A reader from New Zealand sends us an article from down that way reporting on a speech given by Australian Reserve Bank Director Warwick McKibbon. I am including the link here as it needs to be read in full. I find the contrast between his sobering assessment of things and that of the many of the US financial authorities quite remarkable. By the way, I must mention that I have always found the RBA to be one of the more sensible and solid Central Banks.
The article is entitled:
"GLOBAL 'TRAIN WRECK' COMING". That pretty much says it all.
Here is the link.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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