One of our biggest problems is the mentality that the Government will bail every irresponsible citizen out. The miserable failure of Greek Socialist Governments should send some sort of warning to Australia. Blinded however by the luxury of cashing in on the Mining boom our own compulsive spenders will be dumb enough to blame others if they are allowed to continue running up debt. The handouts to compensate for the idiotic no more rain tax are not sustainable but will fool those looking for another quick handout. They will continue to vote for our ruin poiring money into hopeless wind farms and gw high priest pockets.

upcomming problems

UK Government prepares for Euro collapse
and nuclear financial fallout of Moody’s
officially declaring a Greece default..on their sovereign debt.

http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_10/03/2012_432212
http://blog.alexanderhiggins.com/2012/03/09/moodys-declares-greece-default-updated-92982/

which means..some will need to pay big bucks
by selling off assets

but as usual the govt will put the bill onto the people

bonus all round

http://forum.onlineopinion.com.au/thread.asp?discussion=5005&page=0
why?
http://theintelhub.com/2012/03/09/65896/

they..collect todays value dollars
repay in hyper..inflated dollars..tomorrow

funny
how rent asistance
only increases the rent paid..on the same hovel

that govt lends money at intrest..
to subsidize the landlords tax exemption..[what worsens the resultant lies]

LINK ONE:
http://www.youtube.com/watch?v=lzFsMZd9MOU
The biggest ponzi scheme in history,
as reported from MSNBC - yes even the mainstream media..can't miss this MULTI-TRILLION DOLLAR FRAUD !

LINK TWO:
http://www.youtube.com/watch?v=BQZbOY5Q3ZU&feature=related
15 Trillion Dollar Fraud
Exposed in UK Parliament,..by Lord James of Blackheath:

LINK THREE:
Massive Resignations Have Started:
http://eclinik.wordpress.com/2012/03/03/massive-resignations-have-started-3-0/

LINK FOUR:
http://eclinik.wordpress.com/2011/08/07/1st-global-settlement-completed-obama-et-al-take-it-as-personal-account-the-fed-dole-out-16-trillion-since-barack-obama-sworn-in/

US$16 Trillion being doled out
since O'bummer was put into office.

Recently, the WhitewHoarsehousits released this video of Lord James of BlackHeath urging the House of Lords to conduct an investigation into a possible bank heist to the tune of US$ 15 Trillion.

This is a very significant measure as it is now put on public record, right at the very heart of the British Empire, those "wild rumors" being passed around in the alternative media.

LINK FIVE:
http://www.scribd.com/doc/82473039/GAO-Federal-Reserve-16-Trillion-Emergency-Bailout-Loans-Audit-Report

GAO Federal Reserve $16 Trillion Emergency Bailout Loans Audit Report
It is our understanding that this amount is separate from that DISCUSSED BY LORD JAMES,

but reading the report
suggests parties involved...could be related....lol

who knows
check their family trusts
anyopne remotly connected

with them colluding
fault free bailout/...faux default
that is really a true default...underwritten by your investments

not theirs
stop bailing out drunks

time they paid the rent

Yabby has understood the problem but many, including some on here are
of the belief that all will be well as China will keep on its current
growth path. While they are cutting their growth back to 7 1/2% they
may well have a further reduction forced on them by means of a hard landing.

Whatever happens Australia can expect less income from minerals.
As that happens the government, who ever it is, will have to cut back.

An ALP govt will probably borrow more to avoid reducing the dole and
other welfare schemes, but they will probably cut back on roads,
rail, defense and similar expenditure but not the NBN and global
warming dept expenditure. That would be politically impossible.
They may however be forced to abandon the carbon tax.

A Lib/Nat govt will almost certainly not borrow, and so would have to
cut all of the above plus global warming, co2, the NBN and many of the
welfare schemes, including possibly the dole.

Those sort of cut backs would cause an absolute uproar but the level
of the uproar would be a measure of the maturity of the Australian
population. With the example of Greece before them I would hope that
they would see the writing on the wall and finally get the message
that this low to zero growth, or indeed contraction, is permanent.

Manage your debt or debt will manage you !

I just posted this comment on another thread but thought I would post it here as well, as it's relevant.

I'm curious about this fascination with a surplus.
Of itself, a surplus means little and certainly tells us nothing about the economic health of a country.
In the fifteen years I spent as ceo of medium to large companies in three countries, i can tell you that my boards would have fired me if I had delivered the corporate equivalent of a surplus.
Shareholders would almost certainly have accused me of having a lazy balance sheet.
I'm especially curious as right now Australia's public debt is so low that if we doubled it, Australia would still have among the lowest levels of public debt in the developed world.
Cheers,
Anthony
http://www.observationpoint.com.au

There are many good reasons, Anthony. Firstly, a Govt is not
a company. The lazy balance sheet story was popular before the GFC.
Then, as the tide went out, as Warren Buffett says, we saw who was
swimming naked. Banks called in loans and those companies who had
overborrowed, were the first to go under or be sold off.

Apple has 100 billion cash in the bank. Do you think that their
shareholders want to fire the management? That money is reflected
in their market cap.

But you are also comparing apples and oranges. When a company borrows
money, their return on it should be higher then the cost of funds,
or the management should indeed be sacked. Not so with Govt. Its
simply peed up against another wall, normally with a bit more pork
barreling. Take a look around Govt, they don't spend it so wisely
that we should give them any extra. Why don't they spend some time
doing more with the money that they already receive?

Fortunately for us, Costello paid off our debts, which left Rudd
in a prime position when the GFC did hit. Had he inherited a
situation like Obama did, things would have been very different.

Balanced budgets keep Govts honest. They can't simply take from
the next generation to pee some more pork barrelling against the
wall, in order to win the next election.

Yes Yabby, you are righ there, as for to long now, many have had the privialage of being able to work, if it suits.

Take away the cash and you will see some real changes in these attitudes.

With regards to retailers ripping the people off for years, well, I do agree that some have, however the majority have not, it's just that the running costs of a retail business have increased at ridiculous rates in the past decade or so.

And not just retail either. Go and get a service on your car, the mechanic gets about $25 per hour, get you get charged more like $90 per hour.

Despite this, the owner, in most cases makes less today than five years ago.

Someone mentioned shopping centre nets being out of and, well they are and thus will change, but in the mean time many will go broke.

Even today there are many retailers loosing money, or working for next to nothing, but they can't close as thier structures are so poor they will loose everything.

The next three years will be very interesting.