It appears the Spruikbot Telephunken U-47 is now also now writing the Prime Ministers’s speeches (or has been deployed as the PM?). At CEDA this morning:
“I’m not talking here about criticism of the government’s economic policies – not at all – I’m referring to glaring misstatements about the economy itself…If irrational exuberance has an opposite it’s probably unreasonable pessimism and we’ve witnessed that in some quarters these past three weeks.”
BS goes on:
Ms Gillard said some commentators ignored two important features of the national accounts: new dwelling investment rose by 10.2 per cent – the strongest annual growth in 10 years – and non-rural commodity export volumes were up 13.2 per cent.
These were important signs that the transitions the government planned for in the budget were underway, yet they went unremarked.
The most irresponsible pessimists had tossed around the “r” word – recession – Ms Gillard said, describing such predictions as “silly”.
“It is a claim I’m frankly somewhat reluctant to repeat, even in order to contradict it, lest I give it weight,” she said.
“As prime minister, I am concerned that left unchecked, this kind of distorted coverage could continue to spread,” she said.
She also said that:
“Any irrational threat to economic confidence is a threat to jobs and growth.”
That’s starting to sound like anything other than happy bullshit is treasonous.
This is reaching truly bizarre proportions. As I’ve argued before, animal spirits are function of your fundamentals not the other way around. Animal spirits without fundamentals is what creates bubbles and busts.
At least she had the sense to embrace the falling dollar:
While the high dollar has provided benefits for consumers, it has meant significant challenges for some of our exporters,” Ms Gillard told a conference organised by the Committee for Economic Development of Australia in Canberra on Monday.
Signs that the world’s biggest economy is strengthening have triggered a surge in the US currency this year, helping drive Australia’s dollar to its lowest level since 2010.
“Improvements in the US economy should be welcome – these support the global recovery and growth in the world’s largest economy provides significant opportunities for Australian exporters.
Another sign of strength of course!
Do you remember everyone blaming the economists for failing to predict the GFC? And you wonder why.
