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The Forum > General Discussion > Labor's wasteful stimulus spending drives up inflation and interest rates.

Labor's wasteful stimulus spending drives up inflation and interest rates.

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RBA board member Donald McGauchie says the government's spending on stimulus measures and the $35.9bn NBN is forcing the bank to raise interest rates.

Mr McGauchie, the former Telstra chairman, yesterday delivered a stinging rebuke to Labor, accusing it of putting in place fiscal policies that worked directly against the bank's efforts to rein in inflation.

He said Reserve Bank governor Glenn Stevens had "tried to explain that there are real issues around the flexibility in the economy that is being wound back". "We are subsidising industries we shouldn't be subsidising, we are spending money on fiscal stimulus and other things we shouldn't be spending money on and that means higher interest rates than we would otherwise have," Mr McGauchie told The Australian. "He hasn't said it as bluntly as I have, but that's what's happening.

The result of the Labor stimulus plan was a handful of jobs saved during the GFC, with the hangover of large public debt, higher inflation, and higher interest rates that will drag down the economy for a decade.
Posted by Shadow Minister, Wednesday, 5 January 2011 5:35:44 AM
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Err... "Donald McGauchie"?

Isn't he the National Party drone who tried to scare Australians during the WIK TV ads run by the farmers mobs?

What else would a partisan political player say with an ALP government in power?

Did he get pushed onto the board by Howard, or Rudd?

Does he have anything original or useful to say though?
Posted by The Blue Cross, Wednesday, 5 January 2011 9:39:58 AM
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Further thoughts on this chump.

""We are subsidising industries we shouldn't be subsidising," like farmers perhaps? And the car industry? And tourism? And road transport? And mining?

"we are spending money on fiscal stimulus and other things we shouldn't be spending money on" bet he won't be saying that about the billions to be spent on the Qld floods will he?

"and that means higher interest rates than we would otherwise have," and what about the $30billion of tax free income poured into tax free religions? How much does that cost us all in higher mortgages?
Posted by The Blue Cross, Wednesday, 5 January 2011 9:44:54 AM
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TBC

Wasteful spending continues on the BER long after required, plus the billions on "green" cars that no one wanted, etc.

The biggest one yet is the NBN which is tipped to inflate the cost of network installation for everyone else.

P.S. flood relief is not considered stimulus.
Posted by Shadow Minister, Wednesday, 5 January 2011 10:23:01 AM
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"P.S. flood relief is not considered stimulus" tell that to Hardly Normal as his shops are flooded with whitegoods and new plasma screen buyers.

Why ever is flood relief not seen as a stimulation to the economy?

That is just pretending that a large burst of spending is not going to have a 'positive' effect on the nations books.

Never mind all the junk we have is imported following the likes of Don and Co insisting we move to a neo-liberal economy.

It's going to be tricky isn't it?

Coal caught up on the now wrecked but privatised QR system. Will you and Don be moaning when the new QR shareholders are exempted from paying their share of repair for their tracks, I wonder?

Quite right about the Toyota waste though. I'm waiting for the hybrid Jazz to come in from Thailand, or is it China?

Who cares, it's not made here anyway.
Posted by The Blue Cross, Wednesday, 5 January 2011 10:50:02 AM
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TBC while I admire your spirit, you are wasting your time.
Shadow only see,s from a conservative one side view point.
Farming for anything to use against any one other than Liberals he bought something ugly up from the bottom of a farm dam here.
That board has many members please explain why this quoted fool is one.
However TBC you understand what you are doing so hope you enjoy it, my one post policy in these muddy threads continues.
Posted by Belly, Wednesday, 5 January 2011 4:39:29 PM
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Higher mortgages will be a problem for those who see big as necessary.
Those with their head screwed on won't even mention the word.
Like a lot of problems it is man made.
Life was meant to be enjoyable, not miserable.
There was some that found the stimulus spending very timely and handy.
To come to a narrow minded conclusion that money was wasteful, is very one eyed, conservative, and dead beat.
Posted by 579, Wednesday, 5 January 2011 4:54:13 PM
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It'll be interesting to see what model stimulus package wall to wall Labor is going to use to invigorate our economy after the flood damage bill is not paid for by insurance companies.
Posted by individual, Wednesday, 5 January 2011 6:50:20 PM
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Individual, wait till the mining companies start demanding a hand out.
Posted by The Blue Cross, Wednesday, 5 January 2011 7:44:13 PM
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Belly,

