With US Republican presidential candidate Mitt Romney admitting that on his $42 million annual income he pays about 15% tax only while those struggling on part time or any low paid job pay much more than, it is not surprising to read in the NZ media and in the internet concerns about inequality.

Something important is happening in New Zealand politics. After two-and-a-half decades in which economic policy has been a no-go area for political discussion, we have at last seen the beginnings of a debate about what is potentially the central issue of our politics.

If you had a fully grown elephant in your dwelling place, wherever or whatever it may be, you would surely see it, smell it, or bump into it. You probably couldn't move without finding it obstructing any plans you may have.

There is a growing conviction around the world that something is fundamentally wrong with the economic system. Money, once a convenient means of exchange, has become a commodity like oil or wheat or coffee. It can be bought and sold, through hedge funds, futures and other money market casino games...