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The Forum > Article Comments > The coalition governmentís bankrupt economic policies > Comments

The coalition governmentís bankrupt economic policies : Comments

By Harold Levien, published 7/4/2015

Joseph Stiglitz complimented the Government on its uniquely successful economic policy in saving Australia from the GFC which spread recession throughout Europe, North America and Asia including China.

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Nothing will change unless we stop private banks from creating inflationary money as debt.

We went off the gold standard in the 1970's and now our currencies accelerate in depreciation even with a little inflation. Inflation compounds like interest and soon the debt money that creates it, far outstrips growth.

The only solution is Govt banks that can create at least our inflationary money debt free.
Posted by Arjay, Tuesday, 7 April 2015 7:31:29 AM
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Arjay that's gross debt not net debt, so why do you think it's a problem?
Posted by Aidan, Tuesday, 7 April 2015 9:55:58 AM
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Dear Arjay,

Yes, but why blame private banks?

I believe it is the government which creates inflation: they have a policy to force, through the RBA, an inflation of 2-3% per annum - it's a form of tax in order to discourage savings, causing people to eat and drink now or their savings will be lost to inflation and/or capital-gains tax on the nominal value of their savings.
Posted by Yuyutsu, Tuesday, 7 April 2015 10:53:35 AM
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Our real problem is our guaranteed reliance on debt, and foreign debt at that as far as the eye can see!

And coupled to almost exclusive reliance on digging up and exporting rocks; and increasingly expensive service industries! Our balance of trade is far too reliance on the export of rocks, which we have forced down in price by over supplying a shrinking market!

Even as China, finds and brings on line new gas and coal projects! Which by the way, will like our coal and gas exports be hit by a future almost inevitable price on carbon!

As for future vision by the current government; or the alternative, it seems to be a case of the blind leading the blind; coupled to crippled cognitive ability!?

Albeit, someone has finally worked out that massive tax avoidance on a previously unprecedented scale, may be costing the bottom line billions, as is welfare for the rich/customary pork barreling!

Thus the mining boom was simply squandered!

Given in some tiny minds winning the election is/was vastly more important than saving the economy/the country/our future economic prospects, and or our rights as self reliant property and resource owners!

But rush with even greater levels of unseemly haste to sell off or privatize everything not nailed down; and only to make up the shortfall created, deliberately it would seem, by the consequences of quite massive tax avoidance, privatization and welfare for the rich/buying the votes of those who's ultra simplistic thought processes are limited to the hip pocket and a ME/ME/ME/ME bubble!

And the devil take tomorrow/the kids and their kids!

We can do so much better! And can make a start just by putting the current incumbents last on the ballot paper, and continue until we elect a few thinkers!

Which has to be a better outcome than electing stinkers bereft of any redeeming features/an operational cerebral cortex or even a new original idea!? I mean, we didn't get here overnight!
Rhrosty
Posted by Rhrosty, Tuesday, 7 April 2015 11:25:06 AM
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Graham, surely we get enough lefty idiot propaganda from the ABC SBS, & other media, without adding to it here.
Posted by Hasbeen, Tuesday, 7 April 2015 12:49:35 PM
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Did anyone bother reading the article? Why not point out what you believe not to be factual?

Must say, I agree with most of what has been written.
Posted by Flo, Tuesday, 7 April 2015 12:49:47 PM
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