What I would Have Said in the Herald

I have received in the last couple of days a number of inquiries as to whether, when and how I will respond to Don Brash’s latest exposition in the Herald of his understanding (or lack of it) of the banks’ role in money creation. The answer is that the Herald – perhaps understandably – do […]

Putting a Proper Value on Work

The success enjoyed by the trade unions recently in establishing that, across the economy as a whole, we can put a minimum value on particular categories of work has been of immediate benefit to thousands of low-paid workers, and particularly to carers, many of whose wages have been held down because of their gender. But […]

It’s Not Just the Rivers

When I was a child, we lived in Palmerston North.  Our favourite picnic spot was a few miles away, at Raumai, on the banks of the Manawatu river.  It was in the river there that I learnt to swim. Like many of my generation, and many others as well no doubt, I was shocked to […]

The Fallout from Brash’s Downfall

Don Brash’s attempt in the Herald a week or two ago to deny the accuracy of my account – also published in the Herald – of how the banks are not merely intermediaries but create out of nothing most of the money in circulation can be explained in two ways, but neither does much good […]

A Surprise from Jim Bolger

Jim Bolger will have surprised a few people this week.  In an interview with Guyon Espiner of National Radio, the former National Prime Minister expressed the view that “neo-liberal” economic policies have failed, and that an important aspect of that failure has been that most of such new wealth as has been created has gone […]

When the Chief Banker Gets it Wrong

It is no surprise that a former Governor of the Reserve Bank should seek to defend the banking system from its critics.  It is less expected, however, that Don Brash should do so while displaying an apparently complete – and certainly shocking – ignorance of the subject.   In attempting to deny the accuracy of […]

The Truth about Brexit, As seen from New Zealand

It is very hard, at 12,000 miles distance, for Kiwis to get a good handle on the Brexit issue – particularly if their source of information is a newspaper like The Guardian, the self-appointed standard-bearer of the Remainers’ cause. You would be hard put to find a Guardian front page over recent months that did […]

Did SBW Get It Right?

It’s not every day that monetary policy dominates the news.  It is normally seen as a technical issue, very much within the realm of the Governor of the Reserve Bank, and – apart from the odd unexpected move in interest rates and therefore impacting on mortgage rates – of not much significance to anyone else. […]

What Lies Behind the Missile Attack in Syria?

Donald Trump would not be the first leader to try to revive his flagging fortunes by embarking on a foreign adventure.  The missile attack he authorised on a Syrian airfield comes after his Presidency has suffered a decidedly shaky opening few weeks. His term so far has seen one failure piled on another.  He has […]

Public Spending Cuts Hurt

Voters have been conditioned over recent years to applaud governments when they cut public expenditure – and they do so, not just as taxpayers, but because they have been persuaded that the government’s own finances should be treated as assuming a special importance. Individuals, families and businesses, and – even more importantly – the country […]