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The Forum > Article Comments > Less ideology, more economics > Comments

Less ideology, more economics : Comments

By David Hetherington, published 14/4/2009

We should not reject outright the economic liberalisation that has delivered Australia such remarkable prosperity.

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wrong wrong wrong, we again are treating the symptoms not the underlying problem. We had the strongest growth under the Bretton Woods arrangements. It was based on the US$ being the reserve currency. This is no longer sustainable we need reform of the international currency framework without this we will not address the current account imbalances and the asset bubble they cause.

Whilst we pursue deregulation as a blind religious faith without debating the fundamental paradigm we will only row the boat closer to the waterfall.

Speculation on currency movements is diverting capital from productive investments.

Companies diverting capital to hedge their trading positions is the cost of currency deregulation. Ask the Farmers in Australia sucked into foreign loans in the 80s, homeowners in Poland who have been sucked into loans in Swiss Francs and ask the shareholders of Pasminco which collapsed because of hedging errors.
Posted by slasher, Tuesday, 14 April 2009 9:16:08 PM
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