Black Swans and Christmas turkeys:
Niall Clugston writes: Re. “Power Shots: can Swan beat the banks? … biggest Power fails of 2011 …” (yesterday, item 14). Well, in fact, Australian parliaments have all the power that previously resided with absolute monarchs. The only real restriction is the federal constitution, but that doesn’t mention interest rates. Yes, they have the power.
But the truth is, the federal government has been appeasing the banks for decades. They privatised the Commonwealth Bank. In the name of competition, they produced a narrower oligopoly. And they proudly proclaim the independence of the Reserve Bank, abdicating the most basic responsibilities of a democratic government.
Does anyone care? The real question is: does anyone notice?
Rundle on Europe:
Gabe McGrath writes: Re. “Rundle: Cameron’s bulldog image in danger of losing its balls” (yesterday, item 3). Dear Guy Rundle, next time you’d like some sort of cute metaphor to introduce the pretty unimportant matter of the UK Tory party’s EU policies, perhaps you could NOT choose a road accident, with seven deaths?
Those of us Crikey readers — who’ve actually lost a loved one in a road accident — would be grateful.