Colin James writes an interesting opinion piece in today's NZ Herald. But doesn't he let Cullen and the current Government off the hook for too much low quality expenditure/investment in the past 8 years? There is no doubt that Government spend ups have been a major factor in fueling inflation in recent years.
By the way we wouldn't restrict the money supply short term. Things almost collapsed completely in March/April when the banks stopped lending. We were lucky that the Fed did the right thing. Bollard has learned well....
