By invitation, I wrote the following Op-Ed article for publication in one of the dailies tomorrow morning. I had 500 words so couldn’t say much. The good thing about today is how wrong the market economists were. The bookies even closed the book because they claimed it was a 100 per cent probability that the RBA would put up rates. Anyway, they didn’t which is good but they will which is bad.

Today I have had the misfortune of reading the latest Australian Government Intergenerational Report, which is really a confection of lies, half-truths interspersed with irrelevancies and sometimes some interesting facts. Why an educated nation tolerates this rubbish is beyond me. The media has been making a meal of the latest report and all the doom merchants – those deficit terrorists – a claiming we have to get into surplus as soon as possible. They seem to be ignoring that we are still embroiled in a major economic crisis requiring on-going fiscal support. But more importantly, they haven’t a clue what their policy proposals actually would mean in a modern monetary economy where external deficits are typical and the private sector overall is desiring to increase their saving. Anyway, read on … its all downhill.