Who’s looking at the data says PEC
As the dollar hits 76.4 cents to the US dollar, we are told there is nothing we can do to protect our own currency and
that’s just not true. “Why are New Zealanders not being told the truth”, says Selwyn Pellett spokesperson for the
Productive Economy Council.
“The public are tired of hearing “Oh it’s the US Dollar or the Pound” and “We are in the same position as everyone
else”. Well this may serve the needs of banks and the politicians but it’s just not true. In the 22 day period from the
1st of August the NZ Dollar has appreciated 5.1% against the US Dollar with a 0.1% improvement in GDP, while Singapore
achieved a 15% improvement in GDP with just a 1.61% increase in its dollar against the US Dollar, and Taiwan’s currency
decreased 0.6% in the same period. So let’s stop telling the New Zealand public we are helpless and can’t do anything.
The lack of leadership on this issue puts us in danger of becoming another Iceland.” says Pellett.
“If politicians and bureaucrats were paid in US Dollars this problem would be solved by lunchtime. Perhaps that’s what
we should do. The solution required to fix New Zealand’s recurring monetary and productivity problems are tried and
tested. Australia and Singapore both have compulsory superannuation, both have capital gains tax, and Singapore’s
intelligent monetary policy does a great job of protecting its productive / tradeable economy while maintaining price
stability” says Pellett
We are told we need fresh ideas to solve the problem of the dollar and our lack of productivity as a nation…why do we
need fresh ideas when such problems have been solved elsewhere?
“Eighty percent of the solution lies across the ditch in Australia in their tax and savings plans and the remaining
twenty percent resides in Singapore’s superior monetary policy. Fresh? Well not since the days of Bob Hawke and Lee Kuan
Yew; but perhaps that’s the problem. Perhaps our government really can’t bring themselves to adopt policies introduced
by other governments, policies that have stood the test of time and delivered superior prosperity to their nations. To
this we say get over it! Left and Right is the politics of yesterday, we need national leadership that is more concerned
with right and wrong than left and right.”
“The facts can’t be ignored. Until 1984 when we floated the dollar and introduced our version of monetary policy, our
GDP was significantly greater than Singapore’s. Since that time Singapore as steadily gained ascendency in every area of
their economy. We don’t have to be Singapore but we want to adopt the sanity of their monetary policy and the sooner the
better.” says Pellett
ENDS