Being independent does not make you right

There's a rather naive faith among this Labor Government that as long as they follow the advice of the independent regulators that everything they do will be right. Surely the experience of the last 10 months as a government should have cured them of the belief that being independent makes somebody right. It clearly does not as the commitment of the Reserve Bank to high interest rates for all those months while the financial collapse turned in to a full scale crisis for capitalism showed. The independent regulator was clearly wrong in maintaining that inflation was the major economic problem facing Australia and the Treasurer Wayne Swan and Prime Minister Kevin Rudd therefore wrong in acting upon that advice.

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