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Russel Norman needs some remedial lessons

by Whaleoil on March 14, 2013

Russel Norman is being particularly stupid today on Twitter:

It seems to me he needs a remedial lesson in Quantitative Easing. 

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  • Sir Cullen’s Sidekick

    Listen to what the future Finance Minister says bit seriously Whale Oil…there is a logic here Sheep thinks….

  • Chris

    Where’s your analysis? Why do you think Norman’s wrong?

    • Guest2

      My understanding they want to print money because their party funds are running out

    • Butts_McButts

      For a guy who doesn’t want us flogging our asset off, he seems pretty keen to devalue them for no actual gain.

      • Steve R

        Just listen carefully to Russell Norman . His specialty is half truths lies and conveniently forgetting to tell all the facts .

    • johnbronkhorst

      I’m typing slowly, because I know an idiot like you takes a while to comprehend.

      But the simplest example to use,(by way of a question)…why do you think adolf hitler spent a lot of resources and energy printing almost perfect british currency during WW2?

      Answer: He knew by swamping the british economy with more currency than the economy was actually worth…..he would destroy their economy and therefore ability to fight (as they would have to buy weapons and resources with this devalued currency) Every country that has preformed “quantitative easing” is in a worse position than us and is looking at double dip recessions.

      • Chris

        “Every country that has performed “quantitative easing” is in a worse position than us and is looking at double dip recessions.”

        Really? I wasn’t going to respond given your obvious need to start your comment with abuse, but have decided to give you the bare minimum because you obviously won’t understand anything more. I’ve noticed your comments over the past while and they stick out considerably, along with one or two others, as coming from someone who really doesn’t have a clue. Sorry, but I was brought up not be cruel to dumb animals. You really are a fuckwit.

        • Steve R

          Nice answer . you avoided any logical rebuttal nicely . However Just take a closer look at countries that have and do practice the fine art of QE and youll see the black tax called inflation , High interest rates and starvation .
          I keep a yugoslav 50 billion dollar note in my wallet to impress that chicks . Its real and cost me $ 1.54 on trade me . Im wondering how a currancy could be that worthless ??? hmmm

          • Grizz30

            Check out this high valued bank note. And this was only just 5 years ago. http://en.wikipedia.org/wiki/File:Zimbabwe_$100_trillion_2009_Obverse.jpg

          • Sir Cullen’s Sidekick

            I suggest you send that 50 Billion Dollar note to me. I can use that in the budget figures Sheep has asked me to prepare for the 2015 budget…I will be short by 50 Billion for sure….

        • johnbronkhorst

          Really…you’re not that idiot hipkins are you. Only a politician would give absolutely NO argument or discussion ONLY abuse in his answer.
          My abuse got the exact response I expected!!! A dick
          head that can’t answer the real question posed (is quantitative easing a solution?).
          Nowhere in your answer did you challenge my WW2 analogy. Nowhere have you explained why you obviously believe in russell Norman’s views on this.
          As for your offence at my insult to you…..BOO HOO.

        • Gazzaw

          So where’s your argument Chris? In your short time ‘contributing’ to this blog you have obviously overlooked the fact that John is one of our more reasoned posters and took a very intelligent position in rebutting your argument. At least come back to him with some logic – simly calling soeone a fuckwit doesn’t cut it here.

          • Agent BallSack

            It works occasionally if the person is a real fuckwit Gazzaw.

      • cows4me

        Classic :-)

    • http://twitter.com/Michael_Ellis72 Michael Ellis

      The Weimer republic printed money. Lots of money…

      • Grizz30

        The economic ruin created led to the rise of Hitler, NAZIs and Fascism.

        • Gazzaw

          That outcome would not be unwelcome to the Greens Grizz.

    • Michael

      It doesn’t take much reading on keynesian economic theory to find that QE/printing money can quickly fail faster than the it takes for the money to roll of the Canon bubblejet printer. It’s like using your very last $20 note to buy a lotto.

      Have a read up on “liquidity traps” and/or “keynesian endpoints”, that should help.

      Mr Norman is wrong for the very simple reason that he proclaims QE as a simple solution and we should be doing it, because everyone else is. Peer pressure wasn’t acceptable for stupidity when you are a teenager, so shouldn’t be when you are a grown up county with 4.5 million people depending on you not to cock it up :)

      QE is something no central bank should enter into with out very careful consideration of the consequences. Overshooting the QE will lead to high inflation, there are many examples of this and shouldn’t be hard for you to research. Also, banks have to be confident in lending again, so even with ink still drying on the paper, if no one is going to lend it, it’s a pointless exercise.

