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

 


CEOs lack understanding of QE benefits

Media Release

Friday 21 December 2012

CEOs lack understanding of QE benefits

“The poor understanding of economics by the majority of NZ’s top business CEOs is dismaying” said DSC leader, Stephnie de Ruyter.

“This is borne out by the fact that only 2 per cent of New Zealand businesses surveyed in the latest Grant Thornton International Business Report want the Government to implement Quantitative Easing.

“The fact that those CEOs are amongst the most well paid in the country might explain why they are little concerned about a measure that would bring significant benefits to the vast majority of people who are less well off than themselves.

“It would also explain why the additional tax that will come out of Kiwi’s pockets in future to pay for the Government’s increasing borrowing is of little interest to them either.

“And it probably explains why they were happy for our Reserve Bank to use Quantitative Easing to prop up the country’s big banks at the height of the credit crunch of 2008 to ensure the interest rates their companies borrowed at were as low as possible.

“That “printing of money” by the Reserve Bank quietly provided the trading banks with the funding they required without any distortion to the economy.

“Why that process was deemed to be OK for funding private banks owned by a select few overseas shareholders but is not now considered OK for the Government deserves an answer from our top CEOs.

“Why they would want to continue to support increased Government borrowing from those same banks instead of the Reserve Bank, which could provide the same finance at interest rates as low as ½ a percent, defies belief.

Perhaps it’s because they are amongst the privileged few who can afford to have shares in the banks.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On The Inadequate Response To Sexual Violence Prevention

On combatting sexual violence, the government has finally begun to undo some of the problems that were of its own making. Early in March, ACC launched the Integrated Services for Sensitive Claims scheme – a package aimed at improving the attitudes of ACC staff towards sexual violence victims, and offering them more substantive support.

Hopefully, this will help to reverse the damage done with the insensitive, punitive ACC policy put in place by the incoming Key government in 2009, which in some parts of New Zealand, saw 90 per cent of sexual violence victims being turned away by ACC. More>>

 

PARLIAMENT TODAY:

"To Help Families Get Ahead": April 1 Changes Kick In

Prime Minister John Key says Paid Parental Leave, the parental tax credit, the minimum wage and Superannuation will increase, while average ACC levies will fall, and more people will be helped in to home ownership... More>>

ALSO:

Climate: Ministers Exclude Emissions From ‘Environment Reporting'

The National Party Government has today revealed that the national environmental report topics for this year will, incredibly, exclude New Zealand’s greenhouse gas emissions, the Green Party said today. More>>

ALSO:

No Retrial: Freedom At Last For Teina Pora

The Māori Party is relieved that the Privy Council has cleared the final legal hurdle for Teina Pora who was wrongfully convicted of murder and sent to prison for 22 years. More>>

ALSO:

Germanwings Crash: Privacy Act Supports Aviation Safeguards In New Zealand

Reports that German privacy laws may have contributed to the Germanwings air crash have prompted New Zealand’s Privacy Commissioner to reassure the public that the Privacy Act is no impediment to medical practitioners notifying appropriate authorities to a pilot’s health concerns. More>>

ALSO:

Treaty: Taranaki Iwi Ngāruahine Settles Treaty Claims For $67.5mln

The settlement includes a $13.5 million payment the government made in June 2013, as well as land in the Taranaki region. The settlement also includes four culturally significant sites, the Waipakari Reserve, Te Kohinga Reserve, Te Ngutu o te Manu and Te Poho o Taranaki. More>>

ALSO:

Gordon Campbell: On A Funeral In Asia, The Northland By-Election, And News Priorities

Supposedly, New Zealand’s destiny lies in Asia, and that was one of Foreign Minister Murray McCully’s rationales for his bungled reforms at MFAT. OK. So, if that’s the case why didn’t Prime Minister John Key attend the state funeral on Sunday of Singapore’s founding leader Lee Kuan Yew? More>>

ALSO:

Werewolf Satire: Not Flag-Waving; Flag-Drowning

The panel choosing the flag options has no visual artists at all. Now, I’ve kerned the odd ligature in my time and I know my recto from my French curve so I thought I’d offer a few suggestions before they get past their depth. More>>

ALSO:

IPCA Reports: Significant Problems In Police Custody

In releasing two reports today, the Independent Police Conduct Authority has highlighted a number of significant problems with the way in which Police deal with people who are detained in Police cells. More>>

ALSO:

Inspector-General of Intelligence and Security: Inquiry Into GCSB Pacific Allegations

The complaints follow recent public allegations about GCSB activities. The complaints, and these public allegations, raise wider questions regarding the collection, retention and sharing of communications data. More>>

ALSO:

TPPA Investment Leak: "NZ Surrender To US" On Corporates Suing Governments

Professor Jane Kelsey: ‘As anticipated, the deal gives foreign investors from the TPPA countries special rights, and the power to sue the government in private offshore tribunals for massive damages if new laws, or even court decisions, significantly affected their bottom line’. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news