But easing up from 0-2 (and getting rid of Brash) came at a moment when commodity prices took off- and there was plenty of (relatively) cheap credit to be had.

Coupla things:

0-2% got eased to 0-3% in early 1997. One of Winston Peters' gifts to a grateful nation. Cullen…

got rid of Dr Brash – whose tenure in control of the RB was not marked by rapid growth

I think you mean re-appointed Dr Brash, who later resigned.

The idea that the ´reforms`of the 80s and 90s´explain our current economic performance, but that Cullen´s policies have nothing to do with it, is, IMO, kinda flawed

Not quite what I said. I did say the reforms had to be given quite a bit of credit for it, and I'll…

improving education, electrical and telecommunications infrastructure and Aucklandtown

I was with you, right until the end, and then you lost me.

1. A boost of some sort – either extra spending or tax cuts – has already been budgeted for. Cullen set aside an extra $3 billion unallocated spending for the next financial year (roughly $1.2 billion of…

Cullen´s speech touched on many of the points you raised.

Using the surpluses as a measure of fiscal conservatism tends…

The idea that he has been running surpluses for seven years in anticipation of a looming economic crisis is nonsensical.

Fiscal policy under Cullen has had two distinct periods. In the early years, the government was making a concerted effort to increase the surpluses in order to implement the New…

About the surpluses, yes, they are partly a result of Treasury's underestimation of revenue, but the government was budgeting for a surplus anyway – the accident of history just added to the scope.

And yes, they're partly a result of…

Fiscal policy under Cullen has had two distinct…

But National's core constituency (new Holden V8, beach house, speedboat, mortgaged to the eyeballs) would *welcome* inflation…

There's actually an interesting debate to be had about just how harmful moderate levels of inflation are, but I think the problem with the argument you cite is that international competitiveness is unlikely to be the most important…

This figure excludes fuel and food. The argument for focusing on core rates is that we…

Giggle. But yes. Ralston can write well, but seems to be a disaster around anything that touches on economics.

Meh... I don't know if Bill Ralston and churning out two columns a week is a happy marriage, full stop. (And that's not meant as a snide bitch at Ralston --…

Now, finally, everyone can STFU about the goddamn surplus

Heh. Good luck with that one Keith. I'm betting "no".

Craig, you're going to have to fight me off first for that dinner with Viggo.

WH is right Keith: public discourse on economics would be far better served if you wrote for the Herald and Bill Ralston was confined to commenting on Deborah Coddington's blog...

Giggle. But yes. Ralston can write well, but seems to be a disaster around anything that touches on economics. As…

To fight inflation we must cut taxes and lower interest rates.

WH is right Keith: public discourse on economics would be far better served if you wrote for the Herald and Bill Ralston was confined to commenting on Deborah Coddington's blog...