How exactly more credit and a cash binge will support asset values escapes us. But it’s possible that Australia is now in lock-step with every other central bank and government in the world, and that all monetary roads lead to Zimbabwe, where a brave but brittle paper currency has gone to its god like a soldier, to paraphrase Rudyard Kipling. Rest in peace, Zimbabwe dollar. Robert Mugabe and Gideon Gono have blown out your brains and gutted the Zimbabwe economy…
January 30th, 2009 | Dan Denning | 2 comments | ContinuedAll Posts Tagged With: "interest rate cuts"
Mail From Our Dear Readers
Today’s Daily Reckoning is brought to you by your fellow readers. That is, your editor has been busy putting the finishing touches on the January issue of Diggers and Drillers. In the meantime, you can read some of the wit and wisdom of the DR Australia’s world-wide fan base. Happy Australia Day and see you Monday!…
January 23rd, 2009 | Dan Denning | 2 comments | Continued
Deficit Spending in Australia Reaches a New Era
What to make of the world today? You have interest rate cuts in China, bombings in India, wretched economic data in America, onerous taxes in Great Britain, and a new era of deficit spending in Australia. If this were a Bad News Digest, we would have to print an extra edition today. Let’s start with the news in China. The central bank there cut one-year interest rates by over one percent to 5.58%…
November 27th, 2008 | Dan Denning | 4 comments | Continued