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Paul Keating explains world economic crisis

Discussion in 'The Pub' started by movin, Feb 3, 2009.

  1. Was up late waitng to feed baby his bottle and happen to flick over to lateline on ABC where Tony was interviewing Paul Keating on 'world economic crisis.'
    For those Netriders too young to remember, Keating was ex treasurer and Prime minister of Oz. Love or hate him, they dont hand of keys to the countries safe and cashola to a total eejut and same goes for PM :-k although George W kinda debunks that theory but prig didnt even win on votes anyways-but thats another kettle of fish.

    Keating shall forever be remembered for his remark "This is the recession we had to have". He was captain at the helm during the 80's when interest rates reached 17-18%. Despite whether you love or hate him, he isnt an idiot and is a very well connected man with more credible sources of information to draw upon than most.
    This interview on lateline last night was first time Iv'e had the 'World economic crisis' explained in terms and implications that laymen like mwah could understand :shock: and it aint good :? With statements like the worlds top 200 financial institutions have lost 74% of their wealth, wiped out :shock: Well most of it never really existed in first place and there was part of problem. Finally someone called in the debt and bluff and States was left with a poker face and creppy hand according to him.
    Judge for yourself.


    Scroll down to story on right hand side just under 'justice kirby retires'
  2. Yeah, he does a very nice job. Love or loathe his policies and persona, he's a very bright man who takes the large view of the world economy and has the knowledge to back it up.
  3. New World Order required......
  4. Thats the way that the banking system works - institutions create money and loan it out. When "bank runs" occur the system stuffs up and the reserve/central banks and governments then need to react in an attempt to patch the system; ready for the next cycle.
  5. I don't really "like" economics but that was a very good interview. Thanks for the link :)
  6. Now we just need Kevin Rudd and Wayne Swann to wake up...

    Maybe replace Wayne Swann with Kev's Wife and Australia might just go somewhere but down.
  7. He certainly comes across as a very smart man with a lot of answers.
  8. Every other government in Australia's history has been thrown out for something it did, or didn't, do.

    This one will be the first to be thrown out for doing nothing.....
  9. In all honesty, what would you suggest whilst most of the world is in recession? The government is putting measures in place but this type of calamity doesn't happen on a regular basis.

    On top of that, society and consumerism have changed since the last massive downturn so the effects of "fixes" that worked last time have changed aswell.

    I'm not a flag waving Labor supporter (infact I'm neutral) but it annoys me when the opposition comment in the media about the current government not being able to manage the economy with all the current crap thats hitting the fan.

    That last comment wasn't aimed at you Hornet... just a vent :)
  10. This coming from someone who said this government would not get elected.
    This coming from someone who said a Black man could not get elected president of the USA.
    This coming from someone who said Obama was elected because of the mysterious "black lobby"
    This coming from someone who believes the earth is 6000 years old.

    Is there a pattern developing here?

    Rudd has been rather proactive rather than reactive which is not a bad thing.
    Investing in infrastructure is never a bad thing, particularly in times of a downturn that was enforced upon us by factors out of Australia's control.
    Cutting interest rates to an all time low is not a bad thing.
    Cutting inflation is not a bad thing.
    All the triggers for a resurgence in the economy are in place, it's just a matter of riding out the tide until it turns favourably.
    I'm glad we are here in Australia rather than Europe or the USA in this current economic climate.
  11. I'd be interested in what he thinks should be happening instead?

    perhaps Bishops plan on reducing tax to increase tax revenue?

  12. I can see how opposition comments may not be appealing...

    But Australia's market is still heading down. Pooring in a further 20bn will be a dead loss. It won't make a difference, just like the last lot.

    He should wait untill it balances out then start the economy back up, rather than while its still headed south.

    Just a waste of tax money.
  13. If the Vatican looked in its coffers it could probably get 2 of the major countries out of recession :LOL:
  14. I get where you are coming from, but couldn't you also view that as damage control? If the hole isn't so deep it won't be as much of a struggle to haul our arses out perhaps.

    It may be hard to see the cash doing anything, but no one can say how much worse it would be without it.
  16. #16 dru, Feb 3, 2009
    Last edited by a moderator: Jul 13, 2015
  17. I quite liked him at the time, mainly because I thought he was right and he was always good for a laugh.

    The funny thing is I hated Fraser when he was in power. I thought he was the most infective leader we've ever had. Since his retirement I think quite highly of him.

    I think without party political pressure, without a short term media cycle, without the pressure for re-election and more time think over their true point of view, there experience and intellect come to the fore.

    I doubt I'll think positively of Howard however.
  18. Only if he doesn't post in this thread again. :LOL:
  19. :LOL: :LOL: :LOL: :LOL: Post of the year
  20. I thought Keating's comments on our banks were particularly interesting: they've weathered the storm much better than most other banks in the developed world, and had much less exposure to the sub-prime crisis, partly due to good prudential regulation in Australia and, as he notes, partly because they got burned before.