ARTICLE AD BOX
Money is no longer backed by gold. It's now backed only by debt, by public trust—and by the promises and integrity of its issuers.
In New Zealand, money is backed above all by the promises and integrity of the Reserve Bank of New Zealand.
So it's crucial that the public trust in the Bank is earned, and continues to be earned every day.
Not a trivial thing.
Which is why the spectacular departure of the Reserve Bank Governor in March in what looked like a fit of pique was so disquieting.
Even more disturbing was the abject silence and duplicitous announcements since from the Bank about the reasons for his departure.
Those reasons were revealed this week. Just days after lying, again, to the Parliament, he walked in a fit of pique because he wasn't given an extra few billion to continue expanding his empire.
Adrian Orr. In a field of shitty New Zealand bureaucrats, he has to be the most worthless shit of all.
English (US) ·