By calling a board member of the RBA a fool is not only defamatory, but exposes your gross ignorance of economics.

Basic economic theory indicates that when the economy is approaching full employment (5% unemployment) government stimulus competes with private enterprise for skills and resources (money) which increases wage inflation, increases interest rates, and displaces private investment.
Posted by Shadow Minister, Thursday, 6 January 2011 7:56:05 AM
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There is a very easy solution to that dilemma SM.

If the government stopped telling lies about the 'low unemployment' and dropped the untruth about one hour a week being 'employed' we could have at least 10% unemployment overnight, maybe even 15%.

Problem solved!
Posted by The Blue Cross, Thursday, 6 January 2011 9:11:02 AM
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Shadow Minister,
If people paid more for many of the menial tasks then others would do that work & we would see a decline in unemployment. As it stands dirty work albeit important does not attract decent pay whereas meaningless stimulus spending does.
I believe if people had to fork out more for the mess they create then they would create less mess but also we could afford to pay more to those who are willing to do the dirty work.
Economists contrary to popular belief do not contribute to the economy, they merely make it look that way whilst running everything into the ground at great cost to all of us. Bring on flat tax & you'll see real economic stimulus not to our detriment.
Posted by individual, Thursday, 6 January 2011 10:05:02 AM
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There is a 'flat tax' now.

Tax dodges (legal) allow the wealthy/crafty to avoid most of it.

Tax havens (legal) are where our New Idea style 'heroes' park their loot.

Corporations contribute very little (legal).

CEOs clearly DO NOT pay tax at the rate of 'the wurkers' on their squillions (legal).

Only the plonkers who cannot easily escape tax actually pay anything, at the 30% + rates.
Posted by The Blue Cross, Thursday, 6 January 2011 10:16:20 AM
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Only the plonkers who cannot easily escape tax actually pay anything, at the 30% + rates.
The Blue Cross,
yeah, but that only happens in those great Countries where everyone's proud to be.
Posted by individual, Thursday, 6 January 2011 12:11:14 PM
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TBC

You should work for Wayne Swan in the fantasy accounting department. With one quick reclassification you can solve the skills shortages. The unions, tradesmen, engineers etc will suddenly realise that they are not in such demand and no longer ask for inflationary increases.

Individual,

Economists model the economy based on learned experience expressed as maths in order to determine the consequences of fiscal actions taken by the politicians. Preferably so that past errors are not repeated.

Economists contribute to the economy only if their recommendations are acted on. Labor's spendthrift policies ignore basic recommendations and will have consequences that are predictable.
Posted by Shadow Minister, Thursday, 6 January 2011 8:59:44 PM
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SM, who says I'm not Wayniepoo?

I like this economists-get-out-of-jail-free card:

"Preferably so that past errors are not repeated.

"Economists contribute to the economy only if their recommendations are acted on."

Now, do tell me, who was it that crafted the 1929 Depression, and all subsequent booms and busts, including the still booming global bust of the GFC.

Surely not... no, there weren't.... no economists to be seen in all these dream fiascos?

I wonder?
Posted by The Blue Cross, Friday, 7 January 2011 12:35:44 AM
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Paying higher interest rates when you have a job is comparatively easier than paying lower ones while unemployed.

Would have been better to let a bank or two and business confidence collapse due to massive unemployment?

