The Pickering Post
Saturday, 22nd July 2017

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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

I am fed up with liblab vote buying thieves.

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/

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.

A letter obtained by NBC News from Trump to Comey states the president had been advised by administration officials to remove the FBI head.

“I have received the attached letters from the Attorney General and Deputy Attorney General of the United States recommending your dismissal as the Director of the Federal Bureau of Investigation. I have accepted their recommendation and you are hereby terminated and removed from office, effective immediately,” Trump told Comey.
“While I greatly appreciate you informing me, on three separate occasions, that I am not under investigation, I nevertheless concur with the judgement of the Department of Justice that you are not able to effectively lead the Bureau.”

“It is essential that we find new leadership for the FBI that restores public trust and confidence in its vital law enforcement mission.”
Comey allegedly learned about his firing while speaking to FBI agents in Los Angeles.The firing comes just as the director testified before the House Intelligence Committee Monday regarding allegations that Russia interfered in the 2016 presidential election.

Over the weekend, Comey also called on the Justice Department to refute a Tweet sent by Trump that claimed the Obama administration had ordered a wiretap on Trump Tower.

On Sunday, the White House issued a statement requesting committees also look into the possibility the previous administration may have abused its executive authority.

Comey was appointed FBI director by President Obama in 2013.

There's gonna be some dead patches on that parliament house lawn, wonder if she'll get fined for transporting a dangerous substance without a permit.

Just in, French built subs to have squat toilets. Paper optional.

now BK will arrive today he wont say anythink good or bad about budget he will just attack anyone who complains about it that is the only way he can communicate