RBNZ Response to Email: 13 May 2024
Lies, damn lies, and statistics...but no censorship...
The RBNZ have finally responded to one of my questions.
Interestingly they responded to my accusation of censorship. A trigger perhaps.
No response to my core accusation of lying when Governor Orr tells the Finance and Expenditure select committee that cash is being used less and less.
Because there is no possible response. Because the RBNZ is lying.
And it can’t deny this. The RBNZ can only spin, using mathematical and statistical shenanigans, and language tricks.
Ironically, I don’t really think the RBNZ does censor. As I was saying to someone recently who was shocked when I explained what Adrian Orr said and meant when he spoke his infamous words…we print money and people believe it…
…I was saying the crime is not the money printing; that’s no secret. The RBNZ is completely open about it. Many people just don’t know how to read the data, if they even know it exists.
The crime to my mind is debasement. Which is a consequence of the money printing. And it always manifests as price inflation. Whether it presents as house prices, consumer prices, or asset prices. It’s a mathematical certainty. 100%.
It’s a crime because debasement steals from me. My work. My saving.
It’s a crime because I am forced to use the RBNZ’s only product, which is an intrinsically valueless currency based on interest-bearing debt, which is continuously debased.
Debt which bankers, the Treasury, sell. To bankers! (image added post publication).
My debt!!
Which I didn’t ask for. Which I didn’t sign off on. Which I didn’t even benefit from.
Which I’m expected to repay. With interest.
That is the crime.
Anyway, the RBNZ response is below. When they talk about “a distinction between the amount of cash in circulation…and frequency of…cash use”, and refer to a so-called “cash paradox” it’s a distraction.
The so-called ‘cash paradox,’ if it’s even a thing—see below—is a new term for an old phenomenon. It’s rebranded hoarding and is a response to a collapsing economic system. At this time it may also be because of a desire for transaction privacy. The term was coined in 2009, a year after the 2008 global financial crisis, by the now BoE Governor Andrew Bailey. So ‘cash paradox’ is not really a ‘thing.’
The RBNZ respondent also talks about “facts.” The truth is there are no “facts” on this nonsense. Even Wikipedia, hardly the most reliable source, acknowledges cash paradox is a hypothesis. The respondent makes certain to emphasise this non-fact by saying “These facts co-exist, and are not contradictory.“
All I’ll say is this. In my experience, when someone feels the need to try to convince me something is not contradictory, it is because it is contradictory.
Always.
‘Cash paradox’ is just bankers rebranding so they can baffle and befuddle. Which they have done repeatedly in the last 110 years.
If people are hoarding cash it’s possibly because they think cash is a store of wealth and will have future purchasing value. It’s not, and it wont. Though it might be useful for day-to-day transactions for now, it’s losing consumer purchasing-power at a faster rate than in recent history.
People have been discovering this lack of real value in ‘paper’ currency repeatedly and globally since the 1920s advent spread of debt based fiat currencies and with the global spread of central banking—think Great Depression.1
Image sources. left : middle : right.
The RBNZ response has little value as a source of actionable information, but it does give a very interesting insight into the psychology and tactics they will use going forward.
RBNZ response.
13 May 2024
…
Regarding your recent questions:
We do not have any other graphs – we only produced graphs for the points that merited comment in the executive summary. These points were identified from data analysis presented in tables also made available to you in our media release. A methodological report was also provided.
We also do not hide/censor data (with the exception of respondents’ personal identity which we did not receive from our research agency in any case). The data tables are available on our website for you to review and use as you wish. See the link provided at the bottom of our media release to the .xls workbook.
You may also be interested in this statistical series here (noting that it has a sampling bias as it excludes people who don’t use the internet): Cash use (H3) - Reserve Bank of New Zealand - Te Pūtea Matua (rbnz.govt.nz)
I should also note that there is a distinction between the amount of cash in circulation is and frequency of as transactional cash use. Cash is both being used less in daily life, while the amount in circulation continues to grow. These facts co-exist, and are not contradictory. This phenomenon is seen worldwide and is known as the cash paradox. We’ve highlighted this point often, including in our 2021 cash system redesign issues paper, on page 31 of the .pdf file (or page 28 if following the “printed” page numbers).
The Reserve Bank is very much committed to the future of physical cash. Recent interviews with our Director of Money and Cash delves into this further:
Ian Woolford on the Future of Cash & Digital Payments in New Zealand | The Platform
https://www.nzherald.co.nz/business/keeping-cash-alive-meet-the-man-on-a-mission-to-keep-paper-money-circulating/MLER4UBVZRB7POBVP4FON6J64M/
I’m not going to give examples, there are too many. Have a search for “collapsed currencies“ or similar if you’re interested.
Changes made post-publication.
Well, You know My take on money. It is a very dangerous and archaic tool. We can put that tool down and pick up far better tools: free energy and robots to do necessary work no One WANTS to do. And care for Our planet with Humanity free.
Money Motivates the Most Marvelous Manifestations! (article): https://amaterasusolar.substack.com/p/money-motivates-the-most-marvelous
Great work ... thank you
pb