Geoff, note;

JKJ said;
Bazz, Geoff
Energy prices are rising. So what?

See, missed the point, has not twigged that it is not about money.

JKJ,

Virgins used to be plentiful and cheap, so, where's the downside?
Priests happy, people happy, and fewer mouths to feed.

Unfortunately, JKJ, you make no cogent argument, just clearly being argumentative for the sake of it, and with nothing constructive to contribute.

Oz has many ripe plums to pick, because the right fertiliser was applied in the right concentration and at the right time. And, no houses or cities were destroyed. Win, win. Who needs theory, when we have a simple evident proof?

Do you not realise Theory is only used to indicate effective choices, and if the choices made provide positive results (as they have in the case of Oz) this tends to confirm the Theory - and vice-versa of course. Can you advise us of a 'perfect' Theory? Of anything? (Note: Theory, not formula.) String Theory, Quantum Theory, Evolution Theory, Theory of Relativity - are these 'perfect' Theories, or may improvement or refinement still be possible?

You purport to hold all the answers, so, what say you?

Time to lick your wounds and walk away; but like the sentry in the forest in Monty Python's Quest for the Holy Grail you will probably carry on, all while challenging "come back here you cowards, I will chew on you and gum you to death"!

Says it all;
By James Howard Kunstler
on March 25, 2013 8:20 AM

Of course, everybody should have been worried a lot sooner than last
week because the basic operating system of global banking is
accounting fraud, and has become that stealthily, insidiously, for
about fifteen years now. Nothing is what it appears to be anymore.
Compound interest has not really been working since 2008 because the
world can't increase its energy production enough to generate the
additional surplus wealth needed to cover the aggregate interest due
all around the world.

Not that old furphy again, Geoff of Perth

>>...the big 4 banks all took significant advantage of the US Federal Reserve open book borrowing windows, and we are talking billions not millions, to realise the Australian banking system was on it's knees in 2008/09. APRA and the Reserve Bank failed to inform investors and the Government about this little borrowing occurrence and as such, investors should be suing APRA and the FED for millions.<<

On what basis were the Banks obliged to make such a declaration? It was business as usual, where they took the opportunity to grab a handful of funds at attractive rates of interest. Neither the Banks themselves, nor our economy, was in any danger whatsoever.

Furthermore, on what grounds should investors be suing APRA, the Fed, or anyone else for that matter, for "millions". On what basis would you calculate the damage caused?

I know this has nothing to do with Cyprus, so my apologies for going off-topic. But it is quite irritating to read the same old rubbish trotted out on every possible occasion, when it has absolutely no significance whatsoever, and serves only to show up the writer's fiscal illiteracy.

Meanwhile, Cyprus' position as a haven for offshore funds has been totally exposed for the disastrous strategy that it is, just as Iceland's was a few years back. When our Banks find themselves with assets that amount to 800% of our GDP, I expect we will receive - and deserve - the same treatment.

But there is one consolation. Instead of facing pain in a single blow, Australian Bank customers receive our "haircut" on a daily basis, thanks to the massive profit margins the Banks extract from us. We would feel justifiably aggrieved if we were asked to support a one-off bank Cyprus-style "bail-in" with $20 billion of our hard-earned cash. But that is in fact what it is costing us every year.

Think about it.

AA. The data collected by the ABS are just that, "BS". For example, if you have worked one hour in the previous fortnight they regard you as employed. Like I said, "BS". There are many other examples.

There are liars, damned liars and statisticians.

David

There is really no way around all these problems.
We, and by that I mean the majority of countries, have been borrowing
as if there was no tomorrow. The crash in Greece bonds meant that there
went Cyprus bank's assets.
We are all linked together in that none of us can any longer generate
the funds to pay the interest on our borrowings.
Australia is a bit better off in that we are digging holes in the
ground and selling the country by the shipload to China.
Sooner rather than later, China will find all their markets have dried
up and they have an unemployment problem.

It will be the mother of all cutbacks.