      Diluting out currency base will not solve problems, it will create them.

      • Michael

        Oh and I should also point out, that NO politician should be advocating for it. The central bank is the one that has the knowledge and understanding. Politicians have to pass it as law, but they shouldn’t be talking about it like it’s a visa card.

        • unsol

          Russel thinks he IS the law…he thinks he knows everything as having a doctorate in politics means he IS politics! :)

          • johnbronkhorst

            Does that come from being second pick behind Stallone, in his audition for the movie Judge Dread?

          • unsol

            Probably – such a brilliant line out of what was such a dumb movie!

      • unsol

        “take much reading on keynesian economic theory”

        I think you can safely assume that when it comes to economics & fiscal policy, the left prefer to wing it because they of course know best – they are mostly ex teachers after all!

        • Michael

          touché :)

        • johnbronkhorst

          Or take all their economic analysis, from their large print copy of bumper sticker quotes by Marx.

          • unsol

            Nicely put!

    • Ronnie Chow

      Zimbabwe .

    • Goldie

      Chris,
      First, can I ask you, what is the economic problem that printing money is supposed to solve?
      Places like Japan and the UK have resorted to printing money because their economies are in recession. Those Governments can’t fiscally stimulate the economy by spending any more because those countries are already so massively in debt. And their Reserve Banks can’t stimulate demand by lowering interest rates, because their interest rates are already almost zero. So the Reserve Banks in those countries have no choice to try and stimulate their moribund economies by using inflation. The idea is that by deliberately creating inflation, it will force people to take their money out of savings (which inflation erodes) and spend it and so get the economy moving again. Do you understand Chris? Even then, QE has not managed to stimulate those economies. New Zealand is totally different – the economy is growing and interest rates are relatively high by international standards.
      All printing money would do in New Zealand is fuel massive inflation. It would destroy confidence in savings and destroy the vaue of people’s wages (which would fall hardest of retired people and the poor) but it would lead to a property boom (which would benefit people with fixed assets who tend to be rich). It would collapse confidence in the banks and the NZ economy would stall and crash.

    • LabTested

      Chris

      I think the reply to you from Goldie summs up the reason why other countries are printing money and why NZ has a different set of circumstances.

      The link between printing money & inflation is pretty straight forward. If Greens printed money and gave everyone a million dollars, would we all be living in Remuera, or would properties there just increase in price?

      Printing money would not result in more cows on the farms, so would we all eat steak every meal, or would the price of steak just shoot up.

      History is littered with examples of countries that have tried this approach and failed. I recommend reading “when Money Dies” http://www.amazon.co.uk/When-Money-Dies-ebook/dp/B0077AZZPG/ref=sr_1_1?s=digital-text&ie=UTF8&qid=1363278782&sr=1-1

      Professor Niall Fergusson had a great TV series which is on Youtube & here is part one. http://www.youtube.com/watch?v=iTuKniYi1Vc Please at least watch this and you may understand why you got so much stick for supporting Norman’s money printing.

  • http://twitter.com/Inventory2 Keeping Stock

    Think carefully; do you REALLY want a government where Winston uses the Super Fund to steal from you, Russel prints money and causes inflation and interest rates to go through the roof whilst David Shearer waits for the next txt from NYC?

    You may; I don’t!

    • johnbronkhorst

      Not to mention the credit down grade, to the basemen, that will occur.

      • Gazzaw

        …..and the immediate massive inflationary effects of any fuel-related goods which means just about everything from food & public transport to the fuel itself.

    • http://www.whaleoil.co.nz Whaleoil

      you forgot the imaginary person on that roof painting it

      • Sir Cullen’s Sidekick

        Whale – Sheep later clarified that person was Hone……

    • http://www.theologyweb.com/ Roger de Laborde

      Actually Winston said he wants to use the Super Fund AND your Kiwisaver funds.

      “You’ve got the superannuation fund, KiwiSaver or a number of avenues or options you could exercise.” http://www.nzherald.co.nz/politics/news/article.cfm?c_id=280&objectid=10870867

      • Sir Cullen’s Sidekick

        He can use the Kiwisaver funds of Labourers and Toxic Greenies and the Winston First supporters…

    • Sir Cullen’s Sidekick

      According to Sheep, the tide is turning and the Kiwis are behind Labour-Green-Winston combination to restore social justice.

    • In Vino Veritas

      No one should be surprised by Normans economic abilities. This is a man that received a Doctorate for doing a dissertation on the Alliance Party. Pretty much says it all.

