6 Responses to “A Disturbing Picture Of Our Debt-Driven Future”

  1. omanuel February 12, 2013 at 3:23 am #

    Society is headed toward violent disruption – in the best interest of absolutely nobody !

    My analysis of the problem and the solution are posted here:



  2. Tomorrows Serf February 12, 2013 at 9:53 am #

    Hey BI,

    I’d love your comment on this email interchange with one Ross Greenwood

    Hi Ross,
    I recently came across a strange anomaly in the in the concentration of ownership of many of our major companies, and was wondering if you knew of this and had any ideas as to a plausible explanation.
    The top 4/5 major shareholders of ALL of our banks are HSBC, JPMorgan, National Nominees & Citicorp. (in the same order). Same for Woolworths and Wesfarmers, Same for BHP and Fairfax. Same for QBE, Boral,Qantas,Caltex,
    Same for Cochlear, Coca Cola Amatil, CSR, Origin Energy, Tabcorp. This list is not exhaustive. I just got sick of looking.
    Any ideas??? Is this normal?

    His response:

    Hi XXXX,

    Yes. Many big pension funds & superannuation funds hold their assets through custodians, or nominee companies. And many of them will be administered by these big international banking organisations.

    No conspiracy. It’s about administration.



    Yeah right……..

    • The Blissful Ignoramus February 12, 2013 at 10:20 am #

      LOL. Nice attempt by Greenwood at sidestepping the key point (an oligopoly, of foreign owners).

      EDIT: make that “foreign owners/controllers

  3. Tomorrows Serf February 12, 2013 at 10:28 am #

    Is anyone NOT compromised?

    • The Blissful Ignoramus February 12, 2013 at 11:01 am #

      I’m sure many are only compromised by willful self-delusion. They can see, intuit that something is dodgy. But can’t cope with admitting the implications to themselves. It’s easier, more comforting, to believe other explanations. Any other explanations. Anything that does not shake their little comfort zone.

  4. 3d1k1k February 12, 2013 at 12:17 pm #

    I was in Argentina for nearly a year in the nineties when overnight a massive devaluation of the currency was implemented. Devastating impact for middle and working class people, riots everywhere. Sadly Argentina has serially mismanaged their economy for decades. Even in the nineties BA a most beautiful city was in a state of decay, the economic troubles evident since near the start of the 20th century. I remember reading a book years ago called (I think) Land and Power in South America which laid out the groundwork as to why so many of these potentially rich nations fail to achieve rich nation status. That and consecutive governments embracing opposing economic/political objectives and ideologies – unlike Australia where it is pretty much more of the same.

    Also happened to be in Mexico City (twice) when peso was devalued, more of the above and also in Bolivia when their currency was devalued. Perhaps I had better depart Australian shores!

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