Today, Macrobusiness slanders prominent EZFKA institution (ANZ) and eminent EZFKA resident (CEO, Shayne Elliott), accusing them of being whiny biatches:
At the end of the whiny polemic, a supposedly triumphant accusatory fillip is tacked on:
Eventually, all of this credit poured into unproductive uses hollowed out the economy and asset prices became the only game in town, as your profits boomed.
As we approached the end, every time there was a cyclical hiccup, the entire shaking edifice of mortgage credit demanded ever more extreme fiscal support lest it crash, with no accountability or public ownership, as your profits boomed.
Finally, we reach today, in which enormous household debt now requires zero interest rates, wages destroying third world people flows and mass money printing simply to stay aloft. And yes, these policy levers are slowly but surely going to kill your bank as the government seeks to sustain the great bubble at whatever cost.So, as you complain about it, just remember who brought us here and why.
https://www.macrobusiness.com.au/2020/10/anz-dials-whaaambulance-as-rba-cuts-it-lunch/
Well, if we do try to remember who brought us here and why, we must acknowledge that it was actually Macrobusiness has been a joyous cheerleader of lower teh rates and fiscal spending (read: printed money) for as long as anyone cares to remember.
It was the Macrobusiness boys whose constant prescription has been lower and lower and lower rates, in the insane pursuit of some kind of foreign exchange rate outcome or export outcome or employment outcome or some other outcome which was based on musings inside the Deflation Imaginarium and completely, completely, C.O.M.P.L.E.T.E.L.Y. failed to take into account how the EZFKA actually works (hint: commodities! realty! mates!)
Ah well, let’s pretend all that never happened and let’s go in for another round, then?