Yesterday afternoon I did my first livestream, covering:
- the growing concern internationally about accelerating inflation, prompted by the latest US CPI figures;
- the September ABS Labour Force data revealing big drops in hours worked and workforce participation in the locked-down economies of NSW and Victoria; and
- Queensland’s relatively low vaccination rate (72% for 1st dose vs 84% nationally) and what it could mean for the state’s reopening and the economy – it’s pretty obvious the Premier should set a date for re-opening ASAP to encourage people to get vaccinated promptly, as suggested by the Queensland AMA.
Here’s the video of the livestream, which was streamed to YouTube and LinkedIn Live:
Regarding inflationary pressures in advanced economies, I quoted leading market economist Stephen Roach from his recent Financial Times op-ed The sequencing trap that risks stagflation 2.0:
As brilliant and lucky as they have been, today’s generation of central bankers is afflicted with the same sense of denial that proved problematic in the 1970s. Due to a lack of experience and institutional memory of that tough period, the risk of another monetary policy blunder cannot be taken lightly.
Certainly, central banks have been running a massive monetary policy experiment with ultra-low interest rates and Quantitative Easing, which have been associated with double-digit growth rates in money stocks. I agree with Roach regarding the potential for a “monetary policy blunder”.
Other links relevant to the livestream include:
Pete Faulkner’s post Labour Force; national data hit by lockdowns while QLD powers ahead
QEW post featuring my The Other Side interview on Australia’s economic suicide
Vaccination numbers and statistics
ABS: New data shows lockdown impacts on business turnover
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