How High Must It Go?

With the New Zealand Dollar having burst through the 80 cent mark, the pressing question on exporter's minds is - how high will the dollar be allowed to go before the government will do something, says Winston Peters.

"If we are to believe the so-called experts - including a certain currency trader who is now dabbling in politics - then there is no limit to the dollar's growth if the 'invisible hand' of the market is the only force controlling it," said Mr Peters.

"The so-called experts are all pointing to the weaker US dollar and astronomically high interest rates as the reason why our dollar is soaring - but they offer no solutions because they can't. These doyens of economic orthodoxy have such undying faith in the market mechanism that they are prepared sit idly by and watch our economy deteriorate before their eyes.

"How much hurt and how much damage must occur before they realise that the 'invisible hand' is a cruel hoax perpetrated by those who have interests other than New Zealand's at heart, which has failed New Zealand in the past and is doing so again.

"New Zealand First will again seek to have its sensible solution of a rewrite of section 8 of the Reserve Bank Act tabled so that parliament can give the Reserve Bank Governor the tools he needs to start to remedy this situation. We call on parliament to put aside petty politics and embrace the chance to make a real difference," concluded Mr Peters.

ENDS

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