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John Passant

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March 2015
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Keep socialist blog En Passant going - donate now
If you want to keep a blog that makes the arguments every day against the ravages of capitalism going and keeps alive the flame of democracy and community, make a donation to help cover my costs. And of course keep reading the blog. To donate click here. Keep socialist blog En Passant going. More... (4)

Sprouting sh*t for almost nothing
You can prove my 2 ex-comrades wrong by donating to my blog En Passant at BSB: 062914 Account: 1067 5257, the Commonwealth Bank in Tuggeranong, ACT. More... (12)

My interview Razor Sharp 18 February
Me interviewed by Sharon Firebrace on Razor Sharp on Tuesday 18 February. http://sharonfirebrace.files.wordpress.com/2014/02/18-2-14-john-passant-aust-national-university-g20-meeting-age-of-enttilement-engineers-attack-of-austerity-hardship-on-civilians.mp3 (0)

My interview Razor Sharp 11 February 2014
Me interviewed by Sharon Firebrace on Razor Sharp this morning. The Royal Commission, car industry and age of entitlement get a lot of the coverage. http://sharonfirebrace.com/2014/02/11/john-passant-aust-national-university-canberra-2/ (0)

Razor Sharp 4 February 2014
Me on 4 February 2014 on Razor Sharp with Sharon Firebrace. http://sharonfirebrace.files.wordpress.com/2014/02/4-2-14-john-passant-aust-national-university-canberra-end-of-the-age-of-entitlement-for-the-needy-but-pandering-to-the-lusts-of-the-greedy.mp3 (0)

Time for a House Un-Australian Activities Committee?
Tony Abbott thinks the Australian Broadcasting Corporation is Un-Australian. I am looking forward to his government setting up the House Un-Australian Activities Committee. (1)

Make Gina Rinehart work for her dole
(0)

Sick kids and paying upfront

(0)

Save Medicare

Demonstrate in defence of Medicare at Sydney Town Hall 1 pm Saturday 4 January (0)

Me on Razor Sharp this morning
Me interviewed by Sharon Firebrace this morning for Razor Sharp. It happens every Tuesday. http://sharonfirebrace.com/2013/12/03/john-passant-australian-national-university-8/ (0)

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Where to for the Australian economy?

 

Ben Hillier has written an interesting article in Red Flag about the Australian economy. He starts off by saying:

Australia’s 23-year economic expansion is unprecedented for a developed country. In the 21st century, growth has been underpinned by property and mining investment booms. The latter is now over, the former reaching its limits.

He also says:

The economy is undergoing transitions, internally and in relation to the rest of the world, but what exactly it is transitioning to is far from clear. The only thing that appears certain is that life is set to get harder.

To read the whole article click here.

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Comments

Comment from Ross
Time March 5, 2015 at 7:15 am

We used to have 4 State Govt Banks and the Commonwealth that could create a portion of our new money as infrastructure, thus was debt free. Also in the 1950’s and 60’s many people were paid is cash thus this money was not created as debt.

Inflation is created as debt by our banking system. The real rate of inflation since 1970 when they went off the gold standard has been at least double the official 3%.

Using the compound interest formula ,we can see how inflation progressively get worse. At 6% inflation over 10 yrs measured in a linear fashion we see a loss of 60% in currency value but compounded it is a 79% loss.

Since 1970 say 44 years,we see a linear loss of 264% but compounded it is 1300% loss.
In 1970 you could buy a beer in a pub for 25 cents. Today that same beer will cost you more than $5.00 or 20 times more.

In other words we are reaching the end of a viable money cycle. All this money printing not yet in the real economy will eventually bring on hyperinflation and the collapse of our economies. The derivative gambling economy is more than 10 times the GDP of the planet and Govt debt is 3 times the GDP of the planet. The debt can never be repaid.

Interest rates must stay low because exponentially more debt money must be created now to pay for the debt of the past.This is another reason why our Govts need wars.

After the 1890’s Depression they took us to war. After the 1930’s Depression they went to war again.

Comment from Jacks
Time March 5, 2015 at 10:02 am

John,
I’d like to know why it is that the socialist left does not seem to get outraged by the Bali 9 executions that are to take place?
Any action seems to be left to the soft left and, incredibly, politicians.
Why does the far left seem indifferent to this? I can find no recent articles on any socialist left blogs (including yours)…
Is it wowserism (e.g. drugs will hold back the revolution etc etc), or is it a case of well, Australians have no right to lecture Indonesian govt when Australian govt dishes out such terrible treatment to asylum seekers? And imperialist wars o/s

Comment from John
Time March 5, 2015 at 11:02 am

Good question. I have thought about writing on the subject but could end up arguably demeaning or sidetracking the situation by talking about the genocide in West Papua, Abbott’s turn back the boats, the detention centres etc, without shedding any light on the situation. I also don’t want to join the Indonesia bashers. I am also busy with other things – hence the large number of linked posts – and was hoping another of the left sites might post something useful I could use.

Comment from Jacks
Time March 5, 2015 at 11:58 am

Ok, thanks for the response.
Perhaps when they are sadly executed we will see something on the other left sites.

Comment from Brian
Time March 5, 2015 at 12:32 pm

Back to the topic,
Paul Keating once said if we were in boom times halve the population would still think we are in a depression.

We have a long way to go before the total collapse of capitalism. People seem to forget, Brazil, Russia, India and China have millions who are poor who want a better life and will borrow to buy a new TV, house, lifestyle.
Just because first world nations may see a drop in their standard of living, does not mean billions more wont increase theirs.

