ECONOMICS: Rising interest rates create speculative bubble*

The problem of foreign debt has bobbed up again, following a book written by Professor Ross Garnaut.Garnaut is well remembered as the driving force behind the Hawke/Keating government’s determination to embrace free market ideology, with its program of privatising of public utilities, deregulating financial markets and slashing tariffs. Subsequently, John Howard’s Coalition government took on the same ideas with equal enthusiasm.In the context of discussing the global financial crisis, Garnaut’s…

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