The Economic Situation and Wellington City Council in 2009

From: Bryan Pepperell
Sent: Saturday, 28 February 2009 6:54 p.m.
To: Kerry Prendergast; Councillors (Councillors); Garry Poole; Neil.cherry@wcc.govt.nz
Subject: [mailto:Bryan.Pepperell@wcc.govt.nz] THE ECONOMIC SITUATION AND AFFORDABILITY

In last months of 2008 I was giving this warning…

Some of you may be aware of the further deterioration in the global economy with the release of US employment statistics. You are also aware that we are very much connected as a global economy and that there are implications here in Wellington, New Zealand. I personally know of 25 people who lost their jobs in Wellington yesterday. In the last week many people have lost their jobs in Wellington. That will have a devastating effect with knock on effects in the lives of many people before Christmas has begun. As we continue to spend public money on big projects such as the Indoor Sports Centre we make the debt for the ratepayer more difficult to cope with, in particular those who are young as they struggle to keep their jobs and pay the increasing rates and rent burden. No matter how cheap money becomes to borrow, if you don’t have a job, borrowing is not an option.

Now I’m saying the situation is worsening…

From The Market Oracle /2009

“Never before in history have so many investors made decisions based on PHONY data and false headlines. Most in the alternative information arena are fully aware and have reported extensively on the POLITICALLY correct but practically incorrect economic data emanating from G7 governments. This is nothing but PR for public consumption as the real numbers would spawn RIOTS in the streets. So the public are NEVER told the true story as it is too horrible to acknowledge. The public is fed FALSE data.

GDP, inflation, employment, credit ratings, corporate profits, balance sheets and much more have been MANIPULATED to FOOL the vast MAJORITIES of the electorate that can read and write. But many of these same people are functionally illiterate of history, economics, common sense, logic and the critical thinking skills necessary to sift through the FALSE and misleading rhetoric of the mainstream media, public serpents, er … servants and school systems.”

The financial and economic crisis is spreading round the world and wealth destruction is historic. Wellington cannot withstand this financial and economic slump. Ratepayers do not and will not have the financial ability to pay for the expenditure of this council. We should act now and reduce the burden on the ratepayers before it is too late.