Henry you must have a scorched earth policy on economics.The reason why Benanke trashed the US $ was to bail out all their mates in Wall St and keep the derivate ponzy scam going and trash the real economy.They created the property bubble and re-inflated the share bubble which is about to collapse again.

The Labor Party at the peak of the crisis were pannicked into borrowing $40 billion from China and the RBA borrowed $54 billion from the US Federal Reserve.Westpac and the NAB were also bailed out by the Fed Res for billions.

We the tax payer paid billions for useless batts and school building programmes that went to foreign companies like Leightons.We paid to have inflation and the depreciation of our currency.Now you wnat to punish us again!

If we had our own Govt banks we could have created much of this stimulus money ourselves instead of borrowing form the US Fed and China who just create it in their computers anyway.

We now hear that Labor are in debt in excess of $60 billion.In creasing interest rates will take more money out of a shrinking economy.Austerity does not grow an economy,it only puts more money into the hands of a few.

Increases in GDP should not be expressed as debt by private banks.The fractional reserve system of banking must go.Increases in GDP belong to all Australians and should be expressed either as a tax credit by Govt or as debt free infrastructure.Govt does not have to go into debt.

Henry Thornton needs to read James Cumes.

http://www.onlineopinion.com.au/view.asp?article=5826&page=0