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The Forum > Article Comments > A responsible mandate for the Future Fund > Comments

A responsible mandate for the Future Fund : Comments

By Charles Berger, published 1/5/2006

A beneficiary lays down some guidance on how to invest the Future Fund.

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Charles,Goodness me, you seem to believe the supposed reason for conserving this money which can be spent, and should be, now. On many much needed issues such as roads, health care, education and any number of other overdue infrastructure upgrades. Do you value your pension above your family's current health and road safety?

Do you understand politics at all? Promises like these are straight from Sir Humphrey's book of how to mislead the public. In this case the tactic is a promise of something that none of the existing Paliament will be alive to deliver.

Let's play hypotheticals. Say Labor do actually win an election before you retire. Do you think the pre Labor government will do anything other than spend every cent to try and boost their own chances of re election? As well as ensuring that the incoming government would have no money to deliver the promises they made.

If they did actually keep this money for the future, what do you think the incoming government would do with it? That's right, find a "better" use for it as the original reason for saving will be long forgotten by government.

Even if you assume both sides of government do actually keep it and invest it, what should they invest in? Stocks? Any such holding by government clearly has issues galore, apart from manipulation of the markets as well as potential losses (the market is at an all time high and it's a matter of time before corrections and/or a crash will occur).

Roads? Forget it, they are selling all our major roads for profit by private companies.

Telstra? Get real. Investing in Telstra is not only dodgy but why would a government that has finally sold the full 100% actually buy shares in it for the public?

If our government was at all serious about investing this money wisely for the public's future all those toll roads and toll road proposals should be bought back so the tolls at least go into general revenue.

Sorry to disturb your sleep Charles as you are clearly in dream land.
Posted by RobbyH, Monday, 1 May 2006 11:39:34 AM
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Charles - as you are looking to retire in 25 years I am assuming that your age is below 40.

Perhaps you have not had time to research why a Country like Australia which has immense natural wealth that has been an exporter for the last 150 years with a very small population has a such a large Balance of Payments deficit year after year.

In summary the International Bankers devised the Constitution and
the Separation of Powers doctrine to ensure a very small minority enjoy immense wealth.

You may want to review the following web-site to appreciate why Paul KEATING was elected World's best Treasurer in 1985 for deregulating the Foreign Exchange markets and allowing Foreign Banks into Australia

In addition you may want to review why Jack LANG was dismissed as the NSW Premier in 1932 on the advice of the first Australian born Governor-General Judge Isaac ISAACS

In addition it may also be useful for you to review the web-site of the widely acknowledged greatest influence on government policies for the last 200 years and who have set the price of Gold two times a day since 1919

The International Banker Strategy appears to be:

1 to select the top 300 Families in each Country

2 provide Scholarships to the sons and daughters like the Rhodes Scholarship and Fullbright Scholarship

3 surrounded them with minders to steer them to the Political top

4 provide very generous Superannuation benefits
eg Member of Parliament (Life Gold Pass) Act 2002

5 provide them with inside knowledge on Share-market futures

The you may appreciate why the Future Fund has been established to provide the perpetual gravy train via electronic commerce which sends Superannuation Funds around the world with multiple foreign exchanges without have to employ anybody to do anything !

When all Government information is electronic what do you do with all the unemployed people ?

You may wish to discuss these issues with your colleagues

Posted by The Price of Freedom is Perpetual Vigilance, Monday, 1 May 2006 1:29:11 PM
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Dear Price of Freedom,

What you have written is total tosh. Not only were you factually wrong about Jack Lang, who was dismissed by the Governor of New South Wales, Philip Game, not Governor-General Isaacs, (who has no power to dismiss state governors), but you fell into the trap of seeking a scapegoat for human frailty. Lang was dismissed by Game after he (Lang) refused to withdraw regulations that the High Court had found to be illegal. The reason Australia has a huge foreign debt is that individuals have voluntarily borrowed money for frivolous purposes. There is no way that any alleged international banking group can force people to borrow. I have more money than I can spend, and go on two overseas trips a year to try and get rid of it, but I still watch every penny, and try and save money wherever possible. The only time I would ever think of borrowing would be to buy an asset. If you cannot finance consumption from savings, you go without. This habit has benefited me for a lifetime, and it is a pity that it has fallen into disuse. At my age my main interest is to preserve my capital so I can pass it on to my heirs, and it is hard to find a good investment. When the crisis hits, and our overseas loans are called in, as they rightly should be, those unfortunates who were stupid enough to yield to the temptation to borrow money will experience the results of their folly. At least the current federal government has acted to minimise our government foreign debt, and this is now very low.
Posted by plerdsus, Tuesday, 2 May 2006 2:32:50 PM
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Its nice to know that the 30 somethings might get something out of this. I am however skeptical on the principal of governance.

Why does a fund that is expected (ostensibly) to manage funds for retiring public servants need to be set up, when there are already at least three management boards for federal public servants superannuation ? Why duplicate existing arrangements ?

Anyone would think this money is somehow very special (as in not destined for retired public servants).

Also, is there any enabling legislation for this Future Fund ? I've not noticed.
Posted by Notbadnotgoodeither, Tuesday, 2 May 2006 9:12:16 PM
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Dear Plerdsus, please check your history

Sir Philip GAME was a British Royal Air Force Air Marshall and the NSW Governor-General therefore would not have had the authority or the legal training to make a decision to dismiss the Premier on a Constitutional matter without referring to the first Australian born Governor General Judge Isaac ISAACS.

Jack LANG was dismissed because he refused to comply with the Australian Constitution

"Early in 1931 Jack Lang released his own plan to combat the Depression, this became known as "the Lang Plan".

This was in contrast to the "Melbourne Agreement" which all other State Governments and the Federal Government had agreed to in 1930.

Key points of the Lang Plan included:

1 the reduction of interest owed by Australian Governments on debts within Australia to 3%,

2 the cancellation of interest payments to overseas bondholders and financiers on government borrowings,

3 the injection of more funds into the nation's money supply as central bank credit for the revitalisation of industry and commerce, and

4 the abolition of the Gold Standard, to be replaced by a "Goods Standard," whereby the amount of currency in circulation would be fixed to the amount of goods produced within the Australian economy

It is only the Australia Constitution that allows the State Governments to borrow money on Public Debt - Chapter 1 Part V (Powers of Parliament) r51 sr (iv)

"On 04 Jun 1963 John F KENNEDY tried to put the private US Federal Reserve Bank out of business by signing Executive Order 11110 and issuing Silver Certificates rather than base the Currency on the Gold Standard"

The price of Gold has never been set by market forces.

The Rothschilds as the permanent chair of the London Bullion Market Association [LBMA] have set the price of gold twice a day since 1919

This is confirmed by the Rothschilds web-site

Plerdsus as the Australian Future Fund is the key platform of the Australian Government Superannuation strategy this is an appropriate forum to debate this issue and your robust response is anticipated

Posted by The Price of Freedom is Perpetual Vigilance, Wednesday, 3 May 2006 2:09:55 PM
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Hi Notbadnotgoodeither,

The issue with the Feds public service superannuation is a real one in that it is unfunded. In other words they have been relying on having sufficient funds to pay retirees.

There is certainly a risk that future retirees could be faced with a fund that cannot pay under the current arrangements.

However as I wrote above, this Future Fund is non specific, vague and on the never never. The only way these funds would be preserved for the intended target is if both Father Xmas and the Easter Bunny hid it in the respective sacks and burrows.
Posted by RobbyH, Thursday, 4 May 2006 10:52:02 AM
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