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Countries Politics - Money Whither

Fertile economics

October 24th 2010 06:38

Harold Ickes, US Secretary of the Interior from 1933 to 1946.

In another time and another downturn, President Franklin Delano Roosevelt fought the Great Depression with all the weapons he could muster, boosting public spending, lowering interest rates to encourage lending etc.

In 1933 the US Secretary of the Interior, Harold Ickes, was asked why the president was so bent on shaking things up.

"You can't fertilize a 40-acre field," Ickes said, "by farting through the fence."

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Posted By: Chris Champion - Category: United States, Economics, Politics

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Never argue with an economist

July 1st 2010 03:14

John Key

Wages in New Zealand are about a third lower than wages across the puddle in Australia, and the country's much-respected Reserve Bank Governor, Sir Alan Bollard, was recently quoted as saying that wasn't about to change. New Zealand, he said, did not have the same advantages, such as mineral deposits, and was unable to compete.

New Zealand Prime Minister John Key sniffed a political opportunity and made a public pronouncement that Bollard's comments were negative. His government, he said, was pursuing policies to raise New Zealand income levels to match those of Australia within 15 years.

Bollard, who has a PhD in Economics, an Honorary Doctorate in Laws and a lot of common sense, said nothing.

But the television station TVNZ sniffed a journalistic opportunity and conducted a poll asking people whom they believed. More than 70 per cent believed Bollard, about 20 per cent sided with Key.

Economics 1, Politics 0.
image: Otago Daily Times

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Posted By: Chris Champion - Category: New Zealand, Economics, Politics

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