I turned on the television this morning, something that I never do.
As I thought, the financial disposition of Australia was being explained lamely by our $M10 cashed up Treasurer that there is nothing to worry about; it is just a ‘correction that had to come’. Reminds me of another Treasurer, the worlds best at the time (apparently?) that there would be no recession in Australia. This release was followed not too long later by the statement “this is the recession we had to have”, a remark that Paul Kelly referred to as “perhaps the most stupid remark of Keating’s career” (under the circumstances).
So, do we have anything to worry about? Are we being told the truth? Could we handle it if we were? Do we believe the placating press release feeds of the government while they tidy up their expense claims from prying eyes? If we think along the lines that, contrary to the governments position, that all is definitely not well. But what can we do about it? Along with most, I have no idea, but concede with some that we might be wise to get rid of the credit card and get on top of the mortgages.
However one thing that is apparent is that the US has been going through a real financial crisis for some years with debt that is un-repayable and the pundits there (not their treasury) spell out financial and social doom and gloom.
I read with interest that overall there are currently 24 nations that are dealing with major financial crisis right now, and there are another 14 nations on the verge of one. Australia is not mentioned. But not one who has much faith in what our politicians tell us I fear that we could succumb to the malaise of their fiscal meanderings on policy.
With our Parliamentary leaders from all persuasions seemingly not really following any lead save from the press releases issued by their secretaries to assuage our fears of a financial meltdown, we still seem to be dutifully following behind Americas lead: “All the way with LBJ”……….duh, or is this ‘kama’ dished up by Obama! The following is a strong statement made by a disgruntled observer. It’s an interesting read: