BLOG 23 (2011 AD), Just World Campaign


• Economic rent ripe for tax.   

Economic rent ripe for tax


The Henry review's arguments for taxes on super profits can be applied equally to other industries, writes John Passant.
   The Australian Financial Review, <edletters § afr com au>, 201 Sussex St, Sydney NSW 2000; GPO Box 506, Sydney NSW 2001; Tel 02 9282 2822 Syd, Fax Syd 02 9282 3137 (Opinion; Gallery by David Rowe), by John Passant, p 46, Wednesday, January 12, 2011
   Economic rent is at the heart of the Henry tax review.  The most well-known example is the resource super profits tax, but Henry's proposals for land tax, a business expenditure tax and arguably death duties are other examples and extensions of the concept.
   A business expenditure tax, for example, might give as a deduction an allowance for capital invested, and only taxes profits over and above a certain return on investment.  It would replace the current business income tax system and so free many businesses from tax.
   A land tax would capture economic rents arising from development going on around the landholder.
   What is economic rent?  It is the excess above the return necessary for the activity to take place.  For example, Linda Evangelista once told Vogue magazine "we don't wake up for less than $10,000 a day".  Anything more than that is economic rent.
   A government could tax almost all that excess without affecting a supermodel's work decisions.  They would still go to work even if the rent tax reduced the return to "just" $10,000 a day.
   The average rate of return on mines is between 15 and 20 per cent.  The risk-free rate of return is the long-term bond rate, at the moment just under 6 per cent.  Mining is a high-risk business.  The accepted margin for high-risk businesses is 7 per cent above the risk-free rate.  Any return on minerals and resources over and above 13 per cent is economic rent.
   Taxing part of that rent won't stop mining.  Even if one business goes on a capital strike to punish a government brave enough to tax super profits, other businesses may be tempted to come in for the returns on offer.  If other firms aren't tempted, as the Henry review points out, governments could consider public ownership.  Even with some loss of "efficiency" such a response might make economic sense.
   The Labor government's initial resource super profits tax (RSPT) was a mild tax on economic rent in the resource industry.  Based on the Henry review, it would have had no or very little impact at all on employment or activity in mining.
   It would, however, have raised a lot of revenue - on the government's figures at least $12 billion [12 thousand million dollars] annually.  Later analysis showed it could have been as high as $24 billion, more than enough to fund massive improvements to public education, hospitals and transport.
   The dishonest campaign of the minerals industry against the RSPT destroyed Kevin Rudd's prime ministership.  With a more compliant prime minister in place, the watered-down minerals resource rent tax was estimated to bring in about $10 billion annually, although later figures suggest it could be as low as $5 billion.
   Is the taxation of economic rent dead?  No.  Land rent and business expenditure taxes are two other examples of rent taxes.  The present government has not adopted them.  But the beauty of the Henry review is that it has planted the seeds for the future of tax reform in Australia.
   With systemic changes in Australian capitalism, future governments will be forced to revisit rent taxes.  Ongoing globalisation, the ageing population, demand for hospitals, schools and transport, climate change costs, technological change - all will pressure governments to find new ways of raising revenue that don't hamper the capital accumulation process.
   Taxing economic rent offers a seemingly magic pudding of tax.  This change will include not only resources but all industries that produce super profits.  Indeed, the Henry review's arguments for a resource rent tax could apply equally to other, non-resource, sectors of society.  If banks are making economic rents, why not tax them on their super profits?
   What produces economic rent?  The answer appears to be monopoly - either the monopoly arising from private property or the monopoly or oligopoly of business. The history of the last century of capitalism has shown a tendency to monopoly.  Arguably the tendency is systemic – competition that produces monopoly.
   If that is the case, the taxation of economic rent becomes a tool in addressing the tendency to monopoly and at the same time raises revenues from profits appropriated by monopolists from other parts of society.
   As the current tax base slowly dries up, the demand to tax super profits will grow louder and louder over time.
   I have seen the future. It is the taxation of economic rent.
John Passant is a senior lecturer in law at the University of Canberra and a former assistant commissioner of taxation. #

   [RECAPITULATION: The average rate of return on mines is between 15 and 20 per cent.  The risk-free rate of return is the long-term bond rate, at the moment just under 6 per cent.  Mining is a high-risk business.  The accepted margin for high-risk businesses is 7 per cent above the risk-free rate.   Any return on minerals and resources over and above 13 per cent is economic rent.  ENDS.]
   [COMMENT: Well, that's not the way it seemed.  The way Australian Federal Labor first explained it some time before was that the super profits tax would be levied on any profit over the government bond rate (which is supposedly risk-free, unless one happens to have invested in the government bonds of Portugal, Italy, Ireland, Greece, or Spain – the PIIGS countries said to be at risk of default).
   No wonder the mining companies "saw red" and started a huge anti-supertax publicity campaign.  The Just World Campaign suggests that people who invest in and work in mining deserve a lot more reward than people who just transfer some money from bank accounts etc. into bonds.  In fact, many bond investments are created by banks at minuscule cost.  Surely the biggest "economic rent" takers in Australia are those who hold land out of use, then "cash in" when development occurs in the vicinity. COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#economic-rent-ripe
[Jan 12, 2011]
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• River plan lacking in vision.
     

River plan lacking in vision

 
     The West Australian, letters § wanews com au , Letters to The Editor, p 22, Monday, February 21, 2011
River plan lacking in vision
   I am disappointed that yet another ad hoc plan for a small part of the Perth foreshore has appeared.
   It is not a plan for people to enjoy the river foreshore.  It is mainly about offices and apartments.
   There is no concept plan for the development of the foreshore of the Swan and Canning rivers, free from political or local council interference, or vested commercial interests.  A long-term concept plan is required along the lines of the Stephenson plan for Perth, which served Perth well during the second half of last century.  We are all enjoying the benefits from this plan now.
   At least let us have a concept plan for the Perth foreshore from the Causeway to the Narrows Bridge.  The barren paddock, Langley Park, which is only used as an overflow carpark when something happens in Supreme Court Gardens, or occasionally for the landing of light aircraft or for a circus performance, should be included.
   We should find another Professor Gordon Stephenson from our universities who can independently, but in consultation with all, develop the concept plan. N. Mueller, Rivervale

FLOOD DAMAGE WORRY


   I object to the $440 million riverfront project.  The people who in the past paid inflated prices for "views for ever" will lose the views and the value of their investment.
   State sporting teams will lose some of the lovely green lawns at the city's front door.
   As a correspondent recently wrote, such Swan River land has been flooded in the past and will be in the future.  This is almost certain, whether global sea levels rise or not.
   Will the taxpayer be expected to pay for flood damage?  Nobody could expect insurance to cover people for building on a stupid site
   As for the claim of "boats and ferries docking at the city's doorstep" (Report, 16/2), the colossal project will bring the boats about 500m [about 546 yards] closer.
   Need I add that traffic jams will be an excuse to smash down more old buildings for access? John Massam, Greenwood.

