“Some people are like Slinkies - not really good for anything,
but you still can't help but smile when you see one tumble down the stairs.”
There was some leftist kerfuffle earlier this year about a possible 'Depression' in the US. I predicted to my lefty friends back then that Europe would collapse before the US does (not that I'm an expert).That now seems to be emerging as the primary danger: European financial implosion, at least if you read reports from there which sound shrill and desperate. (Couldn't happen to a more deserving bunch of smart-alecs).So, even if the US rides this out, which looks reasonable, Europe may not. Which will have some future impact. And the Res Bank is doing some anticipatory sandbagging, I think. Good on 'em.
Or were the previous rate hikes unwise?
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