Tag Archives: Adair Turner

Print some money for Christchurch

The debt problems of the Christchurch and Auckland City Councils have been in the news of late. Now I’m not going to defend the records of the last few administrations in those cities. In Auckland in particular there seems to be a meglomaniac desire to become a “global centre” with all the trappings, to play […]

Your money starts life as debt – Its official!

If there was any remaining doubt the Bank of England has confirmed what heterodox economists have been saying for decades. The economic text books are wrong. Banks do not accept deposits from savers and intermediate them into loans to borrowers. Nor do they rely on the multiplier effect or are limited by reserves. The loans in fact […]

Ponzi nation

As we enter the last couple of months before the general election it is worth talking about the unspoken cancer at the heart of New Zealand’s economic system. It seems to be off the election agenda. Sure it is not a purely kiwi disease but there is post GFC a smugness among many New Zealanders […]

Greed is not good – now what are we going to do about it?

If Reserve Bank of New Zealand governor Graeme Wheeler believes what he said to Brian Fallow at the Herald, that in the financial sector; “The compensation levels are outrageous in many cases for the added value truly generated.” The Occupy Wall St movement had a lot of powerful points to make. “But they didn’t have a […]

How we should fund our economy – Public credit not debt

The key is to fix our financial system. Our economy has failed due to malfeasance — financial, corporate, regulatory and political. We need a new financial system we can trust, not a new wig on our old pig. – Laurence J. Kotlikoff, professor of Economics at Boston University The recent banking fiasco in Cyprus and […]