Tag Archives: debt

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 […]