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I don’t suppose either Cunliffe or Key will be able to ‘think outside the square’ and ask “Is the printing of money the inflationary nightmare that its trumped up to be?”
Instead Key will attempt to force the debate in the direction of “How are you going to pay for it?”. And Cunliffe will attempt to answer within the parameters of a balanced budget.
WHY doesn’t anyone in either the National or the Labour party ask this:
The US Fed has been in the business of printing money since the failure of Lehman Bro’s and the global financial meltdown that followed. Has this been hyper-inflationary with respect to the US dollar? If not, why not?
The printing of TARGETED money is not inflationary, as the USA has shown over the last 5 years.
The printing of money, targeted or otherwise, is simply massively opposed by the banks, who want to ensure that money is kept in short supply, BECAUSE that is how the banks make their money. They make up for the shortfall of money in circulation by lending to those who need it, and by charging interest on their loans.
Of course this is all terribly” NON-KEYNSIAN”, non NEO-LIBERAL, non ESTABLISHMENT.
And those guys, Key, Cunliffe, are really just there to keep NZ on the Economic “straight and narrow”. The same “straight and narrow” occupied by the White House and #10 Downing Street . . . . You know, the outmoded, outdated 1940’s approach to economic theory that is specifically designed to preserve the status of the super-rich, at the cost of the rest of society.
No wonder economics is the ‘dismal science’. It has sold out to the super-rich, and no one seems to want to question why that should
be so!
Footnote: I hope someone asks Key when he last paid Crosby-Textor for advice . . .
I completely agree.
Most money in circulation is created as interest bearing debt by commercial banks, NOT the RBNZ. Even the RBNZ admits that over 80% of our money in NZ is created in this way.
Quantitive easing has seen money flood into speculation in the stock markets, commodity markets and forex markets. Its not finding its way into the wider economy.
We have excess labour, we have the skills to train these people to fill needs in our society. But we don’t have the money to match excess labour with need. Why oh why can we not take the creation of money back from commercial banks and give it to “us” via our government controlled RBNZ, and create new money, debt and interest free, for productive purposes to create jobs?
Ideology. And ignorance.
I bet Key knows how money is created. I wonder if Cuniliffe does.
I completely agree with you. Every time they say “but where’s the money gonna come from?” I want to wring their necks. FFS. Clearly there is not enough money circulating in NZ economy! Bloody well make some!
Its not like money is some scarce natural resource. But most people seem to think of it in this way.
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