Ross Greenwood of Money News

 

as quoted from: Ross Greenwood of Money News..

Right now the Federal Government is at pains to tell everyone - including us the mug-punters and the International Monetary Fund, that it will not exceed its own, self-imposed, borrowing limits.

How much?    $200 billion.   And here's a worry. 

If you work in a bank's money market operation; or if you are a politician; the millions turn into billions and it rolls off the tip of the tongue a bit too easily. but every dollar that is borrowed, some time, has to be repaid. By you, by me and by the rest of the country.

Just after 5 o'clock last night I did a bit of math for Jason Morrison ( Sydney radio presenter). But it's so staggering its worth repeating now.

First thought; Gillard, Swan, Wong, before that Rudd, all of the Labor Cabinet, call these temporary borrowings, a temporary deficit.

Remember Those Words "temporary deficit".

The Total Government debt will end up around $200 billion.


So here's a very basic calculation  .. I used a home loan calculator to work it out..... it's that simple….$200 billion is…. Two Hundred Thousand Million Dollars.

The current 10 year Government bond rate is 4.67 per cent. I worked the loan out over a period of 20 years. Now here's where it gets scary .... really scary.

The repayments on $200 billion, come to more than one and a quarter billion dollars - every month - for 20 years.

It works out we - as taxpayers - will be repaying $15.4 billion in interest and principal every year .. $733 for every man woman and child - every year for 20 years.

The total interest bill over the 20 years is - get this - $108 billion.

Remember, this is a Government, that just 4 years ago, had NO debt…….. NO Debt!

In fact it had enough money to create the Future Fund, to pay the future liabilities of public servants' superannuation, and it had enough to stick $20 billion into the Building Australia Fund ..... 

A note was sent to me which explains that the six leading members of the Government, from Ms Gillard down, have a collective work experience of 181 years, but only 13 years in the private sector.

If you take out of those 13 years, the number that were spent as trade union lawyers, 11, only two years were spent in the private sector.

So out of those 181 years of experience brought by the current Labor Government:

- no years spent running their own business   
- no years spent starting their own business
- no years spent as a director of a family business or a company
- no years as a director of a public company
- no years in a senior position in a public company
- no years in a senior position in a private company
- no years working in corporate finance 
- no years in corporate or business restructuring
- no years working in or with a bank
- no years of experience in the capital markets
- no years in a stock-broking firm
- no years in negotiating debt facilities with banks
- no years running a small business
- no years at the World Bank or IMF or OECD
- no years in Treasury or Finance.

And it is these people who have plunged Australia into unprecedented debt.

Well, as they say, we get the politicians we deserve, so in a way you can't blame them.

It's clear the electorate did not do their homework, because the Government is there by right.

Ah, but they are Labor, and people vote for them because Labor is good for the working family - right???

 


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Date Joined: 21/02/08

Woo, first 6 weeks no post s

Fri, 2012-03-16 21:06

Woo, first 6 weeks no posts from you and we get this boring anti-labor bullcrap here: http://fishwrecked.com/forum/great-job-anybody-interested then another 3 weeks and we get this post?

Maybe we need a forum especially for tired empty rhetoric? People have been pasting this same crap around since 2009: http://humour.bluehaze.com.au/show.php?wk=2009_06_26

Maybe get some more up to date friends?

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Nimbin 157's picture

Posts: 130

Date Joined: 03/05/10

Ive had to many beers to be

Fri, 2012-03-16 21:13

Ive had to many beers to be able to digest all that but no matter which way we vote we are always going to get shafted.

Perry Home's picture

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Date Joined: 07/10/10

Top Call Till- but what about using some Quotation Marks

Fri, 2012-03-16 21:25

What I do find interesting in his post is the blur between Ross Greenwood's quote and his own beliefs.

In a written situation where people are quoting others they use "quotation marks"- this clearly identifies what one person has said ie in this case Mr Ross Greenwood.

I'd like this guy to go back and self edit the post so we know where Ross Greenwood's words stop and his own begin.

Without getting into a slanging match over this, Australia is still the greatest place on Earth to live - we all know that thats why we live here ..... and if its really that bad there are plenty of other places in the world to go and live and experience the hardship that the majority of the population of those countries are feeling - just try Greece or Ireland or Finland and be a "Joe Average" person there - that'd put a completely new perspective on what he has said. Just My Opinion

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Where?

