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  • An opinion piece worth repeating.

    http://www.smh.com.au/opinion/societ...420-1xcn1.html

    If economics were as precise as medicine, a smart economic "physician" would look at the hand-wringing here over "Dutch disease" and peg it as a short-term bug needing some care, a few aspirin and some commonsense.

    They would dismiss it as a distraction from combating the "American disease", which is a far greater threat to Australia.

    Dutch disease, in brief, is the downside a boom can have on different industries because of the appreciation of a country's currency. No doubt the high Australian dollar, driven principally by the mining boom, is hurting certain industries.

    But the American disease spreads its hurt into every pore of society. Here is how I define it: an ideology based on a phantom idea called the "free market", whose purity and virtue can only be realised by tearing down any regulation deemed "anti-business", cutting every tax ever conceived and shovelling most of the wealth created in society into the hands of a few.

    The American disease has been wildly successful. It has killed the middle class, diverting 30 years of wealth growth from the people who created the value into the hands of the few. More people live in poverty in the US 46 million than at any time in the half-century the US government has measured that figure.

    To be fair, the widening gap between rich and poor in the US does have benefits: a few billionaires can now afford, thanks to rulings by the conservative majority on the US Supreme Court, to spend unlimited amounts of money to buy elections, and to own pliant politicians of both major parties, who, in turn, show their gratitude by pimping for laws that hand even more wealth into the hands of the few.

    The American disease is particularly adept at infecting the brain, spreading entirely discredited ideas that people assimilate despite the facts. Exhibit No.1: high taxes discourage investment. Nonsense. In virtually every independent, honest survey of US business executives over the past 25 years, worries about tax rates rank far below, for example, access to an educated, skilled workforce, and good transport systems all of which depend on a significant tax base.

    Nobel laureate economist Paul Krugman told me recently that Mark Zuckerberg who is about to become a billionaire many times over never worried about the capital gains tax rate when he started Facebook. Yet the myth, entirely unsupported by facts, persists: cutting taxes is the chief elixir to spur innovation, job creation and investment.

    About those "job creators". Not one of them would have made a dime without investments by the government: roads, bridges, broadband, and schools. The outsized pay and fortunes the American disease awards the "job creators" has nothing to do with intelligence or creativity; most of the executives I've met are dull and mediocre. Their financial rewards are a product of cronyism and pay handed them by pliant boards stacked with their free-market sidekicks.

    As for those regulations? Americans can thank 40 years of deregulation for higher injury rates at work, lower pay, non-existent pensions, higher airline fees, the savings and loan crisis, healthcare costs and the 2008 financial crisis that wiped out trillions of dollars.

    Which is why I shudder when I smell the American disease wafting from the mouths of many of Australia's political leaders. Be clear: calls here for lower taxes, deregulation, "competitiveness" and smaller government have nothing to do with sound economics. They benefit either unpatriotic mining barons or cynical politicians who amass power on the backs of the fear of the people.

    This is not an anti-business argument. The opposite: I am pro-business because we need good-paying jobs. Instead, we need to be clear that embracing the American disease is shackling an economy to a discredited philosophy that values greed, mismanagement, flimsy economic justifications and stupidity over building a sustainable economy that spreads the benefits of wealth broadly.

    Australia should be proud of its history of setting a global standard of high wages, strong unions, real pensions, national healthcare, active government and, through all that, a relatively equitable society. Kill the American disease here before it undermines the country and save the patient.
    -----------------------------------------------------

    Bravo, bravo. That bolded bit is the result of years of unregulated capitalism and that figure will only continue to grow while ever the US political system is morally and financially corrupt.

    Anyone advocating following this system needs their head read.

    Chook.

  • #2
    Not that I necessarily disagree with your view Chookmeister but why do you choose to push your nuances political diatribe on a Roosters forum? It appears somewhat abject amongst this particular discourse.

    Comment


    • #3
      Originally posted by Mr. Walker View Post
      Not that I necessarily disagree with your view Chookmeister but why do you choose to push your nuances political diatribe on a Roosters forum? It appears somewhat abject amongst this particular discourse.
      JusT like how you swing in under a new nic again, act the Terry Towelling Tough Guy, now resort to acting The Smart Bigword Carnt, all the time you're on a footy forum.

