Regular readers will know that I am in the process of building a new glossary of terms to help describe Australia’s dramatically evolving contemporary economy. I’ve just added another today and it suddenly occurred to me that it is time to make it official. Here is the whole dictionary thus far:
Politico-housing complex The great public/private partnership of the Australian housing quango that has virtually nothing in common with either capitalism or a “market”.
Invisopower! The myterious fog that surrounds the details of Australian banks’ offshore borrowing. A cloak deployed by regulators.
Bullhawk A half housing bull, half interest rate hawk. Examples include Christopher Joye, Adam Carr and Paul Bloxham
Disleveraging The idea that falling credit growth can be sustained forever without ever tipping into outright debt-deflation.
Futureboom! The concept of an ever expanding future mining boom that gets bigger the worse immediate data becomes.
Boganomics The strange nexus between anti-comptitive corporations and gullible but patriotic battlers.
Gittins! The Fairfax commentator with whom I have most in common yet cannot abide owing to an appalling generational gulf.
Business Hysteria My pet name for Business Spectator when it gets righteous in defence of vested interests.
Have I forgotten any? Any terms you’d like to add?
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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