I would agree with the author.

A country that gives up its manufacturing base and imports nearly everything, and then relies on multi-national corporations for exports, is eventually dictated to by these same multi-national corporations.

All hail multi-national corporations.

Kevin Rudd brought Kevin Rudd down - pretty much all by himself. His mining tax was all about him trying to show he had a hairy chest - taking on the big guys and all the photo opportunties that go with that. It was ill thought out and doomed to fail from the outset. A previous labor government successfully introduced a similar tax on the petroleum industry. If Rudd's agenda had been any more than self-promotion, he would have approached it much the same way as Keating and Walsh did so successfully back in the 80s. They had a scrap with the miners and they won. He lost.

A study of Nauru and the benefits that overseas owned mining companies provided would be useful...in short, they grabbed the wealth and ran. Even theory says that excess profits are bad for economies, but the media allows mining CEOs to carry more weight than economists.

The Minerals council has been fairly forward about their views on fossil fuels; we can look forward to several centuries of their members supplying Ausralian coal, gas and oil to the world. AGW doesn't figure into their thinking at all.

I suspect most of the heads of these companies know very well that the science of climate is sound - they could afford to fund any amount of real science on the issue and would if they thought it would show AGW isn't serious - but to avoid having to delay the inevitable and in order to avoid any kind of legal responsibility for that inevitable (perhaps suggested by their legal advisers) they will cling to denying the problem exists, denying serious action now will impact the severity of consequences and of course denying any responsibility, legal or moral.

Australians will be vilified far into the future by nations and people no better than we are at taking real responsibility for the consequences of their decisions, actions and failures and who will have a huge stake in looking for someone else to blame. I'd say, thanks to our fabulously narrow focused mining sector, that we look perfect for the role.

Dear Mr. Mooney,

I feel for you and when I see Democracy, I will let you know.

It will not be soon, as an old man down the road told me that she will come as soon as all politicians have left the place.

The author has a perfect opportunity to test whether people agree with him. Run as a candidate in the Federal election advocating a 40% extra tax (on top of current taxes) on all earnings over bank interest rate. After 21 August, please remember to let us know how you got on.

Good article Gavin , the actual details of this decision make it even worse. A hairy chested decision from Rudd !, that is an extremely naive statement. As for the unions , as Gavin hints they have aligned themselves with the mining companies. Big reward for Paul Howes I expect.