ADRIAN ORR our NEW RBNZ GOVERNOR

[Aaron]

Yen holders diving into crypto sounds desperate.

Sounds suicidal.

An excerpt from Bill Bonner's daily newsletter. Bill is a bit too libertarian for my tastes but always interesting to read.

Either they voluntarily abandon their inflation policy…or let it run its course.

The pain will be severe, one way or the other. Stopping inflation now will mean huge losses on stocks, bonds, and real estate. Businesses will go broke. Millions will lose their jobs as the economy corrects two decades of Fed mischief.

But sticking with the inflation policy will be much worse. The longer it goes on, the more distorted, indebted, and fragile the economy becomes. ‘When the money goes, everything goes’ — including the political system…and the social norms that a civilised society depends on.


That said Japan is still a very cohesive society, but I guess the yen is only just starting to lose the trust of the world markets.

Tough choice but Adrian earns over $700,000 a year and owns a couple of houses so you can guess which way he would lean if making a choice between the two options.

Be great to hear how Tesla God is getting on, his faith in central bank lunacy may have been shaken. It may be tall poppy syndrome or envy but it is hard not to enjoy (just a little bit) the potential downfall of someone who has been so definite/smug.

Maybe "downfall" is too harsh but "an opportunity to see an alternative view".

[winner69]

Aaron …hope you’ve read this Orr speech to an international audience

Awesome stuff

But no answers to current problems …never mind as Reserve Bank is akin to the being Tāne Mahuta of New Zealand’s financial landscape.

https://www.rbnz.govt.nz/hub/publica...eech2022-06-13

[Recaster]

Orr came across as an uneducated buffoon. He insulted the intelligence of his international audience with his childish maori metaphors for central banking systems.

[Baa_Baa]

Orr came across as an uneducated buffoon and he clearly insulted his international audience with his childish maori metaphors for central banking systems.

+1 on that, ridiculous to expect the international community to have any idea what all that woke nonsense even meant, it must come across a complete gibberish. Does he not see how inept we appear to be?

[Bjauck]

Orr came across as an uneducated buffoon. He insulted the intelligence of his international audience with his childish maori metaphors for central banking systems.

As he was speaking on how NZ was incorporating the Māori World View within Reserve Bank operations, it was appropriate. Anyway, it remains to be seen, whether this nod to the Treaty of Waitangi will make a difference to the relative economic disadvantage of Māori in NZ. The RBNZ is bound by the government remit to the Reserve Bank.

[kiora]

+1 on that, ridiculous to expect the international community to have any idea what all that woke nonsense even meant, it must come across a complete gibberish. Does he not see how inept we appear to be?

And like the NZ school curriculum leaves out the history of the Moriori
https://www.rnz.co.nz/programmes/the...2-ep-7-moriori

[Aaron]

Aaron …hope you’ve read this Orr speech to an international audience

Awesome stuff

But no answers to current problems …never mind as Reserve Bank is akin to the being Tāne Mahuta of New Zealand’s financial landscape.

https://www.rbnz.govt.nz/hub/publica...eech2022-06-13

I did see a note in the herald this morning but it highlighted how the media is more about s**t stirring than educating. A rare occasion for me to agree with David Seymour.

Māori were the young and poor population most affected by inflation.

Māori home ownership was 47 per cent compared to 71 per cent for European New Zealanders.

"It has probably hammered Māori the most. That fact makes Orr's rhetoric so galling.

"In the middle of a cost-of-living crisis that hits Māori hardest, the Reserve Bank Governor is giving a speech about why the Reserve Bank is embracing te ao Māori. If it were not so serious, it would be quite amusing."

Ironic the man most responsible for shutting people out of the housing market says the following.

The inability to use property as collateral has limited the opportunities for Māori to accumulate financial wealth and grow businesses.

What current problems are you talking about? Inflation? 1-3% is ideal why wouldn't 8% be even better, especially in asset prices. The asset owners get richer faster while the poor get what they deserve for being lazy and stupid (or non-aspirational as Mike puts it)

Adrian will just be knuckling down and coping like the rest of us. If his petrol bill has gone up $100 a week I am sure he will budget and squeeze it into his $15,000 per week salary. Maybe he already has an electric vehicle to protect the whenua and taonga of NZ.

Adrian is Awesome. I can't wait for him to start pumping the housing and stock market again.

The govt and RBNZ would have learnt their lesson about inflation, don't give the printed money to the people they spend it and push up the CPI. Give it to the banks they can dish it out to those that have enough collateral and this only pushes up asset prices which are not reflected in the CPI making everything awesome once again.

[JBmurc]

Orr came across as an uneducated buffoon. He insulted the intelligence of his international audience with his childish maori metaphors for central banking systems.

I agree International we must be seen as a future failed state that will need a major re-set in time ...but not before much more damage has been done..Are biggest trading partners must laugh at NZ leaders anti-Business stance ..

[Aaron]

On another topic TeslaGod has copped a life ban for something.

I did reply to the notification but nothing in the sent box so I am unsure if you got my reply.

[Logen Ninefingers]

Wipeout, so much money going up in smoke.....

'One in 10 Kiwis are now holding crypto assets, according to the latest survey conducted for markets regulator the Financial Markets Authority.

And direct investment in shares has overtaken term deposits in popularity for the first time in the survey, although KiwiSaver remains by far (64%) the most held type of investment.'