FLAWED DESIGN CONCEPT


   The new face of Perth plan is a fatally flawed design concept for low-rise development just east of the Narrows Bridge stretching along the river's edge to Plain Street.
   The internal public spaces in the inlet will be shaded by surrounding buildings for a big part of the day.  This shading will be significantly greater in winter, making the area a cold, windy, dark and dank space.
   The inlet is not self-flushing and algal blooms are likely to flourish.
   The open space surrounding the inlet is overshadowed by the high-rise buildings, so the design elements are totally out of scale.
   Essential traffic flows along the city edge and the riverside will be strangled.  How will access to ferry services, for example, be possible?
   Looking over a dead body of water in a confined space is not a good look.  The beauty of the Swan is its wonderful low-scale vistas to the Hills, the city, Kings Park and the broad expanses of water.
   In most other cities, the notion of constructing high-rise on the edge of a river, harbour or ocean is a total no-no, because no one wants the Gold Coast look.
   The planning answer is a lineal, low-rise development just east of the Narrows Bridge stretching along the river's edge to Plain Street. John Brennan, Warwick.

LOOK TO CORPORATES


   While I heartily commend the concept design for the waterfront project, I have to express my disappointment that budgeting for initial development does not include an indigenous cultural centre of national significance.
   Such a centre would become an immediate tourist attraction for overseas and interstate tourists as well as locals.
   If budgeting is a problem, do what they did for part of Melbourne's Federation Square: tap into philanthropic funding. Companies like BHP Billiton, Rio Tinto, FMG and Woodside could provide an enduring legacy for the people of WA. B. Tillman, Gosnells.

HEED BRISBANE LESSONS


[Rivers and their original paths.]
   I hope the Premier and Cabinet are fully aware of the significance of the redevelopment.  Did not our Premier and Cabinet pick up any hints, even lessons from the Brisbane floods. [?]
   Did they not see the same situation?  Maybe stop to rethink the whole idea?  In fact has anybody actually researched the flood history in WA?  There is still time to back-pedal.
   The whole roadway interchange area is reclaimed land.
   Some of us remember the river before the reclamation.  It came right up to Mounts Bay Road.  The river wall ran around The Esplanade and Riverside Drive and Langley Park, which are also reclaimed, to The Causeway.
   You will find that floods of varying severity have occurred since settlement, the first being in 1830 when the river rose 6m.  A really severe one was in 1963.  Then it got the Shell service station and the old Perth landmark, Bernies Hamburgers, which were where the Mount Hospital is now.
   If you do just the smallest amount of research on Swan River floods you will find they have been reasonably regular.  We were told the Brisbane flood was a 100-year event.  We are due for a big one – it's just a matter of when.  And rivers have this dreadful habit of returning to their original paths. Jan Steele, Dianella

[Global sea rise not accounted for]


   I studied the artist's impression of Perth's planned waterfront with interest.
   Presuming this grand development is intended to still be there by the end of the century, there doesn't seem to be any provision for a 2m [about 6 feet 7 inches] water level rise on account of global warming.
   Maybe the walkway across the inlet will become part of a dyke system. John Chapman, North Perth.

[Keep our Esplanade oasis]


   It seems that the Premier is not interested in the hoi polloi [ordinary people] who enjoy the natural beauty of The Esplanade and the Swan River.
   Instead, he is catering to the coffee and cake set who cannot survive without their morning and afternoon caffeine and sugar fixes.
   The Esplanade is a beautiful spot to relax, play games with children, paddle in the water and just picnic on sandwiches and water.
   In this age of computers and the internet, we need to have this oasis of quiet in a busy life. Barbara Abbott, City Beach.
   Letters to the Editor, WA Newspapers, GPO Box N1027 Perth WA 6843. Fax 08 9482 3830. E-mail to: letters /§/ wanews /./ com /./ au

http://www.johnm.multiline.com.au/cont23.htm#river-plan-lacking
[Feb 21, 2011]

• Sitting on land, driving up prices.     
NEWS NEAR YOU

Sitting on land, driving up prices

   Joondalup Times newspaper (Perth suburb), Western Australia, wannerootimes § communitynews com au , by Lucy Jarvis, Page 3, Tuesday, April 12, 2011
VACANT residential lots which have been unimproved for more than 10 years affects land affordability, the Joondalup mayor says.
   Estimating up to one-third of almost 1500 vacant lots currently in the City of Joondalup had remained vacant for a decade or more, Troy Pickard said land banking was a problem government needed to address.
   "Land banking does have an impact on affordable housing and artificially inflates the value of land," Mr Pickard said.  "When you have dozens of parcels of land in a suburb it actually has some social consequences."
   He said land banking could mean a local population did not meet the required size for new schools, or be big enough to make local corner stores and restaurants sustainable.
   "I would not say it's rife in our city – but it's certainly a problem that does need to be addressed," he said.
[John Hollywood campaigning]
   The founder of a new campaign for affordable land in Perth's northern suburbs, John Hollywood said he became aware of a lack of affordable residential land through his work with the Catholic Social Justice Council.
   "One of my concerns was homelessness," he said. "I thought I would look at issues of affordable housing."
  ‘Land banking does have an impact on affordable housing… when you have dozens of parcels of land in a suburb it has some social consequences’  
   Mr Hollywood, a professional builder, said he soon realised the issue was the affordability of land rather than housing, with lots increasing from $6000 when he first bought a block in 1975, to more than $200,000 now.
   "The land is now dearer than a house," he said.
   The Burns Beach resident said there were lots of vacant lots in the existing northern suburbs, but these were owned by "speculators".
   "Everyone has the right to speculate and sit on land - that to me is wrong," he said.
   Mr Hollywood said because local rates were low for vacant land, there was no incentive for developers to build.
[Mayor Pickard resumes]
   Although the number of vacant blocks changed constantly as new homes were built and subdivisions approved, Mr Pickard said the City wanted to set a differential rate for unimproved residential lots to discourage land banking.
   "If you want to hang on to the land, there's a higher rate," he said.
   However, the mayor said people who had recently bought land and were going through the approvals processes to build houses in Burns Beach and Iluka were not causing the social challenge.
   "It's really about people who held the land for 10-plus years," he said. "What the City of Joondalup councillors seek to change in the Act (would allow) us to charge a differential rate based on the length you've held the land for."
   He said when proposed to WALGA, the change wasn't supported around the State.
   Mr Pickard said they didn't have figures for the number of lots which have been vacant for more than 10 years, but it would be about a third to a quarter of the 1483 total.
   Mr Hollywood said there were about 5000 vacant lots in the City of Wanneroo last year, and the City was contacted to confirm this but did not respond before the Times' deadline.

   [RECAPITULATION: He said land banking could mean a local population did not meet the required size for new schools, or be big enough to make local corner stores and restaurants sustainable. ENDS.]
   [COMMENT: Wonderful to see that some local leaders are trying to overturn the vested interests that have denied the obvious for many centuries. COMMENT ENDS.]
   [CONTACT:<http://www.gea.org.au>. ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#sitting-on-land
[Apr 12, 2011]

• Land costs.
   

Land costs

 
   The West Australian, letters § wanews com au , Letter to The Editor, from John C. Massam, Greenwood (Perth suburb), p 20, Monday, May 16, 2011
   Premier Barnett's $33,000 house years ago is like mine for about $26,000, but it is the LAND underneath the houses that makes them too dear for the starters to buy.  No matter how humble the structure, the land is now outrageously dear.
   The causes include the legal loophole that lets people buy and hold housing and commercial lots out of use.  In Perth the figure of vacant lots is around 20,000 to 40,000.  In the past Housing Minister Troy Buswell has asked why.
   The Opposition's housing spokesman Mark McGowan said that Perth housing now cost six and a half times the average annual wage, compared with 3.9 times in 2000.
   Yet the Government's own LandCorp, instead of selling new blocks with a caveat that they shall be built on in two, or at the most, three, years, is still allowing investor parasites to buy up numbers of them to hold for an unearned increment.
   Give up calling a strong land tax "Communism" or "Socialism," and demand that land be built on or resumed, with a refund of the purchase price. #
   Letters to the Editor, WA Newspapers, GPO Box N1027 Perth WA 6843. Fax 08 9482 3830. E-mail to: letters § wanews /./ com /./ au

http://www.johnm.multiline.com.au/cont23.htm#land-costs
[May 16, 2011]

• Dispute could stop airport extension.     

