National debt to reach $1 trillion

[kernow43]

Doesn't look good with Rudd, he has to go. Bloo*y Labor

:arghh:

AUSTRALIA'S national debt is threatening to crash through the $1 trillion mark for the first time because of government stimulus spending and private borrowing to fund the mining and infrastructure boom.

 

National debt to reach $1 trillion | The Daily Telegraph

[Guest LukeSkywalker]

Yup. Interestingly PER CAPITA this is close to double the UKs debt.

[Guest chris955]

It's funny because we keep hearing how people can't wait to get over here to escape the sinking ship that is the UK with it's terrible debt, one poster in particular refers to it as the next Greece. I don't know about the housing bubble, more like the reality bubble.

[Guest shark]

chris the uk will end up like Greece especially if the is a hung parliament.and we do nothing to bring down the debt that is getting bigger by the day .as for Australia its debt does not look to healthy.

[Guest proud2beaussie]

I can't even fathom such a high number. How can this ever be fixed? Is it possible? It freaks me out.

Yep it's possible,look at the US figure here:

http://www.brillig.com/debt_clock/

[Guest chris955]

The UK position can't even be compared to Greece in any way, no more so than Australia or the US. To say they will end up like Greece is just ridiculous.

[Guest LukeSkywalker]

The UK position can't even be compared to Greece in any way, no more so than Australia or the US. To say they will end up like Greece is just ridiculous.

 

I'm afraid that is not the case.

 

If the fools here vore for Brown, we will immediately have our credit rating downgraded. Then .... its Greece all the way.

[paulv]

I'm afraid that is not the case.

 

If the fools here vore for Brown, we will immediately have our credit rating downgraded. Then .... its Greece all the way.

 

Fools = People who don't agree with your views?

 

Luke, yesterday...

 

 

 

The markets don't like uncertainty Luke.

As long as whoever gets in is seen to be decisive and acting to cut the deficit, the markets don't give a hoot.

 

Alternatively, why not just let the IMF in and run the country, lets not bother with all this silly democracy stuff eh?!

[Guest LukeSkywalker]

Fools = People who don't agree with your views?

 

Luke, yesterday...

 

 

 

 

The markets don't like uncertainty Luke.

As long as whoever gets in is seen to be decisive and acting to cut the deficit, the markets don't give a hoot.

 

Alternatively, why not just let the IMF in and run the country, lets not bother with all this silly democracy stuff eh?!

 

Paul - I've worked on the markets for years. They dont like the current Labour non-plans for their deficit. And yes the people are fools to vote Labour - not because they disagree with my view, but because they cannot see the true state of the economy. Given that under 35% of the country will probably elect the government (in itself a travesty) thats life.

 

But lest be realistic eher - either way, the speculators will win and win big time.

 

Now .... back to currency trading. Slamming the Euro is such fun.

[paulv]

Paul - I've worked on the markets for years. They dont like the current Labour non-plans for their deficit. And yes the people are fools to vote Labour - not because they disagree with my view, but because they cannot see the true state of the economy. Given that under 35% of the country will probably elect the government (in itself a travesty) thats life.

 

But lest be realistic eher - either way, the speculators will win and win big time.

 

Now .... back to currency trading. Slamming the Euro is such fun.

 

 

Ahh, my apologies.

Luke Yesterday...

 

[Guest LukeSkywalker]

Ahh, my apologies.

Luke Yesterday...

 

 

 

Ah the lack of knowledge this exhibits. Amusing though I agree to go with easy stereotypes (unless they dont fit you views eh Paul?)

 

In fact most of the people that deal with the markets are somewhat better educated and smarter than the governments of most nations and not at all like this.

 

Its sad but the markets always win.

 

If Brown gets in the speculators make money, if Cleggy gets in speculators make money and if Dave gets in speculators make money.

 

Then they keep all the profits in Zug and see which country is next.

[paulv]

Ah the lack of knowledge this exhibits. Amusing though I agree to go with easy stereotypes (unless they dont fit you views eh Paul?)

 

In fact most of the people that deal with the markets are somewhat better educated and smarter than the governments of most nations and not at all like this.

 

Its sad but the markets always win.

 

If Brown gets in the speculators make money, if Cleggy gets in speculators make money and if Dave gets in speculators make money.

 

Then they keep all the profits in Zug and see which country is next.

 

 

Gee thanks.

 

What's the next lesson on?:goofy:

 

I'm all for, and fully conversant with, the intricacies of the free market economy Luke.

So, just to jog your memory, it's your prediction/doom mongering about the fact that a non Conservative government is going to lead to imminent economic meltdown that I've taken issue with.

Let's not digress into what job you may or may not have/did have/whatever.

[Guest chris955]

Anyway getting back to the subject of the thread..............

[Guest gratom]

Good lord!!!--that is incredible--surely a nought in the wrong place??.If it is true Australia is as near bust as Greece

[Guest LukeSkywalker]

Gee thanks.

I'm all for, and fully conversant with, the intricacies of the free market economy Luke.

So, just to jog your memory, it's your prediction/doom mongering about the fact that a non Conservative government is going to lead to imminent economic meltdown that I've taken issue with.

Let's not digress into what job you may or may not have/did have/whatever.

 

To jog your memory is didnt say a non Conservative govt = meltdown.

 

I said BROWN = meltdown.

 

To further jog your memory - he was the "economic genius" that led us into this mess.

