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MPC member Ludwik Kotecki apologizes for Adam Glapiński’s words

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“I would like to apologize to all experts, economists and publicists who felt offended by the insults, invectives and accusations of Chairman Glapiński,” wrote Ludwik Kotecki, member of the Monetary Policy Council, on social media. On Thursday, at the press conference, the head of the NBP did not spare words of criticism towards the media, economists and analysts. He accused them of lies and “anti-patriotic” behavior, and called their statements “idiotic.”

“On behalf of myself, but I hope also of other MPC members, I would like to apologize to all experts, economists and publicists who felt offended by the insults, invectives and accusations directed at them by Chairman Glapiński during yesterday’s press conference after the Council meeting,” wrote Ludwik X on the platform Kotecki, MPC member.

“Apart from the unworthy behavior of the head of the Monetary Policy Council, this is a lack of respect for your knowledge, work and, above all, concern for Poland’s current and future (macro)economic problems. This is certainly not the position of the entire Council. I’m sorry!” – added.

Kotecki, who was appointed a member of the Monetary Policy Council by the Senate, referred in this way to the words spoken at the Thursday press conference of the President of the National Bank of Poland, Adam Glapiński, devoted to the assessment of the current economic situation in Poland. The head of the central bank devoted the first dozen or so minutes of his speech to criticizing, among others, economists and market analysts.

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“Paid to lie”

Adam Glapiński said at the beginning that “unfortunately, we are living in a difficult time of the election campaign, there is a general intensification, especially of politicians, but also of some economists, who succumb to some political emotions.”

– I won’t comment on it at all. To all statements that are extremely stupid, I would even say idiotic. They can be summarized in general terms: “inflation is falling very much, as President Glapiński said, very much, but in reality it is not falling, but rising. Inflation is very low, but in fact high,” said the head of the NBP.

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

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

– We are moving very quickly towards creeping inflation, which under normal conditions is not noticed by citizens, unless it simply concerns food. I said this once and a herd of some crazy bulls attacked me, unfortunately from the total opposition, politicians and the economists on duty they employed, or some crazy people who said that Glapiński said that 5 percent inflation is already good inflation – said the president of the NBP .

He recalled that the NBP inflation target is 2.5 percent, plus/minus 1 percentage point. – We are aiming for 2.5, but if it gets to 4, then what? Then those unfortunate professors and some politicians will come out and say that these four are untrue. The real number is 40 and we will catch up Turkey. And will everyone still accept it calmly? These people are paid very highly for what they say. So they are paid to lie, he said.

The President of the NBP referred to the statement that inflation in Poland would be heading towards the levels in Turkey or Greece. – People who seemed serious, with gray heads and titles of Belvedere professors, uttered such idiocy. I don’t know whether someone paid them for it, whether someone ordered them to do it, whether their minds are not working anymore, whether they are ideologically and politically clingy. But for God’s sake, this will follow you, professors, please don’t say such idiocy. We are witnessing a great success, and I am very sorry that this success has come now, before the elections. Inflation is skyrocketing. From 18.4 percent to 8.2 percent – said Glapiński.

“Betrayal of Poland”

The President of the NBP also brought charges against banking analysts.

– Similarly with the so-called banking analysts. How is it a coincidence that these banks are small, but fortunately have half of the capital in Poland… that only analysts of these public banks, or those with the participation of the State Treasury, can objectively observe what is happening? And foreign banks come up with some idiocy. What torment economists and analysts in these banks must be going through because they are forced to say such idiocy that they do not realize that this high inflation has ended. Or they are so cynical that it doesn’t matter to them at all, they get the message of the day and say what needs to be said… but I suspect they have problems, Glapiński said.

He added that “this is filth, this is harming the country, this is betrayal of Poland.” – I appeal to you, come to your senses – he added.

As he said, “we have the largest analytical team in Poland, one of the largest in Europe.” – We employ the best, we buy the best econometric equipment of these minds, we buy all the best databases from around the world and from the country, we do our own research that is used by others in the country. And we are doing it – noted Glapiński, pointing to a chart showing the annual dynamics of consumer prices in Poland.

– Others take this result from their position as mentally ill, i.e. those who are intoxicated, politically, ideologically, culturally, anti-patriotically, I don’t know… and say that 8.2 percent it’s fake, it’s not real, it’s actually 20. And what’s worse is that people with formal higher education keep repeating it. I don’t remember young people being so stupid, he said.

– Inflation has fallen, whether you like it or not, he concluded.

“A patient with a high fever was put in a bathtub with ice”

On Thursday, in the “Fakty po Faktach” program on TVN24, Sławomir Dudek, economist, president and founder of the Institute of Public Finance, said that “only the artificial, dangerous president of an artificial central bank, the artificial chairman of the partially artificial Monetary Policy Council can not notice that in Poland inflation is artificial, it is powdered. – Centrally controlled and in reality it is not 8.2 percent – he said.

As he added, “the president (NBP) also lied because he said that economists who have a different opinion question the Central Statistical Office data.” – This is completely untrue. I and other economists who talk about this artificial, centrally controlled inflation do not question what the Central Statistical Office calculates. The Central Statistical Office calculated inflation this way because these are our conditions. We have a government that centrally controls prices, we have a president who manipulates prices, and he (the Central Statistical Office) measured them – he explained.

– We actually have a patient suffering from inflation fever. Our economy is suffering from inflation fever, it has some inflammation 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 into a bathtub with ice – commented the TVN24 guest.

Main photo source: TVN24

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