Dispute could stop airport extension

   The West Australian, <http://­www.­thewest.com.au>, <letters ¶ wanews com au>, <http://­au.news.yahoo.com/­thewes­t/a/-/news/9­455470/­dispute-could-stop-airport-exten­sion/>, by Ben Harvey, State Political Editor, 6.30am, May 17, 2011
   Plans to expand Perth Airport have hit turbulence, with building magnate Len Buckeridge, who owns a brick factory on airport land, trying to stop a runway extension.
   \\ John Mokrzycki/The West Australian ©. Dispute could stop airport extension \\
   Westralia Airports Corporation wants to put navigation lights on land that Mr Buckeridge leases from it and has earmarked for a factory to make prefabricated houses.
   Mr Buckeridge, who owns builder BGC and is estimated to be worth $2.7 billion, lodged a Federal Court writ last week claiming the airports corporation had no right to stop him building the 300m by 90m factory. If the writ is successful, the corporation will need an alternative plan to ease congestion at the airport. Airport operators say a longer second runway will allow more flights.
   Mr Buckeridge said the cost of homes was constantly news, so it beggared belief that a new business to build prefabricated homes for country WA was in jeopardy.
   It could produce a home up to 180sqm with up to four bedrooms and two bathrooms every couple of days on a production line.
   "The shed is 270,000sqm. It is as big as Perth Airport," Mr Buckeridge said. "They are 55,000 houses short in WA, and you are going to have to compromise in some way, whether you like it or not."
   The writ alleges the corporation had no right to install the lights anywhere on the 32ha which BGC leases. Westralia Airports Corporation declined to comment. #

   [COMMENT:  Did anyone point out the stupidity of putting a brickmaking industry, with lots of surplus land, on airport land ?   What a strange "deal".  "32ha" means 32 hectares, and a hectare is about 2½ acres, so work out the acreage.  COMMENT ENDS.]
   [BRIGHT IDEA: Making prefabricated or "kit" houses to ease the housing shortage seems like an excellent idea.  ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#dispute-could-stop
[To webpage 08 Aug 2012; Published May 17, 2011]

• $589.30 per week.   

$589.30 per week

   Electronic news media, Friday June 03, 2011
   AUSTRALIA –$589.30 per week is the new minimum wage.

http://www.johnm.multiline.com.au/cont23.htm#589-30-per-week
[June 03, 2011]

• Why so little awarded to Beamish?
     

Why so little awarded to Beamish?

 
   The West Australian, <letters § wanews com au>, Letters to The Editor, p 22, Monday, June 6, 2011

Why so little awarded to Beamish?

 
   What a stingy amount of compensation awarded to Darryl Beamish for his years in prison.  Attorney-General Christian Porter's comments are outrageous.  The amount of money approved works out to about $28,000 a year for his time in prison.  How insulting.  That just rubs salt into the wound.
   It will not do anything to provide Mr Beamish and his wife with secure accommodation or a roadworthy car.  His age and disability make it unlikely he could obtain employment.
   The fact is, in convicting Mr Beamish the State got it wrong, badly wrong, and should say so in unequivocal terms.
   Mr Porter if you have a skerrick of fairness in you, multiply the award by six – and you'll be getting close. This appalling decision confirms that these types of payments should be taken out of the hands of politicians and, as in Britain, given to a commission to formulate fair compensation for such payments. Beth Allen, Hillarys.

Mean payment

 
   Well done, Colin Barnett and Christian Porter.  I hope the $75,000 you saved on the payment to Darryl Beamish makes you feel really good.
   This man asked for a modest $500,000 for 15 years of lost life – just $91 a day.
  [Picture] Compensation: Darryl Beamish
   And this is the same Premier and Treasurer who have just signed off on $23 million for a new office.  At least we now know you give little thought to the general public in all your actions. Graham Wearne, Woodanilling.

Modest sum

 
   I welcome the $425,000 ex gratia payment to former death-row inmate Darryl Beamish who was convicted of the murder of Jillian Brewer in Cottesloe.  Mr Beamish served 15 years in prison.  However, I thought his legal representation to the Attorney-General seeking $500,000 compensation was a modest amount.
   I would have thought that he should have at least received what his legal representation requested.  Nevertheless, I notice Andrew Mallard received $3.25 million in 2009.
   The common factor in both cases is that both men were innocent and the State knew the identifications of the real murderers.
   The Shadow Attorney-General should move in the State Parliament that the Beamish payout be considered by a parliamentary select committee, which would have the power to recommend to the Government what it considers a just amount.
   Bear in mind, no amount of money can ever compensate for the loss of liberty. Brian G. Tennant, human rights campaigner, member of Civil Liberties Australia.

I'm ashamed

 
   After reading your report about the ex gratia payment to Darryl Beamish I feel ashamed that I am part of such a stingy and heartless society.
   Mr Beamish spent 15 years in jail for a crime he didn't commit, with part of that time having a death penalty hanging over his head.  Quite justifiably, he applied for an extremely modest sum of $500,000 from the Government.
   However, our Government, which has seen fit to spend $23 million renovating a building for the Premier's Department to occupy for a couple of years, can't even see fit to grant him that sum.
   I hope the Members of Parliament who made this decision can go home at night and tell their families how well they are governing the State.
   There will be a lot of West Australians wondering what sort of society we live in. Peter Wilson, Duncraig.
   Letters to the Editor, WA Newspapers, GPO Box N1027 Perth WA 6843. Fax 08 9482 3830. <letters § wanews /./ com /./ au>

http://www.johnm.multiline.com.au/cont23.htm#why-so-little
[June 6, 2011]

• Climate nazi gibe taints tax fight.     

