Speaker Lockwood Smith has undone decades of tradition by allowing the h word to be used in parliament.
This is good timing as it coincides with the outing of hypocrisy from the Green Party.
Just a few years ago Green co-leader Metiria Turei was denouncing US democracy being bought and sold.
This week the party explained away using child poverty to attract donations for itself as adopting fundraising techniques used by the likes of United States President Barack Obama .
The h word might also apply to a campaign against any sort of poverty from a party which opposes many of the developments which could foster economic growth.
The Green Party is usually very good at getting publicity but most of that publicity in the last couple of weeks hasn’t been good.
The Lobbying Transparency Bill promoted by Holly Walker has been roundly criticised by numerous submitters including Clerk of the House, the Law Commission, Human Rights Commission, Newspaper Publishers Association, Tainui, Ngai Tahu, Association of Universities, Association of NGOs, and the Auditor General.
The party’s promotion of quantitative easing has been widely panned and got more criticism yesterday when new reserve bank Governor Graeme Wheeler said there was little evidence it had lifted growth overseas.
“New Zealand does not require quantitative easing: the economy is growing at an annual rate of about 2 per cent, and the Reserve Bank has scope to lower interest rates if needed.”
The Green Party recently suggested the Reserve Bank print money to bring down the value of the dollar to help hard-pressed exporters.
But Wheeler effectively slammed the idea, pointing out that since the start of the global financial crisis, the United States Federal Reserve had expanded its balance sheet by 13 per cent of GDP, the European Central Bank by 16 per cent, Bank of Japan by 10 per cent and the Bank of England by about 20 per cent.
“In all four cases the official cash rate is 0.75 per cent or less. In all four cases there is little evidence of any appreciable impact on economic growth,” he said. . .
He said the answer to the high dollar is not printing more money but an increase in savings and investment and a decrease in foreign borrowing.
Apropos of the h word, the most memorable line on quantitative easing was in Seven Days last week when one of the panel pointed out the hypocrisy of the promotion of printing more money coming from the party which also wants to save the trees.