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The Forum > Article Comments > Ignore super now and pay the price later > Comments

Ignore super now and pay the price later : Comments

By Tanveer Ahmed, published 12/5/2010

Money vultures can make quick work of any retirement nest eggs.

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Bravo.
Exporting wealth creation industry to chase low wages whilst allowing unlimited "profits" from financial computer games has brought on economic madness.
We now have a situation where people think it is OK to get rich just by leverage, buying and selling. Working, it seems, is for chumps. Not only is this unethical, selfish creed bad for the health of society (you shouldn't reward the greedy and lazy), it is unsustainable. The "GFC" will roll on until the GDP parasites are removed and real work is rewarded.
Even Jesus thought that wealthy money changers were bad!
Posted by Ozandy, Thursday, 13 May 2010 11:08:56 AM
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another very relevant and critical issue that seems to have not attracted any attention.
Are we money greedy, hell yes. Have been for a long time now and the whole of society is suffering for it.
Superannuation is a great idea, but without doubt since it's introduction it has changed the financial landscape by putting massive flows of cash into a very unstable, poorly regulated and untrustworthy financial system. Anyone who dares to suggest real reform and sensible regulation is struck down as an enemy of the global economy and socialist.
Problem is super has dragged us all into the mess. When it first got under way a payout of $50 000 was on the cards. Some were happy others complained it was not enough, now it's $500 000+ and it's still not enough.
In the 25 odd years of operation we have now become more wed to the markets and banks than the fools of the 1920's. We just paid our way out of another depression but common sense tell's us that this won't last forever. The continuing profits without productivity is a road to disaster and will see many eventually loose much on collapsed stock markets, failed banks and popped real estate bubbles.
Government can only buy us out for so long and the lifting of the super rate to 12% is a dangerous escalation without very tight regulation and accountability commitments from the funds and banks. This money will just flow into the dangerously unstable markets and end as mega bonuses in bank executives pockets and dodgy schemes to get rich quick. It has happened repeatedly over history, but greed and the almighty dollar always blur the vision.
Yes i am ready to hear the onslaught of you socialist dog.
Posted by nairbe, Friday, 14 May 2010 7:48:48 AM
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This issue is the economic elephant in the room.
It should be obvious that profiteering from financial instruments is a drag on the real productive economy and needs to stop before any real recovery can commence.
Nairbe: I believe the Right is staying away from this one because it is not a soft target like boat people, warmongering, young bashing, etc.
It is easy to seem rational supporting "industry" but I believe even the "all corporations are good, government bad" creed knows not to support the obscene banking profits derived from Ponzi like financial structures. Silence is the best approach when Truth threatens "truthiness".
Posted by Ozandy, Friday, 14 May 2010 8:38:35 AM
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