Australian budget

John Adams: Budget worst financial catastrophe since 1788

David Llewellyn-Smith
Thursday, 8 October 2020
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I wouldn’t recommend listening to John Adams whine about the budget et al if you value your time. Most of it is garbage:

  • the virus is harmless (except it’s only harmless because we addressed it);
  • the budget has ruined Australia through unrecoverable public debt (except the RBA can buy all of it no worries at all);
  • we’ve promoted tyranny (except it’s just a short term health crisis);
  • Australia most ruined since 1788 (except for various wars, depressions and plagues along the way).

A sober Martin North leavened the tin foil barrage with some good points about budget structure and the lethality of the virus but it couldn’t hide the conspiratorial nature of his guest.

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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.