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The Ultimate Showdown In Context – What Did JA Say In April 2020?

This Tuesday, 17 January 2023 at 8pm, Senator Gerard Rennick and our own John Adams will be going head-to-head in a live debate on YouTube which will be shown on the Walk the World YouTube channel.This debate, dubbed the “Ultimate Showdown”, will be a clash of economic perspectives.

https://youtu.be/DPZNSTeAFkk

However, any debate about economics and the Australian economy in 2023 cannot occur without discussing the tumultuous events of the COVID-19 pandemic and how this pandemic was managed both from the stand-point of economic and health policy. Given this context, it is worth remembering what Adams said at the start of the pandemic.

On 11 April 2020, John Adams published a 6,000-word essay title “Australia has been economically destroyed in 4 weeks”. On 20 and 28 April, Adams and I recorded a two-part series on Adams’ analysis.In part 1, Adams explained why he was against lockdowns -a very unpopular view at the time.

In part 2, Adams explained why he was against the economic stimulus policies announced by the Morrison Government and the RBA in March 2020.In this IOTP repost – we will replay part 2 of this discussion ahead of the Rennick and Adams debate. Almost 3 years on, it is worth considering how correct or incorrect Adams has been and compare this to Rennick’s position which was very different at the time. What Adams said in April 2020 will be a key feature of Tuesday night’s upcoming debate.

The latest edition of our finance and property news digest with a distinctively Australian flavour.

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  1. What is the end point of refusing to make the hard decisions incurring increasingly unmanageable debt with continued QE in order to 'afford" the repayments. So Far the government claims they can keep going forever. The US is far further down this path but they still currently have the global petrodollar standard.

  2. Why would you not introduce windfall profits tax on multinational and energy companies, who pay no tax or very minimal tax in this country, to stop the exploitation of our energy resources? Hit them with a 70-80% tax on these windfall profits on our gas and coal and/or increase resource rent taxes, and cut subsidies going to them? Thank you Martin and John for the discussion.

  3. I reckon no matter what economic disaster will occur, mainstream Australia's attitude will still be "She'll be right mate" because inflation will be the excuse to kick the can down the road a little further.

  4. We all keep paying for the boomers will escape changes to the superannuation rules while we all pay for their greed. The property crisis has been created by the boomer generation for their own selfish benefit at the cost of the youth. I hope 20-30's refuse to support the boomer generation in retirement.

  5. Well we all know what you said in 2020 Martin and 2019, 2018 and 2017 as well and it’s pretty close to what you’re saying now. Lucky most people never listened to you back in 2017-18 or they would be paying double to buy a home even with the current correction

  6. Neoliberalism of 40yrs (th belief that profit/greed is the only right/liberty/freedom a person/company has and no othr rights exist) is the problem. Real economists have been warning this fr decades. Now we have neofeudalism and anarcho-capitalism amd still almost no one is talking any sense, e.g. tax the rich, tax the largest companies, tax the multinational organisations, save all of our democratic institutions, etc. The top winners in financial systems of power have a duty to pay taxes and even a tiny % tax on them wont hurt them at all, but will benefit everybody. Police, regulate and enforce real consequences of all white collar crimes and fraudulent and undemocratic practices, e.g. tax avoidance, financial fraud, political corruption, fincial scams, monopoly creation, price gauging, gambling/mining/banking/etc. industry lobbying/'bribing politicians', etc. We can't fix out of control capitalism with the same problems tht caused it to be so out of control. From the Washington Consensus to now, all the governments have done is kick th can further down the road as you are calling it, avoiding the real problem that 'free-market capitalism' was never designed to work and is completely unsustainable in ever sense of the word unsustainable. Even more psuedo-economics won't save us. When you talk about debt, tell us who holds those profits, because the money doesn't just disappear. There are people who have more money than they or their families could ever spend just sittin in savings, assets and investments. The debt bubble means money is being stolen, just as all of our democratic institutions have been stolen/corrupted for the financial and power gains ofba tiny minority of privileged elite who are not motivated to create jobs or increase living standards or save the environment or save us from economic disasters, in fact they are rewarded and motivated by the complete opposit of all of these higher goals because they've seen no consequences for their greedy self-entitlement and hoarding of wealth. Money trickles up in capitalism and never down, unless conscious efforts are made to redistribute that wealth and maintain those systems of redistribution. My whole life, ive watched out of control capitalism and greed of the the wealthiest 1% destroy democracy and destroy future generations any chance it could.

  7. "Take up one idea. Make that one idea your life—think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body, be full of that idea, and just leave every other idea alone. This is the way to success." —Swami Vivekananda

  8. None of it makes any sense to me. Surely the whole system, world wide should have crashed spectacularly in 2020. All the stock markets too.The amount of big businesses that went down but caused very little of a domino effect, combined with the amount of big businesses that didnt but logically should have is astounding. Every airline in the world should have fallen over during the first 6 months of 2020. There isn't enough money in the world to prop up everyone but it seems they just add more fictional$$$ to the balance sheets.

  9. When will the charade end? No government cares about the debt cause they know its only the system that matters, a system of mmt and qe dosnt want any one to pay the debt because its designed to be unrepayable.
    The real question is who bears all the costs during the collapses and if the people are unwilling to pay the costs in wealth, happiness and life, how do we hold the elites accountable and make them pay their fair share.

  10. Trying to run Australia like America is as silly as to play rugby with only 2 players how will you make a scrum or line out. There’s only 25million people in Australia we should have different rules and treat it as a different ball game than USA and Britain

  11. I really appreciated this discussion. However, could you both please give us your individual definitions of money. What it is, what it isn't and it's necessary characteristics to fulfill its functions.
    Thank you

  12. Starting to see all the “toys” people have are now up on marketplace etc. also they wonder why no one is buying their item after 4 weeks and having priced the near new item at the same price as new. LOL buyer regret is going to hurt these naive people.

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