What the MPC should do
22 Feb 2022 Leave a comment
The Reserve Bank and the MPC will tomorrow emerge from their long summer slumber to deliver a Monetary Policy Statement and OCR decision. It is quite extraordinary that in this period, of considerable volatility, uncertainty, and inflation surging above the target range (even on core measures) we’ve heard precisely nothing from any of them (individually or collectively), and had no policy actions, for three months.
But, at last, tomorrow we will hear. As I’ve said repeatedly here over the years, I’m not really in the business of trying to guess what the MPC will do. There are plenty of people with a strong interest in that, and banks have people who nurture every little contact or conversation they can secure with Reserve Bank officials, analysts, or policymakers. As the Bank says little in public, and isn’t that consistent through time in how it acts, all one can say is good…
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Churchill’s Statesmanship, 1935-1945 – Sir Martin Gilbert 2001
22 Feb 2022 Leave a comment
in defence economics, war and peace Tags: Winston Churchill, World War I, World War II
Fake News: Debunking Claims That Britain’s Set to Light Up Europe With Wind Power
21 Feb 2022 Leave a comment
Never short on audacity, Britain’s wind industry is now peddling the myth that it’ll soon be lighting up all of Europe. Notwithstanding the fact that it was forced to fire up its coal-fired power plants to overcome the Big Calm in the last months of 2021, when wind power output collapsed across the UK and most of Western Europe.
Absent imports of nuclear power from France and what’s produced by the remnants of its coal-fired power fleet, the Brits would have been left freezing in the dark for weeks on end.
However, the cold hard facts never stand between the renewable energy rent seeker and a bucket of taxpayer’s cash.
Paul Homewood zeroes in on the latest piece of piffle from Britain’s great ‘green’ blob.
Who Needs Russian Gas? We’ve Got Windmills!
Not a Lot of People Know That
Paul Homewood
7 February 2022
A rather dopey article, which is…
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My submission on Crown deposit insurance for finance company Ponzi schemes
21 Feb 2022 Leave a comment
in global financial crisis (GFC), macroeconomics, monetary economics
Misleading?
21 Feb 2022 Leave a comment
Back in mid-December, the Reserve Bank fronted up to Parliament’s Finance and Expenditure Committee for the Annual Review hearing on the Bank. I wrote about it here. You may recall that this was the appearance where (a) the Bank (unsuccessfully) tried to kept secret before the hearing the loss of another couple of senior managers, and (b) seemed to mislead the Committee on just how many of their senior managers had gone or were going. In the wake of it, the Governor forced the early departure of his deputy Geoff Bascand a couple of weeks before he was due to leave anyway, over unauthorised contact with the media [CORRECTION: “shared information to a third party”] (most likely over those two new senior management departures).
But towards the end of the hearing (about 50 minutes in here) there was a brief exchange on matters climate change, with an unusually…
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