Runner
Why did Abbott refer to a Carbon Tax as a possible Liberal policy for climate change a couple of years ago. Abbott's direct action policy is all very well, but what are these direct action policies? We are still waiting to hear, the silence is deafening.

He has as little regard to democracy and obligations to the Australian public as the other lot.

I don't know about the lurch to the right beginning with Howard, Hawke and Keating did the real damage normalising third way economics, but of course I agree that there is no left in this country, though I don't blame the political parties; they are representative. Australia has by and large a conservative, bigoted and paranoid populace that is anti-green, anti-tax and anti refugees (many of whom we are responsible for in our support for imperial military incursions in sovereign nations and our ongoing ideological offensive in general).
It's all about money and the left is dead in Australia at least until the mining boom has been gobbled up. We are not a thinking people, but a reactionary one led by the nose, primarily by the US. We've mastered the art of self-deception and diplomacy in our culture of complaint, but have no ideals to either promote or defend.It's ironic, We're a bankrupt State though we're swimming in dough.

Rainier,

Simple.

The development of Western Liberal Democracy which includes all it's great institutions of Government and Learning especially of those Science, Medicine and Humanities.

That about covers it. ;-)

Yabby

It is true the Fed Res pays a dividend to the Federal Government. But that is hardly the point. The Federal Reserve determines economic policy of the US and hence it's influence on world trade and affairs.

Now, from memory without exact revision on my part, all but three or so of the 12 or so members of the Board of the Federal Reserve are appointed, by Law, by agrEement by the 12 or so Local Reserves eg the NY Reserve. The NY Fed appoints the majority of the members and is controlled in turn by the major banks of New York who appoint their members. You should also note the US Treasury and the Government appointed Chairmen are usually former members(Bank Appointees)of the NY Reserve.

As you might understand, the interest isn't in the profit of the Fed Res but lies in the power of it's manipulation of world economic affairs.

btw I see BHP shares have gone from $AUS22 odd to about $AUS38. Well Done. No doubt your super looks real good.

However I bought silver at the same time at about $US16 an ounce. As I suggested.

I guess, as you said at that time, you really are a lot more economically smarter than me.

But when you account other factors, such as, the Aus $ went from, about $US 0.60, at the time, eventually to $1.05 and if you haven't traded your shares and I had not sold a big % of the silver, as it plateaued about $US35, and then traded the profited $US dollars for rising $Aus then ... well you'd get the gist. Oh and silver today is sill about $US42 and I'm waiting for the Aus to crash. If you watch it's relation to the NZ $ and the relative strenghts of the euro and the US to the Aus$ and add in the indications of the busting property bubble in China then you'll get an indication of when it is likely the Aus$ will collapse against the US.

There, there's another tip for you.

Good article, Bruce.

I tend to agree with those who claim that "left" and "right" are now pretty meaningless labels.

The main opposing forces in poltics are those who support the policies of the big financial powers that have such an iron grip on things, and those that are prepared to argue against the destructive effects of so many of those policies.

What do we call them? The "plundering elites" and the "common gooders"? Must be something better. Any suggestions?

*It is true the Fed Res pays a dividend to the Federal Government. But that is hardly the point*

Nutter, it certainly is the point, for clearly profits arn't going
to those "evil banksters", as claimed by Arjay. Yes, the mandate
of reserve banks is to keep the economy ticking along as well as
possible, at arms length from politicians, who would more likely
make decisions which are best for their reelection, rather then
what is best for the country in the longer term.

I don't see why bankers on the Fed should be a problem. They have
a better understanding of economic and monetary policy then say
brain surgeons and you do need qualified people in such a job. It
is in banks interest that the economy is in healthy shape.

As to BHP, I am quite happy with my investment and really don't
need your advice lol. BHP can continue to send me a nice dividend
cheque every 6 months, that is good enough for me. But speculate
away, all that you want, its not my scene. If BHP should ever
drop back to 22 $, I'll certainly be buying some more.