"Still belief persisted in the magic of credit to achieve all economic objectives. ... This pathetic and muddled belief in the power of credit to cure all economic ills is perennial in New Zealand ...
"It was a factor in the Labour Party's seeping victory in 1935 ... It was potent throughout the Labour Party's tenure of office and never more potent than in the post-war years when it was least applicable."
~ JB Condliffe writing after the WWII) of the New Zealander's enthusiasm for cheap money, in his 1959 book The Welfare State in New Zealand
Friday, 28 November 2025
"This pathetic and muddled belief in the power of credit to cure all economic ills is perennial in New Zealand"
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