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The Forum > Article Comments > Pendulum swing from globalization to protectionism? > Comments

Pendulum swing from globalization to protectionism? : Comments

By Vince Hooper, published 29/8/2017

In effect, QE is Monetary Socialism and has encouraged greater moral hazard since 2010.

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".. irrational fear rears its ugly head whenever reformers seek to do things differently from time-honoured so-called sound banking practice. From the start it was to be the Bank of the Commonwealth Government. In June 1912 Denison Miller was appointed Governor of the Commonwealth Bank. He issued no debentures, but opened savings banks throughout Australia, and used the money he obtained in this way as his capital. He thus avoided being indebted and having to pay interest to anybody but his depositors."
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This was communism and possibly Communism.
Posted by nicknamenick, Wednesday, 30 August 2017 7:11:54 AM
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With a simple stroke of a pen, the entire housing market of Australia could be Nationalised. Housing apportioned by need, with families a priority.
Initiate a debt jamboree, which ensures mortgage holders don't end their days in debtors prison. Nationalise the major banks. Nationalise key industries such as water and power.
Scrutinise all foreign investment for national interest protection.

Since 80% of Australians are now excluded from economic progress, a political party which promises these innovations would be a winner! Communism?
Posted by diver dan, Wednesday, 30 August 2017 7:34:10 AM
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Nationalised Socialism might be a winner with peoples' cars , autobahns and bullet trains.
Posted by nicknamenick, Wednesday, 30 August 2017 9:36:13 AM
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Herr OberShortenElektricfuhrer Turnbull inspected Snowy Hydro from Luftwaffe 1 helicopter and ordered a 5 Year Plan for workers and peasants. "I'm in debt to you" he admitted to Kim Surf-Ing a burqa-clad banker from China-Autobarn and Colombian Exports smuggling coal out of Indian Qld.
Posted by nicknamenick, Wednesday, 30 August 2017 10:08:15 AM
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diver dan,
"With a simple stroke of a pen, the entire housing market of Australia could be Nationalised."
No it couldn't.
I suggest you watch The Castle.

We don't have debtors prisons; we have bankruptcy laws instead.
And when a previous government tried to nationalize the banks, the backlash led to the formation of the Liberal Party.

We don't need communism to make housing affordable and employment secure. Globalization is not to blame for the bad economic policy that's been implemented.
Posted by Aidan, Wednesday, 30 August 2017 10:25:59 AM
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Hi Aidan,

The Liberal Party was formed in August 1945. The Chifley government decided to nationalise the banks in August 1947 and failed when the High Court declared the move unconstitutional. Confirmed by the Privy Council.

The bank nationalisation policy did not lead to the formation of the Liberal Party.

Yes, contradictory, not tautological. No idea what I was thinking.

The major totalitarian governments were all communist and the main exception, Hitler's Germany, claimed to be socialist. It really is nit-picking to spin those facts as simply the actions of totalitarians rather than communists. Totalitarianism was a fundamental part of the communist package, starting with Lenin, who had no problem with liquidating his colleagues.

What we know for certain is that communism is not and was not the utopia Diver Dan seems to think it is. If there is no financial incentive available, why bother to be productive? Such an economy eventually stagnates, as history has shown.

While there is little chance that an overtly communist party would win many votes here, we do have a large chunk of the electorate who are hard left supporters of the Greens and Labor. Communists in spirit.

As for "public opinion" in Russia, Hungary and the former East Germany, those are very dubious polls Killarney references. Such opinions are impressionistic, not based on any evidence or facts. Remember the good old days? Remember how "secure" it was as long as you didn't express an opinion?

Yes, there is a pro-communist rump in the former Soviet Union. Quite possibly those who were in privileged positions pre-perestroika. Or perhaps they simply lacked the education and skills to cope in a capitalist economy.

There's a large Russian and former soviet states community in Australia now (as there have been of Hungarian and Czech imigres in the past). I've met a lot of them. Wonderful people.

They seem to be very happy to call Australia home and couldn't wait to get the hell out when the Soviet Union collapsed.

Their children, now well-educated, high-achieving adults are doing just fine here.
Posted by calwest, Wednesday, 30 August 2017 12:08:36 PM
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