Reserve Bank governor Adrian Orr has been musing publicly about the possibility of a negative official cash rate. He should drive that thought from his mind with blows and curses.

When his predecessor Don Brash, in the early days of inflation targeting, was out to persuade us that we would all be better off with an honest dollar, he frequently described inflation as the theft of people's savings.

That resonated with a lot of people who had seen the purchasing power of their hard-earned savings shrivel in the inflationary heat.


How ironic, then, that we now face the risk