The Liberal solution would likely have been to give bigger tax cuts to the mega-rich in the hope of a trickle-down into the overall economy.

Bail out the billionaires first?
Posted by wobbles, Friday, 7 January 2011 1:08:26 AM
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But that is what did happen.

And then they paid themselves bonuses and bigger salaries too.
Posted by The Blue Cross, Friday, 7 January 2011 1:17:24 AM
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Breaking a rule I value.
Not contributing 2 posts to Shadow Ministers threads.
Long history here SM is uninterested in other than official policy of the opposition, oppose every thing and complain about any thing.
I came to remind wobbles and the Blue Cross SM feeds on these threads.
I like debating conservatives but these threads do not debate.
It is much the same as trying to see The Australian show balance.
Or ride a push bike with out wheels in a marathon.
You will not get far.
Noted your reference to me up the thread SM, quite fun actually, knowing even you do not believe it.
Posted by Belly, Friday, 7 January 2011 4:37:16 AM
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TBC,

It is clear that not only do you have no understanding of economics, but that you also have no understanding of what economics is or what economists do. It however, places no restrictions on your desire to pontificate on the subject.

The majority of modern economics was developed post 1929 as a result of the depression, and whilst the GFC was big, it certainly has been no where near as bad as the depression of the 1930s. If the banks had been allowed to collapse, it probably would have been as bad.

The second wave of economic woes we are experiencing now are due to the socialist governments of the EU racking up debt. The GFC simply brought the debt crisis to a head.

The reason Aus sailed through was because it had no debt thanks to a decade of budget surpluses, and more restrictive banking practises.

Belly,

As your partially coherent posts in the threads I start contribute nothing to the thread other to slag me off and heap praise on those who share your views, your contribution is not sorely missed.
Posted by Shadow Minister, Friday, 7 January 2011 6:20:09 AM
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Labour's disgraceful spending could of helped those towns affected by floods. Soon they will have the nerve to blame the floods for the deficit. Oh that's right they are already making that pathetic excuse. Chances of surplus in 2013? Next to none with these compulsive vote buyers.
Posted by runner, Friday, 7 January 2011 9:07:48 AM
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Runner

I know who caused these floods.

It's not hard to see is it?

They are of 'Biblical proportions', and that is because Pastor danny, and others of his ilk, prayed so hard during the drought that we are now all suffering from the generosity of the gods.

But look at this, from Pastor Danny's latest email:

"2) Please also pray against the predicted floods in the St George area. We can stop the floods through prayer. We saw it in Chinchilla & Rockhampton. Praise the Lord!"

These people are not-quite-with-it are they.

Pastor Danny thinks he can save Rockie from floods, and St. George, having 'saved' Chinchilla, Condamine and Dalby.

Jeez! Wouldn't want Pastor Danny to fiddle in Shadow Minister's economic portfolio would we?

Oh dear!

It seems that economists work on 'faith' too.
Posted by The Blue Cross, Friday, 7 January 2011 12:00:24 PM
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Help is a little awkward at the moment until we see what damage has been caused. Runner.
Throwing money at something covered in water would be wasteful.
You are another one with a standing vote i gather.
Just sit tight and donate to the cause, help will be along shortly.
Posted by 579, Friday, 7 January 2011 12:58:36 PM
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Here's one for the mix, from an evil socialist rag SM:

http://www.truth-out.org/figuring-out-what-a-dollar-worth66609

Runner... I know... the spending CAUSED the floods. It was Rudd's way of buying-back-the-water needed wasn't it?

Now we can all blame Penny Wong for the floods.

But, HANG ON!

She followed Howard's water plan didn't she?

So, it was Howard's fault all along.

I KNEW it.
Posted by The Blue Cross, Friday, 7 January 2011 1:21:32 PM
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The following website may be of interest to posters who want a more
accurate picture on this topic:

http://www.businessday.com.au/business/no-reserve-support-for-mcgauchie-claims-20110105-19g7p.html

"No Reserve Support For McGauchie Claims," January 6th, 2011.

