Under Government supervision the New Zealand economy is trying avoid talking itself into recession. State broadcaster TVNZ didn’t notice China our primary trading partner’s economy fall over.
China stock market plunged on Monday after a 9 percent dive approximately $5.5 trillion dollars, this has affected the New Zealand share market. The S&P NZX 50 was down 143 points, or 2.49 per cent, to 5616. The market lost $2.25 billion off the market’s total value.
In July the Chinese stock exchange took a 5.9% plunge of approximately $3.5 trillion dollars. The Chinese stock market crash has been described as far worse than the 1929 stock market crash as that happened over months. China’s stock market has dropped by 30% ($3.4 Trillion) in three weeks of july.
TVNZ One News has been silent on the Black Monday financial crisis to protect the perception of a so called rock star economy. To find zero story’s from TVNZ on Black Monday click here
If Bill English the Finance Minister had not of borrowed $100 million dollars, treasury would have the capacity to protect the economy.
The New Zealand Debt Clock reached $100 billion NZ dollars of government debt. That calculates to to $25,000 debt for every Man, Woman and Child in New Zealand. Equal to 50 per cent of New Zealand’s economic output.