Our banking system needs a major correction as Aussie banks are the most profitable in the world.

Will life get harder? Yes and No, we will live longer and eat better. For billions life will improve, for a few relying on their government, yes it will get harder.

Comment from John
Time March 5, 2015 at 3:02 pm

There is this in Solidarity magazine, but I think it is a bit one sided. http://www.solidarity.net.au/mag/current/issue-75-feb/australian-police-and-politicians-guilty-hypocrites-over-bali-nine/

Comment from Ross
Time March 5, 2015 at 3:52 pm

Brian boasts that Aussie banks are the most profitable in the world. This profit is all about money printing and not adding anything productive to our economy. You are not comprehending Brian. If inflation is created as debt and inflation exceeds growth, debt must eventually consume everything.

Rob Kirby worked in the derivative market for 15 years. He says he worked along side those who created these new market manipulators in 1980 in Toronto. This new concept in derivatives were so powerful that they moved them to Wall St to control the markets there.

They brought in the Glass Steagall Act during the Great Depression to control derivatives and separate the speculative side of banking from retail banking. Bill Clinton removed Glass Steagall in the late 90’s.

Our banks here in Aust have derivative exposure 6 times their assets which are our mortgages. Derivative contracts must be honoured first. Rob Kirby knows we are headed for a collapse and this time the money printing won’t work. http://usawatchdog.com/world-headed-for-a-meat-grinder-rob-kirby/

Comment from John
Time March 5, 2015 at 4:01 pm

I just wrote something inadequate about it.

Comment from Ross
Time March 6, 2015 at 6:42 am

I wish there was some good news John but since the GFC in 2007-8 they have just made matters many times worse.

We were OK when sales to China were strong which brought in debt free money that could be taxed for revenue, but now China has slowed and because of our aggressive alliance with the USA, China is finding other resource origins in Africa and South America.

Australia now cannot afford to grow because growth means we have to borrow from OS central banks and the debt will always be bigger than the growth.

Both major parties refuse to look at Govt Banks as a solution. They could simply put our taxes into a Govt Bank and under the present rules create 10 times the taxes they have collected, thus reducing taxes and so get us out of this death spiral of debt.

Comment from Brian
Time March 6, 2015 at 1:32 pm

Ross , read what I wrote, “Our banking system needs a major correction as Aussie banks are the most profitable in the world.”

I didn’t boast, I said it needs a major correction, our banks are too powerful

Comment from Lorikeet
Time March 7, 2015 at 9:22 am

I think the destination of our country’s economy is abundantly clear. The UN plans to bring all nations down to the lowest common denominator, which means the western nations have already commenced a progressive nose dive, through the signing and implementation of thousands of international agreements (e.g. trade, immigration, manufacturing).

The poor and the average are being sent to the economic outhouse. When people are too old to work, they will be unceremoniously executed, which is why we must vigorously oppose the Greens’ Euthanasia Bill, along with Advanced Health Directives.

The love of money is at the root of all evil, and for decades, the Australian government has been giving our life savings to the banks to use as they so choose, while they fail to pay their fair share of the taxes due to globalisation arrangements. Government assets are being sold off to ensure ongoing empowerment of the banks and to deliberately empty government coffers, so that our national sovereignty is sacrificed.

Once the welfare system and government coffers are completely gutted, bankers will also take control of the housing market, as people are forced to place reverse mortgages on their homes in order to eat and pay escalating bills including medical costs.

In the future, people will have to survive in tiny bank-owned accommodation and bust their guts for long hours and little remuneration. The ownership of a motor vehicle will become a thing of the past due to dire poverty.

Forget about any return on superannuation investments in the future.

Comment from Lorikeet
Time March 7, 2015 at 9:30 am

Brian, regarding your comment:

“Paul Keating once said if we were in boom times half the population would still think we are in a depression.”

That would be the half who were being parasitised to supply the largess consumed by the “booming” rich.

Ross, I was educated about the Glass Steagall Act and its demise when I was a member of the Democratic Labour Party.

The last I heard (someone please correct me if I am wrong), the Australian government has now placed money in ordinary bank accounts at risk on the global stage i.e. made it subject to the next GFC.

Comment from Ross
Time March 8, 2015 at 8:51 am

Lorikeet, during the Great Depression we did not need Glass a Steagall Act because the Govt Commonwealth Bank regulated banking. The USA was regulated by the Rothschild Private US Federal Reserve and still is. I’ve read reports of this family being worth 7 times the GDP of the planet. Owning most of the world’s central banks would make them extremely powerful as they can create money at will and buy just about anything or anyone.

If our banks are so safe why do they need “bail in”? ie the power confiscate bank deposits. You can see evidence for “bail in” here.http://cecaust.com.au/bail-in/

At the last G20 meeting in Brisbane all Western leaders signed off on “Bail in”. So don’t keep too much money in one account because as in Cyprus they initially come after accounts between $100,000 and $200,000 as the general population think the rich are suffering a bank tax and won’t be alarmed but won’t realise that they will be next.

If this happens, there will be a total economic breakdown.

Brian sorry that I missed your point.

Comment from Lorikeet
Time March 10, 2015 at 3:50 pm

Thanks for your opinion, Ross. I am beginning to wonder if the “conspiracy theory” attached to Adolf Hitler being paid to finish off the Jews. As the story goes, the bigger Jewish bankers fled to the USA and then paid him to wipe out all of the competition.

Comment from Lorikeet
Time March 10, 2015 at 3:52 pm

John, can you please tell us whether or not “bail-in” has now been legislated in Australia?