Climate nazi gibe taints tax fight

   The West Australian, <www.thewest.com.au>, By ANDREW TILLETT, SHANE WRIGHT and ANDREW PROBYN, p 9, Thursday, June 23, 2011
   CANBERRA – Junior miners fighting the mining and carbon taxes are embroiled in a furore after their headline act, Lord Christopher Monckton, likened Government climate change adviser Ross Garnaut to a nazi.
   Lord Monckton, who travels the world disputing global warming science, is to deliver a paper at the Association of Mining and Exploration Companies' annual conference in Perth next Thursday. [June 30]
   But at the American Freedom Alliance conference in Los Angeles on Sunday [June 19], he used his address to touch on his more extreme views to say the world faced "eco-fascism" and "eco-communism" within the green movement .
  [Picture of what looks like a PowerPoint presentation which includes a red booklet cover with a Nazi swastika in the middle, worded "Prof. Ross Garnaut, Australian government economist, Final report, 2011"] Harsh: The Garnaut slur  
   He linked the science of global warming to Adolf Hitler's manifesto Mein Kampf and showed a big swastika with the words "Professor Garnaut, Australian Government economist, final report". (sic)
   The conference also covered longstanding claims, supported by Lord Monckton, that the United Nations and global climate change action was part of a conspiracy to control global population.
   The AMEC conference [Perth, June 30] will also hear from Opposition Leader Tony Abbott and key independent MP Rob Oakeshott.
   AMEC chief Simon Bennison said he had not heard of Lord Monckton's comment and there was no plan to cancel his speech.  Members could make their own judgment of Lord Monkton's views. #

   [COMMENT: Oh dear, oh dear!  Some conspiracy theorists blame the United Nations for various plots, and now Viscount Monckton is trying to blame the UN, Nazi thinking, and eco-fascists and eco-communists!
   Is Lord Monckton campaigning against Australia exporting millions of tonnes of coal to China, which will use it to generate power and so put tonnes of carbon dioxide into the atmosphere ? COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#climate-nazi-gibe
[Jun 23, 2011]

• Academics want climate sceptic's lecture cancelled. Ban the lord.     
  BAN THE LORD  

Academics want climate sceptic’s lecture cancelled

   The West Australian, <letters § wanews com au>, <http://­au.news.yahoo.com/­thewest/a/-/wa/9756509/­academics-want-clima­te-sceptics-lectu­re-cancelled/>, By GARETH PARKER and KATHERINE FLEMING, Page One, Thursday, June 30, 2011, 2:55 am
   AUSTRALIA – UPDATE [Internet wording]: Controversial climate sceptic Christopher Monckton has launched a scathing attack on the media for labelling him a "climate change denier".
   Lord Monckton, who told a mining conference at Burswood this morning the earth was cooling and a carbon tax would be costly for little impact on climate change, came under fire recently for likening Federal climate advisor Ross Garnaut to a fascist.
   He reiterated his "humble and complete apology" today but accused the media of using a similar slur against him.
   "I have been called a climate denier, which accuses me of being on par with that nastiest form of facism: the holocaust denier," he said. "There's clearly a nasty double standard here."
   He also hit back at 50 academics who signed an open letter to Notre Dame University, where he will speak tonight, asking them to cancel the event because Lord Monckton misrepresents the work of scientists.
   The letter, organised by University of Western Australia postgraduate student Natalie Latter, says the academics - which include UWA Professor Ullrich Ecker, Sydney's University of Technology Professor Cynthia Mitchell and Dr Iain White, from the University of Manchester - says the academics are "deeply disturbed" that Notre Dame intends to host the lecture.
   It accuses Lord Monckton of "propounding widely discredited fictions about climate change and misrepresenting the research of countless scientists".
   "With zero peer-reviewed scientific publications, he has declared that the scientific enterprise is invalid and that climate science is fraudulent," the letter says.
   "He stands for the kind of ignorance and superstition that universities have a duty to counter."
   While conceding he had no scientific or academic qualifications, he said most academics in a free county would support his right to speak, even if "the view I express is not necessarily currently fashionable with the ruling class or the media".
   "Academic freedom requires that both sides of a case should be freely heard," he said.
   "The letter has been circulating for several weeks, I understand, so if there are only 50 names, academia in Australia is better than in other places."
   Notre Dame Business School Dean, Chris Doepel, said that while Lord Monckton's views had attracted attention, the university had been assured there would be nothing offensive in his presentation.
   Professor Doepel said the lecture's format would allow questions and he expected Lord Monckton to be "vigorously challenged".
   Curtin University Professor of Sustainability, Peter Newman - a signatory to the letter - said it was a disgrace any university associated itself with "someone who has clearly got no academic credibility".
   Another signatory, Australian Professorial Fellow at UWA's School of Psychology, Stephan Lewandowsky, said he strongly endorsed Lord Monckton's right to free speech "for example in a pub or on a soapbox or in a circus arena".
   While Ms Rinehart's company Hancock Prospecting sponsored the lecture, titled The Climate of Freedom, it did not fund Lord Monckton's three-week Australian tour.
   South Australian farmer Leon Ashby, president of the Climate Sceptics Party, said his organisation had contributed $30,000 in donation to Lord Monckton's trip. #

http://www.johnm.multiline.com.au/cont23.htm#academics-want-climate

   [CONTACT: Climate Sceptics Party, which says: "THE SCIENCE DOES NOT JUSTIFY IT.  Lord Monckton and leading Australian scientists, Dr David Evans and Jo Nova, will explain why.  4th July, 5.45pm, Perth - Wilsmore Lecture Theatre (Chemistry Department G.108), at the University of WA. Phone 0435 423 636 for Bookings (payment on the night.)" ENDS.] [Jun 30, 2011]

• How house prices spiral.  Plea for homeless.
   

How house prices spiral

 
   The Sunday Times (Perth, W. Australia), Letters to The Editor, p 57, Sunday, July 03, 2011
   Perth housing is tipped to leap 20 per cent, a Monday newsitem told us.  THOUGH home ownership is already unaffordable for people on average earnings, several sections of government and society all work together to keep prices going upward.
   A brave campaigner, John Hollywood of Burns Beach, has been seeking signatures on a petition to keep Alkimos land at a pegged price, and to insist that buyers build on the land within two years, or get their money back. The nearby Trinity subdivision does have a time-limit covenant on lots  Most developments are a predators' picnic.
   Banks helpfully provide a leaflet on how to avoid income tax by taking on more than reasonable debt.  The Federal Government made one effort one year to stop negative gearing, then reneged.
   First-home buyers' grants help to jack up the prices that sellers will ask.
   The State Government hands over hectares of land to private developers, instead of developing the blocks itself and selling them at just over cost, so lots that cost about $100,000 to service are on the market for $250,000 and $300,000.
   In WA The state and its developer-partners just trickle newly-serviced land on to the market, thus keeping up an artificial shortage, and people who buy blocks to hold on to until they reach astronomical prices are not even charged a higher rate for being "dogs in the manger."
   The new Alkimos development land will be sold "at market rates," in other words, following the land bubble.
   All this allows for good commissions to land salespeople, while providing a tidy unearned profit to the development firms.  And land valuers with the banks happily go along with all this.
   Local Government has its hands tied.

   Why do these loopholes continue to exist?  Because politicians, leading public servants, councillors and journalists are part of the comfortable middle class that thinks it is healthy that land and house prices keep rising.
   If the land and house bubble shows signs of bursting, it is reported as if it was a disappointment, instead of rejoicing that more economical house prices will let in more of the hardworking families and those on restricted incomes.
   And all the while, homelessness continues to grow.  JOHN C. MASSAM, Greenwood
   (The above sections with strike-through lines were in the letter as e-mailed, but not in the published version.  This is NOT a criticism of the newspaper, but merely an attempt to round out the argument.)

Plea for homeless

 
   COLIN Barnett, your anticipated evacuation of the homeless from [the] city for CHOGM is disgusting.
   With the money spent on iconic buildings and infrastructure blowouts, you would be able to put up the homeless in a hotel for the duration of your "festival", or maybe you would prefer to put them in detention with the asylum seekers.
   Having said that, they would be better off than they are now.
   They would have food, they would be able to climb on to a roof and let off a bit of steam, then come down and sleep in a real bed, rather than the laneways and parks you have on offer.
   You may be able to manage the state, but you are a long way short of looking after the people who live in it.  JOHN O'DEA, Byford

http://www.johnm.multiline.com.au/cont23.htm#how-house-prices
[Jul 03, 2011]

• Tax after the talkfest.   

