posted on Jun, 15 2013 @ 10:25 PM
There is an important aspect to this story that no-one has mentioned, and that is the background of New Zealand's prime minister John Key.
John Key began his career as a FOREX trader. There are strong claims that he was involved in the 1997 attack on the New Zealand Dollar. Later he
moved to London to work for Merrill Lynch. He was deeply involved in the derivatives trade and in the process of moving large sums to Ireland on
behalf of Merrill Lynch in Ireland now crippling the Ireland population.
If that wasn't bad enough, he went to work for the Federal Reserve!
This is a very interesting interview from 2005 where he starts talking about the vision for New Zealand to become the "Jersey of the Pacific", and
how great the Irish economy is. n hindsight, it reads like a confession.
Key is clearly on a roll as he lists the options New Zealand could explore if it decided to abandon outdated ideology and take a more pragmatic
approach to growing the economy. The former investment banker knows what he is talking about. As head of global foreign exchange for investment
giant Merrill Lynch he shifted a considerable amount of his business to Ireland in the mid-1990s to take advantage of a 10 per cent tax rate for
foreign investors. The investment was a runaway success. "We transferred across the aircraft leasing business, the complex interest rates
derivatives business, the entire back office for global foreign exchange and a huge chunk of private clients' business," says Key.
Now for New Zealand.
Already he is planning a feasibility study to see if some of Ireland's measures can be adopted here to fuel an economic transformation. "Why
not look at the success lessons from other small island economies?" he asks. The Irish model is perhaps more easily understood here than the Jersey
model, with its whiff of tax-haven activities.
This is my favourite bit:
In Key's case he can also point to the invitation he received in 1999 to join the Foreign Exchange Committee of the Federal Reserve Bank of New
York as further evidence of his economic management credentials.
Now, should this man be running a country?