More Verse To Bring Tears To The Eyes Of Reserve Bankers Poem by Keith Shorrocks Johnson

FREE-WHEELING TO A FULL-STOP

Lower the rate: then housing loans are cheaper
So buyers' pockets stretch a little deeper
With Auckland as the premier spot
Where bids are hot on every lot

Speculation now fires greed and envy
And landlords join the feeding frenzy
Which foreign buyers top collaterally -
So housing prices rise again implacably!

Raise the rate: the money floods from overseas,
For risk-free gains and un-taxed earnings please:
The Belgian Dentist saves to buy his bonds
And Ms Tanaka in Osaka soon responds

Now local banks in securing profit properly
[And guarding their repute for probity]
Must shift the money straight to property
So housing prices rise again - predictably!

Hence Wheeler spins it round and round
With hand-brake turns on shaky ground:
Tracing tireless through excess liquidity
[As assets bloat with wealth cupidity]
The enigma of inflation's quiddity!

The puzzle deemed a Sisyphean task,
With resolution seen a hopeless ask,
No Change is thus what fate will now anoint
In indecision as to what's the point.