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Economic disaster

It was refreshing to hear Senator Meg Lees raise concerns about our falling dollar.

Four weeks ago the governor of the Reserve Bank admitted to the World Economic Forum that he didn’t understand why our dollar was on a downward spiral as the economic figures were excellent.

Prime Minister John Howard is more than happy with his bigger-than-expected surplus.

Opposition Leader Kim Beazley is trying to win the people’s vote by resurrecting the Republican issue, but is happy to support Lees’ talkfest.

Action is needed to stop the trend. It doesn’t take a Rhodes Scholar to work out what is happening. Bob Hawke started the rot 17 years ago.

The economic theories thrust upon Australia by governments of the past two decades – free trade, privatisation, economic rationalism and deregulation of the finance industry – have failed.

Great ideas maybe, but the theory failed to consider the greed factor. The finance markets and the corporate capitalists cannot be trusted to determine the value of the basket of world currencies.

Global regulations need to be invoked to set parameters for determining currency values.

This would allow governments to implement economic policies suitable to a nation’s needs.

If action is not taken soon, Howard’s national debt truck will turn into a convoy of road trains and Beazley’s republic will become “who will be Governor of the 51st state of America?”

Roger Davenport

Southern River

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