Our last newsletter featured the upcoming one hour Zoom call by Professor Steve Keen on the 9th August but it did not mention the start time of 7pm for which we apologise
Following is the detail of the call titled COVID19 and the Debt Time Bomb.
According to the OECD, New Zealand's heavy reliance on tourism will mean a bigger COVID19 economic shock than most other OECD countries. The government's response has been:
1) quantitative easing (QE), with the Reserve Bank printing $200 billion in new money (by 2024) to purchase Treasury bonds from local and offshore financial institutions, and
2) borrowing from those same institutions to provide fiscal stimulus to the economy.
Steve Keen will explore the likely ramifications of this approach, as opposed to using the Government-owned Reserve Bank. He will also discuss the massive private debt time bomb.
Join the Zoom Meeting
https://us02web.zoom.us/j/83545879698?pwd=WWcxU0xsSE5MNkoya09GbzczR3J2dz09
Meeting ID: 835 4587 9698, Password: 801837
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Cheers
Don Richards
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