NZ credit downgrade that English 'didn't see coming' shows how vacant John Key's optimism really is
Credit downgrade: I didn't see it coming - English
Finance Minister Bill English said he spoke with Fitch Ratings people last week, but did not know they were about to downgrade New Zealand's credit rating.
Fitch ratings agency has lowered New Zealand's credit rating by one notch to "AA" and expressed concern over its high external debt.
"New Zealand's high level of net external debt is an outlier among rated peers - a key vulnerability that is likely to persist as the current account deficit is projected to widen again," Andrew Colquhoun, Fitch's head of Asia-Pacific sovereigns said overnight.
The country's net external debt hit 70 per cent of annual gross domestic product (GDP) in June.
On Tuesday John Key bounded into Parliament and listed off how wonderful the NZ economy was and how wonderful he is. He refused to readjust Treasury predictions for the economy and refused to hear anything negative about the impending collapse of the free market system he worships.
Key's a wide eyed little ray of sunshine in a multi-millionaire bubble world who sees only rainbows and unicorns set against a pink sky raining cupcakes of love, however if I had a Hawaiian mansion and $50 million in the bank, I'd be pretty bloody optimistic as well.
I'm just not sure, 'Don't worry, be happy' can be an actual economic policy and this Governments economic mismanagement has exacerbated our troubles rather than prepared us for the double dip global recession.
That optimism of how well John Key has led the economy was Tuesday.
Today is Friday, and NZ's credit rating has just been downgraded! Bill English can't say he saw it coming, so that means he didn't see it coming and this week shows up the vacant aspiration of Key at it's most delusional.
If Helen Clark had boasted the economy was doing well, and by the end of the week the credit downgraded, TVNZ would be playing her claims of economic robustness juxtaposed with the downgrade on a 24 hour loop. Key does it and the stunned mullet media continue to broadcast Rugby World Cup manufactured chatter.
How is Darien Fenton and the Mad Butcher bigger news than our credit downgrade after Key claimed on Tuesday that the economy was great?