Don't worry, Rudd has no problem with repayment of foreign debt.

Once we owe enough money, the banks will come back to take another chunk of our superannuation, and Rudd will be happy to give them another golden handshake as a reward for taking it.

Last time banks dipped their greedy little hands into our nest eggs, they took 20%. Next time they will probably take 67%.

With a bank bailout tax in place, I am concerned that money hungry banks will be back even sooner - probably to get even.

The stimulus package was required because of the failure of the conservative economic principles. The Liberals would have needed to do the same.
They now say that it is not a failure of the free market, but is merely cyclic. My question is: if it is cyclic, why didn't they predict it? Surely a cycle is the most predictable of things and they claim to be economic masters, yet they failed to predict a cycle?
The problem is that economics is the conservatives strong point.
They have no care for science and have done great harm to Australian science with their anti climate change stance.
The debate is actually about not being willing to pay, they are absolutely frantic because they fear that someone is going to touch their money and it does not matter what evidence is presented they will not believe it. What irks me is that even though it was obvious that the Iraq war would kill tens of thousands of children they did not scrutinise the absent evidence at all. The point was they thought they were going to get their hands on someone elses wealth.
The Australian conservatives have not improved since they helped orchestrate the murders of nearly a million Vietnamese children. Ten for every Australian soldier lost in all the wars combined.
I see no reason why race, geography, religion or economic principle should deny a murdered child their right to have their murderers being brought to justice.
If the same charges brought against the NAZIs were brought against the Australian government, there would be no Liberal or National parties.

Malcolm:

Would you predict a cycle if you were about to rip off 20% of people's superannuation, and then get a golden handshake from world governments as a means of saying thanks?

A free market is primarily about other countries feeling free to rip us off, so we can all be brought down to the lowest common socio-economic denominator.

I guess you haven't read this one yet:

General Agreement on Trade & Services (GATS)

http://aftinet.org.au/papers/ranald1.html

I think you would find it enlightening.

I would certainly NOT agree that the conservatives have done any damage with their anti-Climate Change stance, but hopefully have prevented some.

As for conservatives being worried about someone touching their money, where have you been???

There are plenty of people around who believe that American Jews paid Hitler to get rid of any financial competition from German Jews.

Sometimes soldiers have had to blow away kids who had grenades tucked up their shirts. Do you think soldiers who fought in Vietnam actually enjoyed that?

I think what is happening in the Middle East, Afghanistan in particular, is much more complex than that of which the government makes us aware.

http://barnabyisright.wordpress.com/2010/02/25/a-clear-picture-of-australias-debt/

Its just disgusting isn't it. But what is more disgusting the economists, many allegedly on the right, who go on perpetuating this lie that is known as the Keynesian multiplier. I try to get them to admit its garbage or find evidence for it. Either prove it or give it away. But the alleged rightists will not do so. They act in league with mad Keynesians and big-spenders generally.

We have to find a way to make these people either prove that it exists or retract. On pain of losing their government jobs. Because this latest outrage of debt-splurging couldn't have happened without the multiplier lie as an excuse.

Here is Hazlitt on this utter idiocy.

http://mises.org/media/4432

No the stimulus package was not required Malcolm. What complete nonsense. Its a great tragedy, it caused much unemployment. It was unacceptable waste. And now we have to pay it back more is the pity.

Whose up for defaulting? I'm in if you all are. I don't see why we ought to pay it back simply because Tanner hired a couple of lunatics to help him justify splurging. Or just because the treasury was already full of financial illiterates.

"A billion here, a billion there - pretty soon it adds up to real money". A sardonic quip by the late US Senator Everett Dirksen in the '60's. Like a lot of jokes, it comes from the U.S. And like a lot of sad truths, it applies equally here. A billion is hard to comprehend, but an advertising agency put it in perspective in a recent press release.

A billion seconds ago it was 1959.
A billion minutes ago Jesus was alive.
A billion hours ago our ancestors were in the Stone Age.
A billion days ago no-one walked on two feet.
A billion dollars ago was less than one week ago at the rate our government is running up the deficit!

http://www.protectionist.net/2010/02/26/if-you-dont-get-the-debt-picture-here-it-is/

I'm beginning to wonder if people are deaf dumb and blind. Everytime the Labor clowns get in they rack the debt back up. Dudd Rudd just happened to do it a little quicker then the others! I honestly cannot see where any of this money that he has wasted has done any good. $3.3 mil has been spent on the signs alone to be erected when the buildings get put into our schools! I would have liked to see that and alot of the building money going into training teachers in the Learning Support areas. Our Education system is just a big joke. Our hospitals aren't much better! And as far as the ETS is concerned it is just the way the world evolves. No one lives longer enough to really knows what happens. Labor are hypocrits. If anything is ruining our country, mines are as they dig these massive holes don't have to fill them in and wreck all our underground water, then want to dig our salad bowl farming land. You can't eat coal! Why aren't they pushing solar energy more. We are a dry continant and need to keep our underground water and we get plenty of sun. Go figure. I like the comment Kevin 07 gone by 11. Lets hope it is 10! Although I'm guessing Ruddy would be a bit nervous about calling an election now!!

Barnaby. This morning I heard you talk about Australia's net Federal, State and Private debt, by which I thought you meant the total of borrowings overseas by Federal and State governments, by Private corporations, and households, and banks on behalf of business and households, less lendings we make overseas.

