The Pickering Post
Friday, 19th October 2018

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HEY SCOTTY, COUNT YOUR CHICKENS

... and then stick your head in the sand

Larry Pickering

Four-time Walkley Award winning political commentator and Churchill Fellow, has returned to the fray over concern that the integrity of news dissemination is continually being threatened by a partisan media.

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I’m not an economist but neither I nor Morrison need to be, not even as Treasurers. I and my nine year-old daughter see things in simple terms, like this: Almost every nation on Earth owes another nation (or nations) a lot of money... some more than others.

Those nations without debt are very few, mainly small, and energy self-sufficient. So let’s remember that they didn’t borrow while interest rates were close to zero... that seems almost irresponsible.

So, if you were holding a party for 100 people and each person owed another person $20, that debt problem could be resolved quite easily by simply allowing the status quo to remain ... and that is exactly what Australia, as one of your partygoers, has decided it wants. I mean, after all, none of the other partygoers is demanding their $20 back, so why not just get pissed, chase sheilas and enjoy the wild party.

And that’s all okay as long as some broke partygoer doesn’t want to shoot out to buy more alcohol or drugs.

             They gave GFC culprits, Fannie Mae and Freddie Mac, a clean bill of health

Sober rating agencies are in deck chairs watching to ensure things don’t get out of balance by over-borrowing. If they do get out of whack then a little less than a AAA credit rating is due, and a little more interest payment is overdue as a penalty for financial irresponsibility.

The trouble is that borrowing and lending amounts vary across the entire party. Australia, while it now owes almost $US500 billion, is itself owed more than $US60 billion. (No-one ever discusses this.) But all’s still not lost because the more alcohol and party drugs everyone consumes, the less everyone seems to care about who owes who what.

A predicament only arises at noon the following day when everyone has sobered up on Berocca and madly counting  just how much they have spent.

Despite increasing interest on debt, nations like Australia and Greece have decided to view things differently. Not that Australia is in the hole to the extent that Greece is, but we need to evaluate the debt using a nation’s Gross Domestic Product (or GDP) as a yardstick.

                                        Merkel lends support... but not forever.

Greece has an horrific GDP to debt ratio of 160 per cent in both nett and gross amounts, while Australia has a ratio of nett debt at around 35 per cent and a gross figure at 17 per cent of GDP. Not too bad you might say considering the US has both nett and gross debt hovering around 100 per cent.

                It's one big party for Greece and Brussels even has to pay for the plates

Hmmm, but the US has a middle economy the envy of every other nation with claimed SMEs (small and medium sized enterprises) of 90 million. I don’t believe that figure and suggest it’s closer to 20 or maybe 30 million at most, in a population of 235 million. But that is still a huge weapon for recovery with an unemployment figure having settled below five per cent.

US State and Federal taxes will reap the trillions necessary for any recovery within say, a decade.

Greece is a write-off, as it is a victim of the farcical EU that allowed it to continue to borrow while increasing its entitlement payouts and not bothering to seriously collect taxes. 

Greece is just another social experiment nightmare, and emblematic of why the ill-conceived EU cannot eventually survive.

So to Australia. It also has been sucking on too many feel-good party drugs, because without China we immediately devolve to a banana republic.

Unlike the US under Trump, we have a grossly over-regulated and under-performing middle economy. In terms of recovery we are in a worse position than the US whose debt stands at an incomprehensible $21 trillion.

Unfortunately we have opted for the ostrich approach to serious debt. 

                              Honest it's not big enough to worry anyone.

The Rudd/Gillard/Rudd administration used the GFC excuse to spend like drunken sailors in a Surry Hills whore house.  

Howard/Costello handed Rudd a surplus that magically morphed into a massive deficit that has kept doubling since under the Conservatives.

Abbott concentrated on declaring that there was, “debt and deficit as far as the eye could see” and then suddenly, when it all began to look a bit hard, he and Treasurer Hockey claimed it was “manageable”. Of course it was not manageable. Well, not without slashing spending.

Turnbull realised that he could not be re-elected by cutting spending so he and Treasurer Morrison did a deal with Shorten, who was desperate for Labor not to continue to be blamed for the debt, whereby all agreed the path to solvency would reach its terminus in 2021, on the basis that Australia would have a yearly growth rate of at least five per cent. 

Five per cent is a ridiculous figure but it kept the horses and the ABC quiet for a while with no bitching about who was culpable.

Now that the stupid deal is unravelling because of universal incredulity, a new concept for debt had to be concocted... they settled on this one: “good debt and bad debt”. WTF?

Tonight again, debt and deficit will not be addressed. Resolution of that would need savage cuts leaving Turnbull lagging even further in the polls. I don’t go to the budget lockup any longer so this time lock them all up and throw away the bloody key and then switch over to CNN for less of a bullshit blizzard,

... and that’s sayin’ somethin’.



