The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Saturday, March 10, 2012

The Australian's Creighton on Greece

Another good column from Adam Creighton:

If Greece proves unable to pay, a likely outcome, European authorities will have to print money or levy taxes to bail out their insolvent public institutions. It is iniquitous that ordinary people are forced, unwittingly, to bail out feckless decisions of elite financial institutions...

Losing money on bad loans is a tenet of free markets, more important than short-term losses. It provides the incentives to allocate money efficiently and prudently throughout the economy, underpinning long-term prosperity and market integrity.