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I say that because awhile ago I had an email exchange with Quigley in early 2020 over the fact that the Reserve Bank repeatedly stated that it had an employment target (as well as an inflation target) when no such target exists, nor has ever existed. When I pointed this serious issue out to Quigley that the RBNZ appeared not to understand its own mandate, he replied as follows:

"Thank you for pointing out the loose language used in that statement by the MPC. You are of course correct that there is no mandated target for employment. I have alerted the team to the need to be more careful in the way they refer to the Bank’s dual mandate. Regards Neil"


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Hold your horses. Loose language, is it? I would say its a case of the RBNZ not understanding what it has been legally charged with doing. So I replied that the problem was far broader than "that" one statement by the MPC, below:


Dear Neil, Thanks for the mail. It's not just that statement by the MPC - every Monetary Policy Statement throughout 2019 and now into 2020 repeatedly refers to the RBNZ targeting an employment rate. This line is typical: "At times, setting a higher OCR to lean against financial stability risks could make us more likely to undershoot our inflation and employment targets". Best wishes

Robert MacCulloch


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Have we lost any form of public accountability in this country? And why am I having to do the job of the Opposition, which seems unable to understand the issues itself?

The Herald is running a series about how to rebuild a "New" New Zealand, post-pandemic. So where's it currently headed? Here's a list of industries you should probably avoid, since doing so suggests you're fundamentally morally inadequate, at least according to leading members of the Labour Party, including the PM & her Finance Minister:


1. Banking & Finance. That industry is a real no-no. It's profits are "wrong", according to the PM, and raise questions about its' "social license to operate". To work in that industry implies you're not a socially-minded, good person - more a grinning fat cat-type.


2. Oil & Gas. Out of the question. Working for any such company means you don't give a damn about global warming. The NZ Super Fund has been ordered not to invest in such dirty companies, which the Beehive / Finance Minister has described as owning "stranded assets". Yes, you're on your own in that sin industry.


3. Farmers & Agriculture. As per above. Farmers may as well be in the oil & gas industry for all the emissions they create. Stay away from that lot least they sink us under rising sea levels.


4. Internet Companies. The PM has formally declared that social media is a source of "disinformation", a great evil on society. Probably best not to have a career in IT if you're a Kiwi, least you fall into the employment of an outfit like Meta / Facebook or even Google.


5. Pharmaceuticals. In spite of this nation being bailed by Pfizer's vaccine, it hasn't stopped the Kiwi government demanding the company, and the rest like it, be stripped of its IP to allow lower income countries to copy its vaccines. The fact such action may have meant the Pfizer vaccine would never have been invented is immaterial. The fact that Pfizer already prices its' vaccines way cheaper to developing countries also doesn't count. No. If you work hard & create something, you sure better let others copy it, or else you're bad, real bad.


6. Property / landlords. They're the worst of all & should have the pants taxed off of them as their "gains" are unfair & not the product of anything useful, other than riding a bubble. Wait until David Parker finally unleashes his capital gains & wealth taxes on you lot.


We could go on and on. What are we left with? Better not to work in the private sector at all - else you'll just reveal how little you truly care about others. I wish I could be as morally good as Labour's Cabinet. Maybe I can start trying by telling students to avoid careers in banking, farming, IT, oil & gas, pharmaceuticals & property. They can always join the youth wing of a political party, become a hack, work for an MP, then go on the list & become a career politician to avoid associating themselves with these kinds of disgraceful industries.

 

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