It could help to clarify what you mean and provide appropriate graphs and information. It would help too if you explained to Joe Hockey the situation you are concerned about so that he can give a more appropriate response when questioned on the matter.

The worst economic management since the Whitlam years. And it seems the popular press just don't get it.

KEVIN 07............ GONE BY 11.

"They have no care for science and have done great harm to Australian science with their anti climate change stance... "

Malcolm thats all leftist projection. Don't believe anything Clive Hamilton tells you. The global warming fraud is notable for its antagonism for both the scientific method and the need for evidence. They have no evidence. They are compulsive liars.

As to why everyone didn't predict the credit crunch, here is the reason:

1. We are not Americans. And the problem started in America.

2. Some Americans did predict it. Peter Schiff and Gerald Celente for example.

3. Though some people who were looking at the detail did predict the timing of it, the fact is its often pretty hard to predict when a ponzi-scheme is about to unravel.

The main thing to understand is the ridiculousness of the response to the breakdown. What was needed is new cash through debt retirement, a reserve asset ratio, and ruthlessness in cutting government spending.

They took the opposite approach with spending, and messed things up entirely. If you divert resources from business spending, to government spending and consumption, you cause unemployment. This ought to be obvious to anyone who is familiar with an income statement. Salaries and wages are a business expense. Any diversion of resources from business spending will therefore destroy jobs by the bushel. This is exactly what we have seen in the US and to a lesser extent here.

The alleged rightist economists are usually just blood-sucker-centrals loyal opposition. I refer you to a thread on a blog where a rightist economist is defending a leftist economist dodging a question. As it turns out it was a question from Barnaby Joyce. Worse still both economists have the wrong idea about private debt and trade deficits. They are acting like the banking system and our policy mix are some idealised free enterprise neutrality. And that being the case none of these private debts and trade imbalances matter. All economically illiterate rubbish of course. Actually its straight illogic. Since it ascribes virtues to a reality that is nothing like the models it bases these virtues on.

Here is what the alleged rightist economist says in defense of the evasive leftist:

"Barnaby Joyce’s next question is also exactly correct, but it’s not Gruen’s place to answer such questions and he side-stepped it."

http://catallaxyfiles.com/2010/02/16/private-debt-doesnt-matter/

Disgraceful. This was Sinclair Davidson, who has himself testified before the Senate. In doing so he appeared to be endorsing the Keynesian multiplier. I have been unsuccessful at trying to get him to prove that such a concept is valid, or retract his implied support for it. Without success. Thats what we need a Senate Enquiry for. To make it clear for all time that there is no such thing as the Keynesian multiplier. That what really is going on, is the diversion of spending from business-to-business spending, where it is not picked up by GDP, to consumer and government spending, where it is picked up by that flawed metric.

Karla:

That's right, you can't eat coal. But the Chinese want to use up all of our mineral resources at the lowest possible cost and in the shortest possible time, while keeping their own in reserve.

Would they care if YOU had nothing to eat? No ... it would probably serve their purposes quite nicely. I think they intend to grab most of the food as well. This is probably why the government will be feeding YOU the Mad Cow Meat instead of them getting it.

I can assure you the government has no real interest in improving Health & Aged Care or Education. They intend to hand the whole lot over to huge corporations, which will collect government money and charge huge fees as well.

The Macquarie Group already has its mitts on most of my mother's DVA pension, extra contributions required from her by NEW Labor government legislation, plus taxpayer funding.

At the aged care centre in which she resides, the liquid soap and paper towel dispensers are nearly always empty, and there are linen shortages and rationing of pads. One nurse said she had to shower 6 residents using pillowcases.

Workers have had their hours cut, and the government has streamlined some of their awards in a downward direction. I heard The Macquarie Group discourages workers from joining unions.

Of course most of this changes when government Accreditation people come, to give a false impression of the service being offered.

A few weeks ago, the federal leader of the DLP said Julia Gillard is commencing a corporate trial in schools in his area on the bayside of Brisbane. In future you can count on being hit at least twice (taxation and school fees).

Trust me, in future the hip pocket nerve will be attacked from every direction.

Regardless of Labour or Liberal being in power, we are always slaves to debt. The ponzi/pyramid scheme of fiat money forced upon us by the bankers ensures our enslavement. Time to wake the people up Barnaby!

A typical Labour spend-athon, para excellence!

Barbaby, you are right on the button again , a straight shot 'right between the eyes' the night you appeared on ABC Q &A everybody was 'shocked' at your statement on debt , the so called experts talking so much confusing BS ...I am looking forward to the day when you and Tony Abbot 'jerk the slack' out of these bureaucratic fools who look as if they have never run a 'lemonade stall' in the front yard let alone the economy of the Country.

Its about time , Australian small business and farming communities were given a 'fair go' and some 'real tax relief' ...as you say this 'point of reckoning' is getting close ...and at that time Australia is going to need a couple of 'real leaders' to head the of the 'wells Fargo' stage coach as it has to 'ride the lightning' and get the hell out of the 'DEBT TRAP' .....mate what I see is You , Tony Abbot, and Professor Steve Keen (riding shotgun) on a 'wild west' wells Fargo stage coach' as the 'Indians'(Debt) are after you .
(That would make a good cartoon I recon) :)

Anyway , keep up the 'straight shooting mate' you are one of the rare politicians that actually 'makes sense' ....its TIME to make the hard changes in Australia before we all 'fall off the Cliff'

Regards ,


Graham Healy
Fan and Small Businessman