Welcome to Australia, corrupt demerging market

Running this blog and its forbears since 2009 has led to some deep insights into the Australian political economy. When we began in the post-GFC environment we knew that things were changing, rules were being re-shaped and Australia’s liberal capitalism was evolving. What we suspected but did not fully grasp was that that change was not only going to be retrograde but deeply devolving. As Leith and I have sat here promoting simple, quality policy through five successive governments, we have been consistently and relentlessly stunned at the new depths of depravity, debauchery and corruption reached by Australian public life.

Economic history does not provide many examples of demerging markets as a warning. They are usually commodity economies where the risk of corruption is higher owing to capital concentration. Argentina is one. Chile another. A demerging market is one that moves backwards from developed status to developing, with all of the de-progress that that implies: rising corruption, greater policy opacity, income imbalances and strengthening oligarchs.

Australia has so far has taken devolution on the chin, at turns co-opted and brow beaten, other times seeking new governments to correct our path, but largely soldiering on because there has been no reckoning. But, if you read it all and observe the raw material day after day, the shape of things to come is clear. It is not pretty.

The once glowing Australia of liberalising policy, productive markets, high quality elites and hard working punters has degraded into a rent-seeking orgy of distorted markets, corrupt policy, avaricious and treasonous elites and grasping punters hanging for dear life to the final, desperate inhalations of one of the world’s greatest ever asset bubbles.

We are unrecognisable from the hopeful millennial nation of yesteryear, swamped by good fortune and drunk on success, we’ve pissed it away and now only await the final judgement of markets.

In a few short years, the legislature has proceeded from Kevin Rudd’s moral challenges of a generation to today’s Do-nothing Malcolm who is capable, quite literally, of pursuing climate change agendas and enormous coal interests on the same day.

From Ken Henry’s Tax Review to nine consecutive Budget disasters, the executive is now a brown-nosing sycophant that routinely produces policy turns to satisfy its poll-obsessed masters ahead of the national interest.

From a triumphant rush of innovation and productivity gains in the nineties to executing prime ministers that threaten tax changes, business now dedicates itself mercilessly to the corruption of policy, almost to the exclusion of actually doing business (see Ken Henry again!).

From the intellectual dynamism of an opening culture and liberalising polity to heavily partisan propaganda and paid-for big business apologism, media has disintegrated right along with its business model and is now not much more than a social engineering engine for idiotic property speculation.

Nothing is working as it should. All of it is in ruins versus the ideal. None of it is even held to account.

We have turned from a great young nation into an aging whore who sells herself to the highest bidder as a matter of course. We are so far down the road of corruption, with so many little compromises, little broken promises, little acts of abuse and bastardry, little betrayals, that we’ve have forgotten who we once were.

Or, maybe we’ve returned to type. A penal colony of Britain’s worst and least wanted, valueless, grasping, mean, with no care for the nation we live in, just brimming with entitlement for our own criminal purpose.

I don’t know. All I can say is that after eight years of the same sinking trajectory, it is sickening to watch. And that there is a reckoning coming. We started rich but it might not end that way. The levels of corruption at large are now totally incompatible with the sources of our wealth. Resource extraction is radically under-taxed and that leads to public debt accumulation that cannot co-exist with the high-living private debt that it guarantees. Soon enough, global markets will notice how empty our many little tricks are and how huge our liabilities have become to sustain trashy lifestyles. Soon we’ll be asked to pay more.

That will be the end of it. As it crashes we will either rediscover who we were two decades ago or we will sink into an Argentina-lite demerging market of relative poverty and obscurity.

To be honest, today, I have no idea which it will be.

Comments

  1. MB on ABC tonight. About Time.Good job Leith.
    Hey you need to come live in SA & get even more depressed. Then you might think Eastern States not so bad. We can’t even run a friggin nursing home without corruption. But just going back to the debt & crap we have? Is any Western Nation really that different? I just wonder whether USA, Europe, Japan, China etc. are really that much away from our own disaster. Is it perhaps the West has raped & pillaged & really has not that much morally or ethically to show for its plunder?

  2. Good editorial.

    Also consider Venezuela. Hugo Chavez reduced poverty from 60% of 30% but his successor turned out to be a madman. Price controls? What could possibly go wrong.

    Hugo also made a mistake – he expropriated way too many industries. AUS did the opposite – privatised everything! The electricity grid, the airports, even the NSW land records database!