Tax after the talkfest

   The Australian Financial Review, edletters § afr com au , By Alan Mitchell, Economics editor, Wednesday, August 3, 2011
John Howard used the support of the states to overcome the opposition to his goods and services tax reform. Might Julia Gillard take a leaf from his hook?
   The Tax Forum, to be held in October, was demanded by the independents and was dismissed from the start as little more than a talkfest.  But talkfests can be useful if they educate public opinion about reforms that have been made taboo by years of ill-informed debate.
   In its coverage of the forum discussion paper, published last week, the media naturally zeroed in on the most controversial propositions, such as using land and payroll taxes to at least partly replace the states' economically damaging stamp duties and insurance taxes.
   Land tax is always good for a scary headline, but it is also potentially a very good tax – and not just for the states.  As the global competition for mobile capital intensifies, the federal government will be under pressure to keep cutting company tax.  A federal land tax would offer an alternative source of revenue insulated from foreign competition.
   Payroll tax, which was transferred to the states by the McMahon government in 1971, is also seen by economists as a potentially efficient tax and a close cousin of the GST.
   If the federal government were willing to share both the political responsibility for the reform and the growth dividend resulting from it, state governments might be persuaded to bite the reform bullet.   What's needed from Gillard is the right mixture of carrots and sticks.
   Even in their present degraded condition, land and payroll taxes probably are superior to the states' insurance taxes and stamp duties.
   Stamp duties on property transfers are a tax on the supply of housing, they make it more costly for people to move for work or relocate businesses, and can fall heavily on low-income earners.
   The state insurance taxes, which are heavy by international standards, almost certainly contribute to the cases of under-insurance that surface after every natural disaster.
   Land tax is a tax on economic rent – the return to the owner in excess of that needed to keep the land in its current use.  That makes it one of the least economically damaging of the taxes available to the federal and state governments.
   The inherent strength of a comprehensive tax on the unimproved value of land is the nature of its base.
   As economist Terry Dwyer explained in a submission to the Henry tax review, "The rates and taxes on my land may change with its value, but I cannot change the market valuation of my land.  There is nothing I can do to avoid the tax.  There is nothing I can do to alter the amount of the tax.  Not even bankruptcy can avoid it.
   "The tax liability is fixed by external forces and can be enforced against the land if I try not to pay."
   Being difficult to avoid, a comprehensive land tax has little impact on people's behaviour, and therefore does little damage to the economy.
   Historically, land taxes have been very unpopular.  But the old problem of land-rich, income-poor taxpayers also has been resolved with the help of modern information technology.
   The easiest solution is for taxpayers to defer payment until the property is sold or transferred.  This already is an option in South Australia for the payment of local rates, which are a land tax by another name.  At the same time, the Henry review proposed a tax structure that would exclude most agricultural land.
   The payroll tax base also needs to be expanded to include, ideally, all employers.  The tax needs to be harmonised across states to create something approaching a single, national tax.  There may be scope for states to have slightly different tax rates, but in every other respect the tax should be identical in every state.
   Ultimately, the payroll tax probably should be converted into a destination-based cash-flow tax, as recommended by the review.  But that is too big an initial step for a political system that will struggle just to get the tax back to the state it was in when the federal government collected it.
   Again, there is a clear political need for the federal government to broker the reform, and probably a strong case for the Australian Taxation Office to collect the tax on behalf of the states.
   This all seems like political fantasy now, but Julia Gillard needs to demonstrate her commitment to productivity-increasing reform, and the Henry review has made a compelling case for tax reform.
   The Gillard minority government is inherently weak, and the premiers are congenitally so.  But they can lean on each other, each telling their disgruntled voters that the others have done a deal that has left them no choice. #

   [RECAPITULATION: Stamp duties on property transfers are a tax on the supply of housing, they make it more costly for people to move for work or relocate businesses, and can fall heavily on low-income earners.
   The state insurance taxes, which are heavy by international standards, almost certainly contribute to the cases of under-insurance that surface after every natural disaster.
   Land tax is a tax on economic rent – the return to the owner in excess of that needed to keep the land in its current use.  That makes it one of the least economically damaging of the taxes available to the federal and state governments. ENDS.]
   [ACKNOWLEDGEMENT: R.G.H. ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#tax-after-the-talkfest
[Aug 3, 2011]

• Land tax reduces rents.   

Land tax reduces rents

   Letter in The Australian Financial Review, <edletters § afr com au>, or <http://­www.afr.com/letters>, or Fax: (02) 9282 3137; by Gavin R Rutland, Land Values Research Group, Melbourne Vic, page 60, Wednesday 10 August 2011
   Joanne Seve's 'Tax debate needs to be broader" (Letters, August 5) regurgitates the property lobby's favourite untruth, namely that land tax is passed on to tenants.
   In its crudest form, this argument expects the reader to assume that a land tax is analogous to a sales tax.  It isn't.
   A seller can pass on a sales tax by holding out for a higher price, and can afford to hold out because the tax isn't payable until the item is sold.
   But if a landlord tries to pass on a land tax by holding out for higher rent, the tax is payable in the meantime, but there is no rental income with which to pay it.  So the tax increases the pressure on the landlord to find a tenant.  And you attract a tenant by reducing the rent, not by raising it!
   In a more sophisticated form, the argument alleges that because owner-occupied housing is exempt from land tax, landlords can avoid the tax by selling to owner-occupants, reducing the supply of land for rent, hence raising rents.
   That reasoning is faulty on two counts.  First, to the extent that the tax reduces the supply of land for rent, it increases the supply for owner-occupation.  This, in turn, draws demand out of the rental market and into the owner-occupation market, offsetting the effect on rents.
   Second, if the argument is valid to any extent, it means that rents are higher than they would be if the land tax applied across the board – not that rents are higher than they would be if there were no land tax at all.
   If there were no land tax, landlords would have less need to sell or let their vacant properties, so that both prices and rents would rise.  Gavin R Putland, Land Values Research Group, Melbourne Vic #
   Follow us: Twitter <@financialreview>, Facebook <facebook.com/financialreview>.

   [ACKNOWLEDGEMENT: R.G.H. ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#land-tax-reduces
[Aug 10, 2011]

• The Money Masters; Behind the Global Debt Crisis.  [Global Financial Crisis (G.F.C.)]     

