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The Forum > Article Comments > The mysteries of the floating dollar > Comments

The mysteries of the floating dollar : Comments

By Peter Jonson, published 5/4/2012

Nothing contributed more to Australia's current position than floating the Aussie.

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...An interesting view of the “back-room boys” at work: But with the Australian dollar at record highs as it is now, and no history to foretell the damage the sustained high Australian dollar will do to the economy generally, the future reverts to one of theory again.

...Anecdotally, the damage to Australian industry is not pretty.
Posted by diver dan, Thursday, 5 April 2012 11:16:51 AM
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A brief read and I am left with the impression of someone giving himself slaps on the back

Yep! things do look rosy for the present.

And sometimes when the tide goes out, the next wave is a tsunami.
Posted by JamesH, Thursday, 5 April 2012 3:55:12 PM
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A well known ivy league American university, studied the careers of 300 economists, over twenty years. Their right guesses in all matters economic; over that time frame, were apparently no better than a dart throwing monkey! Moreover, as their profiles became better known, their right guesses in all matters economic; declined in inverse proportion to their notoriety.
Economics is hardly an exact science; and arguably, is mostly ego driven guess work? Anyone can be wise after the event, or exit university, with an economics degree and a head full of completely untried, untested intellectual concepts.
And indeed, completely disregard immutable laws, like the law of cause and effect?
Or, the very sound economic reasons we were once the third wealthiest nation on the planet and a creditor one at that!
Many so called economists seems to be welded to the idea; that real wages must be lowered; in a race to the bottom or lowest common denominator.
Good idea, and we could start with grossly over-rewarded economists, who'se poor common record makes them worth a lot less than they are currently claiming?
How much should we pay for a dart throwing monkey, whose averages compare more than favourably with the better known economic profiles?
Hans Christian Anderson's story of the emperor's new clothes ought to be included in any study of economic theory; given, some seem to think money can be plucked out of thin air, without any accompanying productive endeavour?
An idea, which when implemented by a plethora of very bright young people; [we know best elitists,] gave us the GFC, which could yet morph into yet another Great Depression, largely because the same flawed thinkers that gave the GFC to us; are now trying to fix it, applying more of the same hocus pocus voodoo economics and lots of very large and almost incomprehensible words?
Just look at our tax act and its inordinate and entirely unessential complexity? Economics and science in the same sentence? Hardly!
A very wise man once commented; that complexity always reaches a point, where it becomes fraud. Quote unquote. Rhrosty.
Posted by Rhrosty, Thursday, 5 April 2012 7:44:29 PM
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Our politicians have sold and are busy selling public assests to private individuals etc, with the economic idea of increased competition reducing costs.

What a load of the biggest baloney there is.

In many instances costs are rising because of neglect of the infrastructure and the need to repair the infrastructure before it collapses altogether.

Basically the economic rule is to channel a few dollars from every individual into the hands of few, much like how a ponsi scheme operates.
Posted by JamesH, Friday, 6 April 2012 9:57:32 AM
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Show pony phoney Tony Abbott waffles on endlessly about the cost for business of the carbon tax, when in fact, much higher costs and consequences are imposed by our high dollar. If we could progressively reduce our reliance on interest rates to control or curb inflation the dollar would fall in line with that easing! If you would see how this could be achieved then go to the less is more economic article and my most recent comment. Rhrosty.
Posted by Rhrosty, Friday, 20 April 2012 11:42:45 AM
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