Tag: Interest Rates Bonds

TPP central banks to refrain from currency manipulation

Article – BusinessDesk Nov. 6 (BusinessDesk) – The Reserve Bank of New Zealand and its 11 counterparts in the Trans-Pacific Partnership trade and investment pact have agreed to avoid unfair currency manipulation as part of a regionwide push for greater cooperation, adopting … TPP central banks to refrain from currency manipulation By Paul McBeth Nov. 6 (BusinessDesk) – The Reserve Bank of New Zealand and its 11 counterparts in the Trans-Pacific Partnership trade and investment pact have agreed to avoid unfair currency manipulation as part of a regionwide push for greater cooperation, adopting an initiative pushed by the US Treasury. In a joint statement, central bank governor Graeme Wheeler and Treasury secretary Gabriel Makhlouf welcomed a declaration by the 12 monetary authorities, whose principal objective was to avoid unfair currency practices before passing legislation empowering the TPP. The declaration confirms each country’s monetary authority is bound under International Monetary Fund articles to avoid exchange rate manipulation or the monetary system to prevent effective balance of payments adjustments or countries from gaining an unfair comparative advantage. It will also require each central bank to disclose currency and trade flows, and opens up consultations between the authorities. “These commitments are consistent with New Zealand’s policy settings and line up with the commitments New Zealand has made as a member of the International Monetary Fund,” Wheeler and Makhlouf said. “New Zealand’s sound...

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FIREd Up : Wgtn’s Jane Kelsey “The FIRE Economy” Book Launch

Opinion – Jimmy Solen FIREd Up : Wgtn’s Jane Kelsey “The FIRE Economy” Book Launch Event report by Sven Solen FIREd Up : Wgtn’s Jane Kelsey “The FIRE Economy” Book Launch Event report by Sven Solen Scoop.co.nz Video of Jane Kelsey’s Wellington Talk on The FIRE Economy At Jane Kelsey’s talk about her new book The FIRE Economy at a Fabian Society event in Wellington this week, one of the memorable phrases she used, to describe no less an august body that the IMF, was that people there had somehow managed to “start talking truth to their own power”. If only that was a precept more people ‘in power’ worked and lived to. This was just one of the takeaways from a no-nonsense talk about a book that calls out the extremely skewed orthodoxy that sits behind the acronym “FIRE”: Finance, Insurance, Real Estate. In her work in the wider public interest, Jane Kelsey is of course an elemental force herself, from her influential landmark book The New Zealand Experiment (shockingly 20 years old now), to championing Its Our Future – “Kiwi Voices on the TPPA”, and taking on the TPP on Al Jazeera and Seven Sharp. Her’s isn’t a lone voice, and the packed lecture theatre at Victoria University on Wednesday evening demonstrated there is a hunger for both clarity around whether an end (happy or not) will...

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The FIRE Economy: New Zealand’s Reckoning – By Jane Kelsey

Opinion – Professor Jane Kelsey The global economy imploded in 2008 and confirmed a stark reality. Entire nations and billions of people are captives of an unstable and amoral economic system powered by finance , insurance and real estate FIRE. [1] New Zealand included. Click to order a copy from the Publisher The FIRE Economy: New Zealand’s Reckoning By Jane Kelsey Introduction – An Extract The global economy imploded in 2008 and confirmed a stark reality. Entire nations and billions of people are captives of an unstable and amoral economic system powered by finance, insurance and real estate – FIRE. [1] New Zealand included. ‘The FIRE economy’ is a metaphor for the fundamental shift in global capitalism since the 1970s. Finance has replaced industry as the driver of wealth creation in affluent countries – a transformation known as financialisation. Neoliberal ideology, rules and institutions acted first as the midwife and then as the guardian of this new economic order. The Global Financial Crisis (GFC) showed the world’s richest countries, notably the US and the nations of Europe, that the globally integrated economy they had created, and from which they have prospered, could also bring them to their knees. Faith in the neoliberal ‘orthodoxy’ that shaped and sustained them seemed shattered. The fallout was fast and furious, and quickly spread to many other parts of the world. A cursory look...

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