Monetary Policy Committee member Ludwik Kotecki apologizes for Adam Glabinski’s words

“On behalf of myself, and hopefully also other members of the MPC, I would like to apologize to all the experts, economists and media professionals who felt offended by the insults and accusations directed at them by MPC Chairman Glabinski during yesterday’s press conference after the Council meeting,” Ludwik wrote. Ex on the platform Kotecki, member of the Monetary Policy Committee.

“Apart from the inappropriate behavior of the Chairman of the Monetary Policy Board, this is disrespectful to your knowledge, your work and, above all, your interest in Poland’s current and future (macro)economic problems. This is certainly not Poland’s position.” The entire council. I’m sorry!” – added.

Kotecki, who was appointed by the Senate as a member of the Monetary Policy Council, referred in this way to the words said at the press conference held on Thursday by the head of the National Bank of Poland, Adam Glabinski, dedicated to assessing the current economic situation. The situation in Poland. The central bank chief devoted the first twelve minutes or so of his speech to criticizing economists and market analysts, among others.

“Unfortunately, we are living in a difficult time of the election campaign, there is a general intensification, especially among politicians, but also among some economists, who are giving in to some political sentiments,” Adam Glabinski said at the beginning.

– I will not comment on it at all. For all the extremely stupid statements, I would say stupid. They can be summed up in general terms: “Inflation is falling very much, as President Glapinski said, quickly, but in fact it is not falling, it is rising. Inflation is very low, but in reality it is high,” said the head of the Greek Central Bank. .

– A new concept of “real inflation” was introduced. There is official inflation from the Central Statistical Office and Eurostat, but this is not real inflation, in fact it is much higher. It is very difficult to argue with this position. These people are unrealistic, they should get over that. These pseudo-economists should remember that what they say stays on the Internet, and nothing is lost. He added that they would have to somehow deal with these statements later.

President Adam Glabinski said that at the moment “there is still a huge attack where the Polish central bank provides some inflation from month to month, and it has no right to do so, and the only significant attack is from year to year.”

– We are moving very quickly towards creeping inflation that citizens do not notice under normal circumstances unless it is only about food. I said this once and I was attacked by a herd of some crazy bulls, unfortunately from the entire opposition and the alternate politicians and economists who employ them, or some crazy people because Glapinski said that 5 percent inflation is already good inflation – said the President of the Republic. NBP.

He noted that the inflation target set by the National Bank of Japan is 2.5 percent, plus/minus 1 percentage point. -We are aiming for 2.5, but if we reach 4, what then? Then these professors and some politicians will come out and say that these four are not true. The real number is 40 and we will catch up with Turkey. Will everyone continue to accept this calmly? These people get paid very highly for what they say. “So they are being paid to lie,” he said.

The President of the European Central Bank pointed out the statement that inflation in Poland will move towards levels found in Turkey or Greece. – People who looked serious, with gray heads and titles of Belvedere professors, spoke with such idiocy. I don’t know if anyone paid them to do this, whether someone ordered them to do it, whether their minds no longer worked, whether they were ideologically and politically wedded. But for God’s sake, this will follow you, professors. Please don’t say such foolishness. We are witnessing great success, and I am very sorry that this success came now, before the elections. Inflation is skyrocketing. From 18.4 percent to 8.2 percent, Glabinski said.

The NBP boss also leveled charges against banking analysts.

The same applies to so-called banking analysts. How can it be a coincidence that these banks are small, but fortunately half of the capital is in Poland… and that only the analysts of these public banks, or those involved in the state treasury, can objectively monitor what is happening? And foreign banks come with some foolishness. What an agony are the economists and analysts at these banks having to say crap that they don’t realize this high inflation is over. “Or they’re so cynical that it doesn’t matter to them at all. They get today’s message and say what needs to be said…but I think they have problems,” Glabinski said.

He added, “This is filth, this is harmful to the country, and this is a betrayal of Poland.” He added – I appeal to you to come to your senses.

As he said: “We have the largest analytical team in Poland, and one of the largest in Europe.” -We hire the best, we buy the best econometrics equipment for these minds, we buy the best databases from around the world and from the country, and we conduct our own research that is used by others in the country. And we do it – noted Glabinski, pointing to a graph showing the annual dynamics of consumer prices in Poland.

– Others take this result from their position as psychopaths, that is, those who are politically, intellectually, culturally intoxicated, anti-national, I don’t know… and they say that 8.2 percent is fake, not real, it is actually 20. What is worse is that people with education High official They keep repeating it. He said: I don’t remember young people being that stupid.

He concluded by saying: Inflation has fallen, whether you like it or not.

“Only the artificial and dangerous president of an artificial central bank, and the partially artificial president of the central bank,” Sławomir Dodik, economist, president and founder of the Institute of Public Finance, said on TVN24’s “Fakty po Faktach” program on Thursday. Artificial Monetary Policy Board can not notice that inflation in Poland is artificial, powder. – He said: – It is centrally controlled and in fact it is not 8.2 percent.

He also added, “The head of the National Bank also lied because he said that economists who have a different opinion doubt the data of the Central Bureau of Statistics.” – This is completely untrue. I and other economists who talk about this artificial, centrally controlled inflation do not question the Central Statistical Office’s calculations. The Central Bureau of Statistics calculates inflation this way because these are our conditions. He explained that we have a government that centrally controls prices, and we have a president who manipulates prices, and he (the Central Bureau of Statistics) measures them.

– In fact, we have a patient suffering from inflation fever. Our economy is suffering from inflation fever, and there are some infections in the body. First, the government distributed painkillers, steroids, no treatment, no antibiotics, and surgery was needed. And now they put the patient with high fever in an ice bath – commented TVN24 guest.