The revelation in the minutes of the RBA’s February meeting that debate focused, not on whether there should be a rise, but on whether it should be 0.25 or 0.5 per cent, shows that the RBA wagers that the threats to the Australian economy are upside ones–tighter labor markets and higher inflation–rather than downside ones–a global slowdown as asset markets collapse during a credit crunch. The February minutes implied that the RBA might really throw its cards on the table at the March meeting, with a 0.5% rise being a distinct possibility.
On March 28, I’ll be launching Eric Aaron’s latest book Market versus Nature: The social philosophy of Friedrich Hayek. The venue is:
Gleebooks – 49 Glebe Point Road
Time: 6pm for drinks before a 6.30pm start; finish by 8.30pm
Stuart Cameron’s new company Rife Media has started a Debtwatch Podcast page:
The Podcast will still be hosted here as well, but it will probably appear first on Rife Media’s page as Stu does the production.
The Fabian Society has organised a talk on the above topic for this Wednesday at Gleebooks:
When: 6.00 for 6.30pm,
Where: Gleebooks, 49 Glebe Point Road, Glebe.
Cost: Non-Fabians $10/$7. Members are free — please show your membership card to obtain free entry.
Note to Subscribers: I have been on study leave in Europe for the last month, and get back to Sydney late on Monday February 4th. I will be available for comment from the morning of Tuesday February 5th.
Chart of the Month: Who’s having a housing bubble then?
I’m currently in Norway, and was invited to talk on the global debt crisis to a local discussion group. They videotaped the talk, and put it up on Google Video. The link is:
There is also a copy on my site–with the opening trivia about how I met my Norwegian host and fellow researcher Trond Andresen deleted:
I’ve been researching in Europe and too busy to maintain the blog for a while, for which I apologise. Hopefully I’ll get back to it when I return to Sydney next week. In the meantime, I had the following Soros article recommended to me, and it’s an excellent commentary on the credit crisis:
The Debtwatch Podcast is now operational. To hear the first interview, download it, and/or subscribe to the monthly feed via Itunes or similar software, please click on the link below:
To subscribe directly, simply copy and paste the link below into your podcast software:
By the kind auspices of Stuart Cameron of Cameron Media Technology Pty Ltd, Debtwatch is now going “pod”. Each month’s report will be accompanied by an interview, which will be available for download and subscription via Itunes (etc.).
A major issue in this election campaign has been experience. Both parties accept that experience as an economic manager matters, and Howard and Costello regard it as their one trump card.But experience can be misleading if it teaches a rote set of behaviours, and then circumstances suddenly change. The colonisation of Australia almost failed because farmers used their experience in England and Ireland to guide their farming practices in Sydney. The colony only survived because ultimately it adapted its farming practices to this new land (and because it received some help from Indonesia) .