Graeme Wheeler

June 27th, 2012 at 10:00 am by David Farrar

James Weir at Stuff reports:

Governor-in-waiting was once touted as a potential World Bank president and gained fame for telling his boss, Paul Wolfowitz, to resign during what was seen as a civil war at the World Bank.

Wheeler’s appointment to take over at the central bank when Alan Bollard steps down on September 25 was welcomed yesterday, even though many had expected deputy governor Grant Spencer to win the top post.

Spencer may be disappointed and it is not clear if he will stay at the central bank, given Wheeler may serve at least one, possibly two, five-year terms. Wheeler has a strong international reputation, especially in world financial markets.

He takes over what is arguably one of the most important roles in the economy as the sole final decisionmaker on monetary policy: what to do with official interest rates and when.

I’ve only heard good things about Wheeler, and from all accounts he should prove to be an excellent Reserve Bank Governor. It is a very important role, and one that can come under considerable political pressure also.

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3 Responses to “Graeme Wheeler”

  1. berend (1,705 comments) says:

    DPF: Wheeler, and from all accounts he should prove to be an excellent Reserve Bank Governor.

    Yep, because we can trust a single person to centrally plan the interest rates! And don’t forget about monetising the debt, the hidden tax as Keynes called it. Devaluation of money is the most important job of a governor, because saving is bad.

    DPF: It is a very important role, and one that can come under considerable political pressure also.

    Yeah, very important. How many recessions and depressions have we had since central banks were instituted? Clearly the funny money is working as intended.

    Governments can simply debase their debts away, as they have always done, and with an easy unparalleled in history. And when reality catches up it’s not the custodians of the money that get the blame.

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  2. tvb (4,361 comments) says:

    Telling your boss to resign was a big call and is not career enhancing that is for sure. He is aged 60 and I assume One 5 year term is most likely. His background is very distinguished and he is a good man for these times. I hope he does not become an old misery guts like mervyn King of the bank of england. There is no point saying there is no hope for the economy as king does regularly. King should go before he does more damage to confidence.

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  3. Scott Chris (6,058 comments) says:

    I often wonder – what does the RBG do all day?

    Monday – keep ‘em at 2.5%.
    Tuesday – keep ‘em at 2.5%.
    Wednesday – hmm, now let me see…. I think we’ll keep ‘em at 2.5%.
    Thursday – wonder if there are any new restaurants to try for lunch…
    Friday – wonder if the secretary has sharpened all my pencils yet – not that they needed it.

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