Treasurer Wayne Swan is either misguided or disingenuous when he claims that his clumsy bailout of Aussie banks didn't cause a run on investment funds.
I admit, it's easy for me to sit on the sidelines and criticize with the benefit of hindsight. But consider this, most other western countries, while offering guarantees on bank deposits, have an upper limit. Australia's limit was pretty lame, so I think the treasurer decided to get hairy chested about it and instituded a guarantee without limit. And then in typical Labor style, decided to introduce a tax (which he calls a "levy") on larger deposits to help pay for the insurance.
Most people accept that this is what caused most investors to try and pull their money out of investment funds. Why not? When they could get a guarantee without limit from their local bank.
But what seems even more worrying is the change of tack that the treasurer has taken in order to address the credit crunch. He's decided to give people $1,000 before Christmas. I think the correct term for this is "Trickle Up Economics". It's sort of like the antithesis of extreme capitalism where benefits to the rich "Trickle Down" to the masses, like crumbs from the table. But in Swan's scenario we give money to the masses before Xmas to buy their plasma TV's and lotto tickets.
Maybe I should give him the benefit of the doubt, but this was the same pundit who before the election was bemoaning the lack of infrastructure investment. Who boasted at his first budget a $40 billion plan to invest surpluses in Nation building.
Now at the first sign of trouble, the infrastructure plans are put on the backburner so Mums and Dads can get a bit of extra pocket money before the end of the year.
Imagine how many more jobs would be created, how much demand would be created for our natural resources if, instead, he kept his word and kept his promise of nation building?
It doesn't provide instant gratification like the Plasma TV money, but it has longer term benefits for us all.
Saturday, November 01, 2008
Friday, May 23, 2008
Ronald McDonald carries the Olympic Torch past a burning Monk, by Van Thanh Rudd.
The Melbourne City Council says it rejected this painting from an art exhibition because it "does not fit the brief". The painting is by Van Thanh Rudd, nephew of PM Kevin Rudd.
I reckon the real reason is that the Melbournce Council is scared of offending China, McDonalds and the PM.
Posted by Neil Ennis at 1:33 PM
Friday, May 16, 2008
According to the Wall Street Journal The Chinese Government will keep its "One Child Policy" for at least another decade.
As a result, a generation of children is China is growing up with no brothers, sisters, aunts or uncles.
Anyone found breaking this law faces huge fines. Government workers can lose their jobs, and pregnant women may face forced abortions.
Ironically, those chinese who are rich enough, pay the fine, and are able to have more kids.
For the rest, it's a choice between hiding from the government to have a child without a permit, having an abortion, or selling your baby on the burgeoning Child Trading market.
One sad consequence of this situation is a large increase in the number of child abductions.
Tuesday, May 13, 2008
Yao Fuxin, 57, was involved in organizing workers in Liaoning to address corruption and other issues facing the local factories. A former employee at the Liaoyang Steel Rolling Factory, he is married with one daughter. In late March 2002, Yao Fuxin was secretly detained and formally charged with "gathering a crowd to disturb social order" after leading tens of thousands of workers from Liaoyang factories in a peaceful demonstration protesting against corruption and demanding the payment of back wages and pensions. He was later charged with the far more serious charge of subversion due to alleged involvement in the banned China Democracy Party.
During his trial, Yao insisted on his innocence, saying he believed in the government and wanted to see the plight of the workers resolved. He was sentenced to seven years, which he is now serving at Lingyuan No. 2 Prison in Liaoning. His family fought for a retrial with the assistance of his defense lawyer Mo Shaoping, but it was announced at a secret hearing on June 27, 2003, that the appeal was rejected and the original sentence upheld. Since his imprisonment, Yao has been plagued by serious health problems. Family members, who visit him regularly, say he is in very poor health. Yao's family and Liaoyang workers have repeatedly appealed to authorities as high as the National People's Congress and the Supreme People's Court to release Yao on medical parole, but without success.
Monday, May 12, 2008
” In the name of ensuring stability and harmony in the country during the 2008 Olympic Games. The Chinese governement continues to detain and harass political activists, journalists, lawyers and human rights workers.”
"China is Getting Ready" by "Amnesty International"
Sunday, May 11, 2008
Saturday, May 10, 2008
Friday, May 09, 2008
Thursday, May 08, 2008
In the run up to the Beijing Olympics I'll be posting some photos I've found around the net by other people which express my sentiments.
The Chinese Government's treatment of dissidents is appalling.
They tolerate no disagreement.
They've erected a huge firewall to prevent their citizens from reading anything online that criticizes their government.
Chinese people are beautiful, intelligent and gracious.
But the Chinese Government... they're nothing but amoral thugs.
"Beijing Olympics 2008" by http://www.flickr.com/photos/kongharald/
Wednesday, April 09, 2008
Credit where credit is due.
I've been critical of PM Kevin Rudd before, but I admire his courageous stance in Beijing today.
It took guts to go to China, and in his first speech there, to say loud and clear that Australia is concerned about Human rights violations in Tibet.
Hopefully Chinese Premier Wen Jiabao will recognize the value of International Friends who are unafraid to speak the truth, rather than "friends" who never say what they really think.
Friday, April 04, 2008
Our little mouseketeer of PM shows that he's well and truly behind big kahuna, George W Bush.
Holt may have been "All the way with LBJ", but Kevvie is definatley "At the decree of GWB".
Definately not the sort of behaviour you'd expect from a supposed "Man of Steel".
Posted by Neil Ennis at 12:34 PM
Saturday, February 23, 2008
Full marks to new Labor Immigration Minister, Chris Evans, for granting permanent residency to Robert Jovcic
Jovcic was a victim of the previous goverments heartless immigration policy, which left him homeless and sleeping on the steps of the Australian Embassy in Belgrade.
Minister Evans says that this was "one of a number of regrettable immigration matters the new Government is rectifying".
It's great news.
Posted by Neil Ennis at 12:27 PM
Monday, January 14, 2008
New treasurer Wayne Swan doesn't have a clue when it comes to dealing with banks.
Banks around the country are getting away with raising their interest rates - even when the Reserve Bank hasn't raised official rates.
Shadow Treasurer, Malcolm Turnbull is right. They're treating Swan like a mug.
If Swan doesn't lose the training wheels soon, the millions of people who got duped by Kevin07 are going to be worrying about Rates08. And Swan's credentials on fiscal management will look about as beleivable as that woeful hairpiece of his.
The age old cycle of "Labor Mismanagement" begins again.
Posted by Neil Ennis at 2:48 PM