Social Commentator

Reserve Bank crashes the cash rate to 1.5%

What an act infamy to reduce the cash rate further in the face of no justification. Again I ask the Reserve Bank, where is the evidence that low interest rates are working? There is none and never has been any justification for the policy of crashing the cash rate. There is no doubt that the world is going through a change; the exact nature of the new order is yet to be revealed. People are fed up with the same old diet of bullshit from politicians and government officials who are committed to past theories and past formulas that no longer work and who lack the foresight and energy to introduce innovations and change. Take for example the following factors that may affect households: the falling price of petrol, falling mortgage repayments and falling household costs according to the CPI. Yet nowhere has there been a break out of spending or inflationary forces, so longed for by you band of inept bank Johnnies now running the country. The cash rate must be increased immediately. I have spent ten weeks abroad in Asia, and in Ireland and the UK both broken down economies entrenched in clapped out post-war II socialist welfare polices of forever handing out government money to people who will not work, and who will not contribute to productivity. Whereas in Asia, people are working because they have to feed themselves to stay alive, no dole queues there. Keynes relied on low interest rates to stimulate the economy but more importantly the animal spirit to spend and accumulate. Sack the Reserve Bank and get rid of the dead hand of Keynesian lunacy.

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