Wednesday, January 30, 2013


I see that the Zimbabwe's Finance Minister Tendai Biti has claimed here that after paying public workers salaries last week the balance in the cash strapped Public Account stood at US$217.

Clearly he needs the 'expertise' of Russell Norman to craft a way forward out of the hole.   Problem for Russell might be that printing US dollars (Zimbabwe doesn't have its own currency) could see him doing time in a US slammer.

Well at least that would keep him out of this country where his brand of voodoo economics would wreck and bankrupt the country.

Memo to Labour and the Greens.   You must stop rolling over and saying 'how much' to each and every issue presenting itself at your doors.   Sadly though I don't see any evidence of that happening.


Anonymous said...

Go and look at the IMF website and see the note about state created money rather than bank created debt money. They just thought of this? Its not the principle of printing money per se that is wrong - its just politicians doing it without a concept of monetary discipline. Russell would, in my view, be hopeless at it but the concept is not without merit. Mugabe is a poor example to use for this (or anything else half decent).


Judge Holden said...

Oh look, any loosening of monetary policy = Mugabe and the Weimar Republic! Every right thinking person knows that.

Simon said...

"Clearly he needs the 'expertise' of Russell Norman to craft a way forward out of the hole."

National are running very loose monetary policy hence the Auckland housing & share market bubble. Looks to continue.

National are just carrying Wussel's plans but quietly. Too bad Wussel is too thick to be able to point this out.

No wonder Key cant stop smiling whenever he talks about the Greens. And this Wussel clown wants to be MoF.

And at least Zimbabwe has $217 in the bank the NZ government has tens of billions of IOUS.

The Veteran said...

Sorry Simon to rain on your parade. National can be accused of many things but you are first one to argue that the Government is running a loose monetary policy.

Labour and it's lickspittle allies
claim the opposite on a daily basis.

The reality is that you can't 'print' your way to prosperity ... that's Social Credit theory 101.

Walter Nash summed it up when he said "If Social Credit works no-one else will have to".

Right then and right now.

Zimbabwe has defaulted on it's international debt.