Terry Mccrann Wikipedia, Age, Wife, Articles, Twitter, Interest Rate
Terry Mccrann Wikipedia, Age, Wife, Articles, Twitter, Interest Rate – Terry McCrann is a renowned journalist and a frequently nominated commentator on business and economics. Terry has long been a leader in the covering of financial news and the effects of the economy on the country, penning articles for the Herald Sun and News Corp websites and magazines all around Australia.
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Being able to relate our economy to China in 2008 was a major advantage for us. The Wall Street-driven global financial collapse may have destroyed our superannuation.
But after a brief and initial tremor, our fundamental economy—the one that provides us with jobs and a paycheck every week—kept working.
Didn’t the Reserve Bank lowering interest rates and the “go hard, go early, go households” spending binge led by Kevin Rudd and the previous Treasury Secretary Ken Henry save us? Yes, they were helpful. But every country experienced the exact same events.
For instance, the US had a budget deficit that was more than twice as large as ours in terms of its economy. That was the main focus of the argument over the debt ceiling, and it still is.
And interest rates were lowered all the way to zero. They remain in place. The Fed has actually committed to keeping them at zero until at least 2013. However, their unemployment rate is twice as high as ours. And the majority of Europe is experiencing a similar mix of problems.
China is the key distinction. Chinese consumers are interested in our resources. They didn’t. Every night, we should recite a silent Confucian prayer in Mandarin for China to continue. Even while a two-speed economy presents challenges, if we needed China in 2008, we still do today.
The difficulties of unequal wealth are considerably preferable to those of uneven or, for that matter, balanced economic hardship. Consider the US. Consider Greece.
Yes, the financial world that Wall Street created overnight is once again what we wake up to every morning. But what matters most to us is what is going on in China.
Even more so, namely due to the ongoing financial upheaval in the US and Europe. Financial instability either shows that the US economy is slipping back into recession or will actually push it into one. The China story, however, has a double-edged character. We are now even more reliant on China’s economic expansion.
primarily because the developed world—Europe, the US, and Japan—seems to be in problems, or worse, for a longer period of time. primarily as a result of our increased focus on China.
Additionally, it is vital since the China boom from yesterday was mostly wasted. Our production is at pre-1990 levels, which is abhorrent. The extra money created has not been invested in infrastructure that will help the country and its industries grow.
China appears to be fine right now. In order to combat inflation brought on by both local pressures and the US’s money-printing activities, which have fueled increases in the price of food and energy globally, they have attempted to slow their extraordinary rate of growth. The recent financial turbulence has helped because it has caused the critically crucial oil price to plunge.