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.
2 hours ago