Just consider the lies this Government have used to camouflage Reserve Bank meltdown…
- The Reserve Bank initially said Adrian Orr made a “personal decision” to resign as Reserve Bank Governor in March.
- Information that was later released, due to involvement by the Treasury and Ombudsman, showed there was more to it.
- Neil Quigley resigned as Reserve Bank chairman on Friday last week.
Cut the spin and stop trying to play 4D chess. It isn’t working.
This is a message the Reserve Bank and Finance Minister Nicola Willis need to hear.
People are tired and increasingly wary of the veracity of information they are bombarded with every day.
They need to know they can trust the institution responsible for ensuring the cost of living is kept at bay, their savings maintain their value, the interest they pay on their debt won’t fluctuate dramatically, and the banks and insurers they’re reliant on to protect their wealth won’t collapse.
…no one writes quite as sharply as a middle class private school Karen who is financially welded to the economic norms of the day.
To date the focus has all been on the how Orr left, not the why.
The how he left has tripped up Quigley as the focus drifts further and further away from the why.
Why did Orr resign?
Orr believed NZ’s economic sovereignty demanded the foreign banks pony up a larger capital requirement to ensure if the global economy hit a bad stretch, New Zealanders would be covered.
Orr believed that if things got bad enough, the foreign banks would fuck us over.
Here’s how I read it.
Orr had his budget amputated, apparently went off at Nicola, she used that as an opportunity to pressure him out, he did so and planned to resign at the Government’s Overseas Investment Summit for maximum damage, he was paid out an enormous amount with a huge non-disclosure agreement, Quigley trips up by describing the situation as personal rather than a full blown attack on Government policy and resigns, once gone Nicola has opened up a review to lower the capital requirements for Banks which is what they wanted in the first place.
We find out while this is happening that the PM has been contacting Quigley directly trying to pressure him into lowering the OCR before he was forced to fall on his own sword.
It’s not how the Reserve Bank leadership melted down, it’s the why!
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See the number in the background of this shot, it is the amount of months the prime minister has left in the job.
I am betting Hipkins will be rolled before Luxon
None of us here would really care. We, at least, have suitable replacements waiting in the wings.
Don’t you mean you are hoping Chippy gets rolled before Luxon, Trevor.
Yeah but, no but…
The reserve bankster of Nu Zillind is merely a money laundering mechanism that stands between free, exports earned should-be farmer money and the beautiful people of Remuera.
But, of course, beautiful people are notoriously greedy and lazy so they’ll always take more than they need and in so doing will out themselves, as they’re doing, as I write.
Farmers? Are you ok with that? Of course you’re not so what are you going to do about it? Same things while expecting different results? I.E. Fawning at the Natzo’s flat feet while promising to do better? Again. Voting Natzo? Again. Hating on Maori ” ’cause them fucking’ Maries” even though Maori have zero influence on your stupid and that stupid makes you a sizeable target for ridicule thus killing off any credibility you might have picked up after tripping over it thus handing the Natzo’s an easy control mechanism.
Almost everything I read in The Daily Blog is as a direct or indirect result of farmers failing to act against their Natzo oppressors and when it comes to b-wanking, the natzo’s know no mercy.
@ Farmers? This is what you do. For Christs sake, take back control of your industry. If you don’t? We’re all going to be fucked. Form a union, make that compulsory and kick federated farmers out the fucking door. Then? Ask for a public, royal commission of inquiry into farming and where farmer money’s been siphoned off to. Do something different and come to know your enemy. And you’d better be quick before luxon sells AO/NZ to a Silicon Valley tech trillionaire.
BTW…Excellent Post @ MB
One more little thing.
The Invisible Doctrine
The Secret History of Neoliberalism (& How It Came To Control Your Life)
Peter Hutchison George Monbiot
https://www.penguin.co.nz/books/the-invisible-doctrine-9781802062694
Read it. Put the cat outside, put the kettle on, take a *Mogadon and read it.
*Mogadon:
Nitrazepam, sold under the brand name Mogadon among others, is a hypnotic drug of the benzodiazepine class used for short-term relief from severe, disabling anxiety and insomnia. It also has sedative properties, as well as amnestic, anticonvulsant, and skeletal muscle relaxant effects.
Or MDMA. Much better actually. Impossible to get now but better
I thought MDMA is a social drug. Enhances empathy, intensifies the sexual experience (if that’s your thing). Perhaps a book circle 🙂
So the myth of Reserve Bank independence perishes at the same time as the myth of National economic literacy.
The time is ripe for meaningful reform.
If nothing else, this CoC govt. may have proved to EVERYONE, once and for all, that National’s grip on economic nous, is nil.
Rich people don’t have to budget as carefully as poor people do, to survive.
Luxury Luxon has proved beyond a shadow of a doubt, that he doesn’t understand the most basic economic concepts. Appointing Willis was a joke. Was there really no-one better qualified than her?
It’s a govt. he’s supposed to be running. Not a household and not a business. There are differences but they went right over his head.
The only down-side, that I can see, for him losing his job is that then we’ll have him AND key floating around pretending they know best. I hope they both go off into the sunset in Hawaii or Te Puke or somewhere and polish their kiwifruit.
It’s time to turn the clock back to a time before Roger Douglas destroyed our economy.
Yes Mohammed, and you back in your shitholistan country of origin.
We all would love to back in time if that’s the case.
Oh nice – do they take you away and administer some healing panacea when you have these turns or is it tourettes syndrome rightie?
Im right so you will be going back to the UK, Scotland or Ireland then.
I have a different take on what occurred.
I think Quigley (Nationals patsy chair) was going to bow to Baldy and quietly surrender the independence of the RBNZ in an effort to please his paymasters.
But the board may have called his bluff and said “Fuck no! Either you go or we all resign enmasse”.
Imagine the absolute shit storm that would have unleashed on the markets and the government.
I think Luxon and Willis have entered the “find out” stage of their fucking about. Nepo Nicky No-clues was sounding awfully defensive on RNZ the other morning when asked about it. Claiming “oh I didn’t know, how could I have known?”
That’s your fucking job Nicky! And you attended most of the meetings you claimed you didn’t know about!
Was she too busy dreaming about a new blue pant suit or having a quick hand shandy while fantasizing about Thatcher?
Speaking of Quigley, how does he still have his job as Vice-Chancellor of Waikato?
If I offered any political party a favour, courtesy of my work, to support their re-election, I’d be out of a job the next day.
Anyone else enjoy that level of privilege?
The CPI. Inflation. Interest rates. Money supply. The cost of living. They’re all a bit abstract aren’t they? Operationalized how? Enacted how?
But abstract as they are, individually and collectively such constructs greatly impact on ordinary lives (notwithstanding business and commerce) through less than transparent mechanisms shared between Government, the Treasury, the Reserve Bank and Trading Banks. Its all bit beyond the pay scale of ordinary folk who are flat out trying to make a living. But it is really good to ask questions, to demand transparency … and I applaud those who do. Yet at the end of the day those in power, even Governments voted in under democratic principles, will do as they always do, run affairs in line with their ideological leanings.
Quite so.
Until they make life so intolerable that people decamp en masse, or subject them to rigorous remedial instruction on their duties to their nation and to their constituents, which seems to have been sorely neglected.
I’m right so you will be going back to the UK, Scotland or Ireland then.