The Forum > Article Comments > Dark green barbarians > Comments
Dark green barbarians : Comments
By Craig Emerson, published 25/8/2008Enlightenment values must rebut superstition masquerading as science.
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The author is really admitting that politicians are incapable of putting in place structures to efficiently run businesses such as electricity and water supply systems or community welfare activities.
I would love to know what economic contortions favour letting the banks borrow $US (or generate excessive profits) to underwrite Australian housing loans as opposed to our Federal Government borrowing savings within Australia for a similar purpose or to fund valuable infrastructure.
Banks, with government approval, have been following their dopey policies to expand credit by 12-15% per annum compound for over ten years. Is it any wonder we have priced people out of owning their own home and are suffering from a housing bubble and a surge in defaulting loans. The sooner governments tear up the Basle Agreement and again assume the responsibility of regulating the actual money money supply, rather than through the Reserve Bank pushing and pulling on the interest rate string, the better off ordinary citizens in this country will be.
Adam Smith would roll over in his grave if he knew how the economic rationalists have ignored his book on morals and distorted his economic theories.