NZ Reserve Bank Governor Adrian Orr Must Resign Over Select Committee Testimony
“It’s a great business to be in, central banking. We print money and people believe it. Touch wood."
On Monday 12 February 2024 Reserve Bank of New Zealand Governor Adrian Orr gave testimony to the parliamentary Finance and Expenditure Select Committee during which he made the following statement (video link at bottom)
“It’s a great business to be in, central banking.
“We print money and people believe it.
”Touch wood
What is Orr actually saying? His whole statement:
“The fiscal challenges that are there…so um…ah…very focused on the cost [unclear - affected?].
“We actually fund ourselves and then work out what dividend is needed to pay so umm [mumble]…
“It’s a great business to be in, central banking. We print money and people believe it.
The first sentence is a jumble of nonsense; he’s possibly trying to respond to a question he didn’t want to answer honestly, and was searching for a suitable prevarication or lie … instead Orr started to ramble.1
[always better to say nothing than ramble but we’re grateful to Orr for this fallibility]
“We actually fund ourselves and then work out what dividend is needed to pay so…”
Keep in the back of your mind that the Reserve Bank’s “suppliers and employees” costs have gone up on average 9% per year, every year, for the last decade.
From the latest (2022/23) Reserve Bank Annual Report p72.
So the RBNZ ‘recommended’ zero dividend last year and the Minister (then Grant Robertson, Labour) complied. There’s a lot to say about the dividend, and I’m currently (Feb 2024) working on a detailed analysis of it. But in essence it looks like a scam to me.
Finally Orr admits ‘we’ (i.e. the RBNZ, and possibly the Members of Parliament he’s talking to) are part of a conspiracy. Part of that conspiracy is we are lying to people, and “people believe it. Touch wood.”
What are ‘we’ lying about? Not the “we print money” part. That part’s true2. The RBNZ facilitates New Zealand’s massive personal and sovereign debt by ‘money’ printing.
No, what Orr is saying is we are lying to you that the money we print has value.
When it doesn’t. We’ve tricked you and you “believe it”. “Hahahahahahaha”
All ‘money’ in New Zealand is valueless. You have been tricked into thinking it has value because it is accepted as settlement for debt.
You have been tricked because the Government requires it to pay taxes and the endless fees, fines, and other State fuckery.
The New Zealand dollar has lost 97% of its purchasing power since it was introduced in 1967. And the reason for that is the RBNZ keeps on “printing” it. Debasing it.
While this is bad enough, Orr’s associates (probably employees of the RBNZ but awaiting confirmation) and at least some of the Members of Parliament present laughed. I am in the process of identifying these individuals.
They know they are parties to a fraud.
‘Money’ creation. Counterfeiting.
They know it has no value. They know you swap your valuable time and energy for this fake, valueless ‘money’ that they create out of thin air.
And these technocrats and politicians, who produce nothing and do nothing productive, extract your value, by creating debt, debt which they use your future labour as security for.
And they’re laughing at you.
So we’ll see if we can get some consequences for these individuals. Resignation would be a good start.
Email Trail
17 February 2024
Email #2: sent to Brendan Manning, RNBZ cc: Finance Minister
Response #1: from RBNZ
16 February 2024
Email #1: sent to RNBZ cc: Finance Minister
Reserve Bank of New Zealand Act 2021
As Orr says, the RBNZ prints currency - out of thin air. Section 155(1) of the Reserve Bank of New Zealand Act 2021 allows them to do this. 155(2) and section 156 means if you do the same, you’re done for. If you’re a ‘person’ anyway.
See also
See video of Orr’s 12 Feb comments here.
17 Feb 2024. I’m in the process of getting the transcript of the Select Committee hearing.
Though technically even that’s not true. The RBNZ don’t actually have a printing press to “print” money. They enable the creation of currency as the lender of last resort and as banking regulator by a number of mechanism which are too technical for this page. Printing of banknotes, the RBNZ’s only actual ‘product’ are printed on contract.
https://www.youtube.com/watch?v=fOj_xp2jHl0
Adrian Orr's wife according to Wikipedia is a creative writing teacher. I guess A drain Orr has picked up some tips from her and applied them to finance!