We all have to suffer Rupert Murdoch’s psychopathic tendencies, but I really hate it when his actions are openly confusing. Like now, during an election campaign when we could expect him to back to frontrunner or at least split his bet, Rupe goes in hard for the underdog. More…
Zen and the Art of Motor Cycle Maintenance
4 weeks ago
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I found this story interesting:
Nov. 5 (Bloomberg) -- Glenn Stevens may become the first Australian central bank governor to raise interest rates in the midst of an election campaign, a move that may dent Prime Minister John Howard's chance of winning a fifth term in office.
Stevens will increase the overnight cash rate target a quarter point to 6.75 percent on Nov. 7, less than three weeks before Australians go to the polls, according to all 27 economists surveyed by Bloomberg News.
This would be the sixth rate increase since Howard, 68, won the 2004 election with a promise to keep interest rates at ``record lows,'' and may negate his claim that he is a better economic manager than opposition Labor Party leader Kevin Rudd, 50, who is leading opinion polls. Stevens, 49, wants to stem inflation, already at the top of his target range.
``The bank's board has no option but to increase rates; the economy is at full stretch,'' Bernie Fraser, central bank governor for seven years until 1996, said in an interview from Canberra. ``Stevens and his board will not be deterred by the election,'' added Fraser, who introduced inflation targeting in 1993.
RBE, sorry I've been off line :( The economic dynamic is riveting here. Today is Melbourne Cup (horses) Day. The day Australia stands still, except for the Reserve Bank. But they won't tell us the decision until tomorrow.
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