Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Dollarisation Damnned

Press Release
Trade Union Federation

"Dollarisation of the New Zealand currency, whether in terms of the Australian or United States dollars, would signal the end of democratic control over the national economy", Trade Union Federation Secretary, Michael Gilchrist said today.

He was responding to statements by ACT leader Richard Prebble advocating that New Zealand adopt the United States dollar as its currency.

"Without a Reserve Bank in New Zealand which can co-ordinate monetary policy with other policy goals, particularly in the areas of fiscal policy, economic development and social policy, the Government may as well pack up and go home. Ultimately it would affect every area of policy.

"It's true that years of high exchange rate/inflation obsessed activity by the Reserve Bank have served our economy very poorly. We support reform of the Reserve Bank and the replacement of the 1989 Act with one that sets a range of goals promoting New Zealand's overall economic well-being and which uses a broader range of monetary policy instruments (rather than just interest rates) to achieve those goals. That is the cure for some of the difficulties we have encountered with our currency.

"Dollarisation, on the other hand, would simply represent the logical end point of the destructive monetary policies of the past. The new right could go ahead and hang a sign up on New Zealand anouncing that the operation had been a success and the patient was finally dead.

"New Zealand would be completely transformed into a profit centre for transnational corporations, with little to call its own but sports teams and brand names," Mr Gilchrist said.

"We are confident that New Zealanders will never allow this to happen. That's why we welcome any debate on the topic of economic sovereignty. Essentially it is a question of whether communities can have any democratic control over their material circumstances.

"This is the same debate as is occurring over APEC, the WTO and the US led model of globalisation. It is undoubtedly the most important political issue we face in the new millenium," Mr Gilchrist concluded.

Further information: Michael Gilchrist 04 384 8963 or 04 237 7566


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

ScoopPro: Helping The Education Sector Get More Out Of Scoop

The ScoopPro professional license includes a suite of useful information tools for professional users of Scoop including some specifically for those in the education sector to make your Scoop experience better. More>>

Big Tax Bill Due: Destiny Church Charities Deregistered

The independent Charities Registration Board has decided to remove Destiny International Trust and Te Hahi o Nga Matamua Holdings Limited from the Charities Register on 20 December 2017 because of the charities’ persistent failure to meet their annual return obligations. More>>

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>

ALSO:

Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO:

 
 
 
 
 
 
 
 
  • Bill Bennett on Tech