  • Barry Jeffery

    As long as he only prints $3 notes, no harm will come of it.
    We just watched the decimation of the Greens in WA election, will follow in the Federal election later this year, and spill over here too, ’cause these Green policies don’t appeal.

  • toby_toby

    Typical Green commie solution: free money for everybody! Except the rich.

    • Travis Poulson

      Yea, worked bloody well in Venezuela didn’t it. The only people sad to see that cunt go were the poor, and dumbass American celebs and other dictators.

  • Kapow

    Russell is proving that he actually IS that much of a retard

  • Apolonia

    Obviously educated in Australia.Probably dosen’t know how many beans make five.

  • maninblack

    Fuck off home you Australian communist cunt!!!

    • Sir Cullen’s Sidekick

      He ain’t going anywhere until he gets a chance to spend your tax money MIB!!! So get ready

  • Patrick

    Quantitative Easing? I thought that is what laxatives did.
    Norman is a first class commie fool.

  • Tony

    he also needs to learn where to put the apostrophe!

  • LesleyNZ

    Note the time – 12:39am this morning. He is on a high at moment – after last night’s Green star performance. Have the Greens not been told that money does not grows on trees. Worry is that 13 retweeted his tweet. Wondering if the 13 were the rest of the Green MPs.

    • Travis Poulson

      Well spotted Lesley

  • Pissedoffyouth

    instead of mining other countries resources and paying them for the privilege why not mine our own stuff?

    • Sir Cullen’s Sidekick

      Sheep: Hmmm, grrr….mining….it is all mine, not yours to mine….

  • Phar Lap

    Heard someone say around the traps Russel Norman the Aussie commie wetback from the mcgillycuddy serious joke “green party “,wouldn’t know if the town clock was up him.

  • cows4me

    No I don’t think Wussel needs quantitative easing I think the term he is looking for on demand eugenics.

  • Grizz30

    The reality is that printing money is more beneficial for the wealthy and those with assets and detrimental to the poor. People who own shares and property will at least be able to maintain their wealth and purchasing power. The poor with no assets will be faced with rising inflation and reduction in their purchasing power. They will demand higher wages and higher benefits, but there will be considerable lag and in an environment of runaway inflation they will always be chasing their tails.

    However the biggest losers will be people sitting on money in the bank, such as people saving up a deposit for their home and pensioners who will face the prospect of their life savings being dwindled down to nothing. Greens take note, printing money will only hurt your voter base and benefit the people you least want to help.

  • steve and monique

    Sums up the Greens .Just a bunch of fucking idiots,run by a dumb wanker.The village in Aussie wants their idiot back.

  • Anonymouse Coward

    Actually the Double Dipper from Dipton, on our behalf, only borrows in Kiwi dollars.

    So some fat financier who holds a fist full of newly printed US Benny Bucks actually has to find someone who will exchange his Benny Bucks for Kiwi Bucks before he can lend us money.

    When all these newly printed Benny Bucks cause an outburst of inflation in the US and interest rates go through the roof it won’t concern us as we have not borrowed in Benny Bucks.

    Unless of course Wussell has printed so many Kiwi Bucks that no one will lend to us in Kiwi Bucks and we have to borrow in high interest Benny Bucks.

  • Anonymouse Coward

    Quantitative easing is a polite term for currency debasement.

    It was tried in last days of the Roman Empire, the Wiemar Republic, and Zimbabwe. How did it work out for them?

    Quantitative easing is the economic equivalent to shipwreck survivors drinking salt water.

  • Sir Cullen’s Sidekick

    Sheep says – John Key broke Solid Energy. Why can’t Norman break New Zealand? Take that Tories.

  • http://twitter.com/AkulaUH J.M

    Russel scares the hell out of me. The Greens just have absolutely no economic creditability whatsoever.

  • steve and monique

    Ok so most think this idea of Russel Normans is STUPID,and letting the Greens anywhere near the countries purse is insane.Problem is these idiots will get in to power on the tails of labour,who have not come up with anything of any worth for a long while.Then you put the other parties into the mix(Mana First)and you have a pot not worth pissing in. If the blind and stupid out there manage to get this collective turd into power we will go screaming into the abyss of debt,and poor management.How do we know this,well just look at the statements of the collective,and with the joys of MMP,well enough said.

  • PlanetOrphan

    Fred Dagg isn’t the greatest reference point.

    Every country that is powering at the moment prints money …. I agree with Russell.
    The problem with most people is they can’t remember how we got to be the country we are today.

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