      I dig you JusT wanted to get your post count up so you could post your pretty new nic. I obliged, I do like to help the needy.

      But at least Chook puts his stuff in the correct section and he's passionate about his shit.

      JusT what are you good at again mate???

      Nibbling on Nobbys Nutts???



      The FlogPen .

      You know it makes sense.

      Comment


      • #4
        You type a lot windbags.Careful of rsi

        Comment


        • #5
          Originally posted by Mr. Walker View Post
          You type a lot windbags.Careful of rsi








          The FlogPen .

          You know it makes sense.

          Comment


          • #6
            To put it this way. I may disagree with a lot of Chook's opinions about politics etc, but I could trust him not to stalk my sister.
            (or my borther either)

            Comment


            • #7
              It's all very well for Chook to come on here and start championing the Fox-Piven strategy of overloading the economic system with welfare increases and subsidies (like this current government) but he doesn't realise that if we do that here, we'll loose this completely incompetent government and get something much, much worse.

              I wouldn't let Joe Hockey wipe my arse let alone run this economy. He's the only man in Australian political history that makes Wayne Swan look almost competent.

              It's times like this I miss John Kerin.

              Comment


              • #8
                Originally posted by Mr. Walker View Post
                Not that I necessarily disagree with your view Chookmeister but why do you choose to push your nuances political diatribe on a Roosters forum? It appears somewhat abject amongst this particular discourse.
                It's an outlet. I'd much rather be shooting people, but hey, you work with what you've got.

                Chook.

                Comment


                • #9
                  Originally posted by Chook View Post
                  It's an outlet. I'd much rather be shooting people, but hey, you work with what you've got.

                  Chook.
                  Always remember if you can't shoot rabbits then you can't shoot fascists.

                  Comment


                  • #10
                    Originally posted by John View Post
                    Always remember if you can't shoot rabbits then you can't shoot fascists.
                    Spoilsport.

                    Chook.

                    Comment


                    • #11
                      I am not disagreeing entirely with the article. The fact that US bank executives are still making millions in bonuses instead of being unemployed (or locked in prison!) shows how much control the upper class has over the government.

                      The article does miss an important point in that Americans were not crying poor when house prices were elevated. They were quite happy to spend money they never earnt in buying more expensive cars, tvs, holidays, bigger houses, and planning an early retirement. Property owners didn't give a toss about future generations being indebted for life to pay off large mortgages on overpriced housing.

                      Everyone is quite happy to widen the wealth gap when they believe they are on the right side of it.

                      Comment


                      • #12
                        Originally posted by dice View Post
                        I am not disagreeing entirely with the article. The fact that US bank executives are still making millions in bonuses instead of being unemployed (or locked in prison!) shows how much control the upper class has over the government.

                        The article does miss an important point in that Americans were not crying poor when house prices were elevated. They were quite happy to spend money they never earnt in buying more expensive cars, tvs, holidays, bigger houses, and planning an early retirement. Property owners didn't give a toss about future generations being indebted for life to pay off large mortgages on overpriced housing.

                        Everyone is quite happy to widen the wealth gap when they believe they are on the right side of it.
                        Some good points dice. My biggest issue with this whole saga is how the peope were dupped into borrowing more and leveraging their already leveraged houses under the promotional headline "house prices will never go down" by the very rich pricks who had to be bailed out when it all fell apart.

                        Why is it the rich never pay their share?

                        Chook.

                        Comment


                        • #13
                          Originally posted by Chook View Post
                          Some good points dice. My biggest issue with this whole saga is how the peope were dupped into borrowing more and leveraging their already leveraged houses under the promotional headline "house prices will never go down" by the very rich pricks who had to be bailed out when it all fell apart.

                          Why is it the rich never pay their share?


                          Chook.
                          Maybe this time???


                          http://www.goldcoast.com.au/article/...ourt-news.html

                          POLICE and tax office investigators today seized more than $40 million in luxury assets linked to prominent Gold Coast businessman Michael Issakidis and one of his associates.

                          They allege the arrest of the Greek-born property developer and company director has dismantled a multi million-dollar tax evasion and money laundering scheme, the Herald Sun reports.

                          Mr Issakidis was recently in the news for successfully suing friend and Wheel of Fortune game show host `Baby' John Burgess for rent he claimed Burgess owed him for living in his 71st-floor Gold Coast penthouse.

                          Burgess and his wife Jan were regulars on the Gold Coast social scene with Mr Issakidis and his wife Donrecka before a court ordered Burgess to pay Mr Issakidis more than $30,000 in back rent and costs.

                          Mr Issakidis, 67, was today charged with conspiring to deal in proceeds of crime worth $63 million and defrauding the Australian Tax Office of tens of millions of dollars. The proceeds of crime charge relates to the tax fraud.

                          Prestigious vehicles grabbed from Mr Issakidis and an associate during today's joint AFP and ATO raids in Queensland and New South Wales included four Rolls Royces, a Lamborghini Spyder, an Aston Martin, a BMW and a Mercedes.

                          Also seized were a waterfront mansion on the Gold Coast, a luxury Sydney property in Northbridge and two yachts.

                          The AFP and the ATO conducted six search warrants in NSW and Queensland today as part of the continuing Issakidis investigation in Australia and overseas.

                          Further arrests relating to the alleged money laundering scam are possible.

                          Today's raids followed a seven-month joint AFP and ATO Project Wickenby investigation and is the largest tax fraud probe since Wickenby was launched in 2006.

                          Project Wickenby involves the ATO, AFP, Australian Crime Commission, Australian Securities and Investments Commission, Australian Government Solicitor, the Australian Transaction Reports and Analysis Centre and the Commonwealth Director of Public Prosecutions.

                          The proceeds of crime action was undertaken by the Commonwealth criminal assets confiscation Taskforce. The AFP-led taskforce brings together resources from the AFP, ATO and the ACC.

                          This is the first time the AFP has conducted the litigation to restrain assets on behalf of the taskforce since legislation came into effect in January this year giving the AFP the power to commence and conduct proceeds of crime litigation.

                          Mr Issakidis is the managing director of Queensland-based NeuMedix Health Group, a consortium of 16 investment and technology companies.

                          It will be alleged in court that through a complex unit trust structure, prices of Australian patents were over inflated once transferred offshore.

                          Corresponding depreciation expenses were then claimed and, as a result, a benefit of about $63 million was received over a three-year period.

                          It will be further alleged these funds were then laundered through an account in the UK - and numerous accounts in Hong Kong - before being transferred back into Australia.

                          The scheme was identified by the ATO Trust taskforce, which was established to focus on arrangements to exploit perceived weaknesses in tax legislation for trusts.

                          ATO Commissioner Michael D'Ascenzo today claimed the operation uncovered a serious abuse of the integrity of the tax system and serious tax evasion involving hundreds of millions of dollars.

                          "Parties who rely on tax driven deals to justify the commercial viability of business transactions are on notice that we will use our anti-avoidance rules to deal with such schemes,'' he said.

                          "The ATO will pursue all means available, including partnering with other law enforcement agencies, to respond firmly to these tax avoidance and evasion behaviours and protect the public revenue.''

                          AFP Commissioner Tony Negus said the operation combined the specialist skills of the AFP and the ATO to disrupt a complex money laundering scheme.

                          "Taking the profit out of crime is the aim of the criminal assets confiscation taskforce, which is targeting organised crime's deep pockets,'' he said today.

                          "This operation demonstrates the ongoing commitment by the AFP and its partner agencies to disrupt serious criminal activity.''

                          Mr Issakidis was expected to appear in the Southport Magistrates' Court today to face charges.

                          Comment


                          • #14
                            That's what Michael Issakidis gets for not being friends with ****** **********

                            Comment


                            • #15
                              Originally posted by John View Post
                              That's what Michael Issakidis gets for not being friends with ****** **********
                              Or, for kicking your tenants out of the penthouse?

                              Comment

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