The Money Ma$ter$


Behind the Global Debt Crisis
   New Dawn (Australia), <http://­www.newdawnmagazine.com>, By ADRIAN SALBUCHI, pp 29-34,September-October 2011
  [Picture] In greed we trust.  
In the US, we see untold millions suffering from the impact of mass foreclosures and unemployment; in Greece, Spain, Portugal, Ireland, and Italy, stringent austerity measures are imposed upon the whole population; all coupled with major banking collapses in Iceland, the UK and the US, and indecent bail-outs of "too-big-to-fail" bankers (Newspeak for too powerful to fail).
   No doubt, the bulk of the responsibility for these debacles falls squarely on the shoulders of caretaker governments in these countries that are subordinated to Money Power interests and objectives. In country after country, that comes together with embedded corruption, particularly evident today in the UK, Italy and the US.
   As we assess some of the key components of today's Global Financial, Currency and Banking Model in this article, readers will hopefully get a better understanding as to why we are all in such a crisis, and that it will tend to get much worse in the months and years to come.
Foundations of a Failed and False Model
   Hiding behind the mask of false "laws" allegedly governing "globalised markets and economies," this Financial Model has allowed a small group of people to amass and wield huge and overwhelming power over markets, corporations, industries, governments and the global media. The irresponsible and criminal consequences of their actions are now clear for all to see.
   The "Model" we will briefly describe, falls within the framework of a much vaster Global Power System that is grossly unjust and was conceived and designed from the lofty heights of private geopolitical and geo-ecoriomic 1 planning centres that function to promote the Global Power Elite's agenda as they prepare their "New World Order" -again, Newspeak for a Coming World Government. 2
   Specifically, we are talking about key think tanks like the Council on Foreign Relations, the Trilateral Commission, the Bilderberg Group, and other similar entities such as the Cato Institute (Monetary Issues), American Enterprise Institute and the Project for a New American Century that conform an intricate, solid, tight and very powerful network, engineering and managing New World Order interests, goals and objectives.
   Writing from the stance of an Argentine citizen, I admit we have some "advantages" over the citizens of industrialised countries as the US, UK, European Union, Japan or Australia, in that over the last few decades we have had direct experience of successive catastrophic national crises emanating from inflation, hyper-inflation, systemic banking collapse, currency revamps, sovereign debt bond mega-swaps, military coups and lost wars…
Finance vs the Economy
   The Financial system (i.e., a basically unreal Virtual, symbolic and parasitic world), increasingly functions in a direction that is contrary to the interest of the Real Economy (i.e., the Real and concrete world of work, production, manufacturing, creativity, toil, effort and sacrifice done by real people). Over the past decades, Finance and the Economy have gone their totally separate and antagonistic ways, and no longer function in a healthy and balanced relationship that prioritises the Common Good of We the People. This huge conflict between the two can be seen, amongst other places, in today's Financial and Economic System, whose main support lies in the Debt Paradigm, i.e., that nothing can be done unless you first have credit, financing and loans to do it.
  [Picture] IMF: World's predatory lender.  
Thus, the Real Economy becomes dependent on and distorted by the objectives, interests and fluctuations of Virtual Finance. 3
Debt-Based System
   The Real Economy should be financed with genuine funds; however with time, the Global Banking Elite succeeded in getting one Sovereign Nation-State after another to give up its inalienable function of supplying the correct quantity of National Currency as the primary financial instrument to finance the Real Economy. That requires decided action through Policies centred on promoting the Common Good of We The People in each country, and securing the National Interest against the perils posed by internal and external adversaries.
   Thus, we can better understand why the financial "law" that requires central banks to always be totally "independent" of Government and the State has become a veritable dogma. This is just another way of ensuring that central banking should always be fully subordinated to the interests of the private banking over-world - both locally in each country, as well as globally.
   We find this to prevail in all countries: Argentina, Brazil, Japan, Mexico, the European Union and in just about every other country that adopts so-called "Western" financial practice. Perhaps the best (or rather, the worst) example of this is the United States where the Federal Reserve System is a privately controlled institution outright, with around 97% of its shares being owned by the member banks themselves (admittedly, it does have a very special stock scheme), even though the bankers running "Fed" do everything they can to make it appear as if it is a "public" entity operated by Government, something that it is definitely not.
   One of the Global Banking Over-world's permanent goals is - and has been - to maintain full control over all central banks in just about every country, in order to be able to control their public currencies. 4  This, in turn, allows them to impose a fundamental (for them) condition whereby there is never the right quantity of public currency to satisfy the true demand and needs of the Real Economy.   That is when those very same private banks that control central banking come on scene to "satisfy the demand for money" of the Real Economy by artificially generating private bank money out of nothing. They call it "credits and loans" and offer to supply it to the Real Economy, but with, an "added value" (for them): (a) they will charge interest for them (often at usury levels) and, (b) they will create most of that private bank money out of thin air through the fractional lending system.
   At a Geo-economic level, this has also served to generate huge and unnecessary public sovereign debts in country after country all over the world. Argentina is a good example, whose Caretaker Governments are systematically ignorant and unwilling to use one of the sovereign state's key powers: the issuance of high power non-interest generating Public Money (see below for a more detailed definition). Instead, Argentina has allowed IMF (International Monetary Fund) so-called "recipes" that reflect the global banking cartel's own interests to be imposed upon it in fundamental matters like what are the proper functions of its Central Bank, sovereign debt, fiscal policy, and other monetary, banking and financial mechanisms, that are thus systematically used against the Common Good of the Argentine People and against the National Interest of the country. This system and its dreadful results, now and in the past, are so similar in so many other countries - Brazil, Mexico, Greece, Ireland, _ Iceland, UK, Portugal, Spain, Italy, Indonesia, Hungary, Russia, Ukraine… that it can only reflect a well thought-out and engineered plan, emanating from the highest planning echelons of the Global Power Elite.
Fractional Bank Lending
   This banking concept is in use throughout the world's financial markets, and allows private banks to generate "virtual" Money out of thin air (i.e., scriptural annotations and electronic entries into current and savings accounts, and a vast array of lines of credit), in a ratio that is 8,10,30,50 times or more larger than the actual amount of cash (i.e., public money) held by the bank in its vaults. In exchange for lending this private "money" created out of nothing, bankers collect interest, demand collateral with intrinsic value and if the debtor defaults they can then foreclose on their property or other assets.
   The ratio that exists between the amount of Dollars or Pesos in its vaults and the amount of credit private banks generate is determined by the central banking authority which fixes the fractional lending leverage level (which is why controlling the central bank is so vital strategically for private banker cartels). This leverage level is a statistical
  [EXPANDED PASSAGE] This banking concept is in use throughout the world's financial markets, and allows private banks to generate "virtual" Money out of thin air ..   This banking reserve based on actuarial calculations of the portion of account holders who in normal time go to their banks or ATM machines to withdraw their money in cash (i.e., in public money notes). The key factor here is that this works fine in ''normal" times, however "normal" is basically a collective psychology concept intimately.linked to what those account holders, and the population at large, perceive regarding the financial system in general and each bank in particular.
   So, when for whatever reason, "'abnormal" times hit - i.e., every time there are (subtly predictable) periodic crises, bank runs, collapses and panics, which seem to suddenly explode as happened in Argentina in 2001 and as is now happening in the US, UK, Ireland, Greece, Iceland, Portugal, Spain, Italy and a growing number of countries -we see all bank account holders running to their banks to try to get their money out in cash. That's when they discover that there is not enough cash in their banks to pay, save for a small fraction of account holders (usually insiders "in the know" or "friends of the bankers").
   For the rest of us mortals "there is no more money left," which means that they must resort to whatever public insurance scheme may or may not be in place (e.g., in the US, the state-owned Federal Deposit Insurance Corporation that "insures" up to US$250,000 per account holder with taxpayer money). In countries like Argentina, however, there is no other option but to go out on the streets banging pots and pans against those ominous, solid and firmly closed bronze bank gates and doors. All thanks to the fraudulent fractional bank lending system.
Investment Banking
   In the US, so called "Commercial Banks" are those that have large portfolios of checking, [chequeing] savings and fixed deposit accounts for people and companies (e.g., such main street names as CitiBank, Bank of America, JP-MorganChase, etc.; in Argentina, we have Standard Bank, BBVA, Galicia, HSBC and others).  Commercial Banks operate with fractional lending leverage levels that allow them to lend out "virtuall" dollars or pesos for amounts equal to 6, 8 or 10 times the cash actually held in their vaults; these banks are usually more closely supervised by the local monetary authorities of the country.
   A different story, however, we had in the US (and still have elsewhere) with so-called global "Investment Banks" (those that make the mega-loans to corporations, major clients and sovereign states), over which there is much less control, so that their leveraging fractional lending ratios are far, far higher. This greater flexibility is what allowed investment banks in the US to "make loans" by, for example, creating out of thin air 26 "virtual" Dollars for every real Dollar in cash they held in their vaults (i.e., Goldman Sachs), or 30 virtual Dollars (Morgan Stanley), or more than 60 virtual Dollars (Merrill Lynch until just before it folded on 15 Sept 2008), or more than 100 virtual Dollars in the cases of collapsed banks Bear Stearns and Lehman Brothers. 5
Private Money vs Public Money
   At this point in our review, it is essential to very clearly distinguish between two types of Money or Currency:
   Private Money - This is "Virtual" Money created out of thin air by the private banking system. It generates interests on loans, which increases the amount of Private money in (electronic) circulation, and spreads and expands throughout the entire economy. We then perceive this as "inflation." In actual fact, the main cause of inflation in the economy is structural to the interest-bearing fractional lending banking system, even among industrialised countries. The cause of inflation nowadays is not so much the excessive issuance of Public Money by Government as all so-called banking experts would have us believe but, rather, the combined effect of fractional lending and interest on private banking money.
   Public Money - This is the only Real Money there is. It is the actual notes issued by the national currency entity holding a monopoly (i.e., the central bank or some such government agency) and, as Public Money, it does not generate interest, and should not be created by anyone other than the State.
  As with all models, the one we suffer today has its own internal logic which, once properly understood, makes that model predictable.  
