Today is a public holiday in Australia where we go to the football or do other things all in the name of the Queen’s Birthday – the Queen of England that is. It remains an expression of our colonial yoke and our lack of confidence as a nation, which continues to harm us, none more than our indigenous population. Anyway, the workers get to have a day off, which can’t be a bad thing. One of the more amazing frauds that the population is exposed to from our political leaders is the claim that if you impose fiscal austerity growth will spring forth as consumers and firms start spending again because they don’t have to save up to pay for higher taxes in the future. It is a crazy theory without an evidential standing. More evidence from Australia since the release of the Government’s May Fiscal Statement (aka Budget) is very conclusive that consumers and firms do not like announcements of major fiscal cutbacks.