Adrian Orr went out of his way yesterday to defend the Government’s budget. He made a point of saying the Budget was a friend, not a foe to his fight against inflation.
And for the first time in a year and a half, he said there were no more hikes coming, which frankly shocked us all.
It was such a step change from what he’d said before. In February he warned against the Government taking on any more debt in the Budget, and yet when the Government took on $20 billion more in debt, he didn’t have a problem.
In February he warned against spending too much. And yet, when the Government blew the second biggest operating allowance in history, he didn’t have a problem.
While the economists of retail banks lined up to say the budget was inflationary, and was the ‘straw that broke the camel’s back’, Adrian didn’t agree.
Now look, I can’t say for sure that Adrian’s wrong. Adrian might be right and everyone else might be wrong, including ANZ and Westpac who still today say there are probably more hikes coming.
And I can’t say for certain that Adrian is definitely covering Grant’s butt ahead of the election.
But the fact that I'm even thinking it and prepared to say this out loud to you is exactly why Adrian should you never have been reappointed to the job last year.
Because he looks politicalised. Whether he is or not, he looks it.
There have been too many letters of permission and memorandums of understanding jointly signed by Adrian and Grant.
There have been too many denials that either he or the Government got anything wrong by printing money and handing out cash during Covid.
And then there was Grant outright ignoring the opposition asking him not to reappoint Adrian for a full five years.
Adrian might not be covering for Grant. He might actually be doing his job properly, we’ll only find out in the fullness of time. But he’s lost the perception of independence.
And this is proof of why that should never happen, because I'm not sure whether he made the right call for the economy yesterday- or for the guy who reappointed him despite political pressure not to.
Heather du Plessis-Allan is a journalist and commentator who hosts Newstalk ZB's Drive show.
7 comments:
He takes his orders from the Khazarian mafia. All central banks are privately owned and/or controlled by this cartel.
In polite society one would never discuss this sort of dilemma but Mr. Orr did not get his contract renewed by Mr. Robertson not to act as his enemy, if you know what I mean...wink, wink.
You are not on your own Heather. Robinson and Orr have bridged the so called distance between government manipulation and the Reserve Bank. Another obvious display of mutual cooperation is that the Reserve Bank has adopted the Government’s Net Zero madness by intertwining it through their operating plan. The litmus test is, if it’s ignored by our corrupt MSM then Heather’s assertion is true.
Well said Heather that is exactly what is going on here. Sounds like the one last big gamble to try and save face before the election. Almost wishing inflation to continue rising over the next couple of months to observe how they worm their way out of this and what spin they devise to explain why to the sheeples.
Having given this question some consideration I doubt Mr Orr is covering for Mr Robertson in any meaningful way.
I doubt either Mr Orr or Mr Robertson are economically intelligent enough to recognise the need for, let alone actually provide, cover for the other.
I suspect instead that for either (both) men it is simply business as usual i.e. They get overpaid, New Zealand suffers.
Phil Blackwell
You nailed it Heather. Also, we mustn't forget all of Orr's DEI staff happily doing the Government's bidding.
Who or what is the Khazarian Mafia?
Wikipedia tells us: The Khazars[a] (/ˈxɑːzɑːrz/) were a semi-nomadic Turkic people that in the late 6th-century CE established a major commercial empire covering the southeastern section of modern European Russia, southern Ukraine, Crimea, and Kazakhstan
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