Comments

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I’m Henry Donald by name. I live in CANADA, i want to use this medium to alert all loan seekers to be very careful because there are scam everywhere. Few months ago, I was financially strained, and due to my desperation I was scammed by several online lenders. I had almost lost hope until a friend of mine referred me to a very reliable lender called HENRY LOANS COMPANY FROM USA who lend me an unsecured loan of $50,000 under 3hours without any stress. If you are in need of any kind of loan just contact him now via:( [email protected]) I‘m using this medium to alert all loan seekers because of the hell I passed through in the hands of those fraudulent lenders. And I don’t wish even my enemy to pass through such hell that I passed through in the hands of those fraudulent online lend

The more I see of bill sh the more I am reminded of Stan Laurel

Protocol 20
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39. We shall so hedge about our system of accounting that neither the ruler nor the most insignificant public servant will be in a position to divert even the smallest sum from its destination without detection or to direct it in another direction except that which will be once fixed in a definite plan of action. [Is this why a "private corporation," known as the "Internal Revenue Service," is in charge of collecting the "payments" of the "Income Taxes" and the IRS always deposits those "payments" to the Federal Reserve bank and never to the Treasury of the United States?]
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Protocol 21
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4. But when the comedy is played out there emerges the fact that a debit and an exceedingly burdensome debit has been created. For the payment of interest it becomes necessary to have recourse to new loans, which do not swallow up but only add to the capital debt. And when this credit is exhausted it becomes necessary by new taxes to cover, not the loan, BUT ONLY THE INTEREST ON IT. These taxes are a debit employed to cover a debit .... [NOW WE NOW OF THE PURPOSE OF THE BULLSHIT CRY FOR BALANCING THE BUDGET!]

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_____ "6). 'Liberalism' is one of the chief instruments of Jewish power. Through preaching this doctrine and getting into the machinery of Liberal parties, Jews have exploited for their own ends the generous instincts of all the peoples who have received them into their communities. Jews have preached 'democracy,' and through getting their dupes to believe it, have succeeded in rivetting on their necks the chain of Shylocracy, the rule of the Crowned Usurer, Shylock Rothschild, who was admitted to England's Parliament by 'Liberal' statesmen, and now rules the world. Jew banks appear to be many, but in reality there is only one. Reduced to impotence the nations bow before the Law not of Moses, even, but of the Jews' Bank 'always united and always devoted to our (Jewish) cause'."
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_____ "7). Thanks to the terrible Power of this Bank, Jews have forced Christians into wars without number, culminating in the Great War. Wars have this especial value for Jews that Christians massacre each other and make more room for the Chosen People. Moreover, as Werner Sombart says: 'Wars are the Jews' Harvests.(2) The Jews' Bank grows fat on the wars of Christians. Nearly one hundred millions of Christians have been swept off the face of the globe already by the War, which the Jews planned, and which is not yet by any means over in spite of 'official' Peace celebrations, and the Lords of Gold are stronger than ever.
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http://www.jewwatch.com/jew-references-protocols-answering-critics.html

Wrong choice of a word by me 762. The point i was trying to make is that the Banks will just pass on the cost and it will end up being reimbursed by us. More stealth by the Government and more intrusion into the already lightening of the real Australian pockets.

I am fed up with liblab vote buying thieves.

the Govt protects the private banks stripping $30 billion per year out of our pockets...hmmm

Syrian Drones Spot Hundreds of U.S., Jordanian Armoured Vehicles at the Border* By Chris Tomson The U.S. and Jordanian militaries may be prepping a massive invasion of Syria, intelligence reports gathered from surveillance drones suggest. Damascus is reportedly on high alert after some 400 American and Jordanian military vehicles were located at a Jordanian military … Continue reading
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https://hwaairfan.wordpress.com/2017/05/09/syrian-drones-spot-hundreds-of-u-s-jordanian-armoured-vehicles-at-the-border/

Is stealing from the banks really stealing?

A debt ceiling on how much the Australian government could borrow was created in 2007 by the Rudd Government and set at $75 billion. It was increased in 2009 to $200 billion, $250 billion in 2011 and $300 billion in May 2012. In November 2013, Treasurer Joe Hockey requested Parliament's approval for an increase in the debt limit from $300 billion to $500 billion, saying that the limit will be exhausted by mid-December 2013. With the support of the Australian Greens, the Abbott Government repealed the debt ceiling over the opposition of the Australian Labor Party

The debt ceiling was contained in section 5 of the Commonwealth Inscribed Stock Act 1911until its repeal in December 2013.

"Who control the money controls the government" Rothchild.

Finally the NDIS will be funded by an increase in the levy for medicare if Labor agrees to support the funding they never put in place. The big challenge will be controlling the cost of NDIS. Like Medicare it will be a ripe target for exploitation by scammers. A watchdog is needed that has the power to prosecute NDIS cheats otherwise those in real need will still be in need.

Driving down the coast from Brisbane to the Northern Rivers NSW on Monday we went past the famous Kirra Beach where the surf was so packed by black wet-suited surfers that the water was hard to see. Any shark in the area would have been spoilt for choice confronted by such a smorgasbord of black suited bodies looking like huge seals. No job interviews at 2pm on that day for our surfing fraternity. Surfing is hard work and requires constant practice. I know I shouldn't expect them to hold a job down as well, poor dears!

the only surprise from last nights Budget is that Scumo didnt tell us he also had a bridge to sell...no doubt its coming

Go back to sleep .. your government is in control ..

Recession we had to have and 17% interest rates.

New post up.

Anna Bligh is now Chair of Australian Bankers Association.. How did she get this job..unless she is the only candidate.... bloody joke the way all these useless ex pollies including bucket mouth end up with these jobs.

Comey should have been sacked on the day after the inauguration.................. The left are in total meltdown mode. CNN are having a complete baby tantrum.. Hilarious!!!!!!!!!!!!!!!!!

He must have been a Labor voter or Unionist. Too dumb and or lazy to work a match.