Dawn chorus: RIP RBNZ independence

The death of central bank independence is inevitable and justifiable in an era when interest rates are low forever and asset price inflation is as explosive as the global money supply.

TLDR: Put simply, the sort of true independence enjoyed by the Reserve Bank of New Zealand as it pioneered inflation targeting for the last 30 years is now over, and that’s a good thing.

The death of set-and-forget central banking is inevitable in a world where explosive growth in money supply from unfettered central bank money printing to buy Government…