Australian Politics Forum - Labor Letting The RBA Crash The Economy

John Smith

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Re: Labor Letting The RBA Crash The Economy
Reply #60 - Sep 12^th, 2024 at 2:32pm

Gnads wrote on Sep 11^th, 2024 at 6:06pm:

John Smith wrote on Sep 10^th, 2024 at 6:50pm:

goosecat wrote on Sep 9^th, 2024 at 8:45pm:

The reality is; these are the current tools we have and they wont/cant be suddenly changed no matter what your view. The RBA is doing exactly as it should.

The RBA needs to update it's tools. Raising interest rates puts more money in the economy for those with the most disposable income (self funded retirees). The only ones that tighten their belts are those with the least disposable income.

There are approx. 1.9m self funded retirees handed extra money to spend every time rates are increased. Thats a lot of extra money in an economy they are trying to slow down.

Not just them .... it's anyone who has money in bank accounts or invested.

How much have you got either in your bank account or invested?

Let alone you property portfolio.

Phuk off with you hypocritical boomer bashing.

You wouldn't be here without them. Roll Eyes

oohh, does precious need a hug? Cry

You understand economics like you understand Zwahili .... not at all. Pointing out a flaw in current policies is not boomer bashing you stupid decrepit fool

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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thegreatdivide

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Re: Labor Letting The RBA Crash The Economy
Reply #61 - Sep 13^th, 2024 at 5:17pm

goosecat wrote on Sep 12^th, 2024 at 2:04pm:

the inability to understand the importance of actually saying and demonstrating the maxim; "bugger you price gouging suppliers, we're not paying that,"
If it requires better education throughout the education system at all levels to grasp that foundational truth, then that is another target to aim at.

Your error: some products and services are essential (non-discretionary) purchases; the RBA - following your obsolete orthodoxy - blithely ignores that reality.

But you are correct in that the RBA is only 'following the current rules of the system', which is why it is "crashing the economy" to control inflation, as examined by ABC's business reporter Gareth Hutchins:

https://www.abc.net.au/news/2024-09-08/is-the-reserve-bank-to-blame-for-people-s...

Is it the Reserve Bank's fault that some people might have to sell their homes?
........

Hutchins concludes: "What will it take for policymakers to explore alternative ways of doing things, as Phil Lowe suggested, so the burden of inflation control is felt more evenly by the community?

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« Last Edit: Sep 13^th, 2024 at 5:24pm by thegreatdivide »

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goosecat

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Re: Labor Letting The RBA Crash The Economy
Reply #62 - Sep 16^th, 2024 at 9:44am

thegreatdivide wrote on Sep 13^th, 2024 at 5:17pm:

goosecat wrote on Sep 12^th, 2024 at 2:04pm:

the inability to understand the importance of actually saying and demonstrating the maxim; "bugger you price gouging suppliers, we're not paying that,"
If it requires better education throughout the education system at all levels to grasp that foundational truth, then that is another target to aim at.

Your error: some products and services are essential (non-discretionary) purchases; the RBA - following your obsolete orthodoxy - blithely ignores that reality.

But you are correct in that the RBA is only 'following the current rules of the system', which is why it is "crashing the economy" to control inflation, as examined by ABC's business reporter Gareth Hutchins:

https://www.abc.net.au/news/2024-09-08/is-the-reserve-bank-to-blame-for-people-s...

Is it the Reserve Bank's fault that some people might have to sell their homes?
........

Hutchins concludes: "What will it take for policymakers to explore alternative ways of doing things, as Phil Lowe suggested, so the burden of inflation control is felt more evenly by the community?

It ignores nothing of the kind and that is the problem with low level IQ assumptions. RBA economists and board are well aware of essential services and the percentage of spend, as if they wouldn't be lol. Even proposing that sort of thinking indicates the child-like shallowness of your understanding.

As should be obvious to even the most basic level of comprehension; If you want governments to have further individual governmental control of markets and pricing of individual categories of spend, or demand control, then that is where your effort needs to go.

Once again, the RBA is doing exactly as it should, with the tools it has.

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« Last Edit: Sep 16^th, 2024 at 10:26am by goosecat »

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thegreatdivide

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Re: Labor Letting The RBA Crash The Economy
Reply #63 - Sep 16^th, 2024 at 1:03pm

goosecat wrote on Sep 16^th, 2024 at 9:44am:

thegreatdivide wrote on Sep 13^th, 2024 at 5:17pm:

goosecat wrote on Sep 12^th, 2024 at 2:04pm:

the inability to understand the importance of actually saying and demonstrating the maxim; "bugger you price gouging suppliers, we're not paying that,"
If it requires better education throughout the education system at all levels to grasp that foundational truth, then that is another target to aim at.

Your error: some products and services are essential (non-discretionary) purchases; the RBA - following your obsolete orthodoxy - blithely ignores that reality.

But you are correct in that the RBA is only 'following the current rules of the system', which is why it is "crashing the economy" to control inflation, as examined by ABC's business reporter Gareth Hutchins:

https://www.abc.net.au/news/2024-09-08/is-the-reserve-bank-to-blame-for-people-s...

Is it the Reserve Bank's fault that some people might have to sell their homes?
........

Hutchins concludes: "What will it take for policymakers to explore alternative ways of doing things, as Phil Lowe suggested, so the burden of inflation control is felt more evenly by the community?

It ignores nothing of the kind and that is the problem with low level IQ assumptions.

You wrote:

(Low IQ people showing)

the inability to understand the importance of actually saying and demonstrating the maxim; "bugger you price gouging suppliers, we're not paying that

.

That says consumers have to tell Coles and Woolies (who have 70% of the retail food market) "we aren't going to buy food until you lower your prices".

What do you think you imagined you said?

Quote:

RBA economists...

...who are f**kwits who think its ok to increase unemployment and force mortgagees to sell their homes to control inflation (as Hutchens examined).

Quote:

....and board are well aware of essential services and the percentage of spend, as if they wouldn't be lol. Even proposing that sort of thinking indicates the child-like shallowness of your understanding.

Bullock was the complete and utter fool who said expenditure on haircuts and dental treatment was causing inflation.

Quote:

As should be obvious to even the most basic level of comprehension; If you want governments to have further individual governmental control of markets and pricing of individual categories of spend, or demand control, then that is where your effort needs to go.

Exactly, but the problem is obsolete mainstream neoclassical economists including the fools running the RBA DON'T want governments to take control of markets; and politicians are committed to the 'independence' of the RBA so they ALSO don't have to be responsible for demand control.

Quote:

Once again, the RBA is doing exactly as it should, with the tools it has.

So you are incapable of exploring the urgent need for alternative RBA tools, as Hutchens called for.

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goosecat

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Re: Labor Letting The RBA Crash The Economy
Reply #64 - Sep 16^th, 2024 at 1:39pm

thegreatdivide wrote on Sep 16^th, 2024 at 1:03pm:

Bullock was the complete and utter fool who said expenditure on haircuts and dental treatment was causing inflation.

Ah.. so you're another one of the idiots whinging about cost of living increases whilst sipping your X% price increased coffee, through your X% price increased newly whitened teeth after having your X% price increased perm and colour done.

Honestly the economic discussion doesn't need non-comprehending juveniles like yourself anywhere near it. If people are still undertaking those kinds of spends, unchecked by an increased cost burden, then we haven't done enough to fight off the society destroying inflation beast.
Now go and take a drive in your X% price increased new car and have a whinge about that as well Roll Eyes

The fundamental never changes in any system. If you keep buying the price increases, the increases keep going. For the sake of all citizens and to stop baked in for years/decades loss of buying power, people like you, without the brains to understand unchanging fundamentals, or at least as many as can be affected, have to be forced to stop buying the increases.

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« Last Edit: Sep 16^th, 2024 at 4:08pm by goosecat »

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thegreatdivide

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Re: Labor Letting The RBA Crash The Economy
Reply #65 - Sep 17^th, 2024 at 11:31am

goosecat wrote on Sep 16^th, 2024 at 1:39pm:

thegreatdivide wrote on Sep 16^th, 2024 at 1:03pm:

Bullock was the complete and utter fool who said expenditure on haircuts and dental treatment was causing inflation.

Ah.. so you're another one of the idiots whinging about cost of living increases whilst sipping your X% price increased coffee, through your X% price increased newly whitened teeth after having your X% price increased perm and colour done.

Notice: you can't address what Bullock actually said (following her mainstream neoclassical idiocy) so you attempt to change the narrative displaying your own idiocy, namely, attempting to show non-discretionary spending is discretionary. Why are food prices increasing?

Quote:

Honestly the economic discussion doesn't need non-comprehending juveniles like yourself anywhere near it. If people are still undertaking those kinds of spends, unchecked by an increased cost burden, then we haven't done enough to fight off the society destroying inflation beast.

I ask again, why are food prices increasing?

Quote:

Now go and take a drive in your X% price increased new car and have a whinge about that as well Roll Eyes

Most people suffering the current cost of living crisis aren't buying cars, they are forced to choose between paying rent, or sellling their home, or turning on the heater, or buying healthy food.

Your classical economics' blindness is egregious.

Quote:

The fundamental never changes in any system.

If you are ideologically blinded by "the dismal science" - obsolete in a world of plenty.

Quote:

If you keep buying the price increases, the increases keep going.

That's right, which is why the Greens want rent controls.

The actual solution to rising house and rental price increases is recreation of a public housing department; the private sector has created the current massive market failure - to house everyone affordably.

Quote:

For the sake of all citizens and to stop baked in for years/decades loss of buying power, people like you, without the brains to understand unchanging fundamentals, or at least as many as can be affected, have to be forced to stop buying the increases.

Addressed and refuted above; you are merely displaying the egregious results of blind, obsolete economic orthodoxy.

Start using your brain:

If the treasury of a currency-issuing government issues 'debt' (via money created out of thin air), to whom is the 'debt' owed?

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