Short-term stupidity (letter)by Gavin LawrieNews Weekly
, June 21, 2008
Why do successive federal governments and the Australian people continue to tolerate an uncontrolled, unelected and faceless Reserve Bank board wielding the power to plunge the economy into paralysis?
Why isn't the central bank controlled by and answerable to the central government representing the people? Because it shifts responsibility away from Canberra. Just how they like it.
Overlaying this economic impotence is its total lack of control of rogue banks which continue to make billion-dollar profits.
Aah! the short-sighted stupidity of a previous government flogging off the Commonwealth Bank for one year's short-term financial gain, but with the loss of long-term financial supervision.
In seven months since the changing of the guard in Canberra, we have a combination of a national economy going from boom to near paralysis, combined with strikes and rumours of strikes.Gavin Lawrie (solicitor),