Social Commentator

Former RBA board member John Edwards calls for inquiry into banks

We don’t need an inquiry into the commercial banks but we do need an inquiry into the Reserve Bank and monetary policy. The Reserve Bank is run by a bunch of unelected hoodlums who have systematically destroyed the Australian economy, destroyed the Australian dollar, destroyed the Equity (share) market and more importantly destroyed the capital wealth of middle class Australia. They have pursued an obsolete policy of driving down the cash rate in the vain belief that this will stimulate investors with capital to borrow and spend. However, it has had the reverse effect and has frightened people into fearing that the future is fraught with economic chaos and failure.

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