Fri, 2012-03-16 23:06

Where would I use quotation marks? I'm only commenting on Ody's posts, and I'm not illiterate. He is the guy that is pasting three year old shit like it is news.

Maybe we should reference, not merely quote.

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barlow's picture

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Date Joined: 04/01/12

still makes for interesting

Sat, 2012-03-17 02:29

still makes for interesting reading.especially about NO DEBT!!!!!!!

 

shammy's picture

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one thought on this

Sat, 2012-03-17 11:50

 

 Remember, we had NO debt and a $20 billion surplus......

  and now??

 

One of the comments he made, may need to be adjusted as Gillard is now pushing to make the $200 billion limit $250 billion

 

Just cruisin' along , fat, dumb and happy,....... after all,

we're not Italy, or Spain, or Greece, or Argentina, or Ireland, or Finland.... nah

 

"She'll be right mate"

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"Life wasn't meant to be a spectator sport"

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Remember when?

Sat, 2012-03-17 12:14

I don't, because it never happened. We have had budgetary surpluses, but this graph shows the last time the current account was positive was back in 1974 or so?

A few other interesting points are that the debt level was reduced prior by things like selling off the commonwealth airports, telstra and the like.

Australia is still nothing like Italy, Australian public sector net debt is only a few percent of gdp, but for Italy is about 90%. We comparatively much worse off in the 90's recession when it was over 15%.

Are the people that bleat about this govt's spending the same guys that bleated about how everyone was going broke during the GFC and wanted some economic stimulus?

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dumper's picture

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 Good old ody. Contributing

Sat, 2012-03-17 12:33

 Good old ody. Contributing nothing but worthless non fishing related posts since fishing wa

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Date Joined: 19/10/11

what is this shit??????? this

Sat, 2012-03-17 12:39

what is this shit??????? this anit fishen go ring 6pr, waste 5 mins reading that crap.

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Date Joined: 17/06/10

keep the political crap of this site

Sat, 2012-03-17 18:39

c'mon let's keep politics off this site it's not a site for a that sort of stuff

UncutTriggerInWA's picture

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It's not politics

Sat, 2012-03-17 18:43

It's crap!!!! If I want to listen to crap I will watch question time.. LOL I agree, let's keep it out of here. Oh and Ody, if you are going to post shit like this in here make sure you do it in a credible way. Your post is shit mate.

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Vince.
Work smart and fish often.
Member and die-hard supporter of the mighty West Coast Eagles.

Perry Home's picture

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Date Joined: 07/10/10

Sorry Till

Sat, 2012-03-17 22:41

Sorry Till - it was never my intention to direct my Quotatiions comment at you - and now that I've read my comments it appears I'm asking you for direction on his comment. I was rather hoping he would re- read his comments and make the adjustments - guess that's not gonna happen as this poster seems to be predictably mercinary with what his agenda is. Once again my apologies

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Give ody a brake

Sun, 2012-03-18 06:21

he is only trying to let people know how shit house this bunch of unionists are at running our country.

ody's picture

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Date Joined: 30/12/06

 Hi ya,Yep, I posted it.No I

Thu, 2012-03-22 06:32

 

Hi ya,

Yep, I posted it.

No I didn't use quote marks.

As for knowing me beliefs, I have never met you, I don't know you yet you are a great judge of my beliefs.  Well, with that sort of talent you fit very well with into the ranks of the soothsayers, fortune tellers, physics and other such stupid people.

It was posted because I thought it was funny not because of a desire to make a political comment.

I also posted the 'great job anybody interested' for the same reason.

I posted it as I received it in an email.

I do pop on much more often than every six weeks but don't see much of any value - usually.

You will also note I posted it in the General Discussion section NOT the fishing related sections.

I make no apology for my sense of humour being different to yours.

I also make no apology for you poor pricks with you head up your arse you can't be other than critical.

 

No wonder I haven't been on fishing forums generally for a long time.

Mostly the same tired old people doing the same tired old crap critical in most the same tired old way.

 

Cheers.

 

 

 

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Thu, 2012-03-22 11:41

 

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Twin turbo..V8 diesel..Ohh what a feeling!!

No Orange Hats Allowed

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Hehehe! You tell em mate!

Thu, 2012-03-22 06:38

Hehehe! You tell em mate!

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Well said Ody!

Thu, 2012-03-22 09:29

Well said Ody!

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If you can read this thank a teacher. If you can read it in English thank a Soldier.

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Truth hurts!!

Thu, 2012-03-22 10:41

Truth hurts!!