Tag Archives: debt ceiling

Survey: 87% Of Australians Would Sell Their Children

23 Oct

old-slavery

At the recent election, 87% of Australians aged 18 years or older voted for the Liberal – Nationals Party coalition, the Australian Labor Party, or the Greens.

Over the past four years, as the ALP / Greens alliance loaded up on national debt, and continued raising the debt ceiling ever higher, your humble blogger has continually pointed to the Interest-on-Debt bill …

Screen shot 2013-05-14 at 7.50.25 PM

… and cautioned that the Australian Government Will Never Get Out Of Debt.

Yesterday, incoming treasurer Joe Hockey confirmed that I was right.

How so?

By announcing the Coalition’s intention to increase the government debt ceiling by 67%:

The Federal Government has announced a $200 billion increase to the Commonwealth debt ceiling and a six-month audit into government spending in the face of a “deteriorating” budget position.

Treasurer Joe Hockey announced the measures after a federal Cabinet meeting in Canberra on Tuesday.

“The Coalition Government will have to increase the debt limit for Commonwealth government securities to $500 billion,” he said.

“$500 billion”?

Have to”?

I don’t see a loaded gun being held to Hockey’s head … do you?

“We are increasing it to that level because I’ve been advised that on December 12, the current debt limit of $300 billion will be hit.”

He said the last Treasury assessment, provided in the pre-election fiscal outlook, predicted debt would peak at $370 billion.

However, recent trends show it will instead “exceed $400 billion”.

“And we’re not going to do a thing to stop it”, is what he failed to add.

Now we must all endure the risible circus show for the masses.

The Great Facade.

As one “side” of politics argues that they are only doing this due to (a) the other side’s failures, and (b) to avoid having to do it again and again and again — a la the USA recently.

While the other “side” of politics argues that this is (a) hypocritical, and (b) tantamount to asking for a blank cheque.

The antics of both “Left” and “Right” are all a distraction, of course.

The simple facts are these.

If you are one of the 87.58% who voted for the LNP Coalition, or the ALP / Greens, then you voted to sell yourself, your children, and all your fellow Australians’ children into slavery.

Even with usury rates worldwide at historical lows, the Interest-on-Debt bill ($14+ billion p.a.) is already far greater than all but three of the Howard Government era budget surpluses.

Those surpluses came amidst a huge mining boom. A massive sell-off of our national assets. And, an unprecedented, impossible-to-repeat increase in private debt (meaning, the government could run big surpluses, as a counterweight to “growth” in private debt-fuelled “GDP”, without causing a recession).

Those surpluses will never be seen again.

The mining boom has peaked.

There is little left to sell.

And private households are in debt up to the neck.

Screen shot 2013-10-23 at 5.48.56 AM

Meaning … the Australian Government will never get out of debt.

We are completely enslaved.

Our new treasurer has just confirmed it.

You, your children, your grand children, will have to work ever harder, only to be gouged ever harder, by direct and indirect taxes, just so the government/s that you voted for can pay a portion of the annual usury bill to the bankers.

Each year, the portion that can not be paid, will be “rolled over”, and become new, ever greater debt obligations.

Each year, the politicians will add even more debt.

To pay for their lavish, minimum $195K p.a. incomes.

Their jet-setting lifestyles.

And their craven, immoral political “promises”.

I wonder how long it will be, before one of our triennial national elections surveys actually shows a fall in the number of Australians voting to sell their children.

The-New-Slavery-Banks

P.S. Yes, still on hiatus … simply rose up at 3-something a.m. to exorcise this topic from my mind.

Pentagon Warns EU To Expect “Radical” Change In US Government Soon

9 Oct

change-hitler-obama-lenin

Obama the Dictator?

This is the kind of end game that arises as a result of the power of usury, to enslave through endless debt growth.

From the EU Times:

A highly troubling “urgent bulletin” issued earlier today by the Ministry of Foreign Affairs (MoFA) states that it has received information from the Main Intelligence Directorate (GRU) warning to expect a “radical change” in the government of the United States, possibly within the next fortnight, based on information they have received from “highly placed” sources within the Pentagon.

