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The Forum > Article Comments > The coalition government’s bankrupt economic policies > Comments

The coalition government’s 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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Flo, I agree.

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Yuyutsu, it's nothing so elaborate. It's simply that the policies needed to completely eliminate inflation are many orders of magnitude more damaging than allowing a small amount of inflation to occur (because they would choke business investment). Having some inflation also has advantages for business (workers are more likely to accept a pay freeze than a pay cut) and in most circumstance people who are worried about the value of their savings can stick them in a bank account and earn a rate of interest exceeding that of inflation.
Posted by Aidan, Tuesday, 7 April 2015 1:52:24 PM
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@Rhrosty. You and I are largely in agreement. We have a government at present that is almost entirely driven by ideology, and like many of the commenters on OLO they never let the facts get in the way of a prejudice.

The current and latest tax report is a case in point. It contains many good suggestions, yet the debate is circumscribed from the outset by excluding major areas from consideration. GST is one example, but it is far from the only one.

Slashing the science budget is a quintessential example of short term thinking, the blatant stupidity of which was laid bare by rapidly dropping resources prices (which meant we can no longer just dig something out of the ground and flog it off) and Obama et al exposing the neanderthal thinking of Abbott on climate change.

It is long past the time when the emperor was told he has no clothes, and this article is a good start.
Posted by James O'Neill, Tuesday, 7 April 2015 4:15:41 PM
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I don't agree with the analysis Hasbeen, but that's not the point of On Line Opinion. The point is that you get an opportunity to argue against his points. So why don't you take it up? He's not the only one to argue along these lines, so your rebuttal will be valuable to many others in taking up your side of the argument. And you will also provide practice for his supporters.

Mind you, I think Arjay is hijacking the thread. The article is not about the gold standard or banking conspiracy theories.
Posted by GrahamY, Tuesday, 7 April 2015 7:09:11 PM
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Graham the debate is about economics. Is not banking, money creation and debt part of this debate ?

The fact is no one wants to upset the status quo because their bank shares are going great guns while the real economy shrinks, with housing being unaffordable and job prospects waning,demonstrates servere cognitive dissonance.

Mathematically this fiat money system based on the flawed Keynesian theory of economics is doomed to fail. Not only are our economists and media massaging the stats on real unemployment and inflation, they are out right liars. Why cannot the banks increase interest rates if the economy is so great ? The reality is that the financial economy is a parasite the real economy and a few elites who control the system do not want to lose this power. This is not theory but financial reality.

We used to have the Commonwealth Govt Bank + 4 Govt state banks and had little Govt Debt. We created debt free infrastructure like the Snowy Mountains and roads but still half this money came from private central bankers as debt to us.

Nothing will change unless all political parties stop being serfs to the masters of money creation.
Posted by Arjay, Tuesday, 7 April 2015 10:29:39 PM
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Arjay if you want to debate money creation at least do it honestly! Private central bankers played no part in anything; apart from the US Federal Reserve, all central banks are in public hands. And when commercial banks create money, they're only borrowing it so it doesn't actually make them any better off financially.

Your statement that we used to have little government debt is blatantly false – look at http://lowpollutionfuture.treasury.gov.au/documents/1496/pdf/01_debt.pdf if you want to know how high it used to be.

And what do you think the flaw in the Keynesian theory of economics is?
Posted by Aidan, Tuesday, 7 April 2015 10:57:48 PM
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If you want to hop on the Labor / Liberal paradigm then all you are doing is buying into a feces sandwich where we get to choose which half of the sandwich were going to be forced to eat.
Its nothing more than pass the baton with these car salesmen politicians, taking turns screwing us while they laugh all the way to the bank.
Just as big of a problem in my opinion is transparency and accountability.
Does anyone truly believe we live in a democracy when politicians get voted in on lies, and promises they don't keep and then answer to no-one whilst retiring with lifetime benefits after they have mismanaged the country, then spend more money explaining how they need to tighten strings to manage debt they created.
Did any of us borrow the money? No
They've got to stop this debt based system and spending based on pathetic predictions of what money they will have.
If its not in your wallet you cant afford it, and we aren't going to stop the bleeding till we make them honest.
Posted by Armchair Critic, Wednesday, 8 April 2015 1:53:30 AM
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