ADRIAN ORR our NEW RBNZ GOVERNOR

[Aaron]

Well he's absolutely right, but unfortunately New Zealand has painted itself into a corner. We know that mass immigration is the only thing skewing our GDP figures so we can con ourselves into thinking we are going well. We know that mass immigration is the only thing keeping the idiotic property bubble inflated. Politicians probably wake up in a cold sweat at the prospect of a deep recession and a bursting property bubble. The fact that our creaking infrastructure can't cope with mass immigration is just something the populace will have to deal with. Clogged roads, clogged hospitals, clogged GP clinics, clogged schools....lunacy but deemed to be necessary.

Mass immigration keeps a lid on wages while pushing demand for housing, while our kids move to Aussie for better wages and more opportunity.

[Aaron]

I realise how dumb I am looking at these two articles. Again US but I wonder if NZ is following the same path.

https://www.noahpinion.blog/p/at-lea...ing-things-b57

This guy says "we can see that the bottom 50% of households have seen strong wealth growth in real terms since 2012:" He has a graph of the bottom 50% wealth increasing significantly since 2008 in nominal terms. Another graph shows the share of total wealth of the bottom 50% increasing from less than 1% in 2008 to roughly 2.5% today. Sounds great.

This other guy says "Rather than increase as Noah claimed, the working class's share of America's total wealth has plummeted."

https://www.zerohedge.com/markets/ho...plummeted-2009

he shows the rising nominal wealth from 2008 but has a graph that shows "The bottom 50%'s share of assets plummeted 25% since 2009, from 8% to 6%."

6% is still better than 2.5% so who to believe. I did not sleep well last night so my brain is not ready for this today. Maybe you can find graphs online to suit your narrative.

[Aaron]

Not much comment on the OCR, maybe not as important if the RBNZ is being responsible and doing their job.

The CPI data coming might be more important.

https://www.interest.co.nz/bonds/124...ill-absolutely

Nicola Willis might not let the insanity of the covid lockdown slip from memory though.

https://www.nzherald.co.nz/business/...GB5O5AWOE7R6U/

[Aaron]

Cost of living: Is this a breakthrough? Food prices fall in September

https://www.nzherald.co.nz/business/...MZGJURICW4IDI/

Translation it is spring and fruit and veges are getting cheaper of course, but food prices still climbing by 8% a year. Has Adrian worked out when his money printing and excessive stimulation of the economy will stop pushing up inflation (sorry cost of living crisis). Maybe 100,000 to 200,000 more immigrants might help.

[winner69]

Love this Jenny Ruth piece about Orr and RBNZ

Starts with this —-

Muhammad Ali famously said: “I am the greatest!” And he was the greatest. And we loved him for it.

But when Reserve Bank governor Adrian Orr says in RBNZ's annual report: “Great team, best central bank,” my reaction, at least, is one of repugnance.

Maybe not for Aaron but a good read

https://justthebusinessjennyruth.sub...title&r=1rwf26

[jonu]

Love this Jenny Ruth piece about Orr and RBNZ

Starts with this —-

Muhammad Ali famously said: “I am the greatest!” And he was the greatest. And we loved him for it.

But when Reserve Bank governor Adrian Orr says in RBNZ's annual report: “Great team, best central bank,” my reaction, at least, is one of repugnance.

Maybe not for Aaron but a good read

https://justthebusinessjennyruth.sub...title&r=1rwf26

Thanks Winner69, that's a good read. This quote from former staffer Mr Reddell stood out re the RBNZ Board

“more with diversity considerations in mind than with a focus on central banking excellence.”

Labour's fingerprints all over this mess. Interesting to note that Don Brash had 2 Comms staff. Now there's 13.

Orr is an arrogant, incompetent fool and enabled another in Grant Robertson.

[Aaron]

Love this Jenny Ruth piece about Orr and RBNZ

Starts with this —-

Muhammad Ali famously said: “I am the greatest!” And he was the greatest. And we loved him for it.

But when Reserve Bank governor Adrian Orr says in RBNZ's annual report: “Great team, best central bank,” my reaction, at least, is one of repugnance.

Maybe not for Aaron but a good read

https://justthebusinessjennyruth.sub...title&r=1rwf26

How dare she. Rubbishing one of the greatest NZers of our time by pointing out how badly he is doing in his role and also pointing out the excessive waste and spending going on at the RBNZ while completely failing to manage their mandate.

Everyone should read that article and then tell me Orr is the man for the job. These bits are so bad they are funny.

RBNZ had asked for its five-year operating spending allocation of $640 million for 2020 to 2025 to be increased by $139 million, even as it was warning that government spending risked making inflation even worse.

The RBNZ annual report provides an inkling of where this money will be spent.

It shows that RBNZ's full-time equivalent staff numbers have risen from 275 in 2019 to 510.2 in 2023 – Orr became governor at the end of March 2018.

Because Orr has been caught often making stuff up, making assertions that simply weren't true, like blaming inflation getting out of control because of Russia's invasion of Ukraine, even though inflation had exceeded the RBNZ’s target from the June quarter of 2021 and the invasion didn't occur until February 2022.

A more serious misleading of parliament was in December 2021 when Orr and assistant governor Juliet Tainui-Hernandez told the FEC that it wasn't true that RBNZ had lost 10 out of 25 senior staff in less than six months.

Late that same day, RBNZ confirmed it had indeed lost 10 tier 2 and tier 3 staff, the two levels below the governor, but that there had been 26 of them, not 25.

5.6% inflation I guess the war in the Ukraine is still ongoing. That said Adrian is laughing all the way to the bank on his $853,810 salary. I am so angry I could spit nails.

Thanks for the article Winner, glad to hear someone else more intelligent than me feels the same way about Adrian, the MPC and the RBNZ.

[unhuman]

It shows that RBNZ's full-time equivalent staff numbers have risen from 275 in 2019 to 510.2 in 2023 – Orr became governor at the end of March 2018.

Those are some silicon valley start up growth numbers.

[Aaron]

Should I have been voting for David Seymour instead of bagging him as a selfish d*ck?

https://www.nzherald.co.nz/business/...C47M6HNDXSFKI/

Not only does the Act Party leader want to scrap the RBNZ’s employment target, but he wants to get rid of its Monetary Policy Committee (MPC), lower the RBNZ’s inflation target, and reduce the flexibility it has around how quickly it meets this target.

[clearasmud]

Should I have been voting for David Seymour instead of bagging him as a selfish d*ck?

https://www.nzherald.co.nz/business/...C47M6HNDXSFKI/

Not only does the Act Party leader want to scrap the RBNZ’s employment target, but he wants to get rid of its Monetary Policy Committee (MPC), lower the RBNZ’s inflation target, and reduce the flexibility it has around how quickly it meets this target.

He is doing the right thing.All the greedies want to keep inflation up,destroying the purchasing power of the citizens.
We had it right in the 90's.Is it to late to relearn that lesson?