It seems that the Reserve Bank has taken the unprecedented step of distancing itself from Mr McGaucie's comments. Apparently Mr McGaucie was "speaking purely in a private capacity," and not on behalf of the Central Bank. And it was made quite clear that "public comments on interest rates are usually left to top Reserve Bank officals. Anyway, read the website for yourselves. It's quite interesting.
Posted by Lexi, Friday, 7 January 2011 1:25:57 PM
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Thanks Lexi.... once a National Party drone always one as far as Big Don goes.

Good point there too, he should be sacked from the Board for offering an opinion outside of his official Board position.

Fancy white anting the chairman of the board like that!
Posted by The Blue Cross, Friday, 7 January 2011 1:43:12 PM
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Slag you off Shadow Minister?, Bloke I leave that to an expert, your self, notice your threads are getting less response?
Give runner a cuddle for me.
Posted by Belly, Friday, 7 January 2011 4:09:48 PM
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Funny TBC that your blind Green faith should lead you to climate change being the cause of these floods. Oh that's right it is the opposite to what your High Priest astrologers predicted so we better be quite about that one and instead slag off at the God who has shown such mercy to you.
Posted by runner, Friday, 7 January 2011 4:29:59 PM
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runner I'm under 10 feet of Pastor Nahlia's bloody prayer work thanks.

This is the handiwork of your gods you know.

Nothing to do with global warming at all.

And there ain't much mercy being shown out here in Barnaby Rubble land where good xtian folk are being flooded yet again.

Do go and tell Pastor Danny to ease up, please.

But, the rush to get another round of plasma's will be good for Hardly Normal, the new whinger on the block, although I have yet to see any Australian made plasma's for sale in his tat emporiums.
Posted by The Blue Cross, Friday, 7 January 2011 5:20:18 PM
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TBC,

I see the difference between fiscal and monetary policy completely eludes you. Look it up.

Lexi,

The RBA itself being independent refrains from criticism of the government, and could not issue such a statement. However, what is noticeable is that it did not attempt to contradict the statement.

Quite the contrary, it acknowledged the link between stimulus and interest rates.
Posted by Shadow Minister, Friday, 7 January 2011 5:57:22 PM
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Actually SM, I see it a little differently.

You see no connection between the ill-conceived black art of economics, a real voodoo activity on a par with CTFM and runners mates, and the poorly thought out economy that we have, damaging the only place we have to live on, in, and with.

As for the RBA contradicting Big Don, they wouldn't, would they?

That would be asking for trouble from the media, as the nibbed-drones embarked on a 'he said to hold the gourd this way, not that way' sort of empty arguments.

There is more to life than an economists narrow view, much more, particularly when they really serve no useful function at all.
Posted by The Blue Cross, Friday, 7 January 2011 6:22:19 PM
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TBC

Black art of economics? not for those with the IQ to understand it.

What function do you serve?
Posted by Shadow Minister, Friday, 7 January 2011 7:18:50 PM
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SM, am I to understand that you are actually, and unashamedly, engaged in the same blackart?

If so, I can ask runner to pray for you.

But me, why SM, I have THE most useful function ever in the economy you praise ABOVE the rooftops... I sir, am a CONSUMER!

I even give the arch-Tory Graham a boost along by using his OLO machinery, and I spend every penny that passes through my hands.

I keep that arch whinger Hardly Normal in his horse racing paradise, the shareholders of the worst shop in the world, Myers, in their luxury, I support Woolies in the supermarkets, boozers and petrol sales, even while they chisel their employees and mismanage their shops into glorious profits.

I am at the pointy end of the action.

A stormtrooper holding the GFC at bay.

