Buy custom Australian Economy - Foreign Debt

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In other words, they are what we have used to buy foreign goods. That this simple fact appears to have escaped most economic commentators' attention is a disgrace.

This is a monetary lesson and it has obviously not been learnt. Now we have Kenneth ?Chomsky' Davidson seriously arguing that "budget cuts, combined with the refusal of the Government to borrow to finance infrastructure investment in rail and ports in the sacred name of balanced budgets, has been the major constraint on Australia's ability to earn or save foreign exchange and the reason the current account deficit has blown out to a mind-boggling 7 per cent of GDP"...

Now we have Kenneth ?Chomsky' Davidson seriously arguing that "budget cuts, combined with the refusal of the Government to borrow to finance infrastructure investment in rail and ports in the sacred name of balanced budgets, has been the major constraint on Australia's ability to earn or save foreign exchange and the reason the current account deficit has blown out to a mind-boggling 7 per cent of GDP"...

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