>I am fighting my own little battle here with the SA Reserve Bank, ...
>...which under the influence of the IMF has raised bank rate to 25
>percent, resulting in two quarters of negative growth,
>unprecedented bankruptcy rates, and inflation rates persistently
>about 8 percent, due to black wages rising at 10 percent in an
>attempt to close the black/white wage gap. Talk about shooting
>oneself in the foot!! All this in the face of nominal growth rates of
>GDP of 1-2 percent, and unemployment rates of 35-40 percent!!
>What is particularly galling is that the Governor of the Reserve Bank
>continues to insist that interest rates are purely a market
>phenomenon, and that the unfortunately high rates are entirely due
>to "extreme turbulence in international currency markets". (I
>sometimes think he may even actually believe this!! )
>My problem is I have written innumerable letters to the business
>papers here critical of Bank policy, but everyone in business and the
>press and government are so brainwashed by orthodoxy, that I am
>unable to get any of it published, and so I cannot even get the PK
>view into the public arena.
("PK view" = "Post-Keynesian view" = dagens utgave av den
anti-markedsliberalistiske tendensen innen sosialøkonomi som ble
grunnlagt av John Maynard Keynes før annen verdenskrig.)