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

 

Local Currencies would also lower Exchange Rate


Local Currencies would also lower Exchange Rate, says New Economics Party

Media Statement 23 April, 2012

If Government allowed local authorities to issue interest-free currencies, the New Zealand dollar would drop and jobs would be created, according to Deirdre Kent, a spokesperson for the New Economics Party.

She was responding to the Green Party’s call for the government to print money to lower the exchange rate. “While we applaud the Greens for addressing the elephant in the room, (our sovereign right to create our own money), doing it the way we suggest will also reduce unemployment and stimulate investment in green energy. If centralised monopoly money is created, the experiences in US and Europe have been that the new money just stays in banks.”

“The New Economics Party would amend the Reserve Bank Act to allow for local authorities to issue currencies, designed with a circulation incentive, she said. Only then would there be new liquidity for business investment. The new money would move fast to counter the sluggish economy.”

“We are in a period of extreme risk of global financial contagion and New Zealand is a very import dependent country. So let’s think outside the box and stop being so hidebound by imposing a monopoly currency,” she said. “The way to thrive is to create our own currencies at local authority level. Then we will truly have import substitution as businesses work to find ways of replacing expensive imports with something they can manufacture themselves. The natural clothing industry would boom, as would the part of the home building and insulation industry that uses local materials. As soon as we get genuine import replacement the current account deficit falls and there is no longer such pressure to import capital. Then the dollar drops.”

The solutions to New Zealand’s economic problems are not by importing or printing more money, but by creating different currencies to circulate smoothly at a local level, she said. They could be monitored to avoid overprinting.

ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Whether Trump Is Likely To Be Impeached

'Tis the season to be jolly, and for wrapping a plea bargain under the Christmas tree for all ye formerly merry, Trump-connected gentlemen.

Reportedly, Michael Cohen, Paul Manafort and Michael Flynn have all been co-operating with the probe led by special counsel Robert Mueller.

Flynn has done 19 interviews so far. So what chance has the Trump presidency got of surviving, all things considered? More>>

 
 

Dealing Crackdown, Addiction Support: Government Action On Synthetics

The NZ Drug Foundation has welcomed the Government’s response to synthetic drug deaths. The response strikes a balance between giving law enforcement the tools they need to target criminal networks and changing drug law to make it easier for people to access help when they need it. More>>

ALSO:

Strategy Committee Unanimous: Wellington To Forge Ahead With Convention Centre

The three-storey Cable Street building, with around 18,000-square metres of floor space, will comfortably be able to host 1500 people for conventions. It includes a 1651sq m exhibition area that will attract international exhibitions too big for nearby Te Papa and provide an always-changing visitor attraction. More>>

ALSO:

Surveying The Surveillance: First IGIS Review Of Warrants Under New Act

The report sets out the Inspector-General’s interpretation of the new warrant provisions under the ISA and her expectations of the GCSB and NZSIS when they prepare warrant applications. More>>

SSC: 2018 Public Service Workforce Data Published

State Services Commissioner Peter Hughes has published the 2018 Our People, Public Service Workforce Data , which shows the Public Service is making significant progress in important areas. More>>

ALSO:

Sinking Cap: Auctions, Permanent Forests, Added To ETS

The move to auctions, signalled in an August consultation paper, will help put a cap on the number of emission units available over time. Annual announcements, looking forward five years, will help provide certainty for scheme participants, she said. More>>

ALSO:

Joint Select Committee Report: Achieving Smokefree 2025

In a historic first for select committees, the Māori Affairs Committee and the Health Committee presented their joint report on achieving the Smokefree 2025 goal to the House on Tuesday, 11 December 2018. More>>

"Shared Interests And Democratic Values": Peters To Visit USA

Deputy Prime Minister and Foreign Affairs Minister Winston Peters will travel to Washington D.C. for talks with US Secretary of State Michael R. Pompeo and other senior members of the US Administration. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels