During the Great Depression, as the Bank of England and British banks were attempting to renegotiate the terms of their loans from the USA, the British sent Sir Otto Niemeyer to Australia to prevent Australia doing the same for its loans from Britain.\u00a0\u00a0\u00a0 The injustice and unabashed hypocrisy of this – where you stood on the issue of debt repayment clearly depending on where you sat – always angered me. \u00a0\u00a0 Had I been around in 1932, I would have supported New South Wales Premier Jack Lang’s refusal to hand over moneys from the NSW State Government owed to the Australian Commonwealth Government for its payment of interest on NSW foreign debts.
\nWe seem to be in for more hypocrisy and hard times, as the share-owning class, having received bailouts from western taxpayers for their investments in failed and paralyzed banks, now raise a wacka wacka huna kuna against public sector debt. \u00a0\u00a0 The plain people of Ireland, for example, will now be paying for the malfeasance and incompetence of their richer compatriots.
\nTwo illuminating posts from Brad DeLong and Paul Krugman on our failed western political system, which seems unable to fix our failed economy, despite us knowing what should be done:<\/p>\n
And here is Barry Eichengreen on the Irish bailout:<\/p>\n
Some older articles on the crisis:<\/p>\n
\n
\n <\/p>\n","protected":false},"excerpt":{"rendered":"
During the Great Depression, as the Bank of England and British banks were attempting to renegotiate the terms of their loans from the USA, the British sent Sir Otto Niemeyer to Australia to prevent Australia doing the same for its loans from Britain.\u00a0\u00a0\u00a0 The injustice and unabashed hypocrisy of this – where you stood on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,25,31,32],"tags":[],"class_list":["post-2647","post","type-post","status-publish","format-standard","hentry","category-concats","category-economics","category-global-economic-crisis","category-globalization","p1","y2010","m11","d30","h14"],"_links":{"self":[{"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/posts\/2647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/comments?post=2647"}],"version-history":[{"count":0,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/posts\/2647\/revisions"}],"wp:attachment":[{"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/media?parent=2647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/categories?post=2647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/tags?post=2647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}