Do 74,000 people really have to lose their jobs to save the economy? The Reserve Bank believes that, but First Union policy analyst Edward Miller thinks otherwise.

"If your best solution is to immiserate 74,000 households in New Zealand, get a better solution."

Remember people... economists are just contemporary soothsayers who believe growth can somehow be eternal. They're speculators.

https://www.stuff.co.nz/business/money/300849075/ocr-hike-do-74000-people-really-have-to-lose-their-jobs-to-save-economy

#NZPol #NZRB #Economists #Unemployment

The Reserve Bank has raised the official cash rate to 4.75% -- a jump of half a per cent.

On top of the massive costs of Cyclone Gabrielle, Adrian Orr's desire for a recession seems inevitable.

https://www.stuff.co.nz/business/131300368/reserve-bank-hikes-official-cash-rate-to-475

#NZRB #BaseRate

". . . there has been no debate at all in NZ over the extent to which excessive profits may be fuelling inflation. All the overt worrying has been about the inflationary impact of wage rises. The powers that be don’t seem to be concerned about the price-driven profits that the banks, supermarket chains, oil companies, etc continue to extract, even after the government’s pandemic subsidies have been phased out."
— Gordon Campbell

https://www.scoop.co.nz/stories/HL2211/S00056/on-the-gaslighting-about-inflation.htm

#Inflation #InterestRates #NZRB