In my post last Friday I highlighted how the Governor of the Reserve Bank had just been making up stuff, and apparently knowingly misleading Parliament, to distract from the Bank’s own responsibility for New Zealand’s current very high core inflation. There may well be a case to be made that central banks did about as well as could reasonably be expected over the last couple of years – “reasonably be expected” here set by reference to the general views at the time of other expert observers (none of whom, admittedly, had chosen to take on statutory responsibility for inflation) but simply making stuff up blaming the Moscow bogeyman helps no one, and detracts from any serious conversation about what went on with inflation – core and headline – and why. To put my own cards on the table, there are many reasons why Adrian Orr should not be reappointed, but…
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Utopia, you are standing in it! 
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