Printing money for fools is ‘big business’ – NZ central bank chief

Has the Governor of the Reserve Bank of New Zealand let the cat out of the bag?

In the year At a parliamentary committee meeting on February 12, Reserve Bank of New Zealand Governor Adrian Orr joked about the modern central banking system he met with laughter:

Being in a central bank where you print money and people trust it is very good business.

Earlier in the meeting, Orr said the central bank was facing many “financial challenges” and had received many “expectant letters” from ministers to make it as cost-effective as possible.

“We basically fund ourselves and then decide what kind of dividend we're going to pay,” Orr said.

“It's a great job to be in a central bank where money is printed and people trust it” – Adrian Orr, Governor of the NZ Reserve Bank

This comes as the state has imposed legal tender laws and a plethora of banking and AML laws. “Faith”? Or forcing?pic.twitter.com/J68QrTuLzK

— Stephan Livera (@stephanlivera) February 13, 2024

Joke or not, many Bitcoiners see an element of truth behind Orr's words. “He spoke the quietest part loud,” a self-proclaimed Bitcoiner posted on February 13 at X.

Bitcoiners have long argued that money should be separated from government and that Bitcoin is the only financial network free from government manipulation.

“We know it's a scam. They know it's a scam. We know it's a scam,” commented Bitcoiner and software engineer James Lopp.

“The only way to win is not to play their game. We have to make them play our game instead.

We know it's a scam. They know it's a scam. We know it's a scam. They laugh at us. They think they hold all the cards.

The only way to win is not to play their game, we have to make them play our game instead.https://t.co/Q7MBBz8mwR

— Jameson Lopp (@lopp) February 13, 2024

While Bitcoiners and the wider cryptocurrency community do not agree on everything, the majority believe that central bank digital currencies (CBDC) will further centralize money and limit freedoms.

Related: New Zealand parliamentary report recommends against rushed crypto regulation

The hearing was part of the central bank's annual review. During the meeting, Orr said that he was “very concerned” about the rise of decentralized digital currencies such as Bitcoin (BTC), which he argued lacked the three main characteristics of money.

“It is not a medium of exchange, it is not a store of value and it is not a unit of account.

Orr isn't a fan of Statcoins either, saying they aren't stable enough and don't appreciate central bank money.

“They are only as good as the ledger of the person providing that stable coin.

New Zealand is exploring the possibility of implementing a CBDC from September 2021.

Journal: Unstable Coins: Debasement, Bankruptcy and Other Risks Looming.