MP Jim Chalmers to Shut Down ‘Absurd’ Reserve Bank

The financial media brings us to tears of laughter surprisingly often. This morning the former treasury economist and current Labor MP Dr Jim Chalmers pulled it off in spectacular style.

Interviewer Malcolm Farr starts off boringly enough on the news.com.au website: ‘[It's been] 30 years since the decision to float the dollar. Why did it have to happen then?’

Dr Chalmers replies with an absolute rip roaring barn storming Freudian slip of toe curling proportions:

‘It was a massive decision…It had to happen because, by the early 1980s we were persevering with this absurdity that a few blokes sitting around a table in Canberra could determine the exchange rate for a little nation in a big global market.‘

At that point, we lost it. Now you may not yet see the irony of pointing out the ‘absurdity of a few blokes sitting around a table‘ determining financial market prices. So can you think of anywhere we are still ‘persevering with this absurdity‘ today?

We’ll give you a hint: There are a few blokes who sit around a table in Martin Place determining the interest rate for a little nation in a big global market.

That’s right, Dr Chalmers is inadvertently campaigning to end the Reserve Bank of Australia. We might actually vote for this guy.

Read the rest of this article at The Daily Reckoning