What gets me is how ignoramuses can make unfounded comments and get away with it.
In the SMH, an article on the likely drop in interest rates (IR) was sprinkled with all kinds of bogus BS, as if the writer/interviewees had some kind of absolute knowledge of what is going on! For example, one commentator said "the Reserve Bank is risking spectacular failure with its inflation-targeting regime if it cuts rates too much too early". DOH! Whats the point? Can't have it both ways? Shock, horror! What is more important, an arbitrary inflation range (which is bogus anyway) or survival in world gone mad?
BTW, its unbelievable that in this day and age, after all that has happened (a century of "economic science"), that IR are still used to tweak economies. Or is it perhaps the high priests can't do anything else because in reality, "economic science" is an oxy-moron?
