Walk The World
The released terms of reference for the review of the RBA are limited, and specifically excludes APRA – thus credit creation, and omits reference to the Council of Financial Regulators, the peak influential body, which includes RBA, APRA, ASIC and Treasury.
Thus while the focus on the board, culture, and objectives are laudable, the terms of reference are clearly architected to avoid some of the most fundamental issues. A major opportunity lost, neo-liberalism wins again…
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Caveat Emptor! Note: this is NOT financial or property advice!!
Podcast edition: https://episodes.castos.com/dfa/6232b918-ad32-4d61-b0c4-0ce3ed11ea77-RBA-Review.mp3
I suppose they need the enquiry to change the rules they haven't destroyed the purchasing power of the currency quick enough yet to bring in all the digital surveillance carbon credit electronic jail system
Pity a decision to copy some successful central bank's processes can't be made. It would save time and money but it seems there are no successful central banks to copy. Perhaps central banks are the problem. Can't see a review suggesting RBA's abolition though – there's so much vested interest in maintaining it.
Fuck em off go decentralised!!
The RBA is beholden to the political class
I bet they won't look into the RBA's gold reserves that are supposedly safely stored at the BoE! Are they really there? If we ask for them back will they comply? Also transport it home on Australian Royal Navy Ship please!
Well said Martin 👏
it's always strictly lip service
Whatever happens, savers will be screwed and gamblers will be rewarded.
I wouldn't even give Dr Charmers a score for his performance. The fundamental problem is the Electors (the true Australian Government) who are the Australian public were not asked to participate in this review of the RBA. Instead, you got a bunch of overseas people who would hijack the agenda of the review so much as to ensure that the Central Bank will have the freedom to do what it likes at the expense of the poor to middle class because they all work closely with the global banking cartel who supports the World Economic Forum's mantra quote "You will own nothing and be happy."
They only cop heat when asset values drop.
All government departments do this and continue to get a pat on the back for crap work. They pay ex QCs to write a glowing report with a few changes thrown in. $1.2mil thank you see you next year. DET, Police, Transport and public services NSW.
THIS IS WORSE BECAUSE IT WILL NOT HOLD THE BRAIN DEADS ACCOUNTABLE.
5/10 Is generous Martin. I have read these reports over the past 25years and are whitewashed through a 5min sound bite.
Yes the RBA has inappropriately made comments regarding a number of hot topics but I cannot help but consider them as a loose guide given RBA’s poor history. Even I could see that rates should have risen October/November last year and therefore made my own decisions. Too many are sheep and should be doing there own homework instead of blaming others for taking out that million dollar loan. As for Jim C, I’m sure he’s stuck between a rock and a hard place and has to tippy toe around the issue. My first impression of Jim is that he’s less of a used car salesman like Josh was.
Here is 1 for you. The USA as of May, Has 1.6 million properties 30 to 90 days overdue on a mortgage payment. currently 176,000 are in foreclosure. Your thoughts, is it 2010 again for us in Oz. It takes 12 to 18 months for the US to crash to hit us. Here is the link. Time 6.20 ish data charts. https://www.youtube.com/watch?v=8HTbFvlNvz0
Surely the RBA actions are limited as it has to align with the US Federal Reserve, or face significant international credit market and currency turmoil ?
They entire monetary system is very old, in the past much of what bureaucrats do, was done by the workings of the markets.
Markets are not anything but the combined wisdom of several billion folk.
It is utter folly to think that a relative handful of 'experts' know how the conglomerate functions, and can pull levers and twist data points, to get the economies of the world to 'work'.
It the same as having a very few commanding a centralised system, it never ever has worked, and cannot do so.
The entire system must be left alone to operate of its own volition, like a pod of whales in the ocean.
Who would direct the whales?
Only meddlesome duffers.
And that's what we have!
Richard Werner should be reviewing the RBA…let’s be honest it’s pointless will be a self serving white wash…I doubt the people doing the review even understand what money is 🤷♂️
My question would be," who sits at the head of this bank worldwide and makes these decisions? ".
5:43 wish more people understood this point.
Political appeasing the public! Read between the lines here, Chalmers knows the s#it will hit the fan? Lowe’s speech today just stated the rate rise course is not changing!
No politician ever calls for an investigation unless they already know the answer will be the one they want.
Excluding APRA’s functions from the review is an egregious cop out 😠
I thought as much not surprised whatsoever
You can do all the reviews you want, implementing is a different story, ie the Henry review, nothing will happen as usual, it's the illusion that something is happening thats most important to politicians
Question 1….Where's our gold?
Celestial Fireworks or a Damp Squib?
Yep Martin, but it's a Start and maybe Other Countries will Review their Central Banks Performances, as well….Australia did well before the RBA was Instituted in 1959, when it had The Commonwealth Bank Of Australia, owned by The Govt since 1911…Former PM Harold Holt had a lot to do with getting The RBA up and running, when he was Treasurer in The Menzies Govt in 1958. Australia's Economy has been on a Roller Coaster since 1959, with The RBA Controlling the Cash Rate….Cheers from Damo.😊
Surprise, surprise, another economic labor puppet who has been ordered to keep the Australian population in an ever tightening tax chokehold. They want us in eternal debt to the BIS
corruption at every level and in every corner
Labor is concern about defending the asset bubble because if property prices fall significantly (as they need to address societal and economic structural issues), labor gets blamed and become a one term government.
The rich stay rich by spending like the poor and investing without stopping then the poor stay poor by spending like the rich yet not investing like the rich
Governments don't want interest rate rises because it hurts them in the polls. Labor is particularly sensitive because the Libs campaign on the garbage mantra that "interest rates are higher under Labor". Other governments around the world have outright demanded that interest rates not be raised, or where they have control themselves (e.g. Turkey), they haven't. I'm pretty sure that's what this is about
ALP and Liberal party, different faces of the same coin. Waste of time, not surprised.
Hi Martin. A while ago, if recall correctly, an Australian representative was sent to London to confirm Australia’s gold tonnes held there. Was there ever any feedback given to the public about the “investigation”?
Waste of tax payers to get a slap on the wrist! Lay the boots in now!
So many smart and gifted people in aussie…but they are overwhelmed by all the dumber aussies who want to keep building buildings!!!
Look at em! They cry…progress!!!
10-20 years down the track so many will be unliveable and knocked down for safety.
But the pollies love to see physical, tangible, despite all other facts about human life and how to better it..
Build it !!!! And they will come!!!
Yeah, nah, who will come?
Did we ever see the receipt of that 1billon 4 that USA oil 💸💸💸🤔🤔🤔
Martin you are 100% correct. All the half baked reviews always deliver the same thing. Not much
Even a brain dead low life Lowe knows artificial low interest rates and QE funny money printing is the root cause of inflation!
Add in bad government policies and we have this trifecta.
10 out of 10 if you consider the role of the federal government (Labor or Libs) in Australia's housing ponzi is to appear to be doing something about runaway house prices while actually doing nothing.
I tend to think entire project is to get labour union people board seats
Unless ANY enquiry does not include the importance of monetary policy and the external account – then it is a FRAUD! The whole mandate of the RBA in only looking at inflation as a limiting factor for m oney supply is total BS and has resulted in the sell-off of almost every important industry to interests. How is that good policy?
Interesting that Hobart property listings are increasing daily, I wonder if they get their asking price…I don’t think so