 

He is the man who thinks that if you dare ask a question about immigration you are a bigot. (Although he said "IF I DID SAY THAT" when he had just listened to a tape recording of himself saying that very word).

 

Oh, and he was the man who "cured boom and bust".

 

Can't think why the markets dont trust him.

 

Personally I'd like to see Cable in number 11 and Cameron in number 10.

 

Then wholesale electoral reform to follow.

[Guest gratom]

Remember markets are motivated by panic and greed---watching teletext this morning I think it is panic.The only beneficiaries of the Greek bailout will be the German banks [huge exposure to euro-debt etc--I wonder if it was them that pushed Merkel against her better judgement into this policy].The new UK gov't must get a grip of the debt problem;however painful it is,and show some resolve,it is going to be painful but better that than a melt down.Which country will be flushed next--Spain is my bet--any other offers and why??.Could Oz do a Greece on us--being the dark horse of the financial world it might creep up on us totally unexpected.All views welcome

[Guest LukeSkywalker]

Remember markets are motivated by panic and greed---watching teletext this morning I think it is panic.The only beneficiaries of the Greek bailout will be the German banks [huge exposure to euro-debt etc--I wonder if it was them that pushed Merkel against her better judgement into this policy].The new UK gov't must get a grip of the debt problem;however painful it is,and show some resolve,it is going to be painful but better that than a melt down.Which country will be flushed next--Spain is my bet--any other offers and why??.Could Oz do a Greece on us--being the dark horse of the financial world it might creep up on us totally unexpected.All views welcome

 

Next country? Spain.

 

Next set of organisations? Spanish banks.

 

Oz? Its not Greece because the huge mineral wealth is factored in. But they have a Labour government, and thus will be left in financial troubles.

[Guest The Ropey HOFF]

Doesn't look good with Rudd, he has to go. Bloo*y Labor

:arghh:

AUSTRALIA'S national debt is threatening to crash through the $1 trillion mark for the first time because of government stimulus spending and private borrowing to fund the mining and infrastructure boom.

 

National debt to reach $1 trillion | The Daily Telegraph

 

 

Hi kernow

 

this doesn't make sense

 

the uk is 200 billion in debt

 

the USA is 200 trillion in debt

 

Greece is 200 zillion in debt and the rest of the world is a staggering 500,000 trillion zillion billion in debt.

 

who are they borrowing it from, i thought Australia were lending it out to these bankrupt countries, because they were the only country in the world that didn't go into recession.

 

and yes i know my figures are wrong and there isn't such a thing as a zillion pounds, or is there.

 

jim:chatterbox:

[Guest gratom]

Saw yesterday that Rudd has 'hammered' the mining/resource companies with a new tax--I sense that the Australian economic position is 'shakier' than many believe[that is based on instinct and gut reaction---not an overwhelmingly good guide--but it served me well a couple of times]

[Guest LukeSkywalker]

Hi kernow

 

this doesn't make sense

the uk is 200 billion in debt

the USA is 200 trillion in debt

 

Greece is 200 zillion in debt and the rest of the world is a staggering 500,000 trillion zillion billion in debt.

 

who are they borrowing it from, i thought Australia were lending it out to these bankrupt countries, because they were the only country in the world that didn't go into recession.

 

and yes i know my figures are wrong and there isn't such a thing as a zillion pounds, or is there.

 

jim:chatterbox:

Er, no. Australia doesn't act as a world bank. Nice idea though.

[paulv]

Next country? Spain.

 

Next set of organisations? Spanish banks.

 

Oz? Its not Greece because the huge mineral wealth is factored in. But they have a Labour government, and thus will be left in financial troubles.

 

 

Wow, it's been all over the news for months, Credit and Poor downgraded their status last year (alert! alert!) and you can 'predict' that Spain is in trouble next.

Brilliant, quite brilliant.:notworthy:

 

Note to doctors - please do not confuse the symptoms with the cause.

[Guest LukeSkywalker]

Saw yesterday that Rudd has 'hammered' the mining/resource companies with a new tax--I sense that the Australian economic position is 'shakier' than many believe[that is based on instinct and gut reaction---not an overwhelmingly good guide--but it served me well a couple of times]

 

Partly. And partly because he is a labour politician.

 

Labour = tax the world over.

 

I think the whole world is shakier than we realise - if you look at the Great depression it was a while after the Wall Street crash that the whole depression kicked in. Thats where we COULD be now - in the eye of the storm.

[Guest The Ropey HOFF]

Er, no. Australia doesn't act as a world bank. Nice idea though.

 

Hi Luke

 

where does the money come from, its a mystery to me, is any country in the world doing well at the moment.

 

jim

[Guest LukeSkywalker]

Wow, it's been all over the news for months, Credit and Poor downgraded their status last year (alert! alert!) and you can 'predict' that Spain is in trouble next.

Brilliant, quite brilliant.:notworthy:

 

Note to doctors - please do not confuse the symptoms with the cause.

 

I didnt predict - I answered a question.

The predictions were made 18 months ago, and I have the bonus cheque nicely cashed.

[Guest LukeSkywalker]

Hi Luke

 

where does the money come from, its a mystery to me, is any country in the world doing well at the moment.

 

jim

 

Oh gawd - long answer on the money. I'll PM you with a nice document on that front. In my opinion no "Western" type country is really doing well. But probably best to ask Paulv - he seems to have insight.