will we head the same way with uncontrolled borrowing and spending???
http://www.watoday.com.au/business/us-is-bankrupt-and-we-dont-even-know-it-20100812-12056.html
Quote:
"US is bankrupt and we don't even know it
LAURENCE KOTLIKOFF
August 12, 2010 - 6:33AM
Let's get real. The US is bankrupt. Neither spending more nor taxing less will help the country pay its bills.
What it can and must do is radically simplify its tax, health-care, retirement and financial systems, each of which is a complete mess. But this is the good news. It means they can each be redesigned to achieve their legitimate purposes at much lower cost and, in the process, revitalise the economy."
Tony Halliday: ~Meals on Reels ~
It takes a strong fish to swim against the current. Even a dead one can float with it
"It is always in season for old men to learn." Aeschylus (525-456 BC)
"In a mad world only the mad are sane." Akira Kurosawa (1910-1998)
7739ian
Posts: 948
Date Joined: 25/06/08
I think the CEO
of the Commonwealth Bank was spot on yeterday when defending their (obscene? ) profit - the banks in Australia were a huge influence in keeping us out of recession. The oncosts from Labor's schools and insulation initiatives will cancel any benefits down the track - hopefully we will have the coin when it comes time to pay the piper. The Greens are too Green, Labor is inept and the Liberals don't have any talent. I despair for Australia and if anyone thinks the mining boom is great for the average WA citizen - B...S...! I don't see it in Bunbury or Busselton.
Alan James
Posts: 2243
Date Joined: 30/06/09
Whether you want to be involved
in the mining boom is very much an individuals choice. I'm sure there are plenty of people who choose to FIFO from Bunbury and Busselton and then there are others that don't. JMO.
Tony Halliday
Posts: 2500
Date Joined: 14/06/07
so right Ian, in twenty
so right Ian,
in twenty years time we may not have anything the world wants from us in the form of a raw ore? Then who pays the bills, pays the pensions, pay the teachers, the hospitals, the police??? Who lends us more money then and who owns our countries soul???
China now owns the USA by it's collection of Government Bonds and could break the USA by fanicial melt down if it cashed in!
Tony Halliday: ~Meals on Reels ~
It takes a strong fish to swim against the current. Even a dead one can float with it
"It is always in season for old men to learn." Aeschylus (525-456 BC)
"In a mad world only the mad are sane." Akira Kurosawa (1910-1998)