Thank God we are in Australia (2 Viewers)

[banco55]

I'm not one to sing the praises of Australian politicians but when you look around the Western world we are in really good shape compared to the other poor bastards.

Really Screwed
Spain-unemployment at 16 % and is expected to hit 25 %.

Austria-Austrian banks have outstanding loans with Eastern Europe worth 70 % of GDP that likely won't be paid back.

Ireland-may default on debt, economy is in free fall

Greece-probably going to default on their debt if Germany doesn't save them

Italy-same as Greece

In trouble
Germany-Either they bail out the rest of the EU's debts or the single curency splits apart.

UK-the City has been decimated, Brown is piling on huge levels of debt etc.

US-banks will probably be nationalized by the end of the year, real estate market is FUBAR

 

[Iron]

yer i love mai country heaps aye

 

[jb_nc]

Thanks Kevin Rudd

 

[moll.]

Thanks Henry Parkes.

 

[greekgun]

Thanks John Howard for setting up Australia in case this would ever happen by putting away surplus's of cash.

 

[jb_nc]

Thanks John Howard for setting up Australia in case this would ever happen by putting away surplus's of cash.

lol

Please explain how John Howard "putting away surplus's [sic] of cash" helped Australia to avoid a more dramatic recession.

 

[greekgun]

lol

Please explain how John Howard "putting away surplus's [sic] of cash" helped Australia to avoid a more dramatic recession.

Enabled the government to hand out cash to families and kept the taxes down.

And btw Greece is in huge shit, the government has like only pretty much introduced income tax plus they have like 20 or so unemployment places (i cant think of what there called atm but their equivalent to Centerlink in Australia)

 

[jb_nc]

Enabled the government to hand out cash to families and kept the taxes down.

Imagine if John Howard hadn't "hoarded" money at all and kept taxes lower.

Imagine...

 

[greekgun]

Imagine if John Howard hadn't "hoarded" money at all and kept taxes lower.

Imagine...

Then we would b paying shit loads of taxes. Like our taxes aren't high enough already.

 

[jb_nc]

Then we would b paying shit loads of taxes. Like our taxes aren't high enough already.

If taxes were lower then they are now, why would the taxpayer be paying 'shit loads' of tax?

 

[Pace_T]

god bless john howard!

 

[greekgun]

If taxes were lower then they are now, why would the taxpayer be paying 'shit loads' of tax?

No u misunderstand me, i mean to say that we do pay shit loads of taxes now. And without the surplus of cash we had saved up our taxes would b even higher.

 

[jb_nc]

No u misunderstand me, i mean to say that we do pay shit loads of taxes now. And without the surplus of cash we had saved up our taxes would b even higher.

That surplus of cash comes from the tax payer.

Thus, if no surplus was collected, taxes could be wholly lower.

 

[banco55]

lol

Please explain how John Howard "putting away surplus's [sic] of cash" helped Australia to avoid a more dramatic recession.

Isn't it rather obvious? The Rudd Government has way more room to maneuver because they didn't inherit a large amount of debt. By the way Canada is also in a good position due to their Government's prduence in running up surpluses.

The fact that the US and the UK already had huge Government debts prior to the onset of the Global Financial Crisis has made their situation much worse. Have a look at Credit Default spreads for Australia versus the rest of the Western world.

Not to mention the big 4 banks are all in the top 15 banks in the world at the moment.

 

[banco55]

That surplus of cash comes from the tax payer.

Thus, if no surplus was collected, taxes could be wholly lower.

Yeah which would have overheated the Australian economy if they were significant tax cuts. Brilliant idea.

 

[jb_nc]

Yeah which would have overheated the Australian economy if they were significant tax cuts. Brilliant idea.

Tell us more about Marxist economics

 

[jb_nc]

Isn't it rather obvious? The Rudd Government has way more room to maneuver because they didn't inherit a large amount of debt. By the way Canada is also in a good position due to their Government's prduence in running up surpluses.

False dichotomy.

There are options than a surplus or a "large amount of debt".

Some nonsensical reasoning will make my argument strong.

 

[banco55]

False dichotomy.

There are options than a surplus or a "large amount of debt".

Some nonsensical reasoning will make my argument strong.

Umm a Government budget is either in deficit or in surplus no? The only question is the size of the deficit or surplus.

 

[banco55]

Tell us more about Marxist economics

Marxists like Ken Henry. Because clearly only Marxists would want to avoid pumping the economy full of cash, having inflation go up and the reserve bank put on the brakes.

 

[jb_nc]

Umm a Government budget is either in deficit or in surplus no? The only question is the size of the deficit or surplus.

Plus
Neutral
Minus