New Zealand Has Currency Trader as New Prime Minister

As of November 19, New Zealand will have a new National-led government with John Key as their Prime Minister.

What I find most interesting about Key is the fact that he use to be a currency trader!

Maybe someday you and I can be Prime Minister. LOL

Here’s some information on Key:

John Key, the newly elected Prime Minister of New Zealand is from a conservative National Party. John Key is versatile and familiar with financial markets. During his career with Merrill Lynch, Mr. Key worked with currencies, European bonds and derivatives. Previously being a currency trader, Mr. Key possesses substantial amount of knowledge about the foreign exchange. In 1999, Mr. Key was elected to join the Foreign Exchange Committee under Federal Reserve Bank of New York. During his affiliation with the National Party, Mr. Key was a financial spokesman between 2005 and 2006; ultimately, being elected the Leader in November 2006.

The National Party perceives New Zealand’s government as being oversized, bureaucratic, and unresponsive. Mr. Key is pledging to change the system and promote New Zealand’s economy. The newly elected Prime Minister is planning to be pro-business and increase tax cuts. Simultaneously, Mr. Key plans to cut departmental budgets, increase infrastructure, and increase big projects by the corporations. Prime Minister Key acknowledges that the New Zealand economy is heavily dependent upon tourism and farming exports. With the following in mind, he pledges to have those industries on top of his priorities. It is projected that foreign affairs and trade policies are unlikely to change under the new Prime Minister.

Mr. Key is seeking to form government and take the office within the following week. Mr. Key is planning to take the office in order to be able to attend the Asia Pacific Economic Cooperation summit held in the end of November. During the following meeting the economic turmoil’s will be discussed.

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Helen Clark of Labour Party was a Prime Minister of New Zealand for the last three terms. Clark’s administration stirred free trade policy with China; while cutting taxes and stacking up budget surpluses. One of the Ms. Clark’s passions was the creation of the first carbon neutral society.
Due to the slowing economy in 2008, both Prime Minister John Key and the former Prime Minister Helen Clark were pledging to cut taxes. This comes as the farmers, retailers and homeowners felt the recession that is gripping the world. Both parties state that the ban on nuclear weapons will remain in effect. Further, the troops currently serving in Afghanistan will also remain present. It is widely believed that Mr. Key will put a conservative twist on the policies that were proposed by Ms. Clark. Although in general most of the policies will remain intact.

5 Comments

  1. I can’t think of a better person for the job. What the world needs right now are some more leaders that understand what it takes from a business standpoint to run countries. While they might not be as personal as needed, they can give straight talk from the perspective that makes economic sense. I don’t think it will have an effect on the Aussie, but it’s an interesting play.

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  2. For New Zealand I definitely think that this is a wise choice. The Reserve Bank of New Zealand has tried on numerous occasions to unsuccessfully support the New Zealand dollar. Hopefully under Key they will realize that foreign exchange intervention is usually futile and will use their money in other ways.

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