Australian Comics Satirize the Smug Failure of Central Banking

by Chris Powell

Dear Friend of GATA and Gold:

From time to time it has seemed good to call attention to the 2008 segment of the unfortunately short-lived Australian news parody program “Newstopia” that satirized the Reserve Bank of Australia. The skit brilliantly suggests how central banking fails the public interest.

The skit features comedian Shawn Micallef as a television news anchor interviewing the actor Nicholas Bell, who plays the secretary of the Reserve Bank of Australia, “Tony Froth,” and who smugly explains the central bank’s manipulation of interest rates to control incomes, production, and prices in the name of keeping the national economy “on an even keel,” rigging everything in the name of maintaining “the beauty of a free market.”

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