    • Ronin8317MEMBER

      Maduro is not a ‘madman’ : he is just a puppet. When Chavez was alive, he was able to keep his corrupt crony under control. Without Chavez, the former Chavez supporters started looting the country until it can no longer function.

      • Sadly that is not correct. Chavez did not reduce poverty by that amount, he rorted the statistics. He took over a corrupt government and sadly made it worse. Maduro is simply a continuation and the money has run out. An utter basket case. Very sad for Venezuelans

  3. ceteris paribusMEMBER

    Perhaps you need a change of scenery, a change of pace H&H. Reporting on the world of constant disinformation, treachery and extraction that is Australian politics and economics is not an easy calling. Sometimes reading it can be hard enough- writing it would be far worse.
    I personally see it as the ongoing war of values, a spectacular epic of good and evil, of building and destruction. This perspective should not be interpreted as religious framework. It is more an examination of the nature of man.
    Perhaps you could try writing a little poetry to ward off the existential angst.

      • And isolated too, there is nowhere else I can discuss these possibilities without being taken down and pitied for my foolishness and being jealous of the beautiful people.

        I hope for all of us here we are almost at the tipping point.

      • I am going to second ceteris paribus on this. Taking steps to stop yourself being overwhelmed by the unrelenting shitstorm of corrupt idiocy that the media coverage of how this country works represents is a good mental health move. I’ve done it and don’t even feel like punching people who wear brown into town any more

      • @tonydd – same here. I’ve been asked number of times by few good looking ppl why I don’t go back to Macedonia if things are so bad here to which I reply – “I left Macedonia because it is a country Australia aspires to become and I am trying to open people’s eyes before too late”.
        We probably already lost the advantage we had and now it is just a matter of time before someone (trade war) or something (external event) puts us out our misery. To be frank what Rudd tried to do should have been done by Keating or Howard and now we would have had massive reserves to invests into new industries.
        I would have gone even further – any large and high grade resource would have been 20% owned by the Fed Gov.

      • BrentonMEMBER

        @Nikola, as always +1; love your stuff mate. As Hnh notes, it is 50:50 how this plays out post bust. Hopefully it won’t be the US (GFC) 2.0, but more Iceland (GFC) 2.0.

        PS Work next to a Macedonian, he says whenever he goes back home it’s like stepping back in time haha.

      • bolstroodMEMBER

        Good on you H&H
        “Fear is the mind killer.Fear is the little death that brings total obliteration.
        I will face my fear.I will permit it to pass over me and thru me.
        And when it has gone past I will turn the inner eye to see it’s path.
        Where the fear has gone there wil be nothing. Only I will remain.”
        Bene Gesserit mantra- Dune, Frank Herbert

    • haroldusMEMBER

      Straya
      ******

      Straya, demerging.
      Where once was light on a hill.
      Now is cancer.

  4. I know very few people prepared to have this conversation. And even then none of them really wants to acknowledge how fucked things are or talk about it for more than a couple of minutes because it’s too damn scary to contemplate. That collective denial is the only thing stopping it from collapsing

    • Herein lies the rub. 2003 was the last time engineering of soft landing was possible. After that, the eventual stall was inevitable.

      But the more relevant question today is: how many passengers are aware of the forthcoming stall?

    • +1 mdsee, but they understand it’s coming, non of them wants to stop partying,I’m lucky to have a partner that on the same page

  5. Interesting timing for this article since I came to the conclusion today that the only explanation for the willful ruining of this country by its own politicians must be that they are all acting to someone else’s playbook.
    How does one explain a commission into visa exploitation and then come up with some lame excuse of visa changes that does not change anything.
    In the professional services sector 457 visas has been royally used in sickening fashion by large corporations, multinational IT services and accounting companies to outsource jobs. From IT jobs to back office.
    This include employees being made redundant to make way for workers on 457 visas employed locally under outsourcing agreements by private compamies, public compamies and state departments.
    Even though all of this and worse (payment by foreigners for visas) came out in the public enquiry nothing has been done.
    It is apparently all above board.
    Living standards here will tank as this continues. Unfortunately raising ones voice about this quickly results in being called racist, homophobic and the list goes on.
    Who has the will and power to put an end to this?
    Why do politicians not act in the interest of their own coutry’s citizens?
    The only explanation would be corruption by money, ideology, foreign interests, self interest, mentally corrupt or lastly just plain stupid and lame!! (Sorry. .. I just puked – it happens when one works in the IT industry )

    • Totally share your sentiments.