According to this MoFA bulletin, GRU intelligence assests were notified by their Pentagon counterparts this past week that President Barack Obama is preparing to invoke the powers given to him under 50 USC Chapter 13 to hold that various American States are now in a “state of insurrection” thus allowing him to invoke the National Emergencies Act under 50 USC § 1621 and invoke the highly controversial “continuity of government” plan for the United States allowing him, in essence, to rule with supreme powers.

Specifically, this bulletin says, Obama will invoke 50 USC § 212 that states: “ the President shall have declared by proclamation that the laws of the United States are opposed, and the execution thereof obstructed, by combinations too powerful to be suppressed by the ordinary course of judicial proceedings”

To the specific “combinations too powerful” Obama will cite in his declaration of National Emergency as being needed to be defeated by extraordinary measures, the MoFA says, is a faction of the US House of Representatives popularly known as the Republican Tea Party whom the President and his allies have likened to “hostage takers” and “political terrorists.”

Obama’s greatest fear, and reason(s) for declaring a National State of Emergency, this bulletin continues, was outlined yesterday by his US Treasury Department who released a report yesterday warning of potentially “catastrophic” damage should Congress fail to raise the debt ceiling and prevent the government from defaulting on its debt.

As the current US government shutdown crisis and debt ceiling fight have now merged, the MoFA warns in this bulletin, Obama further warned yesterday that an impasse on the debt ceiling beyond 17 October, when the US government will be essentially out of cash to pay its bills, could start a downward economic plunge worse than the recession of five years ago – with credit markets seizing up, the dollar’s value plummeting and US interest rates soaring and even coming close to the brink of such an unprecedented default that could roil both domestic and foreign financial markets.

Preparing to oppose Obama, should he, in fact, declare a National State of Emergency, the GRU grimly warns, is the US military who themselves are preparing to invoke 50 USC § 842 which allows them to protect America from “The Communist Party of the United States, or any successors of such party regardless of the assumed name, whose object or purpose is to overthrow the Government of the United States, or the government of any State, Territory, District, or possession thereof…”

Not known to many Americans is that the Progressive movement Obama belongs to, and whose media acolyte “presstitutes” swept into office, have long been associated with the Communist Party.

And, as the World Net Daily News Service reported this past August, John C. Drew, Ph.D., the award-winning political scientist, met Obama in 1980 and wrote in 2011: “[Obama] believed that the economic stresses of the Carter years meant revolution was still imminent. The election of Reagan was simply a minor set-back in terms of the coming revolution. … Obama was blindly sticking to the simple Marxist theory … ‘there’s going to be a revolution.’ Obama said, ‘we need to be organized and grow the movement.’ In Obama’s view, our role must be to educate others so that we might usher in more quickly this inevitable revolution.”

Another civil war in America?

Full story here.

Australian Government Steals $331 Million From Savings, Retirement Accounts

28 Sep

Another one for any mockers who wrongly assumed that this blog would be partisan once the Coalition returned to power.

From the Australian:

A CASH grab from ordinary Australians’ bank and superannuation accounts has netted the government $331 million as Treasurer Joe Hockey warned of a worsening budget position.

Labor had forecast a $30.1 billion deficit this financial year but as he confirmed a deterioration, Mr Hockey also said the Coalition would raise the $300 billion debt ceiling before Christmas.

Labor believed it would rake $109 million from idle bank accounts after it decided in February to take into government revenue accounts which had been untouched for three years.

Instead, the raid on idle accounts, which previously happened after seven years, reaped $176 million and another $155 million was taken from unclaimed superannuation accounts under a new threshold.

How many times have I warned that the politicians will steal your savings … especially your retirement savings?

It does not matter which “side” is in government. Both will use any excuse to screw the rest of us.

If you’ve not learned that yet … how old are you, really?

Another $4.9 Billion In Usury Expenses, $300 Billion Debt Ceiling Hit This Year

2 Aug

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You can read all about the $33 billion budget black hole elsewhere.

Here, we are interested in the interest bill.

In less than 3 months since the May budget, the “Total Interest Expense” bill has blown out by another $4.9 billion “over the forward estimates”.

Compare, if you please.

