ADRIAN ORR our NEW RBNZ GOVERNOR

[Aaron]

BoE censured by senior Tories over soaring inflation

Can’t see that happening in NZ ….cos inflation is all imported eh

No they invited him in for a chat.

https://www.nzherald.co.nz/business/...FRLZEMUGVFMZQ/

he explained he took the path of least regret (resistance) and everyone in the room agreed that boosting all their house prices 30% instead of having them fall 10% was definitely the path of least regret.

Also Adrian explained "going it alone on monetary policy in the face of a global shock takes enormous courage," Orr observed. ENORMOUS COURAGE??? and that is why the RBNZ has pretty much followed the playbook of the rest of the western world as Orr is a gutless wimp.

Tradables inflation has jumped from 0.5 to 8.5 per cent, accounting for half the overall increase, while nearly half of the other, domestic half is down to residential construction costs. Get those immigrants flowing back in to keep the virtuous cycle rising.

The RBNZ has totally failed in its mandate, admittedly during difficult times but difficulties mostly brought on by 30 years of easier money and lower interest rates.

Chloe Swarbrick tried to formally investigate the results of his policy but was blocked by Labour.

I never like the term "elites" (to vague) but I imagine all the people on those committees are perfectly happy with rising house prices. What is galling is that the bloated public service gets paid about 30% more on average than people in the private sector and for a lot of the Arts graduates in Wellington there would not be any highly paid roles for them outside government in private industry.

No one actually believes central banks will fight inflation.

https://www.zerohedge.com/markets/ma...has-never-done

It is their only way out of the debt they have created. Save the "elites" while the poor pay the inflation tax.