A clear and straightforward summary of events. Thanks.

so the lame stream media fed us like sheeple & mushrooms based on rubbery figures from bureaucrooks.

now we are getting some more accurate figures about how deep the hole really is.

i recon that they are still polishing the tarnish on GFC#2.

Another Keynesian urging government to "stimulate" the economy by taking money it doesn't have out of the cash holdings of everyone in the population, and pay it by the billion to corrupt boondoggles like the 'Building the Education Revolution' waste/scam, and the pink batts fiasco.

Keynesianism doesn't work, it is wrong, and it has caused the whole problem that Keynesians are trying to fix with more the same. A little humility would be more becoming, rather than telling everyone else that *not enough* of their money has been confiscated by deception and wasted when its owners would have done better with it for themselves and society at large.

It should be obvious, even to a child, that we can't create wealth by printing pieces of paper and stamping dollar signs on them. Yet stripped of all its jargon and political support, that is all Keynesianism amounts to.

But it is not the *creation* of wealth; only the *confiscation and redistribution* of it.

"But" say the Keynesians "we are not creating wealth out of nothing, but out of resources that would otherwise be "idle" ".

But hang on. All money at any given time is in someone's cash balance. If we lived in a world of perfect certainty, there would be no need to hold cash, because we would already know the occasions for which we would need it in the future, and could withdraw the exact amount we need then. This means that people hold cash only so as to take account of future uncertainty as they see it at the present time. They are not "hoarding" it, they are holding cash balances for the only and proper reason for which cash balances exist.

The money should not be regarded as presumptively available to government to filch and waste on artificial booms which *must and do* eventually collapse into depression oops recessions, which Keynesians then blame on not enough of their infernal interventions!

Thus Keynesianism is ethically and economically bad for the same reasons.

Keynes is just another Fabian Socialist.

You cannot solve a debt problem by creating more of it anymore than stopping a drinking problem by buying more alcohol.

The US Federal Reserve in 2008 had off sheet balance transations of $9 trillion which the Chief Inspector for the Govt Elizabeth Coleman had no knowledge of.Since then this creation of money from nothing has almost doubled to $18 trillion and loaned to institutions/Govts all around the planet.http://www.youtube.com/watch?v=GYNVNhB-m0o You will see here Congressman Alan Grayson ask the delving questions but is dumbfounded by Coleman's reponse.This video reveals that the US Board of Governors on the Fed are both impotent and clueless.This private group of banks run both the share market and the US Govt.

The US Fed is a private group of banks who own and create the US currency.They have a Govt Board of which Coleman is the Chief Inspector.The Fed is creating $ trillions from nothing and causing inflation world wide.Since rates are near zero,the elites are using thsi money to buy up assets for cents on the dollar.They are also further inflating the derivative market which is being used to attack sovereign countries and steal their Govt and private assets.

This is theft on a scale that we've never seen before in our history and many economists still try to spin the lie.

I am not an Economist but isn't the "Australia is safe" idea a bit of a fairyland view? As one Economist said you can't have a safe house when the rest of the neigbourhood is on fire. China is heavily invested in the US and dependent upon sales of its manufactured goods to provide funding for its imports of coal etc.

We're all holding hands so if one falls there is a pull on all the others.