Three Kiwis who Should be Knighted in the New Years Honours, as symbols of how New Zealand still celebrates meritocratic achievement (or should).

Here are the three names, together with the reasons why. Each of them is a no-brainer - the question is why haven't they already been knighted? First on the list is Graeme Hart. Maybe he's been offered one in the past, and refused? Otherwise its a scandal. Why bestow the title, "Sir" on NZ's richest, or second richest, man? Because he's a symbol of the returns to hard work, being energetic, figuring out where value lies, and adding to it. There are other reasons - he's a rags to riches story. But maybe most importantly, he proves you can be a global player, investing around the world, and still be based in NZ, living with your extended family. He proves to youngsters that you don't have to leave the country to make it big.

Second, economist Peter C. B. Phillips, who went to Mt Albert Grammar School, and for many years during my career, was ranked in first place on the world's most respected rankings system, called RePec, which judges research by quality of publications, as well as citations. Phillip's still lies in the world top 10, whereby seven of those ten have been awarded Nobel Prizes. At number 10 is Eugene Fama, who coined the phrase "efficient markets" and became a founder of modern finance theory. Phillips spent much of his career at Yale in the US, and now lives back in Auckland, where he grew up. What amazes me is that he's way higher ranked than nearly all of my former teachers in England who have been knighted by the UK government - like Sir Tony Atkinson, Sir Steve Nickell, Sir John Vickers, Sir Tim Besley, Dame Carol Propper, Sir James Mirrlees, and more. Seems its far harder to be knighted for contributions to economics in New Zealand than in the United Kingdom.

Third, Shane Legg, from Rotorua, who coined the phrase "Artificial General Intelligence" and is currently working to achieve it, within the next decade, which will revolutionize the world and potentially the whole of human life. Voted one of the world most influential people in AI, he founded Deep Mind and is Google's Chief AGI Scientist. His fellow Deep Mind founder, Demis Hassabis just won the Nobel Prize in Chemistry, which wouldn't have been possible without Legg. Amazingly, he received a Commander of the British Empire honour by the Queen, but has never been honoured in his own country, where he grew up, and where he went to Waikato University. Again, seems its way, way harder to be recognized in NZ than in a country of 60 million people, where you weren't even born.

In many ways, the fact that these three - one of the world's most successful business men on Bloomberg's billionaires list, a decent person to go with it, and a family guy whose grandson just finished at Auckland Grammar - together with the Kiwi who has ranked top of the world in economics for decades - together with the founder of the AGI revolution whose company Elon Musk and Peter Thiel desperately fought to buy - have not been knighted tells you meritocracy has been on retreat in NZ. That situation must now be righted, starting with these three, each of whom is world famous and at the very top of their international tree.

Yes, Labour Recklessly Borrowed $100 billion. National's doing the same. How Finance Minister Willis & Shadow Minister Edmonds Put their Own Careers Above the country's Interest.

This Blog is about giving some gentle advice to National Finance Minister Willis, and her Labour opposite number, Barbara Edmonds, on the theme that people in glass houses shouldn't throw stones. Willis did media this week, saying how the weak state of the NZ economy was down to the Labour Party, which "threw caution to the wind the past five years", being from 2018 to 2023, by going on a reckless, an outrageous, a lunatic, "$100 billion borrowing" spree that added that same amount, $100 billion, to public debt. Labour did do an awful job on the economy. Edmonds should admit, not deny it. As for its over-the-top borrowing that left NZ with a gigantic debt pile to which Willis rightfully draws attention, I'd like to humbly draw the Finance Minister's attention to the latest Treasury numbers below, which record her as doing .. the same .. actually, adding more than $100 billion.

The Treasury Table below shows the details. The row important to us is the government's cash inflows & outflows. Its called, "Net Cash Flows from Operating & Investing Activities". Any short-fall has to borrowed by issuing public debt. This 2024 year, the government has a cash deficit of $31 billion; next 2025 year its $26 billion. From 2026 to 2028, the cash deficit is projected to be $28 billion, $22 billion & then $11 billion. The total for the next 5 years, 2024 included, is $118 billion. Gosh, seems National is "throwing caution to the wind" and going on a reckless "$100 billion" borrowing spree itself. Actually, you only need include 4 years, 2024-2027, to take it over the $100 billion mark. Should you want to calculate the exact quantity of government bonds that will be issued to cover the cash deficit, its recorded in the row called "Cash Flows From Financing Activities". Total government bonds issued from 2024 until 2028 is expected to equal $115 billion ($28b + $25b + $28b + $23b +$11b). That will lift our government debt by that same amount.

What's the moral of the story and advice to Willis and Edmonds? That she, and her Labour counterpart, are taking us, and NZ, for a ride, putting their own careers & political parties above what's good for the nation. Neither is borrowing more or less than the other - it would be nice of them to tell millions of folks reading & listening to the news that truth.