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  1. #751
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    Maybe this is the reason. Employers having to up wage rates as no foreigners around to accept minimum wage.

    https://www.stuff.co.nz/bay-of-plent...ng-60-per-hour

    "Labour" seems an outdated name for the party these days.

  2. #752
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    I thought David Parker was a rhodes scholar, but maybe I am wrong on that, as he comes across as quite thick in this article.

    https://www.msn.com/en-nz/news/natio...ffc7c5eacb0fba

    The labour govt accepts no responsibility for the inflation... but here is the RBNZ balance sheet.

    https://www.rbnz.govt.nz/statistics/r2

    I have just realised I do not understand what I am looking at, but assets increased $47,099 million. From $31,302 to $78,401 or a 150% increase over one year. I know the RBNZ was shovelling money into the banks to juice the housing market (well done by the way Adrian very successful) but a lot was for govt bonds so they could turn us into a nation of bludgers sitting at home waiting for the next handout. Free money is how many people have described it, but it is not free and inflation is the result.

    Asset owners with lots of debt will enjoy the inflation free lunch (if the RBNZ's weak response to inflation continues) but everyone will pay the inflation tax particularly the poor and assetless.

    The govt and the RBNZ should be front and centre when blame for inflation is being allocated. David Parker either lacks the intelligence or the balls to admit it.
    Last edited by Aaron; 08-04-2022 at 12:44 PM. Reason: million billion cock up

  3. #753
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    How many houses does David Parker own?

    Funny that Ms Swarbrick whats an investigation into the covid economnic response when no one else does, when going of GV she is the only Auckland MP whos property portfolio hasn't seen large tax free capital gains. Why is no one else interested?

  4. #754
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    You undermine the currency as a means of exchange and a store of value, you get problems.

    Historically those in power try to keep the game going until there is social unrest.

    Interesting point that just over half of France just voted for an extreme alternative. Admittedly I do not know anything about the French political system, it may be that the presidents powers are limited.

    https://www.zerohedge.com/political/...ves-status-quo

    At this stage there is no way I would vote for either Labour or National.

    Chris Trotter is a bleeding heart lefty but he sums it up pretty well in this article.

    https://www.interest.co.nz/public-po...3-writes-chris

    Neither party will challenge the neo-liberal status quo.

    Stop inflation targeting or reduce it to 0% and trickle down economics is bullsh*t
    Last edited by Aaron; 12-04-2022 at 09:00 AM. Reason: added policy suggestion

  5. #755
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    +0.5 % to 1.5 %

  6. #756
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    Quote Originally Posted by stoploss View Post
    +0.5 % to 1.5 %
    you called it right. I had assumed a weak .25% rise. Although if I were to cherry pick the language doesn't look too frightening for asset owners.

    They agreed that moving the OCR to a more neutral stance sooner will reduce the risks of rising inflation expectations. A larger move now also provides more policy flexibility ahead in light of the highly uncertain global economic environment.

    "Policy flexibility" ??? Something to drop in the event asset prices fall to far.

    They say to a "more neutral stance"

    The Committee noted that the OCR is stimulatory at its current level.

    While both inflation and employment targets are being exceeded they have stimulatory rates?

    Not exactly going to scare away inflation, but maybe if they have stopped printing money, prices will settle at their new levels.

    Someone asked about cash levels on another thread, mine are about 20% of my investment portfolio currently and I will use debt if there are significant declines and opportunities arising, but I do not see central banks allowing asset prices to fall too far. Even if they do they will get juiced back up reasonably quickly with more money printing and utilising policy flexibility.

    I need more debt but do not like borrowing for a 3% yield but with inflation clearing debt at 6% per annum, it is confusing for the weak minded like myself.
    Last edited by Aaron; 13-04-2022 at 02:27 PM.

  7. #757
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    A Mike Hosking Minute I finally agree with.

    https://www.newstalkzb.co.nz/on-air/...onomic-basics/

  8. #758
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    Even now US Federal Reserve not yet fighting inflation very hard. But it is no surprise I guess.

    https://www.zerohedge.com/markets/if...till-expanding

  9. #759
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    My mate Michael reminding us how useless Orr and his mates (and the govt) are

    @MHReddell
    Another month, another $1.3bn of losses for the taxpayers from the Reserve Bank's reckless LSAP programme - rashly put in place to look active back in early 2020, but with the risk still on the books now.

    These are losses - real losses - that the Minister of FInance seems unbothered by, and which the Herald's politics and economics columnist recently dismissed as "slight". The lack of accountability is staggering....

    ...especially when compounded by the apparent complete lack of accountability for the same MPC's responsibility for allowing core inflation to blast through the top of the target range.
    The govt sets the target, the govt appoints (and can fire) the key people....

    ...but if they had acted, on our behalf, to hold the key RB people to account we might absolve them of further responsibility. Instead, by their indifference - whether to high inflation or massive LSAP losses - they directly share the responsibility.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  10. #760
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    Quote Originally Posted by winner69 View Post
    My mate Michael reminding us how useless Orr and his mates (and the govt) are

    @MHReddell
    Another month, another $1.3bn of losses for the taxpayers from the Reserve Bank's reckless LSAP programme - rashly put in place to look active back in early 2020, but with the risk still on the books now.

    These are losses - real losses - that the Minister of FInance seems unbothered by, and which the Herald's politics and economics columnist recently dismissed as "slight". The lack of accountability is staggering....

    ...especially when compounded by the apparent complete lack of accountability for the same MPC's responsibility for allowing core inflation to blast through the top of the target range.
    The govt sets the target, the govt appoints (and can fire) the key people....

    ...but if they had acted, on our behalf, to hold the key RB people to account we might absolve them of further responsibility. Instead, by their indifference - whether to high inflation or massive LSAP losses - they directly share the responsibility.
    Very true. Blowing up the biggest real estate bubble in living memory (aside from immigration's effects). The losses will fall on the Crown with the indemnity purchases by the RBNZ I think. Correct me if this is not right please.

    Those losses will blow out as interest rates rise with some mitigation from hedging I guess. The losses are at 30 June, 2021 balance date around $3.1 bn NZD.

    The RBNZ pays fees for the indemnities as far as I can tell which were not cheap. Might also be wrong on this (please correct me).

    They could sell some of the bonds but that would increase rates quickly I imagine. And solidify bigger capital losses to be passed on to the Crown.

    One thing I didn't realise about the RBNZ is its position as the top central bank in the world. How do I know this?

    Federal Reserve Chairman Salary USD 203,000 = NZD 300,000 pa

    Responsibility: Largest economy in the world & global reserve currency.

    RBNZ Governor Salary NZD 1 million + pa or 3.3 times Powell.

    Responsibility: country the size of small US city.

    Obviously the RBNZ has a massive secret global footprint (sarcasm).

    The truth is we are all just cows to be milked by our Wellington masters.

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