      Problem is that there are a lot of followers / believers with the same view, but no leaders. We have no one taking up the cause and rallying the growing crowd.

      Dare I say, but One Nation has been positioned as this solution, but we know the party has a short half-life, and at best is going to attract protest votes vs genuine, long-term believers.

    • drsmithyMEMBER

      Interesting timing for this article since I came to the conclusion today that the only explanation for the willful ruining of this country by its own politicians must be that they are all acting to someone else’s playbook.

      There’s no need to try and overcomplicate it with conspiracy.

      They’re simply acting out the playbook they’ve been indoctrinated into: “no such thing as society”. Or, more simply: “me want, fuck you”.

      We are where we are because of an overwhelmingly glorification of selfishness and greed accompanied by the systemic derision of generosity, empathy, fairness and good character.

      • ChinajimMEMBER

        This.

        And don’t forget John Howard.

        As Philip Adams once said of Howard when he was PM; “HIs popularity is a measure of the damage he has done to the nation”.

  6. What if foreign firms were not allowed to give money to Aussie politicians?

    Would Adani be able to get around such a ban?

    • >What if foreign firms were not allowed to give money to Aussie politicians?

      It’s a beautiful day here in Tropical Central Northern New South Wales. I am watching half a flock of pigs involved in some beautiful precision flying shenanigans whilst the other half of the flock are chirping up a storm in the trees… It’s a sight that soothes the soul… and the sky… oh the sky is gorgeous – it’s a beautiful fluorescent green, with pink polkadots… I tell you – I am so lucky to live in this part of the world… 😀

      • oh the sky is gorgeous – it’s a beautiful fluorescent green, with pink polkadots…

        Ah so many mushrooms, so little time…

    • bolstroodMEMBER

      Think QLD in the 1960’s under Joh Bejelkie – Pieterson,
      brown paper bags did not have their lunch in them.

  7. If H.L. Mencken were alive, he would be happy that this opinion has been made available for public consumption.

  8. – It’s capitlism that’s undermining capitalism.
    – I see a similar trend in North America & Europe. In that regard is Australia not unique.

  9. What can you expect when politicians like Eddie Obeid are openly questioning the rights of the judicial system to hold corrupt Politicians to account.
    http://www.smh.com.au/nsw/eddie-obeids-lawyer-tells-court-it-is-an-affront-for-courts-to-judge-mps-20170606-gwlery.html
    Does it matter what these 5 judges think? If they agree with Qbeid than we are truly on the road to becoming another Argentina, if they disagree there will likely be another challenge and another court case, I suspect there are a lot of NSW politicians that want to see Obeid win with this ridiculous argument, not because they care about Obeid but just because they need the precedent in place to protect them from their own transgressions.
    This will be a very revealing decision.

    • Jake GittesMEMBER

      Obeid needs lessons – while he is in prison – on English constitutional history, incl Magna Carta, and the English Civil War. Only an ignorant thug would have the effrontery to make his barrister ask such a thing.

      A good article but if you see it in the context of Horne’s Lucky Country, it is true that sadly much remains since that book was published over 50 years ago: a stupid mediocrity run the country, the voters all to happy with their lot and see it as the natural states of things. Sure the 80s saw some reform and then it sank back to atavistic self interest and stupidity abetted by China and that awful smugness and sense of entitlement that pervades Australian public policy and life.

      • In prison retribution and justice often takes the form of a blackfella named Karma, you gotta pray he doesn’t take a personal interest in your corrupt fat lazy white arse.
        Unfortunately for Obeid some of my mob can read and there’s nothing that pisses them off more than an entitled little white F#ck that thinks himself above the system. They’ll be lining up in the showers ….

  10. As the old saying goes “He who pays the piper calls the tune” but who is the piper? Perhaps what we are talking about is who has access to the pipes and how do they use that power.

    Now I appreciate that a few folk around here, resent that I place a lot of emphasis on the mechanics or structure of our current monetary and banking model. To those people the current monetary model is fine or TINA and the problem is just that greedy ‘bad people’ have taken control and all we need to do is remove the ‘bad people’ and put ‘good people’ in charge.

    But who really believes this is about a few bad apples ? The problem is clearly systemic and the ‘system’ is very good at corrupting people or as Yoda (or Dumpling) might say turning them to the dark side. It is even better at concealing how it works.

