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The Forum > Article Comments > How to disembowel an economy > Comments

How to disembowel an economy : Comments

By Alex Cowie, published 24/5/2010

The main problem with the super-profits tax is it has introduced an enormous cloud of uncertainty over Australian resource projects.

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DAVID G....you want capitalism to crash ? :) it already has!

OECD nations owe more than their total GDP in debt...

now..

ORGANIZATION for ECONOMIC COOPERATION and DEVELOPMENT (OECD)
Welcome to the OECD, an international organisation helping governments tackle the economic, social and governance challenges of a globalised economy.

IE...THE RICH

Now..the Question of the century.

QUESTION If the richest nations in the world have BORROWED more than they can produce in a year... from..WHO have they borrowed ?

WHO has more money than all the richest nations in the world ?

(I smell Arjay and conspiracy theory drawing nigh :) and I see David F running as fast as he can.

Not being an economist..of course a dum dum like me would not know the answer.. so..I await our erstwhile learned brethren to instruct me.

PS.. who is going to save Japan ? 176% debt to GDP.

Does this not mean....that those countries owing more than they earn will have to have less net income so debt can be repaid ?

JAPAN.. average salary (example only) $5000/month

Of which. 176% is owed in debt...hmmmm *problem*

Ok.. we will pay debt off in 5 yrs.

$5000/5yrs = $4000 to debt leaving $1000/month net income avaiable.

Does anyone sense CRISIS looming ?

The HILARIOUS event will be as the whining Unions actually realize they can no longer promise something which simply isn't there. $$$
Ooooh won't there be hell to pay then eh :)
Posted by ALGOREisRICH, Monday, 24 May 2010 8:30:56 PM
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Just to put Formersnag's advocacy of Australia First in context, I covered the Sydney Forum in 2009, and although I was assured before entering that the members were not neo-fascists, the very first speaker finished his speech with three thunderous (and rapturously applauded) Nazi salutes, while Australia First Party members got around in combat boots and black shirts.
Posted by AndrewRiddle, Monday, 24 May 2010 8:33:53 PM
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BUT DAVID G...... it has crashed because of SOCIALIST policies which broke the bank mate.

"Let's have a strong public service..and have great 'services' for the community"

I know..PAID MATERNITY LEAVE.. yeaahhhh that's a good one.

Try that in Japan :)
or
Greece!

Our wonder women feminists will be arcing up about that one from their deckchairs on the Economic Titanic and suddenly..while they are still in full verbal flight about 'social justice' and WOMENS RIGHTS.. GURGLE GURGLE GURGLE....woooosh.. all over red rover.

As the GLOBAL economy (via Kyoto/Strong socialism) takes hold.. OUR 10% debt to GDP means we have LOTS LOTS LOTS more money to 'help'
our less fortunate comrades out there in Greece etc. cos we are part of the OECD. WE are part of Kyoto.. WE are the biggest suckers on earth.
GLOBAL governance..GLOBAL responsibility..GLOBAL sharing of pain... GLOBAL everything.
Posted by ALGOREisRICH, Monday, 24 May 2010 8:36:48 PM
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The main greed being shown here is by a Government who can't stop spending and wasting billions on failed projects and increasing the pool of fat cats who receive more and more perks.They now want to tax hard working people more and more. It is a disgrace.
Posted by runner, Monday, 24 May 2010 12:14:05 PM.

And it is runner. Its like the Australian government( of the greedy ) is running backwards on the relems of thinking. Its like overpopulating a drying country and trying to follow a US point of view. This will not work,( 17 million People for a perfect Australia ) but the blind pigs can only see the money bin. The rich will get richer, if we don't stop them, the poorer we become.
The killers of the planet must be taxed and held accountable for their actions. I think Mr rudd is on the ball.
Who will move first.

Looks like center-link will get more new customers.( as you import more of that we don't need ) So while you fat cats get richer, don't call us dole- buglers. You want higher populations so you can pick and choose..........I think you want us all to go on a nation-wide strike? Cause if we drop tools, your F..ked.

Do some thinking and quickly.

TTM.
Posted by think than move, Monday, 24 May 2010 11:25:53 PM
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The issue with this type of tax being imposed is that is ruins Australia's reputation as having a stable government. The cost of borrowings as a result can increase leading to higher interest rates. The Australian dollar being pushed down with more than commodities links alone can lead to higher fuel prices.

The tax will be re-distributed to wealthy companies in the form of corporate tax cuts, not Mum and Dad partnerships so they will also share the burden when the extra supernnuation payment for staff kick in once the government has recovered it reckless spending overdraft.

It encourages uneconomic mining to go ahead meaning the miner may pay ZERO for the resource whereas now royalty is imposed whether the miner makes a profit or not. So claims this tax forces miners to pay for the resources is an outright lie, it could be the taxpayer footing the bill. Claims it is also designed to keep minerals in the gound is also outright lie and the whole ide of the 40% is to fund the mining of stuff that is being kepy underground now due to cost constraints.

In my mind the miners are greedy but at least some good comes from their greed. However those that support the tax are even greedier allowing envy and immaturity perhaps to allow our whole eocnomy to collapse just so a few companies pay extra tax. The trouble here is the mining companies are mobile, Australia is not. BHP can dilute the impact of this tax far easier than a local business not even mining related but king hit with added suuprannuation and interest rate expenses.

Why some pretend to be left support this is queer as there is no benefit really for ordinary Australians, or for the future, that is con job talk.
Posted by TheMissus, Tuesday, 25 May 2010 9:02:25 AM
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Dear AndrewRiddle, i am so glad that you mentioned the "black shirts" who are not a "neo fascist" group or "Australia First" but an AFL, or Anti FE"Man"Nazi League organisation, who are interested in the family law policies of "Australia First".

While i don't support killing 6 million Jews, i also don't support the loony, left murderers either, Pol Pot, Stalin, Mao, Kim Jong ILL, etc, etc, etc, as you clearly do if you are a supporter of the red/green/getup/labour coalition.

Graeme Campbell, the former ALP member for Kalgoorlie, party founder, is also not a "Neo Nazi" but in a Dumbocracy, everybody has the right to be wrong & people who support some sensible policies or beliefs are allowed to support others that some people might consider to be less sensible.

Arthur Caldwell, ALP leader before Whitlam was a proud supporter of the "White Australia" policy. ALP policies, all of them before WW2 were almost identical to Nazi Germany's policies before 1939.

"White Australia" "Social Credit" "Nationalise the Banks" "Blame Jewish International Bankers for the Great Depression" "Co-Operative Companies" "Good Pay & conditions for Workers" is any of this sounding familiar to you, AndrewRiddle?

Compere Newspaper Archives from 1930's Australia & Austria or Germany? See what you find AndrewRiddle?

My own personal politics are more closely aligned with the "Australian Democrats" http://www.democrats.org.au/ or the "Liberal Democratic Party" http://www.ldp.org.au/

if you have followed any of my bloging on OLO or The Punch you would know that i have been advocating for Almost all minor parties & independents other than the liberal, labour, national & red/green coalition.

http://australianpolitics.com/parties/list.shtml

BTW the Sydney forum was not an Australia first rally either
Posted by Formersnag, Tuesday, 25 May 2010 4:39:46 PM
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