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I've long maintained the AUD will head down to 0.62-64...next...

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    I've long maintained the AUD will head down to 0.62-64...next Chart Support (GFC trough levels)...and then some, probably with a 5 handle (there is precedent).
    It has to for exporters (and the country) to survive.
    As for The Lucky Country, people totally missed Horne's point, and quote him out of context, which always infuriated him. A couple of years ago, the book celebrated its 50th Anniversary (1964).
    This is the exact quote:
    "Australia is a lucky country run mainly by second rate people who share its luck. It lives on other people's ideas, and, although its ordinary people are adaptable, most of its leaders (in all fields) so lack curiosity about the events that surround them that they are often taken by surprise"
    Was a good article in AFR in 2014 on this Anniversary, which I can't find, but here's one.
    http://www.copyright link/business/time-to-pick-up-the-pace-on-supporting-innovation-20140112-iyads
    He was basically commenting about the strong institutions that UK had laid in place, and so, locals never had to really fight for anything:
    WIKI goes on:
    "Horne's statement was an indictment of 1960s Australia. His intent was to comment that, while other industrialized nations created wealth using "clever" means such as technology and other innovations, Australia did not. Rather, Australia's economic prosperity was largely derived from its rich natural resources. Horne observed that Australia "showed less enterprise than almost any other prosperous industrial society."[3]
    In his 1976 follow-up book, Death of the Lucky Country, Horne clarified what he had meant when he first coined the term:
    When I invented the phrase in 1964 to describe Australia, I said: 'Australia is a lucky country run by second rate people who share its luck.' I didn't mean that it had a lot of material resources … I had in mind the idea of Australia as a [British] derived society whose prosperity in the great age of manufacturing came from the luck of its historical origins … In the lucky style we have never 'earned' our democracy. We simply went along with some British habits.
 
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