RBNZ Governor Must Resign Over Select Committee Testimony : Update in Pictures
“It’s a great business to be in, central banking. We print money and people believe it"
On Monday 12 February 2024 the New Zealand Parliament’s Finance and Expenditure Select Committee met with Reserve Bank of New Zealand (RBNZ) officials to discuss the Bank’s 2022/23 Annual Report1 and the 2023 Financial Stability Report (video here).
RBNZ Governor Adrian Orr’s problems began with a question from Committee member Barbara Edmonds (Labour) - a pretty stupid question for someone in her position, who should know this. She was a Government Minister after all. But that is the standard of parliamentarian we’re blessed with in New Zealand.
Edmonds: “Are you subject to the public service cuts as well?”
Orr didn’t need to add anything in response to this question. An answer had already been provided. But he couldn’t help himself. After a few comments of minor relevance, he could have shut up. But he didn’t. Instead, he said this:
From 31:55 on the full video - my narrative added to photos [apologies to Simone Robbers for the words put into her head. I’m sure she doesn’t swear like this]. Front row individuals and their roles listed below.
Orr (second on RHS): “The fiscal challenges that are there…very focused on the cost.”
[who knows what this means]
“We actually fund ourselves and then work out what dividend is needed to pay so…”
“It’s a great business to be in, central banking”
“We print money…”
“…and people believe it”
[general laugher in the committee room]
[and more laughter, including loudly from some of the politician committee members, heard but not seen]
“and um and um … touch wood”
[laughter continues]
The two men on either side of Orr, Greg Smith and Neil Quigley, appear to try to hide their smiles/smirks by looking down, Orr touches “wood” - his head, the other woman (second from left), Juliet Tainui-Hernandez, should probably stop laughing.
[and more laughing]
From R-L, Greg Smith (Assistant Governor/General Manager Finance and Commercial Operations); Adrian Orr (Governor); Neil Quigley (Chairman, RBNZ Board); Juliet Tainui-Hernandez (Assistant Governor/General Manager Transformation, Innovation, People & Culture); Simone Robbers (Assistant Governor and General Manager of Governance and Strategy)
https://www.rbnz.govt.nz/about-us/our-people/our-executive-leadership-team
See also:
Ah ... watching Orr reminds me of this:
"A credibility trap is when the managerial functions of a society have been sufficiently compromised by corruption so that the leadership cannot reform, or even honestly address, the problems of that system without implicating a broad swath of the powerful, including themselves. The moneyed interests and their aspirants tolerate the corruption because they have profited from it, and would like to continue to do so. Discipline is maintained by various forms of soft financial rewards and career and social coercion."
Jesse’s Café Américain
You seem to like Simone but her last name is robbers (LOL how suitable)