Oh Jessica, you are the Banana Republic

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As we know, the once fearsome Jessica Irvine has in recent years turned RBA patsy and she gave us a lovely sermon on the weekend to prove it:

On May 14 1986, treasurer Paul Keating delivered his famous warning that Australia risked becoming a “banana republic”.

The comment was a reaction to figures showing the biggest current account deficit ever recorded, at 6 per cent of GDP.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. 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.