COMMENT;

The Reserve Bank is driving down interest rates to record lows to get us to borrow and spend more to pump up the economy. I sometimes feel like an economic pariah but does anyone else find this bizarre given the huge mountain of private debt we are already have? We are being encouraged to take on more debt to "save" the economy. The Emperor has no clothes.

What is happening, both here and abroad, is the death throes of an economic orthodoxy that has dominated global thinking since the 1970s. It's called monetarism, though it's a bastardised version.

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