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Paul Keating warns Coalition about reducing deficit; Keating gives Abbott a masterclass
Topic Started: 9 Dec 2013, 09:26 PM (696 Views)
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Paul Keating warns Coalition about reducing deficit

GLENDA KORPORAAL AND PAUL KELLY
December 09, 2013 12:00AM

THE world's central banks have taken over running the global economy in a "leaderless world", says former prime minister Paul Keating in an interview for the 30th anniversary of the floating of the dollar on Thursday.

Mr Keating said the major central banks had saved the economy from near depression in the wake of the global financial crisis and were now the effective economic powerbrokers in a world where there was little real political leadership.

“The world is fundamentally unled…Fiscal policy is not led in America by the secretary of the Treasury and there is no European fiscal union…Therefore central banks have stepped up to take the responsibility for the absence of political leadership in fiscal policy.”

He also warned the government not to be too aggressive about reining in the deficit.

“We should be wary about trying to artificially pull the budget back into surplus prematurely,” he said.

“I think it would be a mistake for ambitions about the return to surplus taking precedence over the budget’s role in supporting the economy in what is a very, very soggy world of activity.”

”The central banks have stepped up to take responsibility for the absence of leadership in fiscal policy,” he said.

”Formerly, central banks have been monetary authorities. We are going to move from the macroeconomic world to a macro-prudential world where central banks determine the prudence with which banks and financial institutions lend.

“This will mean capital ratios, the ability of banks to invest in their own behalf, proprietary trading — all of these things are going to be determined by central banks. This is not simply central banks doing as they formerly did,” he said.

Mr Keating said this would be a positive development as the central banks of the world were moving to become a “reinforcing arm of national policy, outside of the political system”.

Read more: http://www.theaustralian.com.au/national-affairs/policy/keating-warns-coalition-about-reducing-deficit/story-fn59nsif-1226778264183#
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Keating gives Abbott a masterclass

December 9, 2013
Ross Gittins

With our neophyte Prime Minister and his Treasurer struggling to find their feet - and a direction to travel in - let's hope they've been watching the ABC's interviews with Paul Keating. If not, they're out on DVD this week.

For those of us who lived through the Hawke-Keating government's extraordinary 13 years - and those who didn't - Kerry O'Brien's four interviews are a reminder of Keating's indisputable claim to be our greatest, most reforming, treasurer.

If you're tempted to doubt that, consider Business Council president Tony Shepherd's description of our economy in the early 1980s. Keating had described it as a ''moribund, inward-looking industrial graveyard'' and he'd been right, Shepherd said.

''We had a fixed exchange rate, tariffs [on imports] were still high, we were frightened of Japanese investment … our financial system was tightly regulated, our industrial relations system was centralised, complex and unproductive, and just about every service was provided by the public sector. State ownership extended to banks, insurance, telecommunications, airlines, ports, shipping, dockyards, electricity, gas etc,'' Shepherd said.

Keating was the instigator of virtually all those reforms. And though many of them weren't opposed by the Coalition opposition, they were radical reforms - brave steps into the unknown - controversial in the community, including among many Labor voters.

O'Brien's interviews reveal Keating in all his strengths and weaknesses. His self-congratulation (''there's nothing there to be humble about''), bravado (''what I love about the Road Runner is he runs that fast he burns up the road behind him; there's no road left for the others''), colourful language (''a pimple on the backside of progress''), disposal of people who got in his way (Bob Hawke, for instance) and revenge against supposed enemies (''don't get mad, get even'' - including with Fairfax).

But no leader of this country since John Curtin has more cause for self-congratulation than Keating. No leader is without character failings and Keating's were outweighed by his contribution.

If Tony Abbott and Joe Hockey want their chapter in Australia's economic history to be half as glorious as Keating's there's much they could learn from him, starting with his clear sense of purpose. ''I had to make sure this slothful, locked-up place finally became an open, competitive economy.''

His vision was of ''an efficient, competitive, open, cosmopolitan republic, integrating itself with the Asian region''.

''To do what's right and good gives you the surge. Without the surge, what are you? You're just mucking around with tricky press statements, appearances and 'doorstops'.'' - ''You make the political strategy around good policy rather than around trickery.''

Keating was a man of courage. ''I always believed in burning up the government's political capital, not being Mr Safe Guy.'' - ''You're nobody until you attract a good set of enemies.'' - ''If you run hard enough and fast enough for a great change you'll get it.'' - ''Statecraft and nation building are about taking the risks and moving the country on.''

And a man of toughness. ''Nations get made the hard way; nation building is a hard caper.'' - ''You've got to elbow your way through.'' - ''In the end, if you want to get the changes through you've got to hold your nerve and squeeze the system.''

Does that sound like any present politician? Last week Hockey said he had an ''economic plan'' focused on building economic growth. Great. At last. What is it?

Read more: http://www.smh.com.au/business/keating-gives-abbott-a-masterclass-20131208-2yzap.html
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Pig Iron
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Bogan scum

atleast ross has given up pretending he writes balanced articles.
I am the love child of Tony Abbott and Pauline Hanson
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miw
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Of course the coalition didn't oppose the reforms. They essentially followed the Campbell report, a document that came out when Howard was treasurer, but which Fraser was too pissweak to address. Legend has it that Howard left only one document in the treasurer's office when he moved out - the Campbell report.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
AREPS™
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peter fraser
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miw
9 Dec 2013, 10:53 PM
Of course the coalition didn't oppose the reforms. They essentially followed the Campbell report, a document that came out when Howard was treasurer, but which Fraser was too pissweak to address. Legend has it that Howard left only one document in the treasurer's office when he moved out - the Campbell report.
I have heard Keating say that he and Howard worked well together implementing the changes to the banking system during the eighties. In the end it was Keating who dropped the ball with the GST and Howard implemented that in 2000.

I have a lot of respect for Keating as a reformer, but I don't think that Howard gets the kudos that he deserved as a reformer as an opposition leader and in his early years.
Edited by peter fraser, 9 Dec 2013, 11:06 PM.
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Count du Monet
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THE world's central banks have taken over running the global economy in a "leaderless world", says former prime minister Paul Keating in an interview for the 30th anniversary of the floating of the dollar on Thursday.


Of course it's leaderless. A world with leaders is difficult to take over. Divide and Conquer.

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I have a lot of respect for Keating as a reformer,
Keating is a non entity.

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but I don't think that Howard gets the kudos that he deserved as a reformer as an opposition leader and in his early years.


For his participation in the assault on Iraq, I'd crucify him with nails. Those Romans had such a darn good idea for slime like Howard. He is a war criminal and deserves death....a slow one! :D

Edited by Count du Monet, 9 Dec 2013, 11:41 PM.
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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