Australia may well be the next Greece.

a reply to: hutch622

I agree hutchy but goodness its a flamin expensive deterrent.

Kind regards,

Bally

a reply to: bally001

I can think of 250 million reasons to have it . Or worse a billion plus .

a reply to: hutch622

Any ideas where they'd base them. Tindal perhaps?

a reply to: khnum


Now our total Government debt is $694 372 million Federal,State and local which translates to about $29000 for every man woman and child.

To whom are we in debt? We are not in debt to the banks because the bank have not lent anyone any money at all, least of all the banks own money.

The only money they have lent is what the 'borrowers' signature creates. This might sound so simple that it cant possibly be true but sadly it is true.

Read this book by an Australian bloke who had his house taken by the banks. Its a free PDF and only 50 pages and explains all the lies and the deceit the banks engage in.

Banks Lie

originally posted by: hutch622
a reply to: OccamsRazor04

I think that's what i tried to say ,lol .

You succeeded, I understood at least.

our total Government debt is $694 372 million Federal,State and local which translates to about $29000 for every man woman and child which really isn't too bad in todays' world nor is the percentage of government debt to Gross Domestic Product all that bad by Western Standards either.What IS a HUGE problem is private(not business)debt however, at $193200 for every man woman and child we are the most indebted nation on earth,we borrow, not save, for our standard of living.

A large part of this debt involves a housing bubble which now exists in Sydney Perth and Melbourne in particular( for example the median house price in Sydney is now over 1 million Australian or US$730000) 'WHEN' this bubble bursts Australia is in trouble.The Reserve bank has about $200 billion dollars exposure to the banks in its emergency liquidity facility,but there is a slight problem the Reserve bank has only $63 billion in reserves.

Obviously if mortgage values drop bank shares drop also,our share market capitalization is $1.5 trillion dollars.Of this the big 4 banks are worth $404 billion or over a quarter.Now China just stick saved its stock market ,it cost them US $800 billion,they were lucky they had reserves-cash at bank-Australia doesn't.Its citizens also seem to have sold gold to pay margin share debts,Australians do not horde gold.

The information coming out of China is not good and 50 per cent of our trade is with China,commodity prices have collapsed and China is not buying as much as it used to the most recent trade deficit was $3.9 billion the boom is over mining lost 50 000 jobs last year.

The more I look the more I see China is in trouble 23 per cent of the Sydney house market and 20 per cent of the Melbourne market is currently overseas Chinese imagine if they all suddenly dump their stock.

The ASX derivative market is 47 trillion.....

So thats the scenario what we might discuss now is how to protect oneself from Government and bank confiscations and super/pension funds collapsing and other unpleasantries like we are seeing in Greecea reply to: Azureblue

a reply to: bally001

I worked in Darwin for a while and i believe there were always 2 F18s stationed there , the others being in Tindal . I had reasons to go down to Tindal and to be honest , unless i missed something the security was a little bit absent . I hope i am wrong .

a reply to: hutch622

I worked in Darwin and occasionally Katherine myself for many years. It was a quick trip from Tindal to Darwin and beyond for the F18s. I didn't know about the permanent 2 X F18s in Darwin but could always count 5 to 6 in and out of Winnellie on infrequent occasions.

That said, 5 or 6 F18s? Perhaps needs to be more but then again who says I was counting the same aircraft?

Bally

a reply to: bally001

Dont you love that runway . Hey lets land planes on this small hill . Effin long though , i heard it was an alternate for the space shuttle .

a reply to: mungbean

Tragically your figures posted lend to a sorry state of affairs for this nation. I am saddened by this. Historically I believe that in simple terms living off credit in the past lent itself to property and perhaps menial comforts only.

Now it seems a race to who can afford the best, good looking and most latest innovations as provided cheaply outside the Australian nation. And there are those willing to indebt themselves to achieve this.

I admit I am, on an affordable basis, a willing partaker of paying for imported farm implements that I pay half the local cost for. Simply, a '50 ton log splitter' (Diesel) and a '1.5 metre width roller flail mower" towed by an "ATV" all for less than $5K AU. Now, I looked around locally but couldn't get the same equipment for under $15K AU new.

I am not in credit, I do not borrow and own everything. I basically paid cash.

2 aspects here.

I was not loyal to Aussie gear but if I was I'd be in debt.

I was lucky, I got out in 2013 with my super intact.

As an individual I do not pat myself on the back and am well aware of the global financial state.

I simply state, if you don't need certain comforts then do without. (Arthritis meant I could not split wood by hand anymore hence logsplitter) Save, pay of debt and have the banks owe you. The freedom of having your own savings lends itself to being comfortable.

I have savings and am in the black but....very short. Budgetting fortnightly. Leastways I am not indebitted to anyone saving that of regulatory state registrations, licencing and rates.

It is possible for individuals to get out of small debt and lengthy larger debt over time thus lowering the stats for Aussie owing as you alude to but it's up to that person as an individual. Can't say the same for the high stakes bankers and investors which take up the burden of that incumbrence.

I fervently wish and pray that even a minority could focus on paying off some small debts, pay them off for sure, then save for furture purchases and have the bargaining power for a small cash payment up front in a retail store rather than going into finance to offset a meager comfort warranting another couple of years in credit.

