Comments on: Bankers Going Galt

By: Greg Atkinson

Greg Atkinson — Thu, 09 Apr 2009 00:35:55 +0000

The government is creating a state owned enterprise...it is going to rollout and then manage the national broadband network. Mind you they do not have a business case and also do not have a clue how it will make money, but never let a business plan get in the way of spending tax payers money. Do you want this same sort of business acumen applied to running mining companies etc?

Actually what could be done though is for Australia to set up another investment fund and use that to take stakes in various companies such as those that own important mining assets. So although I am not a fan of state run enterprises I do agree with your idea of Australia buying into mining companies etc. Tricky area though I guess when it comes to the ACCC?

By: daniel d

daniel d — Wed, 08 Apr 2009 21:46:24 +0000

If its ok for chinese state-owned enterprises to own australian mines, what is wrong with the creation of australian state-owned enterprises in order to own australian resources? why do we still have a failed obsession with supposed private enterprise? there is not much private about todays global financial system, it would have entirely evaporated without state funding. if aussie banks don't lend to aussie mining companies, why doesn't the government fill that void instead of handing out 900 to the punters? our government seems fine with the totalitarian communist-capitalists next door, why can't we salvage some sort of democratic socialist ethic in this increasingly undemocratic world?

By: Charles Norville

Charles Norville — Sun, 05 Apr 2009 08:28:32 +0000

We do not need to borrow from anyone and certainly not US$ that not even the US care about. We have hundreds of billions in compulsory super that the Feds actually own via tax deductions.

That money could be recalled to the coffers, fire sale over seas assets, doesn't matter. We establish Aus purpose designed defence industries such as ocean going patrol boats that can be manned with 20-30 personnel with high tech anti-missile technology, about 500 patrol boats will do for starters. We develop purpose design helicopters for Aus defence needs, helicopters can form part of a patrol boat's battle platform.

Also the super could be be incorporated into decent retirement super according to salary.....

The future nanotechnology will make the cost of labour irrelevant, ideal for a contry like Aus that has a high energy materials per capita ratio (today's garbage dumps are tomorrows nano mines).

How would the negligible cost of labour work with China, India (low EM ratio) I would say that they will not allow nanotechnology too readily...........our leaders need to think about this but we need technocratic Govt, and so people we are screwed.

NZ would be spared takeover because of the food producing capability, which is what they best suited for......

Look for the triggers, Aus/world unemployment, US$ collapse, our own brand of building bubble. There was a spike in China industrials but I think that may have been due to the Rudd stimulus package, lol.

By: Pat Donnelly

Pat Donnelly — Sat, 04 Apr 2009 05:15:20 +0000

Gregg, don't you know we are nearly overcrowded as it is? No water...too many crocs...
Africa is not a competitor as wars are common and usually started over mining. Our mines are vast and attractive by comparison.
We are into high tech. Hypersonic transport anyone? EM energy with Wal Thornhill? Biowarfare? Why bother with labour intensive factories? WWW links across the continent would be nice tho. High tech can be obsolete quickly.
What we need to do now is wait to see what malinvestments are wiped out. The automobile industry seems set to shift. Investment in electric motors is probably a good idea as is magnetics and superconducting. Want carbon nano tubes? Burn carbon without air. Very cheap eventually and open to every shed owner. Oh and they are like super asbestos!! So meddle at your peril.

By: Pat Donnelly

Pat Donnelly — Sat, 04 Apr 2009 04:57:51 +0000

China invaded to become twice its size in the last century, Tibet and the Mongolia? part. It is engaged in colonizing these areas.
Australia reinvented smallpox from the DNA recipe alone....There will be no invasions of Australia. As a result, Russia and USA decided not to destroy the vaccinations against small pox. We are world leaders.
It follows that we do not need more industry. We are a post industrial society, according to Hermann Kahn in the 70's.
We are one of the most equitable societies so we need not fear internal problems whereas China et al all have problems.
NZ did away with their air force. But they do have aircraft:747s etc all capable of being retro fitted with ? unknown ? capability. They just don't wish to pay for toys as well.

By: Greg Atkinson

Greg Atkinson — Fri, 03 Apr 2009 00:38:36 +0000

Mind you over-crowding is all relative. People can live quite well in densely populated modern cities. I would guess many people living in a nice apartment in Shangai probably have no desire to move to Wagga Wagga As for the resources issue, well China is fixing that now, they just buy mining companies or buy stakes in mining companies. Oh and remember the Chinese are very active in getting mines up and running in Africa. If Australia does not move seriously into high tech industries then we will become simply the world's quarry and farm. A nation inhabited by curious and friendly serfs who happily greet tourists but are not particularly bright.

By: Pete

Pete — Thu, 02 Apr 2009 23:14:10 +0000

Charles I am sure quite a few Chinese (in China) would agree with your speculation here.

If we think about it from their perspective - imagine if we were overcrowded and poorly resourced here, yet New Zealand had loads of space and resources and a better standard of living? We'd be jealous and see it as 'wasteful'.

How exactly they might go about changing this is another matter...it might come down to the things you've said...or something different altogether.

By: Charles Norville

Charles Norville — Thu, 02 Apr 2009 21:37:20 +0000

I took the time to read the hyper link in DR 'Australia Ponders its Chinese Future', it was the highly regarded The Economist Intelligence Unit Report 3 and on the second last para on page 15 it states "Unlike most countries, the US has few liabilities in foreign currencies, so sharp depreciation has only a modest impact on the country’s ability to service its debt. Foreign holders of US liabilities, however, and the countries against whose currencies the dollar depreciates, are hit." If I'm not mistaken the money lent to Aus by mainly China is in the form of US$ and if the US$ and all within its black hole economy collapses won't China decide to redeem AU$ or its assets ie the country? It is clear that Australia is under achieving in its industrial capacity and its ability to defend its self – this is core to Australia’s sovereignty. It is noticed by those countries with less energy material per capita ratio that Australian Govt has lost the capacity to train its population, treat them for illnesses, get them to work on time or give them anywhere affordable to live, a county hell bent on immigration beyond the capacity of its coping infrastructure and social cohesion, a net importer of food in a country that could be used to deleverage the population of China, a proposition put which would help the world regain its economic footing – tax havens are being routed could the land haven of Australia be next? In such face of under performance a country that prides it self on global socialism will it not become part of the solution for a more equitable planet to make fairer Australia’s disproportionate energy materials abundances? .........So 'Atlas Shrugged' DR may remind us of the possible, some say highly probable, social and economic resets world wide, there may be only one stimulus package that would work interim for mankind's lust for exponentialism - the claim of Terra Nullius Australus.

By: Travis

Travis — Thu, 02 Apr 2009 04:35:10 +0000

Novista, I actually made it to the end of fountainhead...trash. How is that for incondite! Good old Rourke the genius outlaw, the kind of person all of us intellectuals would like to be, no?

But is the proof in the waffle? Perhaps...(in amongst the trans-fats!)

By: george

george — Thu, 02 Apr 2009 03:08:56 +0000

Travis has got his head so far up his fundamental orifice that I'm surprised he can still see to type.......Ayn Rand arrived in the USA at the age of 19 to escape from socialism and would, if she were alive today, be saddened at the state of the western world today(mostly due to greed and socialism). She wrote those two books for the masses who needed the fictional presentation in order to understand it...... I suggest travis read a few of her other books; in particular "The value of Selfishness."........Well said Novista!