    A public monetary model where the creation of over 90% of what is legally treated as Public Money are the lending decisions of private organisations is the core of the problem. That process of creation involves decisions as to who has access to the fruits of the process, for what and when. This is not a trivial power, it is fundamental. We are not talking about mere intermediaries competing to bring, most efficiently, borrowers of some substance together with savers of that substance. We are talking about organisations who are creating over 90% of both the substance of borrowing and saving – money that at law is treated as if it were created by the public. Plus charging a fee for doing so.

    Those decisions alone are inherently powerful but those decisions and the organisations that make them form the foundations of an even larger group of derivative transactions. The functions of the licensed banks are essential to all of the transactions and operations of shadow ‘banking’ and all the other FIRE sectors. As we know it is in those derivative markets and sectors that the speculating rats really run wild in the ranks.

    Keep in mind that regulation of this model – RBA and APRA – has been deliberately made independent of the political process. In other words a massive curtain has been erected around the model.

    If you wanted to create a driving force for massive and systematic and unaccountable corruption you could not invent a better model if you tried.

    All of the crooked schemes, all of the dodgy scams by corporates, local and foreign and their ‘pocket’ pollies revolve around access to and applications of the public power that has been privatised or franchised to the private banks – the power to create and destroy money that has the full faith and credit of the public behind it.

    While accumulated capital has power mere intermediation of that capital has nothing on the power that has been given to the private banks.

    This model has been bouncing around in various manifestations for hundreds if not thousands of years and the only reason we are seeing it at its most dangerous at the moment is that the regulations that kept it within some boundaries for a few decades were removed – ironically and darkly in the name of ‘freedom’.

    Freedom for who? Not the general public.

    Nothing wrong with freedom and lots of it but privatising what is rightfully a public property – the creation and destruction of public money – has NOTHING to do with freedom at all.

    Freedom is giving private organisations the power over their own created money AND the Public Sector power over the money it creates.

    Freedom is giving people the choice between public and private money options and in particular the freedom to choose an entirely public money option.

    Forcing people to use a mutant form of public money that is nothing more than a well concealed privatisation or PPP model where the model of creation and destruction implicitly tends towards unproductive asset price pumping and consequently wealth concentration is fundamentally undemocratic and a recipe for the corruption and dissolution we see hatching all around us.

    If you want to start lancing boils on the body politic and preventing new ones forming the demand is simple.

    Separate public and private money now!

    • Yes, the quickest way to transition is probably to do what Ecuador has done and mandate a 60% domestic liquidity preference for the banking industry. This could be done by the Treasury issuing the needed amount of Treasury Notes in increasing amounts to soak up the appropriate amount of bank deposits……. this would cut back their ability to finance real estate speculation as well. Sort of back to pre Keating days for the banks.

      Of course in another generation they would be back to their old tricks if the nexus between money and credit isn’t broken but that is another subject.

      • Nyleta,

        “..Sort of back to pre Keating days for the banks..”

        Yes though a fair bit further than that. You are quite right. Until specific forms of private credit (bank created credit) are no longer given equal status with public sector credit the problem will continue.

        The problem with just going back to the Pre- Keating era is that there will continue to be well funded lobbying efforts to unwind the regulation of private bank credit as public money.

        The only way to really end the problem is to insist on a clear separation between public sector created money and private sector created money.

        Now is an excellent time to do so as the public are starting to understand, from the emergence of things like bitcoin, what private money looks like.

        It is a pretty simple and reasonable thing to demand.

        The public sector (govt) is responsible for and has a monopoly on the creation and destruction of public money.

        The private sector can create their own private monies (aka credit or cyber currencies)

        The public can choose which they use and when though the dominance of public sector created money is likely to be considerable as it has the full faith and credit of the public and not just some private capital. Though in corrupt and dysfunctional states people may prefer to use private monies or money issued by other public sectors (foreign currencies) for all but essential purposes.

      • I have a copy of the report. Try this link

        https://ecm1.fxdms.net/senat_prd/ies/iv_web_client.iv_getdoc?SessionKey=H0xJqr6aMo00000254FF&docid=*880nv(KDMuWNo5iXZDOIXwEzTHjjmdJnh7siVU7lKgROkjUC5IsUjwbnh3XO00r&PageNo=1

        It is very interesting. It seems like people generally had a much better understanding of the implications of our banking and monetary system in the 1930s. I suppose depressions do focus the mind a bit.

