The 19th century called. It wants The Kouk back

Lordy, COVID-19 is exposing the Kouk as an economist of such throwaway views that he might well claim the earth is flat shortly:

I can’t be bothered explaining the basics of the modern monetary system to a guy that is supposed to know it so I’ll leave it to the Bank of England here, or more recently here.

Happy reading, mate.

David Llewellyn-Smith
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  1. migtronixMEMBER

    And where does the interest to pay savings held in private accounts (read: at call loan) come from idiot k?

  2. Kouk is a useful distraction while the real criminals continue business as usual.

    The latest is chairman of LendLease Michael Ullmer. LendLease has been rorting the JobKeeper scheme for millions of dollars. As pointed out in Rex Patrick’s speech it has also:

    * picked up $661 million in government contracts since 2016,

    * paid no income tax in Australia during that time,

    * engaged in a six-year tax scam in its Retirement Village business.

  3. Wow.
    I didn’t think anyone believed in the fractional reserve model anymore.
    But even if you did, you’d still acknowledge that 7bn must require a minimum of only 700m in private savings – implying 90% of it magically appeared out of nowhere.

  4. Someone like Kouk would not be able to make a career as economist anywhere but in this country.

    One can find economists that are wrong everywhere … but so dumb ones trive only here.

    It’s beyond belief what we call economics here

    • DominicMEMBER

      I’m not so sure. I think there’s very little variance in what they believe as they’re all educated to the same standard i.e. ignorance all round.

    • Most of them are hacks and it is only sustained by the compulsory super system where banks have to employ them to look the part. In fact maybe this is a hidden tribute to the capitalist system that good salaries can be enjoyed for producing absolutely nothing of real value.
      Maybe capitalism is more distributive than initially thought, but with more of a chance element than state direction.