Anybody else doing this is a counterfeiter and should end up in jail because counterfeiting Public Money is equivalent to robbing the Real Economy (i.e., "we, the working people") of their work, toil and production capabilities without contributing anything in return in terms of socially productive work. The same should apply to private bankers under the present fractional lending system:  counterfeiting money (i.e., creating it out of thin air as a ledger entry or electronic blip on a computer screen) is equivalent to robbing the Real Economy of its work and production capacity without contributing any counter-value in terms of work.
Why We Have Financial Crises
   A fundamental concept that lies at the very heart of the present Financial Model can be found in the way huge parasitic profits on the one hand, and catastrophic systemic losses on the other, are effectively transferred to specific sectors of the economy, throughout the entire system, beyond borders and public control.
   As with all models, the one we suffer today has its own internal logic which, once properly understood, makes that model predictable. The people who designed it know full well that it is governed by grand cycles having specific expansion and contraction stages, and specific timelines.
   Thus, they can ensure that in bull market times of growth and gigantic profits (i.e., whilst the system, grows and grows, is relatively stable and generates tons of money out of nothing), all profits are privatised making them flow towards specific institutions, economic sectors, shareholders, speculators, CEO and top management & trader bonuses, "investors", etc who operate the gears and maintain the whole system properly tuned and working.
   However, they also know that -like all roller coaster rides - when you reach the very top, the system turns into a bear market that destabilises, spins out of control, contracts and irremediably collapses, as happened to Argentina in 2001 and to the better part of the world since 2008, then all losses are socialised by making Governments absorb them through the most varied transference mechanisms that dump these huge losses onto the population at large (whether in the form of generalised inflation^ catastrophic hyperinflation, banking collapses, bail-outs, tax hikes, debt defaults, forced nationalisations, extreme austerity measures, etc).
The Four-sided Global "Ponzi" Pyramid Scheme
   As we know, all good pyramids have four sides, and since the Global Financial System is based on a "Ponzi" Pyramid Scheme, there's no reason why this particular pyramid should not have four sides as well.
   Below is a summary of the Four-side Global "Ponzi" Pyramid Scheme that lies at the core of today's Financial Model, indicating how these four "sides" function in a coordinated, consistent, and sequential manner.
   Side One - Create Public Money Insufficiency. This is achieved, as we explained above, by controlling the National Public entity that issues public money. Its goal is to demonetise the Real Economy so that the latter is forced to seek "alternative funding" for its needs (i.e., so that it has no choice but to resort to private bank loans).
   Side Two - Impose Private Banking Fractional Lending Loans. This, as we said, is virtual private money created out of thin air on which bankers charge interest - often at usury levels - thus generating enormous profit for "investors," creditors and all sorts of entities and individuals who operate as parasites living off other people's work. This would never have been the case if each local central bank were to flexibly generate the correct quantity of Public Money necessary to satisfy the needs of the Real Economy in each country and region.
   Side Three - Promote a Debt-Based Economic System.  In fact, the whole Pyramid Model is based on being able to promote this generalised paradigm that falsely states that what really "moves" the private and public economy is not so much work, creativity, toil and effort of workers, but rather "private investors," "bank loans" and "credit" - i.e., indebtedness. With time, this paradigm has replaced the infinitely wiser, sounder, more balanced and solid concept of corporate profit being reinvested and genuine personal sav-:ngs being the foundation for future prosperity and security. Pretty much the way Henry Ford, Sr. originally grew his most successful company.
   Today, however, Debt reigns supreme and this paradigm has become entrenched and embedded into people's minds thanks to the mainstream media and specialised journals and publications, combined with Ivy League universities' Economics Departments that have all succeeded in imposing such "politically correct" thinking with respect to financial matters, especially those relating to the proper nature ind function of Public Money. The facts are that this Model generates unnecessary loans so that banking creditors can receive huge profits, which includes promoting uncontrolled, unwarranted and often pathological consumerism, which goes hand in hand with the increasing abandonment of the traditional value of "saving for a rainy day."
   Such debts, having political and strategic goals rather than merely financial ones, are usually given a thin layer of "legality" so that they may be imposed by the creditor on the debtor (i.e., in the case of The Merchant of Venice, the bond entered into between Antonio and Shylock giving the latter the legal right to a pound of the former's flesh; in the case of chronically indebted countries like Argentina, such "legality" is achieved through a complex public debt laundering 6 mechanism carried out by successive formally "democratic" Caretaker Governments to this very day).
   Side Four - Privatisation of Profits/Socialisation of Losses.  Lastly, and knowing full well that, in the long run, the numbers of the entire Cycle of this Model never add up, and that the whole system will inevitably come crashing down, the Model imposes a highly complex and often subtle financial, legal and media engineering that allows privatising profits and socialising losses. In Argentina, this cycle has become increasingly visible for those who want to see it, because in our country the local "Ponzi" Pyramid Cycle lasts on average 15 to 17 years, i.e., we've had successive collapses involving brutal devaluation (1975), hyperinflation (1989) and systemic banking collapse (2001), however in the industrialised world, that cycle was made to last almost 80 years (i.e., three generations spanning from 1929 to 2008).
Conclusions
   The fundamental cause of today's on-going global financial collapse that exerts massive distortions over the Real Economy - and the ensuing social hardship, suffering and violence - is clear: Virtual Finance has usurped a pedestal of supremacy over the Real Economy, which does not legitimately belong to it. Finance must always be subordinated to, and in the service of, the Real Economy just as the Economy must heed the law and social needs of the Political Model executed by a Sovereign Nation-State (as we back-engineer this entire system, we thus understand why it is necessary for the Global Power Elite to first erode the sovereign Nation-State and to eventually do away with it altogether, in order to achieve its monetary, financial and political ends).
   In fact, if we look at matters in their proper perspective, we will see that most national economies are pretty much intact, in spite of having been badly bruised by the financial collapse. It is Finance that is in the midst of a massive global collapse, as this Model of "Ponzi" Finance has grown into a sort of malignant "cancerous tumour" that has now "metas-tasised," threatening to kill the whole economy and social body politic, in just about every country in the world, and certainly in the industrialised countries.
   The above comparison of today's financial system with a malignant tumour is more than a mere metaphor. If we look at the figures, we will immediately be able to see signs of this financial "metastasis." For example, The New York Times in their 22 September 2008 edition explains that the main trigger of the financial collapse that had exploded just one week earlier on 15 September was, as we all know, mismanagement and lack of supervision over the "Derivatives" market. The Times then went on to explain that twenty years earlier, in 1988, there was no derivatives market; by 2002 however, Derivatives had grown into a global 102 trillion Dollar market (that's 50% more than the Gross Domestic Product of all the countries in the world, the US, EU, Japan and BRICS nations included), and by September 2008', Derivatives had ballooned into a global 531 trillion Dollar market. That's eight times the GDP of the entire planet! "Financial Metastasis" at its very worst. Since then, some have estimated this Derivatives global market figure to be in the region of One-Quadrillion Dollars …
   Naturally, when that collapse began, the caretaker governments in the US, European Union and elsewhere, immediately sprang into action and implemented "Operation Bail-out" of all the mega-banks, insurance companies, stock exchanges and speculation markets, and their respective operators, controllers and "friends." Thus, trillions upon trillions of Dollars, Euros and Pounds were given to Goldman Sachs, Citicorp, Morgan Stanley, AIG, HSBC and other "too big to fail" financial institutions .. which is newspeak for "too powerful to fail", because they hold politicians, political parties and governments in their steel grip.
   All of this was paid with taxpayer dollars or, even worse, with uncontrolled and irresponsible issuance of Public Money bank notes and treasury bonds, especially by the Federal Reserve Bank which has, in practice, technically hyper-inflated the US Dollar: "Quantitative Easing" they call it, which is Newspeak for hyperinflation.
   So far, however, like the proverbial Naked Emperor, nobody dares to state this openly. At least not until some "uncontrolled" event triggers or unmasks what should by now be obvious to all: Emperor Dollar is totally and completely-naked. 7  When that happens, we will then see bloody social and civil wars throughout the world and not just in Greece and Argentina.
   By then, however, and as always happens, the powerful bankster clique and their well-paid financial and media operators, will be watching the whole hellish spectacle perched in the safety and comfort of their plush boardrooms atop the skyscrapers of New York, London, Frankfurt, Buenos Aires and Sao Paulo …
Footnotes
1. The concept of "Geoeconomics" was coined by the New York-based Council on Foreign Relations, through a studies group honouring Maurice Greenberg, the financier who was for decades CEO of American International Group (AIG) which collapsed in 2008 and had strong conflict-of-interest ties with major insurance and reinsurance broker Marsh Group whose CEO was his son Jeffrey. Both father and son were indicted for fraud by then New York Attorney General Elliot Spitzer. Spitzer would later pay a very heavy price for this after becoming Governor of New York State when someone "discovered" his sex escapades which were quickly blown up into a major scandal by The New York Times
2. We have described the basic Global Power Elite structure, model and objectives in our e-Book The Coming World Government: Tragedy & Hope?, available through <www.asalbuchi.com.ar>.
3. For more information, see the Third Pillar of the Second Republic Project "Reject the Debt-Based Economy" on <www.secondrep­ublicproject.com>.
4. Some notable exceptions: Today: Libya, Iran, Syria, China; In the past: Peron's Argentina, Germany and Italy in the 30's and40's…. Are we seeing a pattern here?
5. See The New York Times, 22 September 2008
6. See White Paper comparing Debt Laundering mechanisms to Money Laundering mechanisms, lodged under Pillar No 3 "Reject the Debt-Based Economy" of Second Republic Project in <www.secondrepu­blicproject.com>.
7. This is more fully described in the author's book The Coming World Government: Tragedy & Hope?, in the chapter "Death & Resurrection of the US Dollar". Details on <www.asalbuchi.com.ar>. Also available upon request by E-mail: <salbuchi § fibertel com ar>.
   ADRIAN SALBUCHI is a political analyst, author, speaker and radio talk-show host in Argentina. He has published several books on geopolitics and economics in Spanish, and recently published his first eBook in English: The Coming World Government Tragedy & Hope? which can be ordered through his web site <www.asalbuchi.com.ar>, or details can be requested by E-mail to <arsalbuchi § gmail com>.  Salbuchi is 58 years of age, married, with four adult children, and works as strategic consultant for domestic and international companies. He is also founder of the Second Republic Project in Argentina, which is expanding internationally (visit: <http://­www.secondrepu­blicproject.com>).

