Friday, September 24, 2004
Come in, spinner!
The following from Michael Cullen has to be the worst piece of spin I have heard in months (and amazingly, no-one else has jumped on it, to my knowledge):
"While today's balance of payment figure shows a widening current account deficit, Finance Minister Michael Cullen said this reflected growth in the economy.
"The balance of payments figures released today show a deficit of 4.6 percent of GDP.
"'A close look at the figures shows profits for foreign owned companies here have increased on the back of a booming economy and I am pleased to note these profits have been reinvested here to help the economy keep growing,' Dr Cullen said."
So, according to the good doctor, the more you get in debt, the better it is for your financial health!
What Dr Cullen carefully does not point out that it is only foreign investment that is keeping New Zealand solvent. If that should be spooked, watch for the fallout.
The following from Michael Cullen has to be the worst piece of spin I have heard in months (and amazingly, no-one else has jumped on it, to my knowledge):
"While today's balance of payment figure shows a widening current account deficit, Finance Minister Michael Cullen said this reflected growth in the economy.
"The balance of payments figures released today show a deficit of 4.6 percent of GDP.
"'A close look at the figures shows profits for foreign owned companies here have increased on the back of a booming economy and I am pleased to note these profits have been reinvested here to help the economy keep growing,' Dr Cullen said."
So, according to the good doctor, the more you get in debt, the better it is for your financial health!
What Dr Cullen carefully does not point out that it is only foreign investment that is keeping New Zealand solvent. If that should be spooked, watch for the fallout.
