A summary: Probably more of the same for a few years, perhaps plus additional gubmint taxing and spending. In Australia stocks and property are likely to continue doing better than gold and silver, and the AUD will likely go lower. Nothing unexpected but I think Gittins is a clear thinker whose articles are an easy read
RnT -- I don't always agree with Gittins, and if he was always right he'd own newspapers rather than work for them, but I'd be genuinely interested in seeing examples of peanut-like analysis from him. You did however prompt me to google 'ross gittins is wrong', which led to a pre-GFC talk of his in 2007 http://www.rossgittins.com/2007/09/whats-wrong-with-standard-economics.html Yes shiney, this is just an extract from a long talk, but the summary is: economics is a bit screwed because it doesn't properly account for human nature.
Henny I saw a really fascinating lecture on the topic that Gittins covers in your last post but I just can't find it again!
Hennypenny posting an economics article by Ross Gittins prompted me to google 'ross gittins climate change', which led to the most pathetic piece of emotional, disingenuous BS I've read in support of a carbon trading system. Clearly RnT is correct w.r.t. Gittins having the credibility of a peanut. Complete with a picture of the Prime Minister as a ghoulish Joker character. Utter, unapologetic trash "journalism". The fact that he is paid to write such stuff shows. Now if he spoke about the ongoing multiple nuclear reactor meltdown in Fukushima and the effects it will undoubtedly have on the world his unborn children will inherit. Or the runaway pollution and environmental degradation due to unregulated, international manufacturing in China and the promotion of this practice by successive Australian governments and its impacts on a future world. Or even the runaway surveillance over personal communications and electronic activities and the dystopian future that will be his legacy to his children's children, then he would have demonstrated some honest concern for his genetic lineage. But instead he has a whinge the there isn't a banking cartel run carbon trading system implemented and that the Prime Minister actually fulfilled a promise to the people who elected him, to repeal an utterly ridiculous tax on the Australian people. Apparently Gittins believes no carbon trading in Australia means the sky is falling. Confirmation bias Hennypenny?
CriticalSilver, we actually have many similar concerns (although I'm less worried by nuclear reactors). Regarding global warming, call me a fool, but I believe climate scientists understand climate science better than you do. I also think it's silly to believe there's a vast conspiracy among scientists to undermine the oil, gas and coal industry. (Actually talking about petrol causing harm, I recently rewatched http://en.wikipedia.org/wiki/Bliss_(1985_film) -- fabulous movie!)
Right there you have the difference between hyped theory for political purpose (propaganda) that promises a new source of financial rent seeking and wealth for the players, and a real catastrophe ignored that has no financial upside. As far as Ross Gittins goes, he's an accountant that became a journalist at Fairfax over 30 years ago. Everyone has to earn a living, and he earns his by writing on stuff he gets paid for and that keeps him employed. Climate scientists earn theirs by studying things they get paid to study and that keeps them employed. But nuclear reactors you can believe! No theory, conflicts of interest, or alterior motives, just facts. They are potentially lethal and a multi-core meltdown that has been underway for 4 years is a disaster whose current and future impacts are effectively ignored. Personally, I'm less worried by climate scientists, but believe nuclear reactors. You can trust anyone for whatever reasons you may have. But the lethality of nuclear radiation is something you can depend upon...no trust required.
"QE has failed to revive mired economies" .... Thats old news ....Peter Schiff has been saying that for years ....