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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Sun Jan 13, 2008 9:18 am Post subject: Taxes, Money and Surpluses: Fact and Fiction |
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By: Gerard_Jackson
John Stone's somewhat harsh criticism of the Howard government's fiscal policy was fully justified. ( Mr Costello's repeated budget failure , National Observer No. 73 - Winter 2007). However, Stone's comments on government revenues and budget surpluses missed a very important question: what generated such huge government revenues and massive surpluses? There was a time when the answer would have been self-evident to any economist worth his salt.
From March 1996 when Howard won his first general election to October 2008 currency increased by 111 per cent, bank deposits by 180 per cent and M1 (currency plus deposits) expanded by 164 per cent. This is an astonishing and unprecedented monetary expansion. Yet it is totally ignored by our commentariat, including those who are supposed to have some economic training. It has become increasingly clear that for these people and I include Treasury and Reserve Bank officials money does not matter with respect to economic activity. I would go even further and say that they do not even have a working definition of money let alone any concept of its nature.
It's as if the great debate on monetary policy that is known as the "bullion controversy" never took place. One thing is for sure, the wisdom that flowed from that debate has long since been lost to the vast majority of the economics profession. The result has been the inability of economists to link Australia's current account deficits and mounting foreign debt to the Reserve's reckless monetary policy. This has led economic illiterates like Simon Crean, Federal Trade Minister, to declare that the current account deficit is a structural problem that requires you guessed it more government interference and increased spending.
http://www.marketoracle.co.uk/Article3231.html |
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