That current account deficit…

So the numbers out of StatisticsNZ today make slightly scary reading. The current account deficit in the March 09 year is 8.5% of GDP, or around $15bn. The net balance between NZ's assets and liabilities is up to 98.2% of GDP - $186.2bn. Is it a problem? Well, some people say yes and some people say no. In part it depends what kind of economy you want. I regard that large external debt as a problem because I want to see more of the income New Zealanders generate retained and spent in New Zeal