Key is a fool | The Jackal

6 Aug 2020

Key is a fool

Property speculator - John Key
The National Party must be in dire straits to have to rely on John Key to campaign on their behalf. Not only has the former PM been in the news claiming the recently released unemployment figures aren’t accurate, the fool has also been promoting the opening up of our borders to let wealthy speculators buy up houses, so that the property bubble doesn’t burst.

But if that wasn’t enough stupidity for one day, Key has also been promoting the flawed idea that universities are capable of running isolation and quarantine facilities and therefore wealthy international students should be allowed back into the country.

There is of course a very big problem with the right wing's argument to reduce border restrictions, COVID-19. Evidence shows countries that opted for fewer restrictions are now facing a prolonged economic downturn.

New Zealand however is in an enviable position of not only having a functioning economy…but also no community spread of the deadly virus. But don’t tell that to the deluded John Key.

Yesterday, Newstalk ZB reported:

Sir John Key: Unemployment figures 'not accurate'; wants more foreign investment 

Former Prime Minister Sir John Key wants to encourage rich Americans to buy New Zealand property to help reduce the impact of a looming "financial crisis". 
He told Heather du Plessis-Allan that border restrictions should be loosened so that universities and companies could bring in foreign students and skilled workers and pay for their own quarantine. 
And he said foreigners buying New Zealand property would provide work for Kiwis whose jobs are disappearing. 
"Let's focus on what we can do. We've got this crazy foreign buyer ban," he said.

So a dishonest property speculator is advocating for more foreign property speculation to increase his profit margins. Foreign speculation, which was something the National Party severely downplayed while John Key was in power, is why thousands of Kiwis are currently priced out of the property market. Unfortunately in New Zealand you can no longer work your way into home ownership by doing a normal nine to five job, because houses have become an over-priced commodity, largely due to offshore investors.

It’s also pretty stupid to argue that sinking even more money into housing is good for the economy. Most of the time the money attained just sits in a rich persons bank account doing nothing except making them richer. It’s not an investment that's beneficial to New Zealand either, because it simply ensures more inflationary pressure and therefore increases the number of Kiwis who cannot afford to buy a house.

In fact one could argue that keeping hard working Kiwi families renting forever and effectively in the poverty trap is bad for the actual economy. It certainly isn't good in terms of social cohesion. Invariably it's much better to invest in productive industries that create employment opportunities rather than overpriced and often empty houses that don't employ hardly anyone.

"Why don't we let in rich Americans who want to build a house in New Zealand? Who cares? They're in Mangawhai or somewhere, they are going to create thousands of jobs. 
"Why do we care if someone who lives in New York wants to spend $10 million building a house in Auckland, using NZ craftsmen and NZ tradespeople?"

Why do we care if rich Americans put even more pressure on our recourses using scarce tradespeople to build houses that will likely sit empty? Good god John Key is so stupid! It’s no wonder the housing problem became a crisis under his watch. The man is so blinded by his own self-interest that he simply cannot see the bigger picture.

Besides, why exactly would you risk people’s lives just for a short-term bump to the economy anyway, when the long-term result would be financially and socially catastrophic for New Zealand?

Key is also on the wrong side of history here. 68% of Kiwis want the border restrictions to continue, even if that means an economic recession. That’s a clear majority not wanting to risk community spread of COVID-19 in God’s own. That is also therefore a majority of Kiwis who won’t be voting National at the next election.