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Wake up, yer drongos!

Discussion in 'The Economy' started by wdongli, 15th Apr, 2011.

  1. wdongli

    wdongli Well-Known Member

    Joined:
    31st Mar, 2010
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    1,292
    Location:
    Perth
    RBA to USA: Wake up, yer drongos is a link to a very interesting article, "RBA to USA: Wake up, yer drongos."

    The author tried to translate what RBA governor talked to the policy makers as the followings:

    “You're a bunch of nongs. You're totally wrong about the whole China-stole-my-lunch thing. You can't see past the tip of your own noses because you've got them planted up your own backside. It's actually not all about you, kiddies," based on the following analysis:

    You could find other interesting points but it is important to notice that "So the populist American China bashing, the dangerous protectionist ranting about China unfairly stealing American jobs, is hopelessly wrong. Trying telling that to the loopier ends of both the Democrat and Republican Parties. It is so much easier to wrap yourself in the flag and blame other people for your problems than to face up to hard policy decisions."

    All of people should know "Global trade and interactions are not simple black-or-white animals that can be reduced to the comprehension of Fox News presenters, let alone their audience."
     
  2. wdongli

    wdongli Well-Known Member

    Joined:
    31st Mar, 2010
    Posts:
    1,292
    Location:
    Perth
    It is not only the game in town, isn't it?

    1. The RBA has become very good at trying to put in perspective the rise and rise of Asia in general and China in particular since it realised that our economy is the Asian economy, not that of North America.

    2. In a series of speeches, the various degrees of RBA governorship have tried to make Australia wake up to the changes that emerging Asia heralds.

    3. It's not just the biggest game in town, it is the biggest game in the world, it is the game. (Assistant governor Philip Lowe in particular can be relied on to produce a few nifty statistical examples to make the revolution graspable – as the governor did on Wednesday.)

    ***
    1. “It does not help, in my judgment, that so much of the discussion takes place through a bi-lateral prism – particularly the US-China current account prism.

    2. Twenty years ago the prism was the US-Japan balance. The issues are multi-lateral, not bi-lateral. The US trade deficit was pretty widely spread for many years. It wasn't just with China.

    3. Over the past decade, the United States had a trade deficit with 13 of the 18 other countries in the G-20 (of the five surplus positions, the largest was with Australia).

    4. This bi-lateral focus can be quite troubling, and not only because it risks over-simplifying problems and therefore lessening the likelihood of solutions. It can be troubling for a host of small countries, which worry about the potential for more widespread effects of solutions that may be attempted.

    5. This is why it is so important that the problems be considered, and resolved, in a multi-lateral setting.

    6. Hence the importance of the international financial institutions, and of fora like the G-20, in providing the table around which these discussions should take place.”

    ***
    Any nation and individual "is in serious danger of stuffing itself and "not being able to comprehend the bigger picture, not being able to accept the evolving world, by being stupid. Climb down from the high horse and join the rest of us in the common cause of trying to develop a better world. Wake up to yerselves, yer drongos.”