May Budget:

Budget 2013-14, Budget Paper No. 1, Statement No. 9, Note 10 (click to enlarge)

Budget 2013-14, Budget Paper No. 1, Statement No. 9, Note 10 (click to enlarge)

August Economic Statement:

August Economic Statement, Table A1, page 48 (click to enlarge)

August Economic Statement, Table A1, page 48 (click to enlarge)

Yes, we are now talking about $15 – $16 billion every year, in Interest expenses.

That’s before any of the debt principal starts getting repaid.

Our present $300 billion debt ceiling?

Forecast to be hit in December this year … and blowing through $350 billion in April 2015, then $370 billion in April 2016:

August Economic Statement, Table 11, page 46 (click to enlarge)

August Economic Statement, Table 11, page 46 (click to enlarge)

And we know how reliable Treasury “forecasts” and “projections” are.

Don’t blame the government.

They’re victims, just like the rest of us.

Self-serving, conniving, complicit victims, yes.

But victims, nonetheless.

Our economic problems are not the politicians’ fault.

They’re OUR fault.

Because we all continue to go along with a fundamentally corrupt, parasitic “money” system.

UPDATE:

$15 billion a year in interest costs, is $1,285.53 per employed person (ABS: 6202.0 – Labour Force, June 2013).

Just so you know how much extra tax you will be paying, because our politicians are too under-the-thumb of the international bankster class to reclaim our national sovereignty, and simply order Treasury to “print” the money we need, interest-free.

“In A Few Years Time We Will Be Like Ireland”

15 May

$12.5 Billion And Then It’s “Credit Transaction Declined”

31 Mar

From the Australian Office of Financial Management (AOFM), 30 March 2012:

Debt ceiling?

$250 billion.

Typical weekly borrowings?

Around $2 billion.

With any luck, the government will just make it to the May budget before hitting the debt ceiling.

Again.

So you can be certain that, just like last year, there will be a little piece of legislation quietly slipped into the May budget, to raise the debt ceiling.

Again.

For the fourth time in five years.

Looks like I was right:

2 November 2011 – “Australia On Target To Hit Debt Ceiling By Mid-2012”

13 March 2012 – “Australia Debt Ceiling Hit By June”

Oh yes … did I forget to mention that on latest RBA figures, around 84% of our debt is owed to “non-residents”?

UPDATE:

Thanks to Kelly in comments who correctly notes that the title should read “$17.15″ billion till credit transaction declined, as the actual amount issued subject to the Commonwealth Inscribed Stock Act 1911 is $232.85 billion, as noted in the fine print in the last line of the screenshot above. Of course, this begs the question “what kind of debt instrument have they issued to the value of $4.59 billion, that is not subject to the Act”? My first guess would be bonds used to finance the NBN, which I seem to recall reading will be listed Off Balance Sheet in the Budget (to achieve that “surplus”, you see).

Australia Debt Ceiling Hit By June

13 Mar

On 2 November 2011 your humble blogger showed that the Green-Labor government was on target to hit the debt ceiling by mid-2012.

4 months later, that approximation is looking good (well, very bad, actually … but you know what I mean):

Commonwealth Government Securities Outstanding at end February | Source: AOFM

That new, increased, $250,000 million dollar debt ceiling was only set last year. Slipped into the Budget papers by the government, hoping noone would notice.

Barnaby did, of course. He was the first (and only) to rail against the government quietly sneaking in a budget provision to raise Australia’s debt ceiling by a whopping 25%:

As Treasurer Wayne Swan was congratulated by colleagues after Tuesday’s budget speech, Assistant Treasurer Bill Shorten introduced draft laws allowing the government to increase the amount it can borrow from $200 billion to $250 billion.

The proposed legislation would also remove a requirement that the Treasurer explain why the extra money is needed.

Great, isn’t it?

The government changed the law, so that it could rack up tens of billions more debt … for other people to pay back, for decades to come … and not even have to explain themselves.

What’s the bet that Wayne and Co will slip another provision into the May budget this year, to lift the debt ceiling again.

For the fourth time in five years.

After all, based on their current trajectory, they will run out of money by around June.

Time to ask Parliament for another extension on the next generation of taxpayers’ credit limit.

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