I do not panic about the finances of other countries regardless of the effect here. I can't control it from my box wood rocking chair and laptop but I can make sure I am still rocking and tapping while those financial freaks are stuffing merino wool in the rear of their trousers. Hang on...none of those f's know what merino wool is let alone the Gov who bred the strain.

Getting off thread here. Cheers anyway,

Kind regards,

Bally

originally posted by: pikestaff
God bless Australia and all who live there.

Firstly... screw god and Abbott.

But it is true that us Aussies are just naturally brilliant by nature and our country 'will' continue to have the best quality of life in the world, no matter what..... even if we do have a f#wit of a prime minister.

You can't stop superiority from thriving, and us Aussies are just that, imho.

a reply to: hutch622

Saw the POTUS plane come in at Winnellie. Actually managed to get footage on my phone.

As for "the hill" I didn't ever hear it was the alternative for the space shuttle. Worst airstrip I ever landed upon was Yuendumu.

I do have a funny, and true story, bout an NT cop that pointed a speed detection laser at a yank plane coming into land at Winnellie during exercise "Dark Night?" (Think it was that) Parked at the immediate approach.

Haha, very sad result for the cop and his senior partner who incidentally was not impressed.

Kind regards,

Bally

originally posted by: Subaeruginosa

originally posted by: pikestaff
God bless Australia and all who live there.

Firstly... screw god and Abbott.

But it is true that us Aussies are just naturally brilliant by nature and our country 'will' continue to have the best quality of life in the world, no matter what..... even if we do have a f#wit of a prime minister.

You can't stop superiority from thriving, and us Aussies are just that, imho.




Well, I thought, Abbott thought he was god reincarnated in Budgie smugglers. I don't want to screw, errmm screw with that man, umm hang with the guy, Cough, can't get that sentence right.

Australia still has quite some time until it reaches a GDP to Debt ratio like Greece, but is on the same path as it is governed by the same rules and pressures. The relationship between Greece and the ECB is also a little different with that between Australia and its reserve bank as other nations do not have to be directly considered with any decisions. During the time of the global financial collapse the government was quick to assure that while some of the bigger investment might get put on hold for a while, there will still be enough survival money as things get sorted as has been done in Greece.

As for the housing market, million dollar price tags are pretty common in a lot of the big cities around the world. Market forces sort out most of the pricing one way or another. There has been a strong investment expectation that is way above general inflation, some kind of reality check is needed to bring the housing market back in line with the rest of the economy to be more sustainable are relative to the local residents.

The policy of negative gearing to help promote housing investments and allow people to more easily build up a portfolio of houses has been going on for at least twenty years. As some people are happy and contented to rent it is good that there are people offering rentals. For the people striving to get their first house, it has added a lot of competition and made it harder.

The reserve bank does have something else other than $63 Billion, a money printing press. If it had to, it is only really limited by numbers as for how much it could get.

To help look after my super, I have consolidated it all with Australian Super (a non industry fund) to help cut down on all the fees. As for what the market is doing when it comes time to retire is a wait, see and play it by ear.

With the ASX at $47 Trillion and GDP about $1.5 Trillion, have the commercial banks leveraged the general economy about 31 times?

a reply to: khnum
The essential factor in the Greek problem is being tied to a currency they don't control.
I understand Australia isn't in that situation.

a reply to: kwakakev

As for the housing market, million dollar price tags are pretty common in a lot of the big cities around the world. Market forces sort out most of the pricing one way or another.

The high price for houses is actually a positive for a lot of people.

My brother for instance brought a house in the eastern suburbs of Melbourne for 550 grand. A year later his house got burnt down from a brown Christmas tree he still had up in mid February, because the lights were still running, during a major heatwave..... lazy prick, lol.

Point is, he then sold just the property with no house on it for 750 grand.

He did real well from it.... In other words, the inflated property prices are making a lot of people rich.

a reply to: OccamsRazor04

If I wish to discuss the F35 I will go to one of Zaphods threads and learn its praises there I am also familiar with the Rand corporations assessment of it and the F16 designers assessment of it we should of bought the Eurofighter typhoon,

a reply to: Azureblue

There is much smoke and mirrors for example the Reserve bank claims it is an independent organisation yet has a gov.au website,you can find out who its directors are but try and find out who owns it the City of London seems to be involved but there is no official acknowledgement of anyone that owns it.You are correct most money in circulation is created by banks out of thin air...well supposedly with a ten per cent backing.

a reply to: khnum

This is the result of allowing private bankers the ability to create money out of nothing. Then the MAGICAL MONEY, THAT NEVER EXISTED, gets loaned to us.

I am not sure why we continue to let banks loan us money they don't have. Eliminate Private banking, and IMAGINARY MONEY, then we can eliminate the IMAGINARY DEBT.

We need to become the magicians and make the IMAGINARY DEBT DISAPPEAR, just as easily as the magical banks made the debt appear in the first place.

IMAGINARY MONEY, leads to REAL INFLATION, and BUBBLES that WILL ALWAYS BURST given enough time.

Australian Debt to GDP ratio is nowhere near Greece's.