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The Forum > Article Comments > Debt contagion > Comments

Debt contagion : Comments

By Peter Coates, published 17/10/2013

This self-inflicted financial virus concerns the squandering of America’s reputation as the main haven for prime investments, including many Australian investments.

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Well the crisis may be over for now! But there will be long term repercussions?
How can the rest of the world now trust the US with its reserve currency?
For the last two years or so China has been importing massive amounts of gold.
Moreover, they have completely banned the export of any of the locally produced product. It is only a question of time before the Yuan is tied to gold.
Meaning, the US will have no other choice than follow suit! And we, if we're smart!
The fact that this political blackmail crisis has simply been deferred rather than solved, is problematic for the US economy, which is now poised on the brink of a new and far deeper recession than the GFC.
And that has implications for the whole global economy.
To put it simply, they simply cannot continue spending well beyond their means, and the tea party stands firmly in the way of any genuine and pragmatic economic reform.
Reform which has to include an equalization of income tax, and an end to the farm bill, which costs the budget annual billions, and saps the US of her ability to defend herself, let alone her so called allies?
Were this crisis to happen here, we could resolve it with either a double dissolution or the sacking of the govt by the GG, using the reserve powers.
However, no such facility exists in the US.
Meaning, the extreme right wing forces of instability can keep sabotaging their own economy, or continue shooting themselves in their own economic foot.
If these mad hatter gun nuts could get their wish list, the only possible outcome would be a brand new deeper darker Great Depression!
That's just how economically illiterate the tea party are!
They almost alone, with their insane wish list, stand in the way of easing the debt contagion.
Rhrosty.
Posted by Rhrosty, Thursday, 17 October 2013 10:12:30 AM
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Hi Rhrosty

I agree the tea party Republicans are reactionary with no coherent or workable political platform of their own.

Obama's partial victory today is likely to be short term. Tea party disruption will continue with that faction getting stronger each month until Obama's fixed term ends in November 2016.

Cheers

Pete
Posted by plantagenet, Thursday, 17 October 2013 11:09:31 AM
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America is the top dog? Are you mad? Has the propaganda finally destroyed all your brain cells, Peter.

America works on the theory that, if we keep telling the world that we are top dog, they will believe it and so will we! This is while they argue and bicker among themselves and show the world that they can't pay their bills. America is a credit-card top-dog. It is all B.S. and lies. Only fools swallow its lies.

America only has 6% of the world's population. On what basis can it claim top-dog status? Sure, it has nukes but so do lots of other countries. America couldn't even defeat Iraq!

It's time the world realized the fraud that is America, the dangerous fraud! It has its tentacles all over Australia and is manipulating us to be anti-China.

Wake up, folks. It's reality time. The U.S. is the enemy of the world!
Posted by David G, Thursday, 17 October 2013 11:11:57 AM
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Hi David G

Thought you would enjoy this one :)

US dominance is temporary. Stalwart capitalist countries like China who are major creditors have long memories of US financial irresponsibility.

"top dog" is of course a derogatory term - designating the US as the most politically, economically and militarily powerful country - at the moment.

Capitalism Rules! A mixed blessing?

Regards

Pete
Posted by plantagenet, Thursday, 17 October 2013 12:04:17 PM
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Two of the best treasurers Australia has had were Mr Keating, with his superannuation reforms, and Mr Costello, with his major retiring of govt debt, but unfortunately they did not go far enough: even today, employer contributions are not anywhere near 15%. And with all the surpluses during the Howard years, why was public housing so shamefully neglected so that there are now 106,000+ homeless? Is that how an 'inclusive' society operates?

(But credit must also be given to Wayne Swan for his bold tripling of the tax free threshold, that was a master stroke!)

But if the U.S. or Europe do not adopt a Tobin Tax on financial transactions, what's to stop Australia from doing so? It might contribute to our own 'sovereign wealth fund'.

And get rid of negative gearing, triple or quadruple the fringe benefits tax, get rid of middle class welfare (eg, tax the family home), stop propping up Holden and Ford etc.
Posted by SHRODE, Thursday, 17 October 2013 12:15:42 PM
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Pete, as I watch Australia being swallowed up by the Yankee Imperialists without a murmur of protest, I get really frustrated.

I guess we in this country have been swallowing Yank B.S. for so long via the MSM and our televisions, we can't think anymore.

We watch them droning the world, torturing and rendering, spying on everyone, bullying other nations, killing millions, applauding themselves non-stop, and we make no comment!

Even when the political temperature in Yankeeland is boiling over and they are shown to be unable to run their own country let alone the world, we still can't see its flaws, its danger.

Where are our writers, our thinkers? All we seem to have are brain-dead politicians who form into conga lines of American suckholes.
Posted by David G, Thursday, 17 October 2013 12:40:09 PM
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