Any topic that goes beyond the experience of even our so called intellectuals usually gets relegated to the dustbin of no response.
Arjay,
Perfectly put !

That's like what, individual?

>>Pericles, That is like saying "don't do as we do, do as we tell you to do"<<

Not really. It is like saying, if you want to know what people write in books, learn to read.

It doesn't mean you have to believe everything you read in those books, just that you can comprehend what has been written.

>>The so-called complexities of the finance market are nothing more than a criminal deceiving by greed mongers & incompetent Government officials.<<

Not really. They are mostly simple mathematics. The only trick is to understand how the numbers that you are looking at came into being. Take Arjay's hysteria over "derivatives" as an example. All he has to do to rest easy in his bed is to i) stop blindly accepting everything Barnaby Joyce tells him and ii) actually investigate the nature of the instruments himself. Believe me, they are not that difficult to understand, with the "eureka" moment arriving as soon as you discover that there are two halves to every transaction.

>>There is nothing complex about everyone paying the same rate of tax. Period !<<

Not complex, certainly. But it would seem to be a little unfair on the poorer members of our society if they all paid the same rate of tax as rich folk.

>>I'm sick of seeing people claiming this'n that for some ficticious "business" which none of the incompetent officials bother to check on.<<

I totally agree. It should be a criminal offence to claim against a fictitious business.

Oh, right. It is. Fancy that.

>>Yeah, I don't understand the finance market, maybe you're right, maybe you're wrong.<<

Very true, very true. Maybe I am.

I'd just like to point out, though, that in general the odds tend to be stacked in favour of someone who knows something of the topic at hand. My understanding of quantum physics, for example, tends to dissuade me from entering a discussion between quantum physicists. But when I do take the plunge, I am unsurprised when they tell me to pull my head in.

pericles,
All of business & the public service is about who you know, not so much what you know. I have presently a situation where several tradesmen totally support my design proposals but the educated engineer & those who are covering for him for their own sake & continued protection are wasting heaps of your tax dollar simply so they don't have to admit that one of us made more sense. If you don't call spending a 100 grand & it is still not working not wasting tax dollars then what is. Considering our proposal could have solved the problem with about half a days's work, no other costs. Remember it's your tax & also remember how many such egoists are out there wasting your money in the same manner.
I'm sure Clive will very interested in the details.

Dr Michael Hudson and our Dr Steven Keen are but a few who question this GFC failed system.It is broke and we do need to fix it.

Many people like Pericles hate the idea of Govt creating money.Well we can premote mutual banking societies that would create a more equitable share of the wealth.ABACUS Banking is one such society but won't reveal their exposure to derivatives.They could well be just another appendage of this present corrupt system.

Since the sale of the Commomwealth Bank shareholders such as JP Morgan,HSBC and Citibank hold almost 40% of the shares in our entire banking system and our major resource companies.The profits go OS and we get left with more debt.

As Prof William K Black notes,our banking system is rotten to the core.

BTW Pericles that sight http://barnabyisright.com/ is not endorsed by Barnaby Joyce.A bit deceptive I think and also showing his photo on their home page.

That's tragic, Arjay.

>>BTW Pericles that sight http://barnabyisright.com/ is not endorsed by Barnaby Joyce.A bit deceptive I think and also showing his photo on their home page.<<

So, all the time you have been feeding us his words of wisdom...

http://forum.onlineopinion.com.au/thread.asp?discussion=5223#141363

...and getting hyper-excited over it all, the whole thing has been a spoof? Quelle horreure!

You must feel very much let down. Who can you turn to now, I wonder?

But this is very nice of you...

>>Many people like Pericles<<

Well, shucks...

Oh, wait...

>>Many people like Pericles hate the idea of Govt creating money<<

That's more like it.

But surely, isn't that what you have been complaining about? Quantitative Easing, and all that? The creation of dollars that simply increase the indebtedness of the nation?

Admittedly, I haven't always been entirely comfortable with it, but it has been the better choice to combat most of the GFC-induced pain. The alternatives all seemed to be rather harsh to me - economic stagnation, a flood of business bankruptcies and rising unemployment.

>>Well we can premote mutual banking societies that would create a more equitable share of the wealth.<<

We actually have many of these already, Arjay, they are called Credit Unions. Abacus is simply the industry body that represents their common interests. It isn't a financial institution in its own right, so is unlikely to have much, if any, exposure to derivatives.

The Credit Unions themselves do, of course, use derivative products in the normal conduct of their business, like any other organization that needs to minimize its risk. Look, here's one, the Southern Cross Credit Union...

"The Credit Union uses derivative financial instruments to hedge its exposure to interest rate risks arising from operational activities"

http://www.sccu.com.au/reports/annual/sccu2012.pdf

But relax. Now that you know Barnaby isn't concerned, why should you be?

Not complex, certainly. But it would seem to be a little unfair on the poorer members of our society if they all paid the same rate of tax as rich folk.
Pericles,
You make it sound like the rich pay a higher rate of tax. A bit deceitful there aren't you ?
The wage earner can't write off expenses.