He capable of great stuff when he gets away from the RBA f’wits. Terry McCrann today:
The economy and the virus are tracking down the same irresistible course and for exactly the same – shared – reason.
Just as we are getting the virus we can’t avoid, we are almost certainly headed for the recession we can’t avoid.
That will bring to an end the boast of PMs and treasurers – both Coalition and Labor, but mostly Coalition, as they’ve been on the so-called “treasury benches” longer since 1991 (18 years to 11) – of all those (now, up to 28) world record-setting years of unbroken growth in the economy.
That’s a claim which had been looking very dodgy over the last few years anyway, as overall growth in the economy had been propped up by ridiculously high immigration-driven population growth and ever-bigger property and construction bubbles.
Not so much a case of “build it and they will come” – in those once famous words of Kevin Costner in Field of Dreams; but instead “bring them in and we will have to build it”.
On a per capita basis – the only basis that can deliver real wage increases and sustainable rising living standards – we’ve actually been struggling to grow much at all for most of the years since the GFC. It’s all been an economic Ponzi scheme.
Now the virus is destroying it and there is nothing that either the government or the Reserve Bank can do to stop it. That is exactly also the case with the virus itself.
I love the smell of burning ponzi in the morning.
Hopefully more of this kind of brutal honesty rises in the wake of the virus. Maintain the rage, Tez.
