Snake, Foxy, Pericles ....... it's a thing called "capitalism". The world has mostly embraced it, and as it's a system based on 100% self interest it will therefore forever be the cause of fights, squabbles, disagreements, envy, hate, wars and strife.

Any other "ism" is no different; socialism, Catholicism, even the much lauded Buddhism (in Myanmar, since mid last century, Buddhism has tortured, expelled and murdered thousands of people from the many varied and diverse minority groups there like homosexuals, Christians, unwed mothers, Muslims, the mentally ill, some impoverished homeless groups and many others. I'm not talking about the junta violence, I'm referring to Buddhists there making violent efforts to make sure Buddhism DOMINATES there). Also, the evil violence in the history of Catholicism and socialism is well known.

Organised, large scale capitalism is relatively new. It will eventually be replaced by a new "ism" of some type ..... and the squabbles and strife will merely continue on.

Pericles.

An interesting comment of yours and I tend to agree with you. There is certainly a rebalancing of supply and demand and as the developing countries begin to get richer they are starting to wield more political clout. It can be seen in so many places. How Russia and China have changed in the last 20 years. Each has it's own oligarchs and of course the USA is finding it doesn't have the influence it once had. There have been a great many empires throughout history and recent events point to the fact that their days are numbered..........Ten, twenty, thirty years ? Who knows, but the Chinese will not be stopped and it will become their turn.

It's a little off topic, but The US dollar's days of being the world's reserve currency are dwindling fast and even Australia has signed an agreement with China to deal in their own currencies in certain commodities as of course Russia and Brazil have. Iran sells oil for gold too.

It is interesting to note that both Russia and China have banned the export of gold for a number of years yet are importing as much as they can get hold of. China is also the largest producer in the world after Australia, but keep their total reserve a tight secret. I find the whole subject of bullion an interesting subject and have been following the vicissitudes of the political and financial market in this commodity fascinating as I feel it will once again form an important part in future world currencies eventually.

Continued...

Unfortunately there seems to growing tendency for the gap between the very rich and the poor to be growing. While I have always endorsed a policy of individual achievement, I feel hand-outs are not the way to go. It's sort of redolent of a "cargo cult" If we could only just help the people that really need it, I would be more than happy and that goes for individuals and countries alike. At the moment I feel we are mortgaging our future by the previous policies of both Howard, to an extent, but of course the previous two prime ministers. As you say, adjusting to becoming slightly poorer will make us unhappy indeed.

Foxy

The book I referred to is a little "heavy" in parts as it also deals in historical facts that you might want to skip, but it's a sequel to James Rickards previous tome "Currency Wars" which is proving quite prescient.

Just listened to the ABC, yeah I know it's a poor thing to do but where I am it's the only radio we can get. Anyhow, some Professor waffled on about the retirement age & he couldn't answer properly to questions from everyday people. It wasn't his expertise. His expertise was in telling us that many other countries already have age 70 retirement & Australia will follow suit in 21 years. That falls in line with Australia's being behind the rest of the world by 20 years. In this case & probably the first time ever it's a good thing.
What is so difficult in working for 48-50 years & then you can & should retire ? It certainly would make a lot more people think into entering the work force at an earlier age thus costing the rest of us less to keep. This nonsense of people bludging under the excuse of studying & again at great expense to us would certainly come to a stop. Of course two years of non military national service has to count as working time. Of course it would refining the system but it would definitely be better for all if we discarded the present system. The benefit of having more thinking people would be overwhelming to say the least.

Anyone who thinks the pension qualification age will stop at 70 is living in Cloud Fairy Cuckoo Land.

When Tax'Em Tony's daughter becomes the 2nd female PM in 15 years, she'll raise it to 80, citing "unsustainable economic conditions" (whist of course at the same time giving billions of $$$$$ in government welfare to Gina Rinehart's son to run the mines he inherited).

Then 5 years later the pension age will be increased to 90.

Individual

Why is listening to the ABC a poor things to do ? I think the ABC is the ONLY organisation to listen to or view. In spite of their Left Wing bias, it is sometime good to get alternative views even if you don't necessarily agree with them. Besides I have no wish to have any advertising thrust at me.