        This chapter is quite a good introduction.

        http://press-files.anu.edu.au/downloads/press/p79491/pdf/ch0861.pdf

        From this free book

        https://press.anu.edu.au/publications/power-economic-ideas/download

      • “I suppose depressions do focus the mind a bit.”

        That is correct – if one can survive one. Just like easy money and effortless gravy train are the gateway to the Moron Side of the Force, the opposite will shake those out of the Moron Side.

        How bad can the depression be?

        20XX

        “There were reports of people dropping dead in the streets without warning. Each day the burial detachments had to remove a hundred corpses from the city pavements.

        One city dweller recorded how despair eventually gave way to apathy; People now die in a very simple manner. First they lose interest in everything. Then they lie in bed and never rise again. They die as if falling asleep. And the surrounding people are half dead themselves, paying them no attention……

        The scale of the suffering was almost beyond imagination……”

      • SweeperMEMBER

        “It seems like people generally had a much better understanding of the implications of our banking and monetary system in the 1930s. I suppose depressions do focus the mind a bit”.

        They did. The RC informed Chifley’s call for full scale nationalisation. Then an uneducated head-kicker came along in the 80’s and wrecked everything.

      • Sweeper,

        Ming did a job on Chifley, and assorted clowns offshore took the FIRE deregulation ball and ran with it well before the manager of the Ram Rods sold us the full box and dice. But I agree as Keating remains completely unrepentant for any of the FIRE sector developments post 1983 – even those he would be entitled to blame on those who followed him.

    • bolstroodMEMBER

      Apreciate your work Pfh007
      Nothing can change until the system collapses.
      So bring it on.
      There are no guarantees that after the collapse we will make a better system ….
      But we might.

      • Bolstrood,

        There is force in your point but I really hope that we are not stupid enough to require such a harsh learning experience.

        Technically unwinding the PPP monetary model is not very difficult.

        The bigger hurdle is political as the banking cartel will kick and scream like anything. If you thought their hysterical whining about the Bank Levy was over the top their squealing about losing the protection of the full faith and credit of the public for their private promises will be deafening.

        But if the change is characterised, as I describe above, as being about freedom we can hoist them on their own petard.

        Give them ‘freedom’ in abundance. Freedom to create their own money and do with it what they like.

        How can they argue against that!!

        And when they run their Weimar, Zimbabwe horror stories and baby eating hun stories we can remind them that the public will be perfectly free to reject their Australian Dollars and saving in those dollars and instead put their savings into

        Westpac Wozzas
        Commonwealth Golden Kangas
        ANZ – Zoltbits
        NAB – Nickle Numpties
        Macquarie – Holy Dollars

        That word freedom is powerful word that everyone understands. Lets put some truth in it and give the private banks freedom by the bucket load.

  11. I like the conclusion: “Soon we’ll be asked to pay more.

    That will be the end of it. As it crashes we will either rediscover who we were two decades ago or we will sink into an Argentina-lite”

    Low interest rates are a problem (or at least a problem-enabler). Higher interest rates – the solution. There is no hiding from it.

    • The Traveling Wilbur

      Given up on BBQs I take it?

      Where’s Reusa these days? He will fix thing.

      • Reusa’s having relations whilst us losers are caught in a never ending cycle of despair and self-pity. Reusa’s the epitome of ‘strayan success, having your cake, eating it and fucking it too!

        He’s too busy pumpin’ them rumps, than to come over here and keep showing us over and over again what the one true path is. In fact, I’m surprised he’s not just as despondent with the lack of uptake he’s getting from us….

  12. Feel sad , thought I was over reading things , now I know I am not the only one

  13. Tassie TomMEMBER

    “Once a jolly swagman camped by a billabong” – A.B. Paterson, 1895.

    Because the 1890s were full of jolly, singing, homeless men skipping through the farmlands of wealthy squatters, choosing between either starving to death or nicking a sheep to eat, getting caught, and becoming a death in custody.

  14. If I was to take over a country without firing a shot, I’d drop spys into the mix, cause as much dissent and chaos as possible while bribing its leadership to implement policy. When everything falls to pieces, I’d walk in to a confused and disorganised country and offer them a deal too good to be true. All you’d have to do is accept Chinese rule.

    How can Turnbull be told the same thing four times from ASIO and yet still not understand the message?

    So even after the issues raised again, instead of reacting to the situation he says, ” We need to fix the inteference in our parliament. Websites like Getup are a problem ” ( not Chinese spies influencing our parliament but getup ). So then he goes on TV and rants about a Muslim guy and tries to shift media focus of the discussion across to ” How did this muslim guy get out on bail “.