What are you doing to save your country?
Posted by The Blue Cross, Friday, 7 January 2011 7:46:19 PM
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TBC,

I am an engineer/project manager with an MBA (hence the economics). The company I work for sponsored me to do the MBA as economic and financial knowledge is considered essential for making large long term investments.

I gather that you are ashamed of what you do?
Posted by Shadow Minister, Saturday, 8 January 2011 6:11:10 AM
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Why do you gather that SM?

I am quite happy doing what I do, mostly community based work.

By the way, I do have a MA, but I only raise it here because you seem to think having your MBA means something.

12 months course work was it?

Or 24 months research?

I can see that your engineering background has cramped your social comprehension somewhat.

My in-laws are all engineers, going back a few generations, and, frankly, it shows.

I have a son who is an engineer too, and he reckons it is almost impossible to find one that is not socially constipated and far too narrowly focussed. He's trying to move out of it as fast as possible.

But I am sure Squeers and others will be far more forgiving towards you now we all know you're an engineer.
Posted by The Blue Cross, Saturday, 8 January 2011 5:25:38 PM
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Runner,

Some consistency please!..One minute you are arguing over the minutae of scientific evidence against Global Warming and the next you're accusing others of "blind Green faith" and scientist priests.

Aren't you the one with the blind faith as espoused by real priests and hide behind that faith only when it suits?
Posted by rache, Sunday, 9 January 2011 1:44:54 AM
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TBC

An MA and/or shoplifting will qualify you for community service / Macdonalds. Was yours based on attendance?

A recognised MBA (In my case, co run by LSE) is not easy to obtain or even get entry to.

Considering your proclivity to pontificate on subjects of which you have zero understanding, I am not surprised the engineers in your family treat you with disdain / ignore you.
Posted by Shadow Minister, Sunday, 9 January 2011 6:25:30 AM
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Oh dear SM, you are scraping the barrel now.

What does this mean, "A recognised MBA"?

Recognised!

Recognised by whom?

And how do we know which MBAs are 'not recognised'?

Now this, "(In my case, co run by LSE)"

Frankly, anything coming from the LSE these days is worth about the same as a bit of Hardly Normal tat.

When you say 'co run', was that with a degree mill from the Cocos Islands?

The LSE these days is the engine room of backwoods capitalism, trading on its once honourable past.

For the record, my MA required 'research'.

You know, where something vaguely original has to be tackled, not just the purchase of an overpriced and oversubscribed commodity.

But let's neither of us get too carried away with the 'M' letter qualification.

It really isn't much more than a lengthy answer to a few basic questions, and is nothing more than an exercise in following academic rules correctly.

And you are aware of the 'debate' surrounding MBAs, of course.

A 'rubber stamp' for paying the exorbitant fees, is all.
Posted by The Blue Cross, Sunday, 9 January 2011 12:25:21 PM
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TBC

So sad that you feel so inadequate.

"For the record, my MA required 'research'." Want fries with that?

LSE is still one of the top universities as far as ranking in the world, contrary to your sour grapes, and does not co run courses in the COCO islands.

By recognised, it means that with an MBA you are far more sought after, as businesses recognise that you have more depth than the original discipline. I have the finance and accounting to estimate and bring a project in under budget, the law and negotiating skills to put together local and international contracts, and the knowledge of organisational requirements to put together a staff to meet the requirements (all of which I have done)

The MBA is not a guarantee, but gives you the tools to perform tasks valuable to business (unlike an MA), and for which businesses typically pay substantially more. The "debate" about MBAs seems not to have reached the job market.

Which brings me to ask why you are so ashamed as not to be able to mention what you really do, or what your "degree" consisted of.
Posted by Shadow Minister, Sunday, 9 January 2011 5:46:38 PM
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Dear SM

The more you try to convince our readers that your MBA is worth something, the shriller you sound.

"So sad that you feel so inadequate"... "LSE is still one of the top universities as far as ranking in the world" and then to top it off "contrary to your sour grapes, and does not co run courses in the COCO islands."

