Rt. Hon Winston Peters

Leader NZ First

May 31 2011

PRESS RELEASE

Saving Assets Will Drop Dollar – Peters

Rt. Hon Winston Peters says blame for the dangerously high New Zealand dollar can be laid directly at the feet of the government and its disastrous plan to asset strip New Zealand.

Mr Peters says the dollar is soaring in value because of speculation over China's plan to spend $6 billion buying New Zealand government bonds, state assets, dairy farms and processing plants.

“International currency traders are making millions of dollars gambling on the New Zealand dollar while local exporters go to the wall and the government does nothing except hang out 'for sale' signs all over the country..

“The current situation is economic madness that we have all been through before and have been left much poorer as a result.”

Mr Peters warned that the New Zealand dollar simply could not remain at existing levels without severe damage to primary and exporting industries.

“We cannot survive on a flood of cheap imports. A cheap TV does not compensate for lack of jobs, dearer electric power and big cuts in social services,” Mr Peters said.

ENDS

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