Interest Rate Hikes Are Class War

Statement from the RBNZ

The Monetary Policy Committee today increased the Official Cash Rate (OCR) by 50 basis points, from 4.75 percent to 5.25 percent.

The Committee agreed the OCR needs to increase, as previously indicated, to return inflation to the 1-3 per cent target range over the medium term. Inflation is still too high and persistent, and employment is beyond its maximum sustainable level.

The level of economic activity over the December quarter was lower than anticipated in our February Monetary Policy Statement, and there are emerging signs of capacity pressures in the economy easing. However, demand continues to significantly outpace the economy’s supply capacity, thereby maintaining pressure on annual inflation.

The Bank of England’s interest rate hike is an attempt to force the economy into a recession, and increase unemployment. In other words, workers will be forced to pay even more for the cost of living crisis. This is how economists and bankers wage class war.

In war the only way to defend yourself is to FIGHT BACK