"Truth is it was irresponsible to lower cash rates below their targeted inflation rates."
People weren't spending. They were hoarding their cash anticipating the end of the earth, perhaps. Dan anyone.
Very low rates were to encourage borrowings which, when used, would have created demand in the economy and hence preserve jobs.
Because covid was China's diplomacy by other means, then the whole supply chain got disrupted such that when consumers began to spend their cash there was too much demand for too few goods. Hence inflation. Now the RBA is trying to suck that surplus cash out of peoples pockets so they can't spend it on the limited supply.
But never ignore the cowardice of Academics. Just like they sucked up to Hitler en masse and they have sucked up to the Climate alarmists so too they suck up to politicians while claiming to be independent. They are about as independent from govt as a blue assed fly is independent of a fresh bull turd.
