deflation

What we are witnessing is an old fashioned ideological debate, dressed up as economics.

The high dollar and its causes suit people who have a lot of New Zealand-denominated wealth; a lower dollar is better for producers - people who use capital to earn money.

Commentators keep talking of our dollar as if it were some kind of national phallic symbol. They say it is reaching parity with Australia because Australia's economy is terrible and ours is much better. We are much better off here, they claim.

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