University of Otago finance academic Morgan Edwards has discovered through an Official Information Act request to Treasury and the Reserve Bank that the Government ‘ran out of money’ 272 times since 1997 when the Crown Settlement Account went into overdraft, sometimes to the tune of billions of dollars.
In theory, that’s not possible, but it happened.
Here’s Morgan’s substack post documenting the instances and asking some basic questions about how we think about the Government’s finances. We had a discussion. The full video is above.
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