He said in June he’d backed down on his plan to print money, but Russel Norman is still a limbless man in a pile of paper dollars. Only now he wants to cheapen your money not by printing millions of paper dollars, but by having them borrowed into existence at an ever greater rate by having the Reserve Bank Governor slash the “official” interest rate.
“By keeping the Official Cash Rate higher than it needed to be to manage actual inflation, the Reserve Bank Governor has kept the dollar higher hurting exporters and export-led growth,” the Ginger Whinger said this morning. “The Bank had additional scope to cut the Official Cash Rate,” he said. “The New Zealand dollar was overvalued and needed to come down,” he said…
What does that mean in plain English? It means he still wants to make the country richer by making you poorer. Somehow. That he still wants to make bankers richer by making your money less valuable. Any how. And above all he still wants to drive down the NZ dollar to make imports more expensive, which means (given that so much of what you and I buy both locally and imported is priced in terms of overseas buyers) he wants to see real wages drop. By means, it seems, of of any artifice necessary.
This man still wants to be finance minister in the next Government.
Can some vigilant journalist please ask David Cunliffe, Shane Jones and Grant Robertson if they would rule that out. Pretty please?