"Clearly, if the New Zealand dollar falls sharply, this may have implications for the future inflation rate, and this might require us to push up interest rates somewhat, but the mere fact that the exchange rate declines does not require us to push rates to 500 per cent."
He was appalled, and warned me that if my views became known on Wall Street, the New Zealand dollar "was done". I urged him to spread the message since, as indicated, the currency was almost certainly well over-valued by almost any measure at that time.