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Larry's Memo: November 27

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| Tuesday, November 27, 2012 6:41 PM

Larry's Memo: November 27

The Parliamentary Commissioner for the Environment has determined that fracking is safe.

Jan Wright has today released an interim report into the practice of hydraulic fracturing, which is used to extract oil and gas.

She believes it is safe, as long as it is properly regulated and there's nothing she's seen so far that means the practice should be banned in New Zealand.

Unless something changes, she sees no need for a moratorium.

So it’s safe then!

The Greens and other opponents will be devastated.

I note the Greens have changed tack and now want a moratorium. That is code for stalling fracking as long as possible. It’s not going to happen. Not after the Environment Commissioner has said there is no need for that.

The potential from fracking is huge.

They say that reserves in Southland alone are potentially as big as any in the US.

It means lots of jobs and income and greater wealth.

What the government needs to do now is to fast track appropriate regulations and processes and get this thing going.

 

BRENDAN HORAN

New Zealand First leader Winston Peters has revealed he's known about allegations of wrongdoing against his MP Brendan Horan for two months.

He's today told Mr Horan to stay away from Parliament until he presents him with evidence that he didn't misappropriate money from his late mother's bank account.

The claim has been made by Mr Horan's brother.

Mr Peters says he wants evidence which will be the basis of any decision he will arrive at over the first term MP's future.

Mr Horan has had two months then to square this away and hasn't done so.

He now has to prove urgently to Mr Peters that he didn't fleece money out of his dying mothers account without authority to do so.

As I noted yesterday - Mr Horan is on the ropes.

 

MAORI WATER RIGHTS

Maori continue their bluff in the High Court to block the Mighty River Power part sale.

They will not and should not win this case.

It’s all about the money of course and some Maori are determined to keep screwing the taxpayers of this country until we are bankrupt.

Justice Young said he did not understand why the Government needed to act before the transfer because water rights were determined under the Resource Management Act and the Government could change that any time in favour of Maori. ”I don’t follow why it matters who owns Mighty River Power.”

Case closed then. Surely.

 

SOE SALES

The PM has warned that losing the Maori water case would force the Government to borrow more money as there is none left in the coffers for capital spending on new projects like schools and hospitals.

"We have no capital budget allocated in our accounts; so in other words we are working on the principle that when we buy other assets on behalf of New Zealanders we'll be using funds we get out of the Mixed Ownership Model process," Key said.

"If we can't sell those 49 per cent stakes, in principle we are going to have to make a decision about whether we are going to go ahead and buy other assets. There are some assets we just need to purchase so arguably New Zealand would go into debt.

And still the anti's go around the country with a silly petition which effectively means they want to borrow more money.

The argument is that it’s cheaper for the government to borrow. Yes it is. That is true. But it still adds to our debt burden.

Forgotten is this argument is that the debt has to be paid back and that we are already up to our necks in debt. You cannot just keep piling up more and more debt. The US keep kicking the can down the debt road. At some point, it has to stop. Some of the European countries are basket cases also.

The trick is not to become a basket case in the first place......and that means curbing spending and not taking on more and more debt.

It will kill us in the end.

Photo: NZ Herald

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