Thought for the day: Bank Economists as media expert commentators.
Posted on 13:11, May 12th, 2012 by Pablo
This may sound mean but having bank economists talk about global macro-and political economics on major NZ news outlets is like having pedophiles talking about childcare. Having them speak authoritatively on the “news” skews public perceptions of economic matters towards the preferred constructs of finance capital. Leaving aside the matter of finance capital’s interest in deregulation of capital flows and currency manipulation, using bank economists may be fine when discussing banking take-overs or interest rates in local markets. But there are many other economic interests at play that deserve mention when it comes to issues of political and macro economy and bank economists are ill-suited for a robust discussion of them. To the contrary, their “expert”opinions masquerading as informed commentary in the news media are often poisonous to the integrity of public debate on economic matters.
Is there not a single non-banker economist in NZ who could be used instead? Are all the Economics, Business and Management departments in local universities full of useless PBRF worshippers devoid of real world experience? Are there no economists in research centers, institutes or government agencies who could present a dispassionate and non-vested perspective on the state of global economic play? I find it hard to believe that is the case.