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The Forum > Article Comments > The coalition government’s bankrupt economic policies > Comments

The coalition government’s bankrupt economic policies : Comments

By Harold Levien, published 7/4/2015

Joseph Stiglitz complimented the Government on its uniquely successful economic policy in saving Australia from the GFC which spread recession throughout Europe, North America and Asia including China.

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Armchair Critic,you are right but they will not listen because those who control this system are doing just dandy.

I would liken our system to a building that has seriously compromised foundations but no one is allowed to go down in the basement and have a look. Instead they are arguing about how to renovate the upper levels of this building that is on the verge of collapse. Lipstick on a pig comes to mind.

A good site is this one http://usawatchdog.com/middle-east-revolution-inflationary-depression-coming-paul-craig-roberts/ Dr Roberts is the ex -assistant secretary to the US Treasury.

Even people like Robert Kiyosaki the author of Rich dad Poor Dad say this system is coming down.

We along with many countries including Great Britain, Switzerland, BRICS Nations and even Israel have joined a China initiated Asian Infrastructure Investment Bank. My fear is that China will just take up where our Central Bankers have enslaved us and own their own monopolised debt money creation system. The AIIB is China's answer to the IMF and World Bank.

Have a close read of Greg Hunter's USA Watchdog and read widely on the alternate media on how to protect yourself because this will be the mother of all collapses.
Posted by Arjay, Wednesday, 8 April 2015 6:21:29 AM
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If you are going to contribute to the discussion, Armchair Critic, rather than simply whinge, you need to pay attention to some facts.

>>Did any of us borrow the money? No <<

Yes, we did.

The level of private debt in this country is around 100% of GDP.

http://www.abc.net.au/news/2014-05-07/household-debt-the-big-threat-to-australian-economy/5435844

Which underlines one of the main points in the article: that the average citizen hasn't the faintest clue how economics work, and is therefore liable to be led by the nose by a) government propaganda and/or b) crackpot notions from hysterical web sites.

QED
Posted by Pericles, Wednesday, 8 April 2015 10:35:03 AM
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Periclueless is at it again with more deception. Armchair critic was referring to the debt money borrowed on our behalf by our Govts and not the personal debt we willingly take on that you infer.

There is no democracy without monetary sovereignty. This means being able to own the new money without debt,which represents your toil and creativity. Who creates most of the new money as debt ?

As George Carlin says " You have owners, they own you." http://www.youtube.com/watch?v=6o5jpcTmcqk They replaced the iron shackles of slavery with the invisible shackles of debt and we delight in our oppression.
Posted by Arjay, Wednesday, 8 April 2015 7:58:13 PM
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That's a bit of a stretch, Arjay.

>>Armchair critic was referring to the debt money borrowed on our behalf by our Govts and not the personal debt we willingly take on that you infer<<

What he said was:

>>Did any of us borrow the money? No<<

Given that our government's debt is very low, compared to other developed countries, what else could he have meant?
Posted by Pericles, Friday, 10 April 2015 9:15:32 AM
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Array, the claim that "There is no democracy without monetary sovereignty" is false. Some democracies choose to reject monetary sovereignty. And Australia's monetary sovereignty is at Federal level, yet we have democracy at state and local level too.

And make no mistake, we do have monetary sovereignty at Federal level. But to control inflation we do need a means of controlling money creation, and to do that we use interest rates, which require some form of debt.
Posted by Aidan, Friday, 10 April 2015 10:55:59 AM
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