but that still might have been a mistake , since there is demand for our minerals , energy and food exports maybe not a face-plant blunder , assuming we can still vacuum up the gold currently being mined if the needs arises ( some gold producers have significantly hedged forward production , so some will not be easily available to acquire )
Depends on what version you want to believe I guess
In November 1997 the then Treasurer, Peter Costello, shocked some people when he announced he'd signed off on the sale of $2 billion worth of Australian bullion. On the day he announced the sale the price was around $US306.00 an ounce. At the time, according to Mr Costello, gold "no longer plays a significant role in the international financial system".
Nothing has really changed, gold still no longer plays a significant role in financial systems, it is just people like hoarding it. No different to bitcoin, diamonds, rubies etc, really only worth what someone will give you for them.
now i would have called that a mistake ( but remember there are bigger creatures pulling political strings here ) , BUT we still actively mine gold in Australia so we COULD replenish , some nations mine very little gold or silver ( for them that would be a major blunder selling the gold reserves )
Sorry the article has a pay wall when accessed through a link, but it confirms the Howard government did leave office with australia debt free and with a budget surplus.
actually that also applies to those crappy promissory notes , ALL currency is a unit of exchange ( for stuff you really want ) and gold does absolutely nothing ( which has proven to be a GOOD thing )
that was probably financial trickery , but tragically not unique even back then , but SOME before and after didn't ( or couldn't ) hide that imbalance ( remember we keep buying war machines at exorbitant prices )
Which gives credibility to a digital system where every bit can be traced, rather than just printed, probably another thread.
no it is the intent and follow through , of limiting the resource ( asset ) as soon as your realize they will print more than they can ever repay ( or even service the interest on the debt ) it is game over , serious investors will shun it with malice
as politicians often do ( sadly ) ( waste the healthy balance sheet )
I thought he put some of it, into starting the Future fund, Australia's first sovereign wealth fund, but I could be wrong.
Yes that's true, we're side tracked again, wish politics stayed over in general chat.
Yes that's true, we're side tracked again, wish politics stayed over in general chat.
Maybe @Joe Blow wouldn't mind moving or deleting the posts, if he has time.
The asset sales helped reduce the debt, but the budget surplus wasn’t due to asset sales.Surplus was due to Howard selling assets
After carefully considering Jack Lyons’ letter “Gillard and Swan have country drowning in debt” and comment from Allen...www.bendigoadvertiser.com.au
Yep, and what size piece of that iron ore pie goes towards shareholders vs the government is a pretty relevant topic.
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