The blind devotion of a Socialist. Just repeating the same lies does not make them the TRUTH.
Keeting was just another mealy mouthed sarcastic Socialist FAILURE. And his silly neoliberalism was just Socialist rubbish and Australia is still suffering from it today.
Everything Socialist Labor touched goes bad. The trouble is that Socialist Labor is just the puppet of the Unions and the awful depraved Greenies who HATE Australia with a vengeance. Recall how they set fire to Australia and burnt it to the ground ?
They just admit they were WRONG as Australia suffers from their misguided Socialist incompetence
Keating
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Don't poop in these threads. This isn't Europe, okay? There are rules here!
- Bobby
- Posts: 18044
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Re: Keating
Juliar - you don't know what you're talking about.Juliar wrote: ↑Mon May 18, 2020 12:35 amThe blind devotion of a Socialist. Just repeating the same lies does not make them the TRUTH.
Keeting was just another mealy mouthed sarcastic Socialist FAILURE.
And his silly neoliberalism was just Socialist rubbish
and Australia is still suffering from it today.
Everything Socialist Labor touched goes bad. The trouble is that Socialist Labor is just the puppet of the Unions and the awful depraved Greenies who HATE Australia with a vengeance. Recall how they set fire to Australia and burnt it to the ground ?
They just admit they were WRONG as Australia suffers from their misguided Socialist incompetence
Neoliberalism came straight out of Thatcher's and Reagan's books - super right wingers.
They are not socialist policies.
https://www.smh.com.au/opinion/the-neol ... xda42.html
The neoliberalism of Margaret Thatcher and Ronald Reagan has run its course.
The answer was to "privatise" most of the nationalised industries and get the unions back in their box.
We need to unshackle the power of the market, with its much greater ability to respond to changing times, greater desire to satisfy customers' needs and motivation to root out inefficiency.
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- Joined: Wed Dec 28, 2016 10:56 am
Re: Keating
The blind devotion of a Socialist.
Keeting was a sarcastic arrogant failure.
Paul Keating has a history of supporting dictatorships. Pig farming with Suharto who is described as the Worlds most corrupt dictator embezzling an estimated 35 Billion by Transparency International gives you a clue of his true character. So assisting the Chinese neo-Fascist regime to take over Australia should come as no surprise.
Labor are a real threat to this country. Keating is probably the biggest and then you have that tin pot Rudd who is also a sell out. These traitors should be seen for what they are and they should be dealt with but has our government got the guts to do something about them?
Keating is a Communist from way back.
Labor are basically the Communist Party in Australia. Rudd would have implemented as much as the Chinese Communist Party wanted from him.
His son in law is Chinese. He speaks Mandarin and embraces communism – an organisation of ruthless dictatorship over the masses.
Coming to a place near us sooner than we think…
Former Australian Prime Minister Paul Keating is on China’s payroll and is China’s puppet. It’s time for Labor to sack him.
BY SHANE DOWLING ON NOVEMBER 26, 2019
Paul Keating has sold out Australia for a few Chinese Yuan (dollars) and he continues to undermine the Labor Party for his own greed. The elephant in the room that gets very little mention in the media is that Paul Keating in on the International Advisory Board of the China Development Bank which is a state-owned bank.
What really proved Keating was a puppet for China was the Labor Party launch for the 2019 federal election when Keating stole some of the thunder from then Labor Party leader Bill Shorten when Keating called for the sacking of Australia’s intelligence chiefs. Keating said “when the security agencies were running Australia’s foreign policy the nutters are in charge” because Keating believes the intelligence agencies are anti-China as per the below video.
Read the full story here
https://kangaroocourtofaustralia.com/20 ... -sack-him/
Keeting was a sarcastic arrogant failure.
Paul Keating has a history of supporting dictatorships. Pig farming with Suharto who is described as the Worlds most corrupt dictator embezzling an estimated 35 Billion by Transparency International gives you a clue of his true character. So assisting the Chinese neo-Fascist regime to take over Australia should come as no surprise.
Labor are a real threat to this country. Keating is probably the biggest and then you have that tin pot Rudd who is also a sell out. These traitors should be seen for what they are and they should be dealt with but has our government got the guts to do something about them?
Keating is a Communist from way back.
Labor are basically the Communist Party in Australia. Rudd would have implemented as much as the Chinese Communist Party wanted from him.
His son in law is Chinese. He speaks Mandarin and embraces communism – an organisation of ruthless dictatorship over the masses.
Coming to a place near us sooner than we think…
Former Australian Prime Minister Paul Keating is on China’s payroll and is China’s puppet. It’s time for Labor to sack him.
BY SHANE DOWLING ON NOVEMBER 26, 2019
Paul Keating has sold out Australia for a few Chinese Yuan (dollars) and he continues to undermine the Labor Party for his own greed. The elephant in the room that gets very little mention in the media is that Paul Keating in on the International Advisory Board of the China Development Bank which is a state-owned bank.
What really proved Keating was a puppet for China was the Labor Party launch for the 2019 federal election when Keating stole some of the thunder from then Labor Party leader Bill Shorten when Keating called for the sacking of Australia’s intelligence chiefs. Keating said “when the security agencies were running Australia’s foreign policy the nutters are in charge” because Keating believes the intelligence agencies are anti-China as per the below video.
Read the full story here
https://kangaroocourtofaustralia.com/20 ... -sack-him/
-
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- Joined: Wed Dec 28, 2016 10:56 am
Re: Keating
The warnings about the inevitable failure of Keating's neoliberal Socialist rubbish were recognized way back then.
Keating should be sacked
Peter Reith 6 January 1991
DEPUTY LEADER of the OPPOSITION SHADOW TREASURER PRESS RELEASE
KEATING SHOULD BE SACKED
The Prime Minister should start the New Year by sacking the Treasurer and thereby pave the way for a major shift in economic policy. The move would have wide support in the community as well as in Labor's Caucus amongst those pushing for a reshuffle.
Mr Keating should be forced to resign for the major role he has played as Treasurer in deliberately engineering a recession and causing great hardship to hundreds of thousands of Australians.
Furthermore, his arrogant refusal to admit the failure of his economic policy is now a major barrier preventing the
implementation of the reforms Australia urgently needs.
It is on the public record that the Treasurer was advised of the consequences of his high interest rate policy and that he
understood and fully accepted those consequences.
In mid-1990, the retiring Secretary of the Department of
Industry, Technology and Commerce, Dr David Charles, gave us a glimpse of the advice he had been giving when he said the
Government's macro-economic policy settings were "a fundamental medium-to-longterm problem" and "if it (Treasury) keeps on driving macro-policy as successfully as it has, there won't be an industry, fundamentally".
Only this week in the Melbourne "Age" (1.1.91), ex-Treasury official David Morgan confirmed Treasury's view:
"Mr Morgan believes that Australia is in for a further shakeout in the financial services section, a shakeout that he says he predicted when he was in Treasury involved in the move towards deregulation of the financial sector" (my emphasis).
Of course, the fact that Mr Keating was warned is not surprising. The Opposition, the Reserve Bank, leading economic commentators and others are all on the public record pointing to the
consequences of high interest rates and urging a different mix and stance of policy.
But the Treasurer rejected those calls. Eighteen months ago, Paul Keating publicly outlined the dire consequences of his interest rate policy, but rather than acknowledging his folly, he arrogantly said that he was entitled to a Congressional Medal or Legion d'Honneur for his brilliant economic management.
His remarks also reveal his culpability for not ensuring adequate prudential supervision of all financial institutions,
particularly those most affected by the collapse of the property market.
His attitude to corporate crashes shows not just his callous indifference to the ordinary Australian who is suffering the consequences but, more significantly, reveals that he sees their plight as evidence of the 'success' of his policies.
Following a long interview with the Business Review Weekly (14th July 1989) it was reported that:
'Keating makes it clear that his policy settings are
designed to lessen the attraction of property investment in Australia. If investment goes into property "its not going into the place that serves the economy best", he says. He makes it clear that interest-rate-sensitive
areas that do not make a positive contribution to the
bottom line of Australia's balance of payments - such as investor housing, residential accommodation and local demand for consumer durables - will be hard hit.
'On the question of private debt, Keating says: "If a bank which has been tripping over itself in the debt
business, lending money, finds all of a sudden that one of the corporations it lent to cannot cut the mustard, it takes a punch on the nose - it loses shareholder funds.
Most of Australia's debt is held by banks and other
financial institutions against the assets and earnings of Australian companies, enterprises and businesses. If they fail, they fail".'
Moreover, Mr Keating's pronouncements were foreshadowed by his Finance Minister, Senator Walsh in November 1988. Six months after the Government's high interest rate policy began, Senator Walsh noted that: "I have no doubt that they (house prices) will fall again, at least in real terms and probably in nominal
terms."
There is no doubt that the Hawke/Keating Government knowingly adopted policy settings that engineered a "boom" in demand when they eased monetary policy too much in 1987/88. Then, through their destructive high interest rate policies they engineered the
"bust" which has brought the asset price falls, and the obvious consequences, which we are seeing today.
The only reason we had to have this recession was because of the Government's and Mr Keating's failure to adopt and implement an alternative economic strategy. That strategy would include industrial relations reform, tax reform, lowering protection, an effective anti-inflation package, tighter fiscal policy and micro-economic reforms.
Mr Keating is hoist on his own petard. He has failed the test of adjustment he himself set in his 'banana republic' comments in May 1986.
He then said:
" ... if we don't make it this time, we never will make it. If this Government cannot get the adjustment, get manufacturing going again and keep moderate wage outcomes and a sensible economic policy, then Australia is basically
done for. We will just end up being a third-rate
economy."
Mr Keating went on to say:
"The prognosis is, the only way you can deal with the
massive current account imbalance, is to close the economy down. You cut all growth to zero, you stop all the
imports growing and unemployment starts rising again, and profits fall apart, and we go back.to being the kind of economy we were in 1982 ... or worse."
That sounds pretty much like the economic policy Mr Keating has given us in recent years. However, the Treasurer had more to say:
"If in the final analysis Australia is so undisciplined, so disinterested in its salvation and its economic well being, fall back solution is inevitable because you can't fund $12 billion a year in perpetuity every year and then the
interest on the year before that, and the interest on the year before that ... ."
Note the current account deficit has now climbed from around $12 billion to around $18 billion. But Mr Keating went straight on:
" ... the only thing to do is to slow the growth down to a
canter. Once you slow down the growth under 3 per cent, unemployment starts again.
" ... Then, you have gone. You are a banana republic."
As is now apparent, this course of action (first officially revealed by Peter Walsh in April 1990 when he admitted the
Government had resorted to the "traditional Australian remedy") has been followed precisely as predicted by the Treasurer. According to the Treasurer, a policy induced recession - "the fall back solution" - is an inevitable consequence of policy
failure and thus a damning indictment of Labor's failures to provide the leadership and the necessary economic adjustment to preserve Australia's economic well-being.
For these failures and the consequent recession 'we had to have' Paul Keating should have resigned and for which he should now be sacked.
6 January 1991 For further information (059) 777 212
https://parlinfo.aph.gov.au/parlInfo/se ... 2005795%22
Keating should be sacked
Peter Reith 6 January 1991
DEPUTY LEADER of the OPPOSITION SHADOW TREASURER PRESS RELEASE
KEATING SHOULD BE SACKED
The Prime Minister should start the New Year by sacking the Treasurer and thereby pave the way for a major shift in economic policy. The move would have wide support in the community as well as in Labor's Caucus amongst those pushing for a reshuffle.
Mr Keating should be forced to resign for the major role he has played as Treasurer in deliberately engineering a recession and causing great hardship to hundreds of thousands of Australians.
Furthermore, his arrogant refusal to admit the failure of his economic policy is now a major barrier preventing the
implementation of the reforms Australia urgently needs.
It is on the public record that the Treasurer was advised of the consequences of his high interest rate policy and that he
understood and fully accepted those consequences.
In mid-1990, the retiring Secretary of the Department of
Industry, Technology and Commerce, Dr David Charles, gave us a glimpse of the advice he had been giving when he said the
Government's macro-economic policy settings were "a fundamental medium-to-longterm problem" and "if it (Treasury) keeps on driving macro-policy as successfully as it has, there won't be an industry, fundamentally".
Only this week in the Melbourne "Age" (1.1.91), ex-Treasury official David Morgan confirmed Treasury's view:
"Mr Morgan believes that Australia is in for a further shakeout in the financial services section, a shakeout that he says he predicted when he was in Treasury involved in the move towards deregulation of the financial sector" (my emphasis).
Of course, the fact that Mr Keating was warned is not surprising. The Opposition, the Reserve Bank, leading economic commentators and others are all on the public record pointing to the
consequences of high interest rates and urging a different mix and stance of policy.
But the Treasurer rejected those calls. Eighteen months ago, Paul Keating publicly outlined the dire consequences of his interest rate policy, but rather than acknowledging his folly, he arrogantly said that he was entitled to a Congressional Medal or Legion d'Honneur for his brilliant economic management.
His remarks also reveal his culpability for not ensuring adequate prudential supervision of all financial institutions,
particularly those most affected by the collapse of the property market.
His attitude to corporate crashes shows not just his callous indifference to the ordinary Australian who is suffering the consequences but, more significantly, reveals that he sees their plight as evidence of the 'success' of his policies.
Following a long interview with the Business Review Weekly (14th July 1989) it was reported that:
'Keating makes it clear that his policy settings are
designed to lessen the attraction of property investment in Australia. If investment goes into property "its not going into the place that serves the economy best", he says. He makes it clear that interest-rate-sensitive
areas that do not make a positive contribution to the
bottom line of Australia's balance of payments - such as investor housing, residential accommodation and local demand for consumer durables - will be hard hit.
'On the question of private debt, Keating says: "If a bank which has been tripping over itself in the debt
business, lending money, finds all of a sudden that one of the corporations it lent to cannot cut the mustard, it takes a punch on the nose - it loses shareholder funds.
Most of Australia's debt is held by banks and other
financial institutions against the assets and earnings of Australian companies, enterprises and businesses. If they fail, they fail".'
Moreover, Mr Keating's pronouncements were foreshadowed by his Finance Minister, Senator Walsh in November 1988. Six months after the Government's high interest rate policy began, Senator Walsh noted that: "I have no doubt that they (house prices) will fall again, at least in real terms and probably in nominal
terms."
There is no doubt that the Hawke/Keating Government knowingly adopted policy settings that engineered a "boom" in demand when they eased monetary policy too much in 1987/88. Then, through their destructive high interest rate policies they engineered the
"bust" which has brought the asset price falls, and the obvious consequences, which we are seeing today.
The only reason we had to have this recession was because of the Government's and Mr Keating's failure to adopt and implement an alternative economic strategy. That strategy would include industrial relations reform, tax reform, lowering protection, an effective anti-inflation package, tighter fiscal policy and micro-economic reforms.
Mr Keating is hoist on his own petard. He has failed the test of adjustment he himself set in his 'banana republic' comments in May 1986.
He then said:
" ... if we don't make it this time, we never will make it. If this Government cannot get the adjustment, get manufacturing going again and keep moderate wage outcomes and a sensible economic policy, then Australia is basically
done for. We will just end up being a third-rate
economy."
Mr Keating went on to say:
"The prognosis is, the only way you can deal with the
massive current account imbalance, is to close the economy down. You cut all growth to zero, you stop all the
imports growing and unemployment starts rising again, and profits fall apart, and we go back.to being the kind of economy we were in 1982 ... or worse."
That sounds pretty much like the economic policy Mr Keating has given us in recent years. However, the Treasurer had more to say:
"If in the final analysis Australia is so undisciplined, so disinterested in its salvation and its economic well being, fall back solution is inevitable because you can't fund $12 billion a year in perpetuity every year and then the
interest on the year before that, and the interest on the year before that ... ."
Note the current account deficit has now climbed from around $12 billion to around $18 billion. But Mr Keating went straight on:
" ... the only thing to do is to slow the growth down to a
canter. Once you slow down the growth under 3 per cent, unemployment starts again.
" ... Then, you have gone. You are a banana republic."
As is now apparent, this course of action (first officially revealed by Peter Walsh in April 1990 when he admitted the
Government had resorted to the "traditional Australian remedy") has been followed precisely as predicted by the Treasurer. According to the Treasurer, a policy induced recession - "the fall back solution" - is an inevitable consequence of policy
failure and thus a damning indictment of Labor's failures to provide the leadership and the necessary economic adjustment to preserve Australia's economic well-being.
For these failures and the consequent recession 'we had to have' Paul Keating should have resigned and for which he should now be sacked.
6 January 1991 For further information (059) 777 212
https://parlinfo.aph.gov.au/parlInfo/se ... 2005795%22
-
- Posts: 1355
- Joined: Wed Dec 28, 2016 10:56 am
Re: Keating
More disastrous failures of the Keeting wasted Socialist Labor years that condemned Australia to endless suffering.
Why privatise anything?
By Bob Ellis Posted 8 NovNovember 2010, updated 8 NovNovember 2010
Keeting's privatization mistakes
It is hard to see how Paul Keating’s five great achievements – the floating of the dollar, the letting in of foreign banks, the privatisation of Qantas, the winding down of tariffs and the sale of the Commonwealth Bank – look any good any more.
After Qantas’s two ‘incidents’ this past week it has no future as an airline and it is clear that sending maintenance off-shore and the $1,600 Qantas chief executive Alan Joyce earns every hour has a lot to do with it.
When sold it was the world’s safest airline (praised by Dustin Hoffman in Rain Man: ‘Qantas never crashed’); now it’s a dodgy dysfunctional scramble for post-meltdown survival and obscene levels of executive payout (what to Qantas executives do?) with half the ground-crew-per-plane it had in 1994, all of them daily exhausted, guilty, overworked and numb with frustration.
Why privatise anything where lives are at risk? The executives will always want for themselves the money that should be spent on safety and the sackings that follow this will always endanger lives (consider England’s train crashes after Blair’s privatisations), and I don’t see the point.
No ordinary citizen has ever said, ‘Thank God we privatised Telstra!’ after the many thousands of lost jobs and soaring phone bills. And I don’t see the point.
Why privatise anything? What service improvements do we get from the lotteries, tramways, nursing homes and prisons privatised against the people’s wishes? The money that goes to the shareholders comes out of safety and frequency of service (your call is important to us) and ordinary people die of the difference.
It is possible that privatisation kills people; but, hey, the upside is Alan Joyce gets $1,600 an hour, $13,000 a day, $90,000 a week, $4.7 million a year for saying things are going swimmingly while engines catch on fire.
Ralph Norris at the Commonwealth Bank, by contrast, gets only $5,563 an hour (multiple times what his government-bureaucrat predecessor got in 1991), but it’s hard to see what he does to earn it.
He puts stress on millions of lives, sure, every time he puts interest rates up but the time he spends deciding this can be measured in minutes per year. And I don’t see the point in paying him this much; one year of his wage, as I keep tiresomely pointing out in my books, could subsidise three small theatre companies for 1,000 years on the interest alone. And I don’t see the point.
Keating’s floating of the dollar has been a whangdoodle of a success too. It means, this week, that hundreds of export businesses, farms in particular, will go broke, and China, which doesn’t float its money, will soon rule the world.
We can’t, like China, say our dollar is worth a useful 78 US cents; no, it’s a disastrous 101 cents, driving our 2013 budget back into deficit, and there’s nothing we can do about it.
Except unfloat the dollar, of course, and admit Paul was wrong. And that would never do. Better the people perish than this eloquent drongo confess he made a mistake.
He took off the tariffs too, which meant that instead of us taxpayers getting back 10 cents for every Hong Kong t-shirt we bought, and instead of having a clothing industry that kept employment in country towns and kept those country towns going, we made nothing out of the t-shirts we bought and devastated hundreds of thousands of lives. What a great idea that was.
Can’t have protection, he said. Everyone else does but we won’t. Protectionism was an idea that worked for 5,000 years, but it’s lately failed. Let’s do away with it. Just us, on our own.
Funny how he didn’t see that protection means what it says. We protect ourselves from AIDS with condoms. We protect our shores with navies, armies and air forces.
We protect our children from roving perverts with police and Hinch’s broadcast hate-lists. We protect ourselves from boat people by locking them up in the Adelaide Hills. But protect our jobs and way of life by tariffs? Nah, that’s over.
Losers like Japan, the EU, the US and China do that. We’re over it. Paul Keating says we’re long over it. Who needs jobs in country towns?
...And, oh yes, Keating let in the foreign banks, which meant Australian money didn’t stay here, it went to other countries to pay their executives thousands an hour and put out of work, in tens of thousands, our suburban bank tellers and wreck their families’ lives.
That was a good idea wasn’t it? He was praised for it effusively at the time; world’s greatest treasurer and so on. How wrong they were.
The worst thing he did, though, was sell the Commonwealth Bank. Had it still been a government instrumentality Wayne Swan could have ordered it, this week, to keep its interest rates at 6 per cent.
This would have saved the average family $40 a week. In what way was it helpful that Swanny could not?
The past 10 years has seen the unravelling – as I predicted in my book on economics First Abolish the Customer in 1998 – of the Friedmanite Consensus as more and more businesses go to the wall and mortgages go up and wages down and jobs are lost in tens of thousands and country towns cark it, and Keynesian Common Sense is returning.
If we keep people working, Keynes says, the nation prospers. An idea thought outdated at the time.
But Keating, who doesn’t read books much, won’t admit this. Planes will fall out of the sky because of his innumerate folly but he won’t admit it. He’s as rich as Croesus now, and we can all get stuffed.
And economics for people like him is no longer a mechanical system of pushed levers and cascades of money, it’s a religion: though he slay me yet will I trust him. It’s a kind of willed madness that China, the victor, has opted out of.
And we’re still in it, imagining competition with slaves and selling our farms and our jams and our Berlei Bras to foreigners makes national sense.
And our present Prime Minister, who likes what she’s heard of Paul Keating’s ideas and thinks Bob Katter a fool, doesn’t get it either.
She’s in the religion that’s killing us all.
And it’s a pity.
https://www.abc.net.au/news/2010-11-08/ ... ng3f/40824
Why privatise anything?
By Bob Ellis Posted 8 NovNovember 2010, updated 8 NovNovember 2010
Keeting's privatization mistakes
It is hard to see how Paul Keating’s five great achievements – the floating of the dollar, the letting in of foreign banks, the privatisation of Qantas, the winding down of tariffs and the sale of the Commonwealth Bank – look any good any more.
After Qantas’s two ‘incidents’ this past week it has no future as an airline and it is clear that sending maintenance off-shore and the $1,600 Qantas chief executive Alan Joyce earns every hour has a lot to do with it.
When sold it was the world’s safest airline (praised by Dustin Hoffman in Rain Man: ‘Qantas never crashed’); now it’s a dodgy dysfunctional scramble for post-meltdown survival and obscene levels of executive payout (what to Qantas executives do?) with half the ground-crew-per-plane it had in 1994, all of them daily exhausted, guilty, overworked and numb with frustration.
Why privatise anything where lives are at risk? The executives will always want for themselves the money that should be spent on safety and the sackings that follow this will always endanger lives (consider England’s train crashes after Blair’s privatisations), and I don’t see the point.
No ordinary citizen has ever said, ‘Thank God we privatised Telstra!’ after the many thousands of lost jobs and soaring phone bills. And I don’t see the point.
Why privatise anything? What service improvements do we get from the lotteries, tramways, nursing homes and prisons privatised against the people’s wishes? The money that goes to the shareholders comes out of safety and frequency of service (your call is important to us) and ordinary people die of the difference.
It is possible that privatisation kills people; but, hey, the upside is Alan Joyce gets $1,600 an hour, $13,000 a day, $90,000 a week, $4.7 million a year for saying things are going swimmingly while engines catch on fire.
Ralph Norris at the Commonwealth Bank, by contrast, gets only $5,563 an hour (multiple times what his government-bureaucrat predecessor got in 1991), but it’s hard to see what he does to earn it.
He puts stress on millions of lives, sure, every time he puts interest rates up but the time he spends deciding this can be measured in minutes per year. And I don’t see the point in paying him this much; one year of his wage, as I keep tiresomely pointing out in my books, could subsidise three small theatre companies for 1,000 years on the interest alone. And I don’t see the point.
Keating’s floating of the dollar has been a whangdoodle of a success too. It means, this week, that hundreds of export businesses, farms in particular, will go broke, and China, which doesn’t float its money, will soon rule the world.
We can’t, like China, say our dollar is worth a useful 78 US cents; no, it’s a disastrous 101 cents, driving our 2013 budget back into deficit, and there’s nothing we can do about it.
Except unfloat the dollar, of course, and admit Paul was wrong. And that would never do. Better the people perish than this eloquent drongo confess he made a mistake.
He took off the tariffs too, which meant that instead of us taxpayers getting back 10 cents for every Hong Kong t-shirt we bought, and instead of having a clothing industry that kept employment in country towns and kept those country towns going, we made nothing out of the t-shirts we bought and devastated hundreds of thousands of lives. What a great idea that was.
Can’t have protection, he said. Everyone else does but we won’t. Protectionism was an idea that worked for 5,000 years, but it’s lately failed. Let’s do away with it. Just us, on our own.
Funny how he didn’t see that protection means what it says. We protect ourselves from AIDS with condoms. We protect our shores with navies, armies and air forces.
We protect our children from roving perverts with police and Hinch’s broadcast hate-lists. We protect ourselves from boat people by locking them up in the Adelaide Hills. But protect our jobs and way of life by tariffs? Nah, that’s over.
Losers like Japan, the EU, the US and China do that. We’re over it. Paul Keating says we’re long over it. Who needs jobs in country towns?
...And, oh yes, Keating let in the foreign banks, which meant Australian money didn’t stay here, it went to other countries to pay their executives thousands an hour and put out of work, in tens of thousands, our suburban bank tellers and wreck their families’ lives.
That was a good idea wasn’t it? He was praised for it effusively at the time; world’s greatest treasurer and so on. How wrong they were.
The worst thing he did, though, was sell the Commonwealth Bank. Had it still been a government instrumentality Wayne Swan could have ordered it, this week, to keep its interest rates at 6 per cent.
