I wonder if the latest attack on our democracy might be the one focused on Adrian Orr. I have been inspired by this man. He is highly skilled, practical and an interventionist. He is not cut out of the same bolt of cloth which the last few Governors have been. We have had three decades of “hands-off” and it has failed us badly. It has led to an unacceptable gap between the have’s and the have-nots.
This campaign (see the articles below) has all the hallmarks of a campaign by Topham Guerin? What made me suspicious was when the National Party spokesperson Paul Goldsmith issued this Press Release a few days ago. http://www.scoop.co.nz/stories/PA1910/S00029/time-for-cool-heads-on-reserve-bank-proposals.htm.
It is interesting that the message contains phrases like:
It is time for cool heads from all parties involved with the Reserve Bank’s proposal to increase bank capital requirements, National’s Finance spokesperson Paul Goldsmith says.
“The Reserve Bank’s proposed increase in bank capital requirements could have significant economic consequences. There is a legitimate debate about how far and how fast the capital requirements should be extended.
This implies that the Governor is not a “cool head”. Does Paul Goldsmith want voters, who have no real ideas about how an economy is going, or the responsibilities of the Governor of the Reserve Bank, but who are being pinched by 1% interest rates to think “maybe the National Party would not let this guy away with this nonsense and that they would run the economy better”. This is soft soap undermining. It will be relentless on many fronts, and we need to be watching things carefully.
Adrian Orr’s asking many things, like questioning the fact that two of the Chairmen of two banks, BNZ and ANZ, are also on the board of their holding companies in Australia and have a conflict of interest. This is a very reasonable question to ask of any company director; particularly when it comes to something as important as our banks. When I think about what the Royal Commission on Banks in Australia revealed, we have to rely on the Governor of the Reserve Bank to be our eyes and ears. These guys won’t tell us anything. Think about the staff of ANZ being driven mercilessly by their executives while the CEO had amazing rewards way beyond what would be normally seen as acceptable.
I worry about journalists being fed ideas by those who are running a campaign, and soaking them up willingy. These articles undermine the Governor of the reserve Bank. I don’t mind questioning of people in key positions in our society. However, I wonder if these articles cross the line.
Is this another example?
I wonder if this a battle between the neo-libs (many of whom are quoted as Adrian Orr’s critics), and those who believe in a mixed economy which regularly needs intervention, like Sam Stubbs? This excellent documentary by RNZ asks many useful questions: