RBA Governor Macfarlane on Doomsday Cultism

RBA Governor Macfarlane, interviewed in the WSJ:

“I have been in so many meetings, from the late ‘90s onwards, where the participants at the meeting identified the U.S. current account as a serious imbalance that had to be remedied, and that if it wasn’t remedied, the U.S. dollar would go into some sort of free fall and people would stop buying U.S. assets,” he wearily responds. “Clearly, it wasn’t happening. Just as it didn’t happen in Australia.”