This would have saved the average family $40 a week. In what way was it helpful that Swanny could not?
The past 10 years has seen the unravelling – as I predicted in my book on economics First Abolish the Customer in 1998 – of the Friedmanite Consensus as more and more businesses go to the wall and mortgages go up and wages down and jobs are lost in tens of thousands and country towns cark it, and Keynesian Common Sense is returning.
If we keep people working, Keynes says, the nation prospers. An idea thought outdated at the time.
But Keating, who doesn’t read books much, won’t admit this. Planes will fall out of the sky because of his innumerate folly but he won’t admit it. He’s as rich as Croesus now, and we can all get stuffed.
And economics for people like him is no longer a mechanical system of pushed levers and cascades of money, it’s a religion: though he slay me yet will I trust him. It’s a kind of willed madness that China, the victor, has opted out of.
And we’re still in it, imagining competition with slaves and selling our farms and our jams and our Berlei Bras to foreigners makes national sense.
And our present Prime Minister, who likes what she’s heard of Paul Keating’s ideas and thinks Bob Katter a fool, doesn’t get it either.
She’s in the religion that’s killing us all.
And it’s a pity.
https://www.abc.net.au/news/2010-11-08/ ... ng3f/40824
-
- Posts: 1355
- Joined: Wed Dec 28, 2016 10:56 am
Re: Keating
If Keating's objective was to punish Australia for years then he certainly succeeded with his ludicrous Socialist rubbish.
Twenty-five years on from the recession we had to have
By Alex Millmow December 1, 2015 — 1.33pm
It will be on his epitaph. It's already the stuff of fridge magnets, postcards and dish towels. And, to paraphrase him, walk into any saloon bar and every punter will quote that line whenever his name is mentioned. The line? No, not "Well may we say" but "This is the recession we had to have". Paul Keating immortalised that line 25 years ago on November 29, 1990.
While the Christmas decorations were going up and Australia on the cusp of summer, Keating had to tell us that bad times were here and that a necessary economic adjustment had to be endured. It was to be some adjustment but it changed the nature of the Australian economy.
Prime minister Bob Hawke and treasurer Paul Keating in 1990 when a recession struck.
It was Keating's response to the release of the national accounts which showed that for the September quarter of 1990 there had been a 1.8 per cent fall in gross domestic product. Keating canvassed the line with Bob Hawke before going public with it. It was memorable but way over the top. Every figure on the economic scorecard showed the Australian economy was in deep trouble.
There were business failures, bankruptcies, negative equity, falling investment and mounting unemployed. All the debt-financed business carpetbaggers like Russell Goward, Christopher Skase, Abe Goldberg etc were put out of commission. Australia was as Keating put it "de-spivved". Inflation was exorcised out of the Australian economy. It was a policy-induced recession though it was not meant to be; the econocrats were aiming for a soft landing but it all went terribly wrong.
The double-digit interest rates that were intended to give us that transition went awry, with the economy sent crashing. Keating wanted interest rates brought down far quicker but the Reserve Bank was too cautious. Even now Keating believes he had a greater instinct of where the economy was heading than the people who were advising him.
When asked about it by Kerry O'Brien in the interviews, now published, whether Keating had any remorse about landing the economy into recession, he responds that he will take the blame for it so long as he also gets the credit for the subsequent flowering of the Australian economy where real incomes for middle Australia have grown more than for those in most of our trading partners.
Keating masterminded the recovery using a modest Keynesian stimulus but he was never to really see a full recovery. Unemployment remained stubbornly high at one point hitting 11.25 per cent of the workforce; they called it "the jobless recovery".
Twenty-five years on we are a different country, more trade exposed but more resilient. It's largely because of the architecture Keating put in place, to wit, the floating dollar, enterprise bargaining, fiscal restraint and an awareness that we were no longer a closed economy and a law unto ourselves. Of course, a good proportion of the electorate have no knowledge of either the recession or even Keating. They can just vaguely recall John Howard. One would wager that there are very few in the Treasury of the Reserve Bank who can recall the recession.
What saved us when the global financial crisis was coming our way was that the Treasury had the personnel to match it. The Treasury, under Ken Henry, had prepared itself by doing policy simulations or war games about how to respond to a recession scenario. It came in handy in 2008. We could engineer a huge fiscal stimulus or firewall against external influences because the budget was well in the black; we would be hard-pressed to mount the same effort today without endangering our triple A credit rating.
