Endangered species? Steve Laurence thinks the Government may be preparing to default on the national debt and move us to a cashless society. File photo / Kenny Rodger
There appears to be a division between politicians and central banking Modern Monetary Theory (MMT) about what monetary reset is required.
While Finance Minister Grant Robertson is upbeat on the Reserve Bank's ability to reduce interest rates and stimulate the economy, my theory is the Government is preparing to
default on the national debt and move us to a cashless society.
Christine Lagarde from the International Monetary Fund has been encouraging central banks to centralise blockchain technology and issue digital currency as money, backed by government in the same way cash is today. Her reasoning is a central bank-backed crypto-currency would promote financial inclusion, security, and privacy in payments.
Outgoing Bank of England Governor Mark Carney has urged replacing the US Dollar with a "Libra-like" reserve crypto-currency in a dramatic revamp of the global monetary, financial and economic order.
There has hardly been a more appropriate time for such a proposal. Trade wars and now the threat of currency wars are upending multilateral cooperation. Central bankers are trapped in a low interest-rate world, and the threat of MMT has reared its ugly head. Yet, the establishment has so far been unable to come up with its own alternative to combat MMT.
If Carney speaks for his central banking peers, one can say "game over" for the fiat system, which will need to devalue against something such as gold or crypto-currency/stable coins, like bitcoin.
Hyperinflation is about to arrive.
Steve Laurence, Egmont Village.
Thank you Maureen Coxhead for your comments, but I think New Zealand is already doing very well without the wielding of a big stick in the classroom.
As shown on the PISA chart, an international study between OECD countries, results in maths, science and reading show New Zealand is 16th overall, a drop admittedly, but nevertheless better than Australia at 21st position and Great Britain in 23rd, two countries often suggested as ones we follow.
Over and above anything else our young people come through our education system and go on to do amazing things in many, many fields. We are known worldwide for our courage, determination, intelligence and fair play. The world is also aware that high achievements in such a small population is a truly magnificent fete. And they do this regardless of a right or left government.
Our education system has a lot to be proud of and I think a big pat on the back for teachers is warranted.
If we need to follow any country to do better, Finland is the example we should follow. No big stick there.
Emma Mackintosh, Birkenhead.
The threat to our dairy industry is not going to come from the high targets of the Zero Carbon Bill so much as from a disruptive synthetic milk protein industry, manufacturing artificial cheeses, yoghurt and milk powder in bulk for global food markets. Wise farmers can deal with both problems - methane reduction and dairy competition - by gradually switching to (some at least) horticulture, including growing more trees on marginal land. The outcome: reduced greenhouse gas emissions, carbon sequestration, improved land and water quality, greater land-use efficiency for food production, and higher profits. The new reality for a sustainable future.
B Darragh, Auckland Central.
John Tamihere's plans, should he be elected mayor, are coming in for criticism on the basis that they are unrealistic or are unworkable. Phil Goff has chosen a more moderate "steady as she goes path".
Given the council's current critical debt levels and with huge budgeted infrastructural asset spending planned, JT's manifesto at least recognises the approaching crunch point where innovative and radical policy options will be necessary.
Voters now have the choice of picking a mayor who is "up for it".
Larry Mitchell, Rothesay Bay.
It's been said we get the political leadership we deserve, so this could explain the eye-watering dullness and sheer lack of inspiration, aspiration and style of the current two main contenders for Auckland's next mayoralty. Tamihere's clarification (NZH letters, August 27) on his harbour bridge proposal displays this cult of the mediocre perfectly.
Though there are some merits to rebuilding the current bridge and using the same transport corridors to carry increased traffic across the harbour, but his idea to re-create the original 1950s design, an engineer led hideously perfunctory and imagination free structure that even time has not helped soften. In a world of cities with iconic, beautiful bridges from Istanbul, to Florence to Sydney and Singapore he wants to re-create a harbour bridge that even on good a good day is described as a coat hanger.
Why do we do this to ourselves? Is it the perfunctory colonial number 8 wire mentality of ugly function over aesthetics? If it was down to a Kiwi politician tasked with creating the Trevi Fountain, their first call would not be to an artist or a designer, but a plumber because it involves piping water. Heaven help Auckland if this is the best we can do.
