The Economy an Impending Train Wreck

If you were on a fast moving train and someone came through the carriage and told you that the train had no brakes and only a brick wall would stop it, how would you feel? What would you do?

Right now, Australians are heading at full speed into an economic brick wall and the government won’t do what’s needed to stop it.0309_dmlo_train_wreck01_5337454_ver1-0_640_480

Read more at: The Australian Independent Media Network

Our Government’s Misguided Ignorance About Debt

1475654779986Government debt comes about because Treasury runs our economy as if it were a household. If the incoming flow of tax receipts does not cover the outflow of government spending, it directs the AOFM to tender for the sale of government bonds to cover the expected shortfall.

But this is no more than an academic exercise. The government is not a household. It is the currency issuer of Australian dollars and can never run out of money. It never needs to borrow any more than it needs to collect taxes.

Read more at: The Australian Independent media Network

The world is changing…and not in a good way

greed_1It seems unnecessary even to say it, but that’s the truth of the matter. The world is changing and not in a good way. It’s the story of the frog in the saucepan.

The water heats up but it’s so comfortable that the poor frog doesn’t realise, until it’s too late, that the ever increasing temperature of the water is slowly boiling him alive. We are like the poor frogs and the changes in our lives have been, and are, so subtle we don’t catch on until it’s too late. What we have failed to notice is that our so-called democracy has been ripped out from underneath us and replaced with an obscene form of plutocracy.

Read the full article here: The Australian Independent Media Network

MYEFO, a tale of incompetence

da9aa5c89393e149e30ff3c04d9e2991What a tale the 2016/17 December MYEFO tells. And it’s not what the Treasurer is saying. Firstly, Scott Morrison is projecting a return to surplus in 2020/21 which is unchanged from the pre-election update.

What he isn’t saying though, is that the likelihood of this actually happening is next to zero. Thankfully, that’s not an issue because a surplus budget is the last thing the Australian economy needs right now, or indeed in four years’ time.

Read the full article here: The Australian Independent Media Network.

Do we now have a budget emergency?

imagesThe adults have been back in charge for over three years now. Our economy has been saved from the debt and deficit decimation and everything is back to normal. Scott Morrison take a bow. You have achieved something Joe Hockey couldn’t.

Oops! Hang on. Something’s not quite right here.

Read more at: The Australian Independent media Network

Not even Malcolm can help them now

imageEach and every week it seems, a minister in the Coalition government will shoot his/her mouth off, desperately trying to defend their ever more obvious incompetence.

It’s hard to believe but Christian Porter, our Minister for Social Services, thinks we don’t have a job shortage problem. Like most of his conservative colleagues, it seems he would rather take a cheap shot at the unemployed than face up to the reality of a failed approach to reducing unemployment.

read more at: The Australian Independent Media Network

What Australia should fear most?

_87740375_ad745816-231a-4270-beb6-afc0463d5656While most people in the world are scratching their heads in confusion and expressing their disgust at the election of Donald Trump as the next US president, there was one important issue raised during the campaign that received little attention and which has thus far been ignored.

Macroeconomics is not very sexy and not something one would associate with Donald Trump, but in an article in the Financial Times on 28th September 2016, the author, Judy Shelton, put the case that Trump had, “broken a cardinal rule in US presidential campaigning by openly questioning the effectiveness of the Federal Reserve.”

Read more at: The Australian Independent Media Network

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