Mac,

You need to sort out the differences between public and private debt.

Mr Right,you're Wrong,

I understand the difference, I'll explain, again, my point was that private debt was somehow regarded as self- regulating by the market ideologues, it wasn't was it? Private debt in the US has become everyone's problem. Now you explain the difference between private and public debt.

SPIN is used to HIDE TRUTHS that threaten the illusory conception of benefits that Federal Government has for ordinary Australians and to hide, promulgate & extend the gap between Rich and Poor Australians.

Australia is a pure Howard Rudd PLUTOCRACY.

We all live in this spun out plutocracy where Federal and State governments:

* Brainwash with essentially state controlled media with Coonanesque removal of competition.

* Immigrate just to to boost GST revenue & a soon-to-fail property-market based economy, knowing full well, by their own reckoning that more people irretrievably cause more climate change (more drought, less water, more coal burnt, flithier urban air) in a geologia that is primarily one of perpetual drought subsistence ex climate change.

*Claim Immigration is Nation Builing when they know full well the externalising of its costs is rapidly lowering the living standards of the majority of Australians (who are increasingly being legislated to live in crime, Politico-affiliated & drug infested can-of-sardines cities like Dubbo and Sydney). All Rudd's version of Nation Builing achieves is to boost MARKET opportunities for the rich and nepotistically connected.

* Promote Democracy and Free trade like they weren't wolves promoting getting rid of shepherds & allowing sheep to run Free-Range as juicy stragglers. How much of our new $deficit will be because of a Rudd donation to Bush's post-presidency Freedom & Democracy Foundation?

* Don't want you to know the 2025 'Plutocracy PAYOFF' of large scale Global & Australian human genocide to permanently free the RICH from the sticky tentacles of the POOR: http://www.theaustralian.news.com.au/story/0,25197,24684836-12377,00.html

It is essential to have very adept and profitable spin doctors. They're guaranteed to have resiliant business plans -- In Advance.

Rupert Murdoch and Julia Gillared are right: Australian schools are a disgrace. They are teaching students to think CRITICALLY and that
is a clear and present threat to the Australian (SPIN) way of life.

The spin doctor anthem:

Making a killing is our business and Rudd is guaranteeing us that BUSINESS is gonna be good.

Wrong about what? Goverments can't be blamed for private debt.There is a difference between what private companies borrowing overseas, and what governments might borrow. Most of the current debt is down to private companies, including banks.

Your "Mr.Right you are Wrong" wasn't funny the first thousand times somebody thought it was tricky; and my user name has nothing to do with whether or not I'm right or wrong.

Mr Right,

Have you been told you were wrong 1000 times? I'm not at all surprised. Have people said that too? Yes, I know the composition of Australia's foreign debt, but governments can be blamed for private debt, if it is of the quality of the sub prime loans in the US. We could be heading to a depression because of the " self-regulation" fantasies of the American financial elite. FYI, economics is not a science. You still don't get it, private debt can affect the public.

The limited real wealth has been accumulating in the pockets of the super-wealthy while the theft has been covered up by "lending". The government has allowed banks to effectively create "assets" out of debt (CDOs) thereby increasing the money supply without any real wealth being created.
Governments have completely dropped the ball here by allowing profit entities to effectively control the worlds money supply to the point of collapse. It seems the record "profits" of the last 10 years have already been wasted away and replaced by public funds. Private profit, public risk: thats the Liberal Party way.
Did Jonny Howard build any infrustructure, fund any research, do *anything* in fact to generate a real economy?
Nope: he just denied the reality of the modern world and made his rich mates (and family) very secure and obscenely wealthy.
Ask yourselves: How is doubling housing prices generating wealth? It is a *bad* thing that they sold as good thing purely for profit.
Every time I hear about Liberals as good economic managers I want to puke! Lies and Spin indeed.