Phil O'Reilly, Auckland Central.
I see that John Tamihere has confirmed his proposed double-decker Auckland Harbour Bridge will include four rail tracks. It follows, therefore, that he must also plan to retrofit four railway lines from the Auckland CBD, through the St Mary's Bay - bridge - Northcote Point corridor and on to the North Shore.
Has he budgeted this? I think not. JT needs to get real.
Mark van Praagh, Mt Eden.
One of your commentators said "the recent breach of IT security at the Ministry for Culture and Heritage was a headache for the Prime Minister". Why is it so? Then, Simon Bridges jumps in on this matter using that dreadful cliche "the buck stops with the PM". One has to again ask, why? Database security is the total responsibility of the organisation concerned. No politician, least of all the Prime Minister, can interfere in this. Imagine the public outcry if they did. They can express regret, disappointment and the like but that is all. Cannot Mr Bridges come up with something constructive for once? If this is all he can think up to throw at the PM, then she is doing very well.
Russell O Armitage, Hamilton.
Editor's note: The above letter earlier incorrectly referred to the breach occurring at Creative NZ.
An unelected group of bureaucrats decide the salaries of MPs, judges and other civil
servants. The Remuneration Authority is not accountable to voters or taxpayers. It is endorsed by government and exempt from the Official Information Act.
In a true democracy this would not happen. Then again, the history of western politics has never been interested in true democracy. The 2014 Bolivian elections rate as a rare democratic election that the West could learn from.
You can guarantee whenever transparency is proclaimed by Western authority, the truth will be surreptitious.
Mark Lewis-Wilson, Mangonui.
The collision between the Fullers ferry Kea and the Devonport Wharf has resulted in life-changing injuries to a passenger.
The apportioning of any blame towards either the master or the skipper under special training for that vessel, would be ill-considered. Fullers concedes that the incident was a result of "both systems and tidal influences" which highlights the difficulty of berthing the vessel 'blind' with no direct visual reference, and the extremes of wind and tide that are commonplace at the Devonport Wharf.
All the more reason for passengers to remain seated until the vessel is tied up.
However, Fullers' failure to acknowledge requests, from both highly experienced boat skippers involved, to allocate more training time and off-run berthing practice with the notoriously tricky vessel the Kea, shows an attitude of commercial intent outweighing operational responsibility.
Having a monopoly on such lucrative passages as they do, one would think Fullers should have no difficulty in completing what its masters see as operational necessities.
The trouble is, if Fullers was to have the goose that lays the golden egg taken away, and more control then given to Auckland Transport, would things be any different?
Perhaps the goose we know, is no different than the goose in the wings.
I M Phillips, Muriwai Beach.
On euthanasia
If/when the "end of life" bill passes into law, will my life insurance still pay out? Vickie Holland, Kawerau.
On super
Super should only be available to NZ citizens and permanent residents of those counties with which NZ has reciprocal arrangements. Arthur Moore, Pakuranga.
On rail
If the planned early morning trains from Hamilton to Auckland terminate at Papakura waiting to return to Hamilton late afternoon, what are the train crews going to do in Papakura all day? Alan Milton, Cambridge.
On China
Flags of China sold in Vietnam have mysteriously had one more star added on. Beware of Chinese gifts and donations, otherwise New Zealand will soon be another Chinese colony.
Manh Bui-Van, Clover Park.
On schooling
Maureen Coxhead raises an excellent point about education drifting off course. With education, as with many other important issues in life, it pays to go back to the future from time to time. John Clements, Orewa.
Ms Coxhead's letter prompts me to suggest remaking To Sir With Love, emphasising human relations, character building and educational issues. Bruce Church, Waharoa.
On emissions
Just as its buyback time for all assault guns it's time for all "big guns" in the New Zealand Government to sellback and step out of their fossilised vehicles. Rob Buchanan, Kerikeri.
On Goff
Why are those cars still being parked on the waterfront when Phil Goff promised to do something about them? Pamela Russell, Orakei.
It appears to be a tale of two islands for this weekend's weather.