    Call me suspicious… how much money has China donated to Turnbull? I wonder why he’s pushed this issue aside.

    • I believe what you describe are a few Chinese stratagems at play. Beauty Trap, Tossing out a brick to get a jade gem, and Make the host and the guest exchange roles.

      Australia must be the laughing stock of Asia.

      • McPaddyMEMBER

        As an Aussie living in Hong Kong I can tell you it makes me weep tears of frustration at how our naive ruling class is slowly but surely walking the nation into a trap. Day by day, our status quo’s dependence on the CCP’s good graces grows. By the time you realize they own you it’s too late.

      • ChinajimMEMBER

        Yes. It’s a horror story magnified by the staggering naivety of the vast majority.

        Wasn’t it Chinabob who said something along the lines of China has a plan for Australia, and it doesn’t include us.

        I’m in a remote part of the mainland now, amazed I can read this. Might need to hot-foot it once I hit “Submit”!

    • We abandoned any idea of Sovereignty with Keating. However it is also true that we did not value our sovereignty long before his time. We were already engaged in a ‘debt doesn’t matter; production doesn’t matter; Sydney and Melbourne are all that matters’ mode of economic and political policy.

    • Because Turnbull does not want to hear what ASIO is saying. His party is getting money from the Chinese:

      The SMH reported on Friday (26-8-16)
      Chinese businessmen with links to Foreign Minister Julie Bishop have donated half a million dollars to the Western Australian division of the Liberal Party during the past two years, political disclosures reveal.

    • TuAo probably best sums up the attitude that most Chinese students have towards Australia and Australian’s.
      It about say’s it all really.

    • bolstroodMEMBER

      I have often wondered why Turnbull bothered to become a politician.
      It is now becoming apparent.

    • Ronin8317MEMBER

      Why would the Chinese bother with taking over Australia? Our politicians are so much cheaper to bribe compared to the going rate for bribes in China.

  15. SoMPLSBoyMEMBER

    It’s the apathy amongst the people that causes me the most despair/ rage. The ‘she’ll be right. mate’ (bogan slogan created by those pfh identifies above as the enemy ) is at the very root of our current contemporary dilemma. And all who utter this insipid phrase wear the ‘exceptional Australian’ pin and conclude that the pinnacle of everything exists precisely here only.

    This ‘disrespect’ of those who came before, who built the foundation that enables our ‘freedoms’, by ‘allowing’ the status quo wrecking ball to keep swinging, will be our epitaph. Courage is action; not a slogan.

    • Hear friggen hear, I tend to blame the people way more than politicians now. Both sides have made it crystal clear what they are and if you aren’t at least giving a minor party the first tick on your ballot you are just as bad as they are. Worse even and you deserve to be living on dog meat when the commies take over.

    • ricsvtrMEMBER

      “It’s the apathy amongst the people that causes me the most despair/ rage. The ‘she’ll be right. mate’ (bogan slogan created by those pfh identifies above as the enemy ) is at the very root of our current contemporary dilemma. And all who utter this insipid phrase wear the ‘exceptional Australian’ pin and conclude that the pinnacle of everything exists precisely here only.”

      Gee, harden up Princess! Dont be such a sooky la la!

      jk =)

      Lucky you don’t work in mining, you’ll hear bogan slogans on a daily basis.

  16. Excellent article. Australia sold its public values in a fire sale that revealed to us all that it never actually had any. It didn’t sell its soul to the devil, but at an auction run by the real estate industry and cheered on by our ‘independent’ media. Our politicians, such as Treasurer, rode this scam till it dropped dead beneath them like a well flogged horse. A shame that they’ve just noticed that it’s a long walk back.

  17. I actually read an entire article today. George Monbiot speaking positively about Corbyn. He appears to be actually left so there might be some hope for Ermingtons little crusade. In other news Bolt gets into a stoush with a couple of antifa. Fairly amusing.

    • Corbyn is just another bloke peddling fairy stories based on more debt – he just leaves out the more debt part! This CANNOT be reformed without a LOT of pain! Pretending otherwise is just fakery or perhaps fuckery.
      (Not saying the Right isn’t peddling the same BS in another form just this idea, now widely promulgated by the Left, that Corbyn Sanders et al are great reformers is baloney.

