Sunday, July 29, 2007

Bumbling, Bungling, Incompetent Amateurs

Just when the dollar comes off the boil, the Finance Minister's office does its best to help currency speculaters push it back to its recent heights by releasing to the media details of the Reserve Bank's intervetion strategy and limitations. Labour just keeps going from worse to execrable.

It is hard to imagine anything more sensitive than this information. Cullen should offer to resign but of course he won't, probably because he already senses that he's goint to be moved in the upcoming cabinet rescuffle.

Which raises the question - why is the Minister of Finance even in possession of such information if the Reserve Bank is truly independant of the Government?

Adolf can't help but observe in passing that had this been the USA, the New York Times would have gleefully printed the details and blown the county's major weapon against inflation and speculators, just as it with the US's most effective weapon against Islamic terrorists. The SST is to be congratulated for resisting the temptation to score a petty headline.


Craig Ranapia said...

What really raised my eyebrow into the stratosphere is that I've more than enough experience of OIA requests for totally innocuous information being stonewalled as a matter of course - and, in recent years, the Ombudsman has become frustrated enough that he's (quietly) threatened to name and shame the most persistent offenders who don't meet their most basic legal obligations. But this gets released accidentally?

Oy and vey... Time for Cullen to follow the example of Roger Douglas and offer his resignation, and in Clark's shoes I'd think very, very hard about accepting it.

JC said...

It's really not a good idea to politicize the public service.