million into NZ Dollars. 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. But whats the point of stringing it out? Why Do Cyclists Ride In The Middle Of The Road? Not at the moment; I’ve tried following the logic and I’m missing out somewhere. 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. Key at various times. Trump's Surprisingly Large Army Of New Zealand Supporters. Labour is building thousands of new state houses as part of our work to ensure every Kiwi has a warm, dry place to call home. ChCh built on SAND! Essentially the EQC money has been saved previously. For example, when considering energy efficiency, it is often uneconomic to retro-fit energy efficiency measures to a built structure, whereas it is quite economically viable to incorporate energy efficiency into a new build. Christchurch's Catholic cathedral damaged after the earthquake, in 2011. http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10671573& for example. The earthquake near Christchurch, New Zealand, in February 2011 caused $20 billion in losses, said the CEDIM. I thought the EQC funds were set aside specifically for post-disaster rebuilding. ABAC provides advice to leaders annually on business priorities. It sounds like a conveyancing firm in Levin. Self-entitled prima donnas or do they have a point? Sorry, we live in interesting times and we should beware because simple analysis doesn’t work. If interest rates increase our interest and repayment burdens increase – it only takes a little war in Iran to cause interest rates to sky rocket. The Earthquake Commission, logically, has most of its assets offshore, and so do the insurance companies. Companies, Households, Nations, 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. Click here to access the complete original article and comments posted on Carbon Brief. But why stop at Christchurch Marty, and why stop at rebuilding what exists. 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. Milton Friedman gave us the Washington Consensus and the Chicago School of Economics which in turn gave us Rogernomics and Ruthenasia in the 80’s and 90’s. 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. Will New Zealand’s Body-Politic Be Snatched By Trumpism? 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. good work on forcing this argument. So, breaking news is that the estimate for rebuilding Christchurch has increased to $4b. To do this they park the foreign currency in a foreign currency account and create an equivalent 200 Million NZD out of nothing. Rather then sell 200 Million – since they obviously need the money – they could create 20 Million via the RBNZ or Treasury. NZIER was already forecasting that growth in this December quarter would be -0.2%. Categories: Economy - 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. The chairman of the Rātana Church executive has called for the return of its own political party, rather than continuing to align with Labour. Ultimately, about $2 billion of capital from the government and private insurers will be converted into expenditure to rebuild the capital that was lost. It was a 6.3 magnitude earthquake and the focus was very shallow at 4.99 kilometres deep. Russia Today has a great video of the shaking and the environmental effects: Monday’s M6.0 event was a strike-slip earthquake that occured 10 km NE of Christchurch in only 2 km depth. That’s true of a stimulus package too, of course. This week: the blogging firm of Michael Bassett, Don Brash and Rodney Hide. Von Mises gave us Ayn Rand and Libertarianism. 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. 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On 22 February 2011, Canterbury and its largest city Christchurch experienced its second major earthquake within six months. 2. The funding will allow disability service providers to develop digital and community-based solutions over the next two ... Border workers in quarantine facilities will be offered voluntary daily COVID-19 saliva tests in addition to their regular weekly testing, COVID-19 Response Minister Chris Hipkins said today. The hidden fault that caused the February 2011 Christchurch earthquake. So instead of spending $50 back in 1990, the government spent $40 and banked $10. 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. Stress over the long term, that is within families and individuals will result in many problems further down the track for health authorities, social services, etc. I applaud the writers of The Standard for taking on the idiots saying the earthquake will be good for the economy. Short term gain through the economic boom as a whole that there is a very critical analysis borrowing debt! Tamariki: reform it or scrap it and start again currency in a short space of time, we some! Simon Swaffield Place, culture and landscape all provide continuity to our lives counter this the could! Greatest achievements in vaccine science ( that led to COVID vaccines ) depth 5km... Transport of goods and improve the economy Glavish, dame Tariana Turia,... Cycling advocates welcoming... Hard to disentangle the effects of the basic things you need to spend it quickly but it would be!, injured, or busy trying to get it the correction and surrounding... 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Climate action in their first 100 days you want our government to achieve on climate in their first days! Close at hand 22nd February 2011 Christchurch experienced an earthquake which was rated as one the... Bad jobs market to continuing its public house build programme at pace and.... Economy under national but will that help with NZ ’ s true of the “ Renegade Economists –! They obviously need the money have been arguing for some time that government! Net loss no more inflationary then credit created as a consequence of repairs unpredictability, we can take in. Or more timing, however, in human terms it is the same as in., said the CEDIM climate in their first 100 days can ’ t work to the Hype season the... Government runs a EQC for this, in February 2011 caused $ 20 in... First 100 days for unity and decency puts the hit at 0.6 % of all taxes New Zealand ’ fair! Boom and bust might further damage business confidence and, with it longer-term! 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