      • Ok I wouldn’t know, saw him interviewed the other day, childcare paid for by big corp, he didn’t know how much it will cost.

        I like to think these things are possible. But by jingo by crikey the left suffers from very rudimentary incompetence. Too busy with the artsy and PC side of things.

  18. Simón Bolívar

    Demerging ??

    The word is submerging. The inference of emerging is transitioning from political south to political north. Submerging back. Its not the opposite of a merger.

    .

  19. Great passionate call!!! We need more of it in this country rather than the soppy voiced BS we get from everyone from the Prime Minister through the media down.

    “”That will be the end of it. As it crashes we will either rediscover who we were two decades ago””
    Two decades ago we were fundamentally the same. Where we are now is a natural geometric progression of the path we were on two decades ago.
    Unfortunately reform would require the removal of just about every member of every level of government and ALL the public servants who have created what we’ve become. In addition we would need to burn down most universities. Remove a large percentage of teachers. Then we’d have to take out most of the MSM. THEN we’d have to put most of the population through a de-brainwashing process.
    The answers lie back in time.

    • I also agree that we were fundamentally the same two decades ago. That the answers lie back in time. We still took the easiest path – that of the least resistance.

      Work hard? Live within one’s means? Sacrifice for common good? Pffft, these sound too Japanese.
      No, we borrow from offshore to enjoy today, here and now. Mortgages and credit cards are great inventions for those with the sense of entitlement to do just that.

    • coolnikMEMBER

      After I had finished reading this article, there was only one person who came to my mind. That was you flawse.

  20. I kinda have given up spelling it out to work colleagues and friends as to where this country is heading. People are either totally in denial or distracted by all the bling. Most of the public cannot see what is coming.

    What i suspected is we will for a time end up like Argentina. People wont revolt but still foolishly believe the lies that the main parties will tell them that better days are coming. Secretly they will continue to sell the country out.

    I suspect at some point China will ecomonically assert its full economic dominance and control of australia and the poor white trash of asia will be no more …..

    • I think most of the populace is too consumed by identity politics, too stupid to realise that the very thing they fight for is being abused and used as a decoy to hide more destructive changes to society.

      • CounterfiatMEMBER

        Not all bribes are money. Identity politics has a big price tag, as all politics does. Some will prefer to do a deal for a scorched earth if they can get to redefine marriage in exchange. I hope some will consider the price tag of ‘by any means’.

  21. Well it’s been a long time coming but with the rise of Asia, in particular China, the west no longer have a monopoly on the earth’s resources, coupled with strict labour laws and more jobs requiring higher and higher cognitive skills, a political class born in post WWII who never knew what it was like in the bad old days, the middle class is sitting duck.

    What’s even worse is the whole system is encased in the religion of democracy and universal suffrage, under pinned by thousands of years of western theological thinking, it is highly unlikely that any change will come out of it short of a revolution.

    The masses are being placated by a dog and pony show of voting and political theatre and character assassination completely devoid of actual policy issues, giving the masses the illusion of choice when none exist all the while the elite can claim absolute unquestionable legitimacy free of consequences. After all you plebs did “vote” me in so the process is legit, you plebs deserve whatever I can dish out in the next 4 years. Countless university studies have shown this system always produce bad leaders but that’s like saying God doesn’t exist to a Christian, it’s a moot point.

    I don’t see any solutions to this as arguing any religion to a true believer is pointless, all I can do is grab the pop corn and watch this slow train wreck while making sure my off spring has an escape hatch out of this place.

      • Though the Frank Underwood character probably has more self-awareness and than the psychopaths and sociopaths running this country, its corporations and banks.

      • Should an Australian version based in Canberra be made, it would best be called House of Tards ….. as in Retards.

  22. [email protected]

    Corrupt and soon to go the way of the Canadian market;
    https://www.youtube.com/watch?v=a_RLZz6iczE

  23. [email protected]

    Another issue in Straya is the interest only loans that’ll end up being our own subprime, Even out chief spruikbot, Domainfax agrees;
    https://www.domain.com.au/news/explainer-what-are-interestonly-loans-and-why-is-there-a-crackdown-on-them-20170607-gwhumr/

  24. [email protected]

    Aussie own subprime loans;
    https://www.domain.com.au/news/explainer-what-are-interestonly-loans-and-why-is-there-a-crackdown-on-them-20170607-gwhumr/

  25. 20 something Sydney and Melbourne based sex workers, the ones with their heads really screwed on right, are making a motza from the property boom at the moment. $500-$600 per hour, clearing $5,000 a week, their primary clients the property rich boomers and Gen-Xers who are helping them get into the property market themselves while their Uni graduate, white collar corporate-slippery-ladder peers struggle to put a 10% deposit together.

