Belly my friend tis not only Swan for the cyanide, I have enough for both sides of politics, I despise both sides equally and the lawyer festooned pits that are our houses of governments.

*Well Yabby I again find you defending those "with" and denigrating those "without", no surprise there.*

No so sonofgloin. But I do sometimes take the time to explain how
modern economics works, for as we can see on OLO, many simply
don't understand it and jump to conspiracy theories. I just made
it my business to learn about this stuff, as anyone with a bit of
patience can do.

*Thank god for fast food outlets and the service industry for youth unemployment would be 70% without them.*

Sheesh, adults are clearly failing them, by not explaining to them
that they need skills.

http://www.immi.gov.au/skilled/general-skilled-migration/pdf/critical-skills-list.pdf

That is just a few that are urgently required. Plumbers, electricians,
welders, accountants, chefs, all urgently required too. We can't
just import skilled people forever, we need to train those teenagers.
They need to want to be trained and realise that there is more to
life then flipping burgers.

A young kid I know, freshly trained in metalwork, applied for a
mining job. Starting salary 96'000$ a year. Not bad for a 20 year old.

Yabby:>> No so sonofgloin. But I do sometimes take the time to explain how modern economics works, for as "we" can see on OLO, many simply don't understand it and jump to conspiracy theories.<<

Fellow OLO compatriot Yabby, who is the "we" that can adjudicate on the ability of the OLO contributor to understand how economics works? Obviously you are placing your flag firmly in the "I understand economics" camp and all your detractors in the "have not got a clue" camp.

Everybody on this forum takes part in the cycle of production distribution and the consumption of goods and services, we are economic geniuses. But to put it in a nutshell, the Money wants laissez faire, the economists differ between frugal and Malthus/ Keynes consume approach.

This reply like all your others is a sham rhetorical response, intimating that those who have experienced better are deluding themselves and things are better than they realize. Their lack of understanding of global commerce leaves them ignorant of the true picture.

You’re not ignorant Yabby so you will understand these figures.

For most of the postwar period Australia’s national household savings were around 23 percent of GDP, but by 1991-92 this figure had fallen to 16 per cent, it is now struggling to hit 4 percent of GDP, and we owe 90 BILLION to foreigners....Fiscal yourself around that Yabby.

A puzzling response, RawMustard.

>>I'm sorry Pericles, but I've heard that song before and the tune is kinda off. And your links are nothing but spin<<

Are you disagreeing that 500 million people have been lifted out of poverty in China? Those links were two out of very many, all of which agreed on the number, so name-calling the two I selected for you "one from a man with the integrity of a snake oil salesman and the other from an organisation full of social misfits hell bent on controlling the world" isn't going to change the facts, I'm afraid.

What puzzles me is why you think it is such a bad thing to do.

>>I don't need to supply links on this topic to back my stance<<

That's something of an admission, I would have thought...

And how exactly does this remark of yours, complaining of the...

>>...removal of personal freedoms from the poor here to better themselves<<

relate to the...

>>...freedom for the small guy here to start a business without having to wade through so much red tape<<

That's "removing freedom from the poor"? Oh, puh-leeeze. I thought you meant something serious.

I suspect that you may simply be re-living a personal experience, if so, I feel sad for you. But the reality is that while getting a business off the ground here is difficult, and successive governments don't make it any easier, that has nothing at all to do with "personal freedoms" with which we are all equally endowed.

This is also somewhat inconsistent: you began by telling Yabby...

>>...your utopia is only possible because of the exploitation of workers in other countries<<

But now you have come full circle to assert that...

>>...their improvement has come at our loss. 500 million out of poverty there, 500 million into poverty in western developed nations<<

I think you may be getting a little confused.

It happens.

Sonofgloin, we owe a great deal more then 90 billion lol. Of
the 2.2 trillion $ that our banks have on their books, hundreds
of billions is owed to foreigners.

Indeed, after the war, people had known hard times, they put
something away for a rainy day. Not any more for many. With the
great economic conditions and the teat of govt ready to rescue them,
people are living it up like there is no tomorrow, borrowing to the
hilt for houses and loading up credit cards. 20 billion $ a year alone
is gambled away on the pokies etc.

The great housing bubble has good underlying tax reasons and so
have poor cash savings. Higher interest rates are the outcome of
all this.

Put your money in the bank at say 5%, inflation takes 3-4% and
marginal tax rates on the full 5% can swallow another 2% or so.
Net result is people go backwards saving, as inflation is not allowed
for by the tax office.

So what do so many do? As soon as they have a bit of cash, they
buy an investment property, negative gear it, and long term
come out in front, protected from inflation, saving alot of
tax in the process.

The net result is there for all to see. Massive investment in
housing, some of the world's most expensive houses, limited cash
savings, our banks going cap in hand to overseas money lenders,
to finance it all.

I've raised this point many times on OLO, but nobody cares. Now
that interest rates are being squeezed upwards, they are starting
to squeal. Shoot the messenger is the new game in town, for
that is all that banks are, in this case.

Yabby:>> Sonofgloin, we owe a great deal more then 90 billion lol. Of
the 2.2 trillion $ that our banks have on their books, hundreds
of billions is owed to foreigners.<<

I was refering to Commonwealth debt, the amount of tax money that must be paid back, not personal lines of credit.

Yabby:>> The net result is there for all to see. Massive investment in housing, some of the world's most expensive houses, limited cash savings<<

"Around 70 per cent of Australian households own property. The rate of ownership has remained remarkably stable at this level for over four decades according to data by the Australian Bureau of Statistics in its Census of Population and Housing and its Survey of Income and Housing 2009(SIH)."

The same percentage of us own homes, but we have nothing in the bank. How you spout rhetoric that defies the facts is beyond me, but then again at the last federal election I learnt that almost half the population are imbeciles, so your thought process really should be no shock, forget I mentioned it Yabby. Give me the same government based historical data to support your thoughts on how things have never been better please rather than regurgitated spin.