The Bank of Canada have reduced their cash rate by 25 basis points. They would have been told to do this by either the Fed or BIS or both, setting the agenda for an upcoming slew of rate cuts. It won't be too long before the RBA follow suit after they receive their orders from the aforementioned institutions. Oh you thought the RBA were independent. Wrong! All the western central banks that have destroyed the world's financial system by racking up mountains of debt and inflation, sing from the same song book. This is just another reason the RBA needs to be abolished. Reducing interest rates now or in the near future will set off a further round of speculation resulting in a renewed explosion of the Ponzi scheme that is the Australian housing market, making property even more unaffordable for young Australians. But wealthy overseas buyers will love it. They will get all the tax benefits our negligent government provides at the expense of every day Australians.