    Why work for a living in this country when the game is so thoroughly rigged ? Why put yourself through the sham of being a productive, dutiful citizen ?

    Accept it for the rigged game that it is, and play it to your best advantage.

    Keating was King Spiv, the guy who opened the door to the spiv hordes, the ones who ended up fathering the now 20 something sex workers, reaping the FIRE whirlwind.

    This is no 8 year decline – I trace it from about 1983-84, the years the drum machines and synthesisers started destroying the organic music creation process. We have given ourselves over to technology and soullessness, disconnected from any sense of humanity.

    Keating’s grandchildren, all of us, will end up as whores, one way or another.

  26. RussellMEMBER

    How does one short the Australian property market? Are their CDOs available? Just looking into this – starting my long journey of discovery. Having recently read The Big Short – it was almost chilling to think that this is what is about to take place here? Maybe not – not to the extent of the US – but there could very well be a correction of sorts that could provide a huge opportunity – who knows – but interesting to investigate further.

  27. Absolutely nailed it. One of the best things I have read on MB, your passion and anger is measured but potent. I will be forwarding this to as many people as I can and so should everyone else.

    • What is particularly exciting is that it appears we can now post these articles to Facebook without that “you must subscribe” stuff coming up. That problem was around for ages. Great news that spreading the word just got a little easier.

  28. Have you guys (MB) ever thought about starting you own political party? Rather than waiting for Bernardi to come to the fore.

  29. Simón Bolívar

    Its not the Australia has changed – its just that people have come to be more aware of how things always were.

    Australia has always been a resource country to be exploited by foreign, usually European or American powers, and the process involved flicking a few scraps from the table. The only real tangible difference between ourselves and the exploited nations of Africa has been the skin colour of the majority – the blacks of Australia were quickly relegated to the minority unlike Zimbabwe or South Africa.

    Australians just don’t get this. We are an entirely exploited nation – totally.

    Thats when I see people advocating for us to Ally ourselves with the United States and the UK it sickens me to my stomach.

    Until we are able to stand up and declare ourselves operating in our own best interests – and that CLEARLY means Asia – then we will always just be used like pawns.

    Australians are actually cowards.

    .

    • Yeah nah. Our engagement to China looks more and more like a forced marriage everyday, and we’re the 9 year old Yemeni bride.

      Hey! Where’s my clit gone?

  30. [email protected]

    Wanna see what will happen when greed turns into rampant FEAR?;
    https://www.youtube.com/watch?v=qZnRcknOzg0

  31. DarkMatterMEMBER

    It is interesting to try and identify the culprits in this mess. Here are my nominations.

    Banks and Financial institutions. Rapacious and amoral, they have been left to their own devices and taken us down the wrong path. Since everyone’s money transactions go through them, they have life and death power over all of us. Regardless of who you are, you are most likely subordinate to a bank for your home, which is the basis of your life. The slave can’t discipline the master.

    Economists. They obviously don’t really understand how economies and money works, but won’t admit it. Worse, they have mostly sold out to the Banks and fabricate justifications for what ever the Banks want to do. The few exceptions typified by Steve Keen and sites like MB, are shunned.

    Politicians. Sold out to the banks and exploit the nonsense from the economists to allow the future to go to hell.

    Real Estate. Will sell or pinch anything that is not nailed down.

    Media. Sold out. Would hollow out their grandmother and crawl inside if they couldn’t find a jumper.

    Legal System. No concept of right wrong or natural law. Will do anything as long as they get paid.

    Advertisers. Will tell any sort of lie to sell anything, as long as they get paid.

    The Left. Don’t care about anything as long as they can virtue signal.

    The Right. Loves money, likes to put the boot into poor people, fond of things from the 1950’s.

    The Great Unwashed. Just wants to watch TV and buy a few IPs.

  32. Our political culture is shitful already. Just wait until we get the Indian and Chinamen into the polity. You ain’t seen nothin’ yet!

  33. “From the intellectual dynamism of an opening culture and liberalising polity to heavily partisan propaganda and paid-for big business apologism, media has disintegrated right along with its business model and is now not much more than a social engineering engine for idiotic property speculation.” Brilliant.