If the Auckland property market was flat, and promised no prospect for price rises, most speculators would not be interested in it. I don't think that one can blame the housing bubble on speculators, though of course they may be exacerbating an already existing problem.

"Constitutional Guillotine. Which means a law removing any purported right of the head of state’s stooge to refuse to assent to legislation (and/or replacing such head of stage and stooge with a president, but that’s strictly speaking unnecessary)."

I don't think there is such a law. AFIK there exixts a constitutional convention that the HoS signs into law bills passed by parliament. I would think though that such a convention could be ignored under the right circumstances. The fact is we don't really know what would happen if that were to occur since situations are usually different.

Actually the House of Lords vetoed a House of Commons bill when Lloyd George was PM at the turn of the twentieth century. It created a constitutional crisis and the king had to step in and instruct the lords to pass the legislation.

"They’re also sacked by the queen on the PM’s advice. For the monarch to refuse to act on such advice would be unthinkable, and time to roll out the constitutional guillotine."

I can't see Queen Elizabeth getting her head chopped off (or the GG for that matter). The worst that might happen is that Key might resign and call a snap election, assuming he was willing to push his luck.

As I understand it the GG is actually appointed by the queen, albeit on the PM's advice. So Key would not be able to replace him if HM refused to play ball.

Incidently, does the legislation preventing intervention by the courts apply to the Privy Council also?