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The Forum > Article Comments > Some reflections on last week's March quarter national accounts > Comments

Some reflections on last week's March quarter national accounts : Comments

By Saul Eslake, published 10/6/2011

The latest decline in GDP was driven by the supply, not the demand, side.

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Infationary pressures are intensifying Saul? Who is responsible for most of this inflation? The Rudd Govt was pannicked by the Central Banks and borrowed billions from China which was wasted and not spent on real infrastructure like transport which we badly need.

The RBA also borrowed over $50 billion from the US Federal Reserve as did the NAB $4.5 billion and Westpac a similar amount.We now learn that our bank's credit ratings are being down graded.We have phoney counterfeited US Fed money coming here looking for a safe haven creating inflation and now the RBA says we need to hike rates further?

Canada has a similar economy to us and their retail interest rates are at 2% while ours are 7-8%.Our banks can borrow from the US Fed at 1% and loan it to us at a 7% profit for doing nothing? Real wages are falling and you tell us infaltion needs addressing.

I say we put a tax on the fractional reserve system of banking which is the cause of all this inflation.It is stealing from the people.
Posted by Arjay, Friday, 10 June 2011 8:41:52 PM
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