If I understand this correctly, I'm pretty sure the NZ Dollar has been used as a carry trade currency in recent years. Good for a few traders, but the currency speculation certainly didn't help our economy.
Of course, the bitter irony is that our newly-elected Prime Minister, who many people flocked to hoping for tax cuts and fixing the recession we were headed into... is a former forex banker. In fact, used to work for Merill Lynch as their head foreign exchange guy and was a member of the Foreign Exchange Committee for the Federal Reserve Bank of New York. Was rumoured to be making several million a year before he decided he wanted a political career.
Since coming into power, he's told us the country can't afford tax cuts, has dithered on job creation and economic stimulus, and seems intent on cutting down services and selling off assets that the last government bought back, in the hopes of running an "efficient" government shored up by private, largely foreign-owned corporate players. Somehow I don't trust someone who got the nickname "the smiling assassin" from other investment bankers to take good care of my country.
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Date: 2009-11-09 09:30 pm (UTC)Of course, the bitter irony is that our newly-elected Prime Minister, who many people flocked to hoping for tax cuts and fixing the recession we were headed into... is a former forex banker. In fact, used to work for Merill Lynch as their head foreign exchange guy and was a member of the Foreign Exchange Committee for the Federal Reserve Bank of New York. Was rumoured to be making several million a year before he decided he wanted a political career.
Since coming into power, he's told us the country can't afford tax cuts, has dithered on job creation and economic stimulus, and seems intent on cutting down services and selling off assets that the last government bought back, in the hopes of running an "efficient" government shored up by private, largely foreign-owned corporate players. Somehow I don't trust someone who got the nickname "the smiling assassin" from other investment bankers to take good care of my country.