Media Questions for Adrian Orr: 11 May 2024: Cash in Circulation and 2023 Cash Use Survey
Lies, damn lies, and statistics...
11 May 2024.
Dear Adrian
I read with interest the RBNZ's 2023 Cash Use Survey, published 3 May 2024.
As you have probably realised, I have little faith in the honesty of you -- "we print money, and people believe it. Touch wood"1 -- or the RBNZ as an institution. This statement on page two of the Cash Use survey does not help. You (the RBNZ) state
"Only graphs that support the key findings are included."
QUESTION 1: What have you done with the graphs that do not support the key findings?
This means two things:
the key findings were obviously decided on before the analysis was done.
data is missing
QUESTION 2: Is the RBNZ hiding or censoring data that does not support your predetermined desired outcome?
From reading this report I get the strong sense you need to use mathematical/statistical manipulation to contort the data into the shape you need, to get the result you want -- one of the benefits of a M.Eng. is I can understand when I'm being lied to with statistics.
QUESTION 3: Do you still have the raw data? If so please forward to me (a csv file is fine) so I can do my own unmanipulated analysis which includes the censored data.
The RBNZ keeps saying cash is being used less and less. Yet the March balance sheet of the RBNZ shows this to be a lie. Cash in circulation increased from NZD8.9B2 in February to NZD9.1B in March (see below screenshot from RBNZ balance sheet).
QUESTION 4: Is the RBNZ going to continue to lie and stand by its claim that cash is being used less and less?
I have now asked this question three times, to no response. The fact that the RBNZ refuses to account for its words when the facts on the ground refute them is a very bad look for the RBNZ.
Regards
See also:
Utterly disgraceful.
I should be pedantic. This is actually NZD9B rounded.