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"...public opinion deserves to be respected as well as despised" G.W.F. Hegel, 'Philosophy of Right'

the road to recovery « Previous | |Next »
October 31, 2009

So housing prices are rising again in Sydney, Melbourne and Canberra:

notforsale.jpg John Spooner,

The recession never happened, the stock market is booming and interest rates are rising. All is well in the world. The global financial crisis " What is that? That is so yesterday. Optimism rules. So does the finance industry. The narrative is now about efficient markets, animals spirits and China’s emergence as the world’s biggest creditor country. So let us praise inequality because that is the pathway to prosperity, opportunity for all and happiness. Australia is the lucky country.

So what happened to the reform? To financial re-regulation and reform of the global monetary system? The finance industry has grabbed the government's money and told it to go away. So it is back to business as normal--to the cycles of confidence and panic in our world of debt, be that debt public or private, domestic or foreign, in which credit is extended freely and then withdrawn brutally.

| Posted by Gary Sauer-Thompson at 9:28 AM | | Comments (4)


That is a great cartoon.

says it all really doesn't it.

An endless 'fifties, eh?
Not even the chance of sight of a leaky boat on the horizon to disrupt it?
Am so glad SYB wrongfooted Rudd last week, the nation would be comatose again, but for him.

I told you so. The Quigginettes were always ignorant about society, economics, finance, and history.

Now, how do we remove their dangeroud influence from the universities?