Don’t Mention the Debt

25 Feb

Even 12 months ago – before the Rudd Government began its massive second round of “stimulus” spending on school halls and insulation – noone wanted to talk about our debt problem:

Our overseas borrowing is the great unspoken. It is the one subject assiduously avoided in public by Kevin Rudd, Malcolm Turnbull, Ken Henry, APRA, the Reserve Bank and the big banks. They probably even gloss over the matter when chatting privately among themselves.

It is Australia’s Ponzi scheme. Bernie Madoff goes to Bondi. We keep getting those foreign dollars in while sending plenty out, but never quite as much, hoping no one will blow the whistle lest the whole game end.

Read the full article in the Feb 19, 2009 Sydney Morning Herald.

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