There was a time in the life of our nation when Social Credit was something of a joke political philosophy which garnered a regular small band of support with an occasional surge in voting when people were disaffected with both main political parties. Contrary to the impression that Social Credit is long gone as a political movement, it does still exist. But you have to look hard to find it.
Now it also exists in the minds of our Green and Labour politicians who want NZ to engage in the sophisticated 21st century version of Social Credit sweeping the world called "quantitative easing." By any other name this is pretending there is a fairy money tree at the bottom of the garden and its fruit can be picked at will without consequence.
My simple responsive prayer to this possibility is, "Dear God, please not."
There is an added reason for praying this prayer in NZ: we are so small we are deluding ourselves twice over if we think we can play safely with our currency exchange rates by throwing a couple of billion into the game.
3 comments:
Peter, this may just be one more of those 'historical moments'. I find myself entirely in agreement with your post, here. To fiddle with our currency in order to try to catch up with the Big Boys would be to surrender to the 'market economy' that has done so much damage in Europe lately. Let's be satisfied with what we have been given!
Printing money in order to lower the exchange rate is the total opposite of a market economy. It is in fact an example of state manipulation of money and market, the real reason for the global economic crisis.
This is an insane idea, though consider the source. It would mean the state actively destroying hundreds of millions of dollars in other peoples wealth, though I doubt that worries the "ex" communists who control this farcical party.
QE as used in UK, Europe, & USA is a way of ensuring the banks can lend more unrepayable debt. It's really stupid & it's not social credit.
Using the Reserve Bank to provide what is a virtual overdraft (interest free) to fund the rebuild of Christchurch rather than borrowing billions is not money printing nor is it, in the context of what the funding is used for, inflationary. That's how our state houses were built, how the State Advances Corp, Rural Bank, NZ Dairy Board operated. That's social credit. And it works.
- Stephnie de Ruyter, Leader, Democrats for Social Credit
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