It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
cigar smoking 12 sandwich munching treasurer
originally posted by: khnum
Well this last week you would be forgiven for thinking all is well and the money is available a plenty as we found out about our cigar smoking 12 sandwich munching treasurer that has had 15 trips to Cairns on the public purse and our Speakers helicopter trip to save 1 hour in traffic.Unfortunately though these people are fiddling as Rome burns and the Opposition with MR 27 Per cent approval in charge isn't any better.
Now 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 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 and Melbourne in particular( for example the median house price in Sydney is now over 1 million Australian or US$730000) if 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 other unpleasantries should the worst occur,that I am not clued up on.
originally posted by: khnum
a reply to: Subaeruginosa
Well I found the $80 billion to be taken out of hospitals and education $24.4 billion is going towards the F35 LEMON which any 1980's Russian kit can blow out of the sky
originally posted by: khnum
a reply to: OccamsRazor04
What was the result of the recent F16 VS f35 matchup?
Your rifle is black powder
F-16 is a knife, it's supposed to get in close and kill.
F-35 is a Rifle, it kills before the F-16 even sees it.