Not one newspaper or business journalist made reference to the anniversary. That is remarkable when you consider our below-trend growth economy, falling export prices, sagging business investment and house prices way out of kilter with their true value. Just how vulnerable are we? Well, other major commodity-exporting countries like Canada and Brazil are already in recession and New Zealand might be on the brink. The June quarter national accounts figures showed economic activity barely grew.
Wednesday's September quarter figures will tell us whether we are on the precipice or have just backed away from it. Two contrasting politicians, Bill Shorten and the new Treasurer, Scott Morrison might this morning hum that old Dusty Springfield song, Wishin' and hopin'' A near-zero figure would arrest Shorten's falling appeal and give Morrison another new headache.
https://www.smh.com.au/opinion/twentyfi ... lc9kn.html
Twenty-five years on from the recession we had to have
By Alex Millmow December 1, 2015 — 1.33pm
It will be on his epitaph. It's already the stuff of fridge magnets, postcards and dish towels. And, to paraphrase him, walk into any saloon bar and every punter will quote that line whenever his name is mentioned. The line? No, not "Well may we say" but "This is the recession we had to have". Paul Keating immortalised that line 25 years ago on November 29, 1990.
While the Christmas decorations were going up and Australia on the cusp of summer, Keating had to tell us that bad times were here and that a necessary economic adjustment had to be endured. It was to be some adjustment but it changed the nature of the Australian economy.
Prime minister Bob Hawke and treasurer Paul Keating in 1990 when a recession struck.
It was Keating's response to the release of the national accounts which showed that for the September quarter of 1990 there had been a 1.8 per cent fall in gross domestic product. Keating canvassed the line with Bob Hawke before going public with it. It was memorable but way over the top. Every figure on the economic scorecard showed the Australian economy was in deep trouble.
There were business failures, bankruptcies, negative equity, falling investment and mounting unemployed. All the debt-financed business carpetbaggers like Russell Goward, Christopher Skase, Abe Goldberg etc were put out of commission. Australia was as Keating put it "de-spivved". Inflation was exorcised out of the Australian economy. It was a policy-induced recession though it was not meant to be; the econocrats were aiming for a soft landing but it all went terribly wrong.
The double-digit interest rates that were intended to give us that transition went awry, with the economy sent crashing. Keating wanted interest rates brought down far quicker but the Reserve Bank was too cautious. Even now Keating believes he had a greater instinct of where the economy was heading than the people who were advising him.
When asked about it by Kerry O'Brien in the interviews, now published, whether Keating had any remorse about landing the economy into recession, he responds that he will take the blame for it so long as he also gets the credit for the subsequent flowering of the Australian economy where real incomes for middle Australia have grown more than for those in most of our trading partners.
Keating masterminded the recovery using a modest Keynesian stimulus but he was never to really see a full recovery. Unemployment remained stubbornly high at one point hitting 11.25 per cent of the workforce; they called it "the jobless recovery".
Twenty-five years on we are a different country, more trade exposed but more resilient. It's largely because of the architecture Keating put in place, to wit, the floating dollar, enterprise bargaining, fiscal restraint and an awareness that we were no longer a closed economy and a law unto ourselves. Of course, a good proportion of the electorate have no knowledge of either the recession or even Keating. They can just vaguely recall John Howard. One would wager that there are very few in the Treasury of the Reserve Bank who can recall the recession.
What saved us when the global financial crisis was coming our way was that the Treasury had the personnel to match it. The Treasury, under Ken Henry, had prepared itself by doing policy simulations or war games about how to respond to a recession scenario. It came in handy in 2008. We could engineer a huge fiscal stimulus or firewall against external influences because the budget was well in the black; we would be hard-pressed to mount the same effort today without endangering our triple A credit rating.
Not one newspaper or business journalist made reference to the anniversary. That is remarkable when you consider our below-trend growth economy, falling export prices, sagging business investment and house prices way out of kilter with their true value. Just how vulnerable are we? Well, other major commodity-exporting countries like Canada and Brazil are already in recession and New Zealand might be on the brink. The June quarter national accounts figures showed economic activity barely grew.
Wednesday's September quarter figures will tell us whether we are on the precipice or have just backed away from it. Two contrasting politicians, Bill Shorten and the new Treasurer, Scott Morrison might this morning hum that old Dusty Springfield song, Wishin' and hopin'' A near-zero figure would arrest Shorten's falling appeal and give Morrison another new headache.
https://www.smh.com.au/opinion/twentyfi ... lc9kn.html
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