Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Dollarisation Damnned


“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.

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

New Reports: Flood Risk From Rain And Sea Under Climate Change

One report looks at what would happen when rivers are flooded by heavy rain and storms, while the other examines flooding exposure in coastal and harbour areas and how that might change with sea-level rise.

Their findings show that across the country almost 700,000 people and 411,516 buildings worth $135 billion are presently exposed to river flooding in the event of extreme weather events...

There is near certainty that the sea will rise 20-30 cm by 2040. By the end of the century, depending on whether global greenhouse gas emissions are reduced, it could rise by between 0.5 to 1.1 m, which could add an additional 116,000 people exposed to extreme coastal storm flooding. More>>

ALSO:

 
 

Gordon Campbell: On The Commerce Commission Fuel Report

The interim Commerce Commission report on the fuel industry will do nothing to endear the major oil companies to the New Zealand public... More>>

ALSO:

Emergency Govt Bill: Overriding Local Licensing For The Rugby

“It’s pretty clear some clubs are having difficulty persuading their district licensing committees to grant a special licence to extend their hours for this obviously special event, and so it makes sense for Parliament to allow clubs to meet a community desire." More>>

ALSO:

Leaving Contract Early: KiwiBuild Programme Losing Another Top Boss

Ms O'Sullivan began a six-month contract as head of KiwiBuild Commercial in February, but the Housing Ministry has confirmed she has resigned and will depart a month early to take up a new job. More>>

ALSO:

Proposed National Policy Statement: Helping Our Cities Grow Up And Out

“We need a new approach to planning that allows our cities to grow up, especially in city centres and around transport connections. We also have to allow cities to expand in a way that protects our special heritage areas, the natural environment and highly productive land." More>>

ALSO:

Ombudsman's Report: Ngāpuhi Elder 'Shocked' By Conditions At Ngawha Prison

A prominent Ngāpuhi elder is shocked to find inmates at Ngawha Prison are denied water and forced to relieve themselves in the exercise yard... Chief Ombudsman Peter Boshier has released a report highly critical of conditions at the Northland prison. More>>

ALSO:

Promises: Independent Election Policy Costing Unit A Step Closer

The creation of an entity to provide political parties with independent and non-partisan policy costings is a step closer today, according to Finance Minister Grant Robertson and Associate Finance Minister James Shaw. More>>

ALSO:

School's In: Primary And Intermediate Principals Accept New Offer

Primary and intermediate school principals have voted to accept a new settlement from the Ministry of Education, which includes entrenched pay parity with secondary principals. More>>

ALSO:

IPCA On 'Rawshark' Investigation: Multiple Police Failings In Hager Searches Confirmed

The Independent Police Conduct Authority has found that the Police's unlawful search of Nicky Hager's property in October 2014 resulted from an unwitting neglect of duty and did not amount to misconduct by any individual officer... More>>

ALSO:

Broadcasting Standards: Decisions On Coverage Of Mosque Attacks

The Authority upheld one of these complaints, finding that the use of extensive excerpts from the alleged attacker’s livestream video on Sky News New Zealand had the potential to cause significant distress to audiences in New Zealand, and particularly to the family and friends of victims, and the wider Muslim community. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels