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Sunday, November 28, 2004Thanks to good old Pete Costello, The World's Greatest Treasurer, I now know that a high Australian dollar is bad for exports. Thanks again Pete! And thanks ABC News Online for deeming his announcement to be newsworthy.
The results are in from the last 8 years and the verdict is: Australia is funding economic growth through debt. This debt is buying stuff from overseas. Australia is not smart enough to compete. That is all.
Coming soon in The Great Costello's Magic World of Finance: How having a free trade agreement with a superpower that, against the world tide, you have a foreign trade deficit with creates cash out of thin air!