The billionaire property developer Tim Gurner has caused a global stir with his call for economic pain. But would his prescription heal the patient?
“We need to see unemployment rise. Unemployment has to jump 40 to 50 per cent,” said the guy who kick-started his working career with a $34,000 loan from his grandfather.
Unemployment at that level would undoubtedly reduce inflation but almost certainly drive the economy into a recession. The Reserve Bank would have to step in, cutting interest rates in a bid to get people back into work and stop the misery that comes with mass job losses. Gurner got wrong who is trying to lift unemployment – it is central banks, not elected governments. And his views around workers and their fealty to employers sounds like something out of a Charles Dickens novel.
Central banks, including the RBA, created trillions of dollars out of thin air and took interest rates below zero to bolster the economy. There’s nothing normal about any of this. Australian working hours are actually increasing at the moment. The problem is that the amount being produced is actually going backwards.
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