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Almost literally unbelievable

13/03/2020

MIchael Reddell takes a look at the lack of action by the RBNZ in the Coronavirus pandemic. The situation worsens and Orr does noting, but mouth platitudes and in some instances nonsense.
As Mr Reddell notes in his final paragraph ‘ It is an utter failure of leadership, something we are now seeing far too much of at the top levels of government as this crisis deepens. We are paying for unserious appointments, weakening public institutions, in the quiet times. ‘

croaking cassandra

Our central bank that is.

Except that I had to believe it.  The Governor himself was being quoted again in a Stuff article and the video footage of a full interview with his deputy (on the economics and markets side) Christian Hawkesby was on interest.co.nz.

On Tuesday, as I wrote about in my post yesterday, we had the Governor telling us that monetary policy would have no more than a supporting role –  despite being the main cyclical stabilisation tool – that there would be no “knee-jerk reactions”, that we were in “a good space” and  –  perhaps most incredibly of all –  that “confidence and cashflow will win the day”.  Confidence that had tanked, cashflow that was rapidly becoming a problem for many.  It was –  or one really wished it was –  unreal.

But Orr and Hawkesby –  both statutory officeholders charged with the stabilisation role of monetary…

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