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- 21 April 2005
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We still have the F111 but not for much longer.
On what will it be spent on?
State of the art Russian fighters that piss all over ours? Lol...
Can't believe it's not attached to them reducing military spending.
Thinking bigger picture, the well learned government must believe that propping up our neighbours will ultimately result in our economy, and probably more importantly - our security, will be enhanced. That is probably the strategic reason for the assistance. Just like all the money we've flushed down PNG, Solomans, Bougainville, East Timor, New Zealand and South Australia. Without stable economies around us, there is no security. Just think what would happen if Indonesia falls completely in the Poo right now, with their Islamic Extremists, tripletted with Malaysia and South Phillipines.
Maybe I'm just clutching at straws...
“The rate of decline in job advertising intensified in the month of December, providing further evidence that the demand for new labour across the Australian economy is now at recession levels. Newspaper job advertising, which had experienced the largest two-month decline on record in October and November, fell by another 13.9% in December, taking the annual rate to -51.8%. This is the weakest annual rate of growth innewspaper job advertising since December 1982, including the recession of 1991. Newspaper job advertising has slumped since the intensification of the financial crisis in mid-September last year, having declined by more than 30% over the course of the final three months of 2008.”
“Internet job advertising has also weakened substantially, experiencing a 9.5% decline in the month, the largest decline since we commenced surveying internet job advertising in 1998. Internet job advertisements peaked in April 2008, averaging 255,456 a week and have since declined by 30% to a weekly average of around 180,000 in December. Internet job ads are now 28.1% below year ago levels, also the weakest outcome since the survey began in 1998.”
“Australia has no experience of recession since we started collecting internet job ads, so all our longer-term historical comparisons are based on the newspaper series. A 50% decline in newspaper job advertising in a year is historically consistent with economic recession within the next nine months and a rise in the unemployment rate over the following years.
Paul Keating once remarked that the 1990's recession was "the recession we had to have", I'm calling this one, the recession we couldn't avoid. A couple of recent data points. ANZ job ads fell the most ever in November. NAB business survey also plunged in November, NAB now sees a recession at least in the non-farm economy. The manufacturing sector has been contracting for 6 months, the services sector for 8 and the construction industry 9 months. Welcome to the recession we couldn't avoid.
A recession is a pause in an otherwise healthy, growing economy.
A depression is when the economy drops dead. And when it drops dead, the assets that people owned - stocks, bonds, houses, derivatives, debt - are called into question.
By Bill Bonner
So do everybody still think we will be in only a recession?
When the de-leveraging process accelerates here in Australia, we may then see a depression.
It is quite funny how when you talk to people (who don't follow the markets) and you suggest how bad things are going to be, they think you are absolutely crazy. Are we the crazy ones? Or are we watching the big event unfold, and those others are just too silly to listen? Or perhaps they are so deep in debt, they can't afford to listen to you?
I did tell some people about 18 months ago that we were headed for a global recession that will follow with the US being insolvent. They looked at me as if I was joking. I said I wasn't. Now they wished they had listened. Not that I can talk, I don't even listen to my own advice when it comes to shares. I am still a fundamental investor. Mind you, I am doing okay.
The following quote by an American, Dr. Rogers is an interesting insight for Australia:
"Friend, you cannot legislate the poor into freedom by legislating the wealthy out of freedom. And what one person receives without working for, another person must work for without receiving. The government can't give to anybody anything that the government does not first take from somebody. And when half of the people get the idea they don't have to work because the other half's going to take care of them, and when the other half get the idea it does no good to work because somebody's going to get what I work for. That, dear friend, is about the end of any nation."
And if we are, it will be at least partly because we all believe we'll be rooned.We'll all be rooned.
gg
It is quite funny how when you talk to people (who don't follow the markets) and you suggest how bad things are going to be, they think you are absolutely crazy. Are we the crazy ones? Or are we watching the big event unfold, and those others are just too silly to listen? Or perhaps they are so deep in debt, they can't afford to listen to you?
I did tell some people about 18 months ago that we were headed for a global recession that will follow with the US being insolvent. They looked at me as if I was joking. I said I wasn't. Now they wished they had listened. Not that I can talk, I don't even listen to my own advice when it comes to shares. I am still a fundamental investor. Mind you, I am doing okay.
Out today, Private Sector Credit Data from the RBA:
- Private Sector Credit flat in February, up 5.4% over the past year, slowest year over year growth in 15 years.
- Housing Credit up 0.6% in Feb, up 7.1% year over year, equal slowest pace ever, last time was Jan. 1983
- Business Credit down -0.6% in Feb, up 5.5% year over year, slowest pace since Dec 2002
- Other Personal Housing Credit down for fifth straight month, down -6.0% year over year, equal slowest pace ever, last time was May. 1992
Charts and commentary at link below:
Private Sector Credit Growth Hits 15 Year Low
Yes, it says it all really. We are in a time-delay capsule. Just watch the US/UK and wait for 6-12 months for the repeat here. It is turning up on our shores, like the plague.
See?
KRudd woz right. We must spend, spend, spend MORE and FASTER!
So what are you waiting for? [size=+2]SPEND IT ALL NOW!![/size]
[size=+1]It's not what your country can do for you - it's what YOU can do for your country![/size]
[size=-4]This has been a community announcement by KRuddBank Ltd. Authorized by the Oztralian Laborious Party[/size]
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