REALLY! I'm shocked.

Anyway, I had a gander at your 'top' uni'.

There's an auld saying SM, about those who like to set fires, "Woodsie Lore", that says, 'the bigger the fire, the bigger the fool'.

Now, far be it from me to point a finger at anyone, but let's just see what the league tables say shall we?

http://www.timeshighereducation.co.uk/world-university-rankings/2010-2011/top-200.html

Surely, no one will contradict anything from the Murdoch stable?

Hmm, let me see, scroll down for LSE, and up again, and down again, hmm, SM said it was AT THE TOP of the league tables, now, just where is it, up again, down again, is it even there I wonder, no, perhaps it's not, HANG ON OLD FELLA, THERE IT IS! BINGO!

Oh YES, there it is, the "London School of Neo-Liberal Economics", Barter Card accepted if your MasterCard has failed.

Oh, it has done well hasn't it? Relatively speaking, that is.

(Leaving out USA 1-5, China, France, Switzerland,Canada, Hong Kong, Japan, Korea, Singapore... and so on).

University of Oxford - 6
University of Cambridge - 6
Imperial College London- 9
University College London- 22
University of Melbourne - 36
University of Edinburgh - 40
Australian National University - 43
University of Bristol - 68
University of Sydney - 71
University of Adelaide - 73
Kings College London - 77
University of Sussex - 79
University of Queensland - 81 with University of York (for God's sake! Have you ever been there?)
Durham University - 85
London School of Economics - 86 BINGO, SM is HERE!

Yers done it SM.

Shane Warne has a PhD from Southampton University, and that good place is ranked as 90 in the world.

Me?

Melbourne University isn't so bad, eh?
Posted by The Blue Cross, Sunday, 9 January 2011 8:18:09 PM
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Shadow Minister,

You should remember the old adage "Never argue with an idiot, people watching may not be able to tell the difference".

If I had an MA, I would keep quiet about it, for fear that someone might find out. An arts degree at university these days requires only that you apply in the first place. Thats followed by 3 years of asking one another 'how did that make you feel', followed by regurgitation of extreme left wing dogma dressed up as original thought. At the end of the whole thing its a reasonable certainty that you will be able to weave baskets, and pontificate with extreme moral standing upon any issue, deriding all those who have the temerity to believe that people are better off today than in an time in our history. If you are lucky you might actually get a job which will allow you to assist in the enabling of drug users, alcoholics prostitutes and paedophiles, otherwise known as community work. If you are really lucky you will get to draw a taxpayer funded salary while you fritter away the money of hardworking people.
Posted by PaulL, Sunday, 9 January 2011 9:18:53 PM
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Sound advice PaulL.

No doubt something you discovered on your way to Damascus?

I'll remember not to argue with you.
Posted by The Blue Cross, Sunday, 9 January 2011 9:55:45 PM
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PaulL,

Entirely right. A BCom from the COCO islands trumps an MA from Melbourne as far as relevance to business or the economy.

TBC,

It appears that you are still ashamed of what you did for the MA, and have yet to indicate what qualifies you comment on economics and / economists? And why you can't get a real job.

P.S.

Ranking of Top Economics Schools in the UK (The Top 30 list):

1 Oxford
2 Cambridge
3 London School of Economics
4 University College London
Posted by Shadow Minister, Monday, 10 January 2011 4:30:45 AM
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My my, this is jolly good fun!

I agree with your comments about acquiring an Arts degree, PaulL. Any fool can get one and it behoves employers to scrutinise them closely before they hire. Like everything else the Humanities, indeed university in general, has degenerated in private hands, students have morphed into customers, and degrees are churned out like cheep goods from China.
Brilliant academics are still created, but I doubt there are any more now, PHP, than there were during the elitist days when second class degrees were commonly bought, by cash or influence.
I suspect matters are similar across the academic spectrum, however, so it's curious that the humble Arts degree is always singled out as the lowest of the low--even lower than Business! But then, everything is reduced now to pecuniary pragmatics. The "Humanities" were once synonymous with university and an arts degree was an essential complement to every profession.
I have a brother with an MBA, sponsored by the corporation he works for and he readily admits it was a perfunctory process to make him eligible for a promotion. Form, don't you know; the company wanted to elevate him based on his abilities, but he had to have the letters. So, it was, how do they say it.. "facilitated".
The ratio, literacy : illiteracy, hasn't changed, it's just that now, some illiterates can read.

I agree, SM, that the stimulus spending was a waste of money, indeed it was an obscenity, reinforcing profligacy as a virtue. Nor was it was it needed in the end. But Australia was following suit (it's a decadent world) and I doubt the conservatives would have been much different, perhaps worse. I also doubt it's possible now to cancel projects already underway.
Considering bankers (with MBA's) got us into this mess in the first place, should we hang on their sage advice now?
It does look as though you're merely venting prejudice..
Posted by Squeers, Monday, 10 January 2011 6:20:41 AM
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Shadow minister,

So, on topic. I'm a bit surprised that the reserve bank would say all this. The gov't stimulus spending, as wasteful as it was, can surely only cause inflation if it is actually achieving the gov't aim. This was to stimulate economic activity in the face of the possibility of another great depression.

Stimulus spending is ALWAYS a blunt lever. In the end the goal is to put more money into the economy. If it works it is almost always going to cause some inflation.

As for the NBN. How? They have hardly started?.

Isn't it much more likely that inflation is being driven by the mining boom?
Posted by PaulL, Monday, 10 January 2011 7:26:42 AM
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PaulL,

An intelligent question for a change.

In an economic downturn, often the first to be retrenched are those working in the construction industry. Other than the distress to the individuals concerned, there is a loss of tax, and loss of money circulating in the economy.

Where the downturn is expected to be greater than a year, government sponsored construction provided needed infrastructure, and the salaries to the construction workers keeps the housing and retail sectors going.

However, if there is close to full employment, what simply happens is that the state is competing with business, and skilled wages rise, at the cost of business projects, boosting inflation and debt with little contribution to the economy.

The tell tale signs that not all was right was when the construction contracts the government negotiated with the unions was 10%-20% higher than the wages prior to the GFC. At this point the alarm should have sounded and the stimulus should have been reduced.

That employment dropped to nearly 5% within a year indicated that the need for stimulus was over, however, 90% of the BER was spent after this, with the result that inflation is picking up, and we have been left with a huge tab. That the BER project itself was complete stuff up was just the cherry on top.

In short the stimulus was:
Too much,
Too late,
Very little to show for it.
Posted by Shadow Minister, Monday, 10 January 2011 10:13:27 AM
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If, one morning, the Prime Minister walked over the Murray River, I suspect that Shadow Minister that afternoon would introduce a thread on the forum that would read, "Prime Minister can't swim."
Posted by Lexi, Monday, 10 January 2011 3:14:43 PM
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"Prime Minister can't swim."
Lexi,
now you're resorting to leftie quip rhetoric.

As for:
Too much,
Too late,
Very little to show for it.

Do you have evidence to the contrary ?
Posted by individual, Monday, 10 January 2011 6:44:29 PM
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A country that runs like a credit card

Instead of doing like the previous government the business way of reinvesting, we have been just adding to the annual cost or loss.
Posted by BrettH, Monday, 10 January 2011 10:26:57 PM
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Individual,

You've got to have a sense of humour. I'm only trying to balance out the right-wing spin. As for evidence? Evidence is all around you - you've simply got to be willing to take off the blinkers and look.
Compare Australia to other world economies. Compare the Australian dollar to the world market. Compare unemployment numbers, and as I stated earlier if you were willing to look, you'd find much, much more ...
Posted by Lexi, Tuesday, 11 January 2011 7:20:07 PM
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