Writes Jacob Steelman: “Unlike America, the Australian government has run a surplus for the 11 years of the Howard government and the Rudd looks to continue that. The government paid off its debt years ago. The Central Bank (called the Reserve Bank here) stopped raising interest rates several months ago but the banks kept going in sharp contrast to the US where the Fed is intent upon inflating and driving down the American dollar.”
The late Sudha Shenoy told me that Australia was freer than the US because it never had a civil war, and thus the states has real power as against the federal government, and hemmed it in.
9:33 am on July 31, 2008
