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

 

PARLIAMENT TODAY:

Education: Schools Funded To Trial Innovative Approaches

Education Minister Hekia Parata has announced the successful applicants for a new $10 million fund to encourage innovative teaching practices. “I’m delighted with the quality of the 39 projects that have won funding in the first round of the Teacher-led Innovation Fund worth a total of about $2.6 million,” says Ms Parata. More>>

ALSO:

Generation Zero: Skypath Granted Resource Consent

Generation Zero is delighted and relieved that the ‘Skypath’ walking and cycling addition to the Harbour Bridge has been granted resource consent. More>>

ALSO:

Housing: Two New Auckland Special Housing Areas

Two new greenfield Special Housing Areas (SHAs) that will provide up to 1800 new homes in Auckland have been announced today by Building and Housing Minister Dr Nick Smith and Mayor Len Brown. More>>

ALSO:

Royals: The Prince Of Wales And Duchess Of Cornwall To Visit

Prime Minister John Key welcomes today’s announcement that the Prince of Wales and The Duchess of Cornwall will visit New Zealand in November. This will be the second joint visit for Their Royal Highnesses to New Zealand. More>>

ALSO:

Tracey Martin Replaced: Ron Mark Is New New Zealand First Deputy Leader

Clayton Mitchell was the successful candidate for the Associate Whip position. Winston Peters was re-elected as Leader by the Caucus. Ron Mark was elected as the Deputy Leader with effect from 10am, Friday, 3rd July. More>>

ALSO:

Rebuild Rebrand: "Regenerate Christchurch" To Replace CERA

The regeneration of Christchurch will be the city’s focus for the next five years as local leadership progressively takes control of the rebuild, Canterbury Earthquake Recovery Minister Gerry Brownlee says. More>>

ALSO:

Nauru: Scholars Urge Minister To Act On Deteriorating Democracy

“Since the 2013 election in Nauru, there has been a series of disturbing developments on the islands that indicate a severe deterioration in the state of its parliamentary democracy and in the rule of law,” say the scholars. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
More RSS  RSS
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news