"It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong." Richard P. Feynman

Monday, August 8, 2011

Barnaby has the Last Laugh!

In 2009 when Barnaby Joyce warned of the problems with potential US debt default he was ridiculed by Treasurer Wayne Swan and his Labor party cohorts as an economic hillbilly. In the following two years the out-spoken  Barnaby has been shown to be right and Swan's economic performance has been such that you would not put him in charge of the till at a school fete. Joyce says that the Treasurer should be concentrating on debt rather than the non-problem of Climate Change.

 Barnaby writes:

THE joy of vindication on the prospect of a US government default is bittersweet; I was right, Wayne was wrong. To those sucked in by the Treasurer, placing wishful romantic theory above clinical reality, then saying "you wouldn't cut it with the Bloomsbury group if you talk like that at our soiree", I suggest this, get real.
Do not confuse tackling a problem with delaying when it comes to debt. If while out on the tiles on a Friday night you discover a septic gash on your leg, and in response down another five jagermeisters, pain gone, problem gone, keep dancing, that is delay. Going to hospital to avoid amputation is dealing with the problem.
Tim Flannery said that the impact of climate change policies won't be felt for at least a thousand years. The impact of a catastrophic default this time was avoided by a mere 10 hours. When prioritising threats I know which one I would be concentrating on.
Swan has given 25 speeches this year and mentioned climate change 24 times. Debt has only been mentioned 16 times, and eight of these in one speech made last month. A year and a half ago I implored the government to prepare contingency plans for the threat of a US default stating the prospect was "distant but real" but if it eventuated the fallout would be a financial Armageddon making the GFC look like a mere preamble. US President Barack Obama also used the term Armageddon in the past month, so if I'm mad, so is he.

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