New Zealand’s Debt Crisis
New Zealand is in a debt crisis. We owe $100 billion offshore. Each year our current account deficit is $3 to 7 billion
(we spend more than we earn).
Economists and politicians tell us that the way to resolve the issue is to increase GDP (spend more money). I have never
come across a family that has got itself out of debt by spending more money.
We are told that foreign debt is bad but foreign investment is good. They are the same and both worsen our international
investment position.
We need a government led patriotic campaign encouraging three things:
• A decrease in spending in our economy (belt tightening) to increase savings and local investment - If we want to
be masters of our own destiny, we must grow our own capital base.
• An increase in exports. The less we consume, the more we can export.
• A decrease in imports through a buy New Zealand campaign. That way our money goes round and round without
leaving the country.
If Labour can’t provide this leadership, let’s elect a government that can.
Michael Williams
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Concerning your article: Christmas-New Year holiday period begins.
I read in your article 21 deaths, 72 serious injuries and 339 minor injuries has occured in NZ.
However these numbers mean nothing if they are not compared to the statistics in other countries, taking into account
the number of inhabitants.
It would also be enlightening if these numbers should be compared to the number of deaths caused by heart disease and
cancer and domestic accidents and whatever.
It is tragic for the mentioned victims and their families, but it may proof there are other concerns deserving more
attention, in the process putting traffic accidents into perspective.
JP Prins