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  1. #211
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    Quote Originally Posted by Aaron View Post
    Hard to believe I would agree with David Seymour on anything but there you go. I am surprised the party for the rich does not like centrally controlled monetary policy as it has done so well for the well off for so many decades. Nice to think ideological beliefs extend to policies that don't favour his voter base.

    https://www.msn.com/en-nz/news/natio...?ocid=msedgntp
    Odd that I voted for the “party for the rich” but am far from it. Must’ve ticked the wrong box.

    Have a read through this, let us know what you think. The central banking and money creation system is broken. This is a potential solution. https://www.positivemoney.org.nz/pm/

  2. #212
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    Quote Originally Posted by Baa_Baa View Post
    Odd that I voted for the “party for the rich” but am far from it. Must’ve ticked the wrong box.

    Have a read through this, let us know what you think. The central banking and money creation system is broken. This is a potential solution. https://www.positivemoney.org.nz/pm/
    Yes they aren't wrong>>

    While the Reserve Bank creates our notes and coins, this forms less than 3% of our money supply. The rest nowadays is electronic money for EFTPOS, internet banking and so on and is created by private banks when people take out loans.

    This electronic money is created out of thin air (ʻex nihilo’) — merely by making accounting entries in the books of registered banks. The banks then lend it to you and me and charge us interest on money they never had. Nice business.

    It means banks have an incentive to ʻsell’ as much debt as they can — more than the economy actually needs. This leads to excessive debt, overpriced housing, stressed families and an economy that isn’t working for many people.
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  3. #213
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    Quote Originally Posted by Baa_Baa View Post
    Odd that I voted for the “party for the rich” but am far from it. Must’ve ticked the wrong box.

    Have a read through this, let us know what you think. The central banking and money creation system is broken. This is a potential solution. https://www.positivemoney.org.nz/pm/
    I have never met a poor libertarian. rich or misguided, take your pick.

    I don't understand money and the consequences of the proposal from Positive Money NZ enough to comment but if my understanding is correct. The NZ govt. would create the money and banks could only lend what they have in deposits or money from the reserve bank. Now you are really forcing me to make an effort to understand something I know little about. I will make an effort to improve my understanding of money and get back to you.

    Would this system be any better as the reserve bank of NZ has no qualms about creating money. Historically govts have had no problems overprinting and currently we live in a world where money is quickly losing all value mostly due to govt action.

    https://www.interest.co.nz/news/1042...%20rates%20and

    Interesting to read in the paper this morning that the ASB bank has brought in a higher LVR for investors whereas the NZ Reserve Bank does not seem to have a problem with property price rises and the possibility of irresponsible lending.

  4. #214
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    Aaron, over the years you have railed against a ‘system’ that is founded in money creation. It has created a scary global economic situation, so it is ok to be concerned, as you say it seems unsustainable but it is so enormous and decade after decade it just gets bigger and more scary. Understanding money creation and who benefits and who doesn’t, helps but doesn’t diminish the fear of where it could all end up. Positive Money is a movement, not just in NZ. They propose an alternative, a proven alternative. There is detailed reasoning laid out to support their arguments. I support positive money and think what they propose is a viable and better system than we have currently.

    Talk soon once you’ve appraised yourself off their proposal.

  5. #215
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    Even ex members from the party of the lower middle class agree with David Seymour

    https://www.stuff.co.nz/national/pol...michael-cullen

    Although Adrian Orr points out house prices are not in his mandate all he is doing is ensuring he meets his employment target. To deny responsibility for a large part of the rising price of houses seems a bit of a stretch though.

    https://www.stuff.co.nz/national/pol...med-at-housing

    Scary to think Adrian Orr doesn't appreciate the effect low interest rates and money printing will have on asset prices. or that he doesn't care about it as it is not part of his mandate. Maybe Adrian needs to read the first lines on the Reserve Bank website.

    manages monetary policy to maintain price stability, promotes the maintenance of a sound and efficient financial system, and supplies New Zealand banknotes and coins.

    Do rampant house prices and asset bubbles maintain price stability??? does it promote the maintenance of a sound and efficient financial system??? I am not smart enough to know but I guess Adrian could say "well every other central bank in the developed world is doing the same thing, why shouldn't we"
    Last edited by Aaron; 17-11-2020 at 08:48 AM. Reason: a bit rich for me to suggest someone is dumb

  6. #216
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    Yes, Aaron. At the very least, the RBNZ's mandate needs to be urgently reviewed and revised. An early job for the govt, I would think.

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    Quote Originally Posted by macduffy View Post
    Yes, Aaron. At the very least, the RBNZ's mandate needs to be urgently reviewed and revised. An early job for the govt, I would think.
    I suspect this will be a do nothing, status quo govt much like John Keys national, very popular probably because they maintain the status quo. Although John Key did get in a GST hike(bast**d). Who knows, I would not expect much to happen other than some expressions of concern. Jacinda only moved to Mt Eden fairly recently so motivation to disrupt the housing market price rises will be low.

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  9. #219
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    This thread has strayed off ACT's David Seymour. Subject belongs on Labour Govt 2020-2023.

  10. #220
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    This might be the best thread for this article.

    https://www.businessinsider.com.au/t...0-12?r=US&IR=T

    Tax cuts for the rich don't help the country as a whole? Trickle down economics doesn't work? Hard to believe.

    Although targeted inflation brought in in the 1990s by good old NZ are supposedly about price stability through constantly rising prices (how did they sell that). This would seem to be trickle down economics as well particularly when central banks money printing and interest rate suppression are designed to inflate asset prices. I think this is also a bull**it policy.
    Last edited by Aaron; 17-12-2020 at 03:11 PM.

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