Economics Commentators Becoming Dinosaurs

In an address to the party’s annual conference in Wellington this weekend, Democrats for Social Credit Deputy Leader, Chris Leitch, took a swipe at New Zealand’s political and economic commentators.

“Most of them are so far behind the times, they’re starting to look like the dinosaurs of a forgotten age, and we all know what happened to the dinosaurs’, Mr Leitch said.

“Many eminent, well qualified, overseas economic commentators are advocating very similar economic mechanisms to what we have been proposing for some time’”

Anatole Kaletsky, an award-winning journalist and financial economist who has written since 1976 for The Economist, the Financial Times and The Times of London, has recently written an article titled, “How about quantitative easing for the people”.

Martin Wolf, Associate Editor and Chief Economics Commentator at the Financial Times, London, who was awarded the CBE (Commander of the British Empire) in 2000 for services to financial journalism says, “It is the normal monetary system in which the 'printing' of money is delegated to commercial banks that needs defending. This delegates a core public function – the creation of money – to a private and often irresponsible commercial oligopoly.”

Another is Lord Adair Turner who became Chairman of the UK Financial Services and played a leading role in the redesign of the global banking and shadow banking regulation as Chairman of the International Financial Stability Board’s major policy committee.

In an econintersect article entitled, Adair Turner: A New Debt-Free Money Advocate, Turner has this to say -

“One of the leaders in global finance, Adair Turner gave a speech of historic importance. In an address to the Cass Business School, Turner proposed that governments should use money for themselves and for ordinary citizens that is directly produced and not be restricted to that obtained via issuance of private bank credit as the global financial system has operated by and large for 100 years.”

Most recently, British Labour party MP, and leadership contender Jeremy Corbyn had this to say – “I am calling for a people’s quantitative easing – and asking my fellow candidates to join me in that call".

The Bank of England must be given a new mandate to upgrade our economy to invest in large scale new large scale housing, energy, transport and digital projects.

This would give our economy a huge boost: upgrading our outdated infrastructure and creating over a million skilled jobs and genuine apprenticeships. Businesses large and small would benefit from the knock-on effects to the supply chain – and again from the advantages that the upgraded infrastructure would bring.”

So my advice to this country’s economic commentators is to get with it.

Stop re-reading and re-hashing those yellowed newspaper rants of Bob Jones, and running out old worn-out clichés about funny money.

If they don’t, the rising tide of monetary reform will leave them high and dry, on the rocks, all shreds of credibility stripped away”, Mr Leitch said.

ENDS

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