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David Lange: My Life: Difference between revisions
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Overnight, he said, inflation would be fixed! Easy, right? Things stayed this way for two and a half years until Muldoon was, at last, thrown out of office, after incautiously calling a snap election when drunk. By this time the economy was so demoralised [[David Lange|Lange]]’s incoming Labour government had no choice but to implement the sweeping reforms the economy needed, announcing an immediate twenty per cent devaluation in the pegged New Zealand Dollar. | Overnight, he said, inflation would be fixed! Easy, right? Things stayed this way for two and a half years until Muldoon was, at last, thrown out of office, after incautiously calling a snap election when drunk. By this time the economy was so demoralised [[David Lange|Lange]]’s incoming Labour government had no choice but to implement the sweeping reforms the economy needed, announcing an immediate twenty per cent devaluation in the pegged New Zealand Dollar. | ||
But Muldoon — still caretaker prime minister, pending the swearing in of the new government, was not done with his wrecking. He promptly precipitated a constitutional crisis — and a dramatic run on the [[New Zealand dollar]] — by publicly refusing the new administration’s instruction to devalue the [[Kiwi]]. There was so little money left that Lange instructed New Zealand’s international diplomatic staff around the world to ''max out their credit cards'' so there would be money to pay the bills. | But Muldoon — still caretaker prime minister, pending the swearing-in of the new government, was not done with his wrecking. He promptly precipitated a constitutional crisis — and a dramatic run on the [[New Zealand dollar]] — by publicly refusing the new administration’s instruction to devalue the [[Kiwi]]. There was so little money left that Lange instructed New Zealand’s international diplomatic staff around the world to ''max out their credit cards'' so there would be money to pay the bills. | ||
====In the end==== | ====In the end==== | ||