{"id":4861,"date":"2012-07-16T19:15:27","date_gmt":"2012-07-16T23:15:27","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=4861"},"modified":"2012-07-16T19:15:27","modified_gmt":"2012-07-16T23:15:27","slug":"a-lack-of-money-isnt-the-problem-its-time-to-shrink-the-drum-abc-news-australian-broadcasting-corporation","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/16\/a-lack-of-money-isnt-the-problem-its-time-to-shrink-the-drum-abc-news-australian-broadcasting-corporation\/","title":{"rendered":"A lack of money isn't the problem: it's time to shrink – The Drum – ABC News"},"content":{"rendered":"

Alan Kohler<\/strong>: Debt was built up through 30 years of current account imbalances after currencies were finally unshackled from the gold standard in 1971, and the depression of the 70s came to an end in 1982.<\/p>\n

Central banks, principally the Federal Reserve, complied in the process of debt build-up by holding down interest rates and allowing asset prices to rise, keeping balance sheets in the black.<\/p>\n

The credit crisis of 2007-08 brought asset prices down rapidly and rendered banks suddenly insolvent, so they had to be recapitalised by governments. Now the governments of Europe, the US and Japan are insolvent, and the only question is when the central banks will monetise their debt \u2013 that is, print more money and buy their debts…..<\/p>\n

via A lack of money isn’t the problem: it’s time to shrink – The Drum – ABC News (Australian Broadcasting Corporation)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Alan Kohler: Debt was built up through 30 years of current account imbalances after currencies were finally unshackled from the gold standard in 1971, and the depression of the 70s came to an end in 1982. Central banks, principally the Federal Reserve, complied in the process of debt build-up by holding down interest rates and … <\/p>\n

Continue reading “A lack of money isn't the problem: it's time to shrink – The Drum – ABC News”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,31,17,33,34],"tags":[331,628,870,968,2808],"class_list":["post-4861","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-the-fed-banks-interest-rates","category-japan-korea","category-uk-europe-countries-regions","category-us-canada-countries-regions","tag-bailouts","tag-central-banks","tag-credit-bubble","tag-debt-monetization","tag-public-debt"],"yoast_head":"\nA lack of money isn't the problem: it's time to shrink - The Drum - ABC News - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A lack of money isn't the problem: it's time to shrink - The Drum - ABC News - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Alan Kohler: Debt was built up through 30 years of current account imbalances after currencies were finally unshackled from the gold standard in 1971, and the depression of the 70s came to an end in 1982. 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In their version of the Keynesian theory, declining growth or tumbling\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19031,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/10\/09\/ultra-low-interest-rates-may-lead-to-a-debt-trap\/","url_meta":{"origin":4861,"position":3},"title":"Ultra-low interest rates may lead to a ‘debt trap’","author":"Colin Twiggs","date":"October 9, 2019","format":false,"excerpt":"The highly-regarded Stephen Bartholomeusz warns that central bank policies may lead to a 'debt trap': \"....With the world apparently re-starting the use of unconventional monetary policies even before central banks have extricated themselves from the legacies of a decade of those policies, there is a real risk that the impacts\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6377,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/05\/how-cancelling-central-banks-holdings-of-government-debt-could-be-a-useful-thing-ft-alphaville\/","url_meta":{"origin":4861,"position":4},"title":"How cancelling central banks\u2019 holdings of government debt could be a useful thing | FT Alphaville","author":"Colin Twiggs","date":"December 5, 2012","format":false,"excerpt":"FT's Kate Mackenzie writes: Morgan Stanley cross-asset strategist Gerard Minack says the remarkable thing about developed economy deleveraging is how little of it has happened: The credit super-cycle ended four years ago, but leverage has hardly fallen in major economies: debt-to-GDP ratios remain historically high. Minack says the problem is\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38974,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/11\/22\/australias-debt-end-game\/","url_meta":{"origin":4861,"position":5},"title":"Australia’s debt end game","author":"Colin Twiggs","date":"November 22, 2022","format":false,"excerpt":"We are nearing the end of a thirty year bull market in credit, during which time the overnight cash rate in Australia fell from 18% in 1989 to 0.03% in 2021. Low interest rates enabled households to borrow more relative to their income, with housing debt expanding 4.5 times, over\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=4861"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4861\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=4861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=4861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=4861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}