Another day in the Universe
https://www.onthenatureofthings.net/forum/
https://www.onthenatureofthings.net/forum/viewtopic.php?t=3993
And cartels. I especially liked the explanation of credit bubbles and why banks make such obviously bad loans. I kinda knew it, but this film makes it crystal clear.Parodite wrote:Monopolies suck.
Or my preferred modern versionMisunderstandings and neglect occasion more mischief in the world than even malice and wickedness.
At all events, the two latter are of less frequent occurrence.
~ The Sorrows of Young Werther by Johann Wolfgang von Goethe
Central banks are neither all knowing or all powerful.Never attribute to conspiracy that which can be explained by abject stupidity.
TLDR; dogma is that globalisation and immigration make us richer, so how could anyone explain why the opposite happened.The graph shows wages growth falling below 2 per cent a year, and the Reserve Bank of Australia, our independent economic policy brains trust, failing to expect it. Their forecasts repeatedly show an expectation the problem will get better. Meanwhile, it gets worse. This sequence of events explains a great deal about Australia’s economic malaise. Nobody expected it to come to this.