Look, I have no problems with the Reserve Bank creating money to lend, that’s fine, because my expectation of that decision is for the NZ Government to borrow that money at no interest to spend on immediate infrastructure, Covid survival costs and welfare that looks after the new wave of unemployed while ensuring well funded public services that help all people.
But that’s not what the fuck is happening here.
The money is being pumped into naked speculation, that’s why the fucking house prices have erupted through the roof, people are taking out low low low interest rates from the banks to speculate.
Why the Christ is a Labour Government fuelling naked speculation?
AGAIN – happy as Marx for the Reserve Bank to conjure up some cash, but that cash is supposed to be for the Government to borrow at a zero interest rate to do all the things I’ve mentioned above!
Bernard Hickey is making the exact same point!
They can’t seem to help it, but the Government and the Reserve Bank seem determined to print up to $150 billion in cash to make the very rich even richer, and to ignore calls to pass just a few of those billions to the hundreds of thousands of kids and parents living in poverty.
Why is a Labour Government choosing a path to massively widen inequality and doing comparatively very little to reduce child poverty? It boggles the mind, but it’s understandable when every other Government in the developed world is doing the same. It’s not working overseas, and it’s not working here. It needs to change.
Unfortunately the current breed of Left wing activists are middle class woke identity politics warriors who are really good at starting petitions on Action Station to Free the Nipple for Mummy Blogger Trans Allies, they’re not so good at the whole neoliberal economic hegemonic structures so Labour are getting no real criticism from the Left over this madness because the vast majority don’t understand what is happening.
We all cheered when Adrian Orr began printing money, but we all thought it was so the Government could borrow at no cost to build the infrastructure and pay for the Covid costs, what is actually happening is this money is super heating speculation because Labour once again are trying to fix a failed market with more free market!!!
This is what they did with fucking KiwiBuild!
The insane reality is that this is speculative corporate welfare and the fucking last thing any Left winger with any intellectual conscience should be supporting!
What the fuck is going on?
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