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The Forum > Article Comments > Getting Australia back to work > Comments

Getting Australia back to work : Comments

By Everald Compton, published 20/4/2020

So, on behalf of older Australians, I want to suggest that this plan be implemented as a matter of urgency and that we be given significant work to do to ensure that recovery is achieved quickly.

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Like Everald's Home Brew Beer kit

Nice to see Everald purporting to concoct a whole of Australia eco-socio-political COVID-19 strategy (not).
Posted by plantagenet, Monday, 20 April 2020 12:01:13 PM
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On the subject of the PM's often hinted at but now revealed socialist tendencies, there is interesting illustration in Catallaxy Files this morning of a banner showing a horde of Chinese comrades with an inset of the man himself, grinning as usual, wearing what could be a Mao suit and a cap with the Red Star on it
Posted by ttbn, Monday, 20 April 2020 12:11:58 PM
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Lord Melvyn King, House of Lords, and economist:

"Central banks print money today and governments decide how much money to spend, that’s what we do now, there’s nothing new about it."
Posted by ttbn, Monday, 20 April 2020 12:18:39 PM
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Dear jamo,

Better still, why not just make China pay. They're the blame for this disaster so let them cough up the $$$$ to compensate the rest of the world for all the damage.

A big Aussie 'Ni hao!' to Xi and the boys. Come on China. Chop,chop!
Posted by Mr Opinion, Monday, 20 April 2020 2:39:10 PM
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Concerns are growing as to how the Government's use of QE will bring both huge debt and a major brake on economic recovery.
Such concerns are valid, too, for another very different reason, because a much simpler and more effective economic solution is being ignored. Currently known as Modern Monetary Theory (MMT) and supported by many leading economists around the world, it is easily understood (by me at least) from the classic “Principles of Public Finance” – Chapter 15 – by former British economist and Chancellor, Hugh Dalton, where he outlines two methods of simply printing money out of nowhere for Government use.
One, he called Indirect Printing - now called QE - the convoluted process of buying and selling bonds, which does create the money but also leaves behind both a huge future debt and a substantial brake on economic recovery.
The Second, he called Direct Printing, a method by which exactly the same amount of money can be produced but with NO DEBT at all. None!
The problem is that the concept of Direct Printing is still tainted by historical associations with hyper-inflation (think Germany in the 1920s). But, as Dalton and MMT supporters stresss, the simple fact is that money is money is money: whether it comes from the Printing Press or from under the bed or from a gold mine or wherever, any given amount of it carries exactly the same risk of inflation and needs to be managed exactly the same way.
Accordingly, our real question should be: why are we Printing the money we need for our stimulus packages by QE -which creates debt and slows recovery - when the same amount of money could be Printed and used for exactly the same stimulus packages with no debt, no brake and, by definition, neither more nor less risk of inflation?
Posted by LMS, Monday, 20 April 2020 4:18:48 PM
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Well Everard, here is something that I suspect you did not take into
your estimate of costs.
All cars will have to be scrapped, and replaced with wider cars.
All roads will have to be widened or lane numbers reduced.
All buildings over three floors will have to be demolished and rebuilt
with larger lift wells, to enable 1.5 metres between each passenger.
There will be a few $Trillion in that alone.
At least trains won't have to be widened, just made longer and station
platforms made longer. More expensive in undergrounds, a few $billion there.

Somehow I think Everard is joking,
Can anyone think of something to add to the joke.
Posted by Bazz, Monday, 20 April 2020 5:10:14 PM
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