http://www.johnm.multiline.com.au/cont23.htm#the-money-masters
[Sep-Oct 2011]

• Howard's phantom toast to Menzies.   

Howard’s phantom toast to Menzies

EXCLUSIVE
   The Weekend Australian, letters§theaustralian com au , by PAUL KELLY, Editor-at-large, Pages One and 2, September 17-18, 2011
   JOHN Howard has deleted from the paperback edition of his book the story that, on his first weekend in The Lodge as prime minister, the Howards invited Robert Menzies's daughter, Heather Henderson, and her husband, Peter, for celebratory martinis.
   This follows a letter from Mrs Henderson to Mr Howard on
  [Picture] Robert Menzies   December 21 last year rejecting his account, branding it as "quite fanciful" and asking him to remove it from future editions of his book. "I was astonished when I read his account because it didn't happen," Mrs Henderson told The Weekend Australian this week.
   She said that during the 11 years Mr Howard was prime minister she and her husband were never invited to The Lodge as a couple to celebrate or to recall the memory of her father, the founder of the Liberal Party.
   In her letter to Mr Howard, Mrs Henderson said: "An invitation to The Lodge is not something that is forgotten. Nor, indeed, is no invitation."
   In the first edition of his book, on page 34, Mr Howard wrote that on his first weekend in The Lodge, in 1996, he "invited" the Hendersons for a drink.
   He said "we mixed and drank martinis in memory and honour of her late father" and this occasion meant that "proper respect had been paid".
   Mrs Henderson was offended by this account. In her letter to Mr Howard, she said: "As I mentioned, Peter was only inside The Lodge once in your time and that was to help the National Trust when it was open to the public.
   "It is quite fanciful to describe mixing martinis and talking about my father. I would be grateful if you would delete that whole passage in the next edition. And, for the record, I don't like and don't drink martinis."
   Mrs Henderson also sharply corrected Mr Howard's letter to her in response to her initial letter of complaint.
Howard's account of Lodge drinks ‘quite fanciful’, says Menzies daughter
She wrote of the Howard letter: "You then go on to say, 'I think you (Heather) told us that it was the first occasion that you had been in The Lodge since your father's prime ministership'. In fact, I was in The Lodge at the invitation of the incumbent or his wife in the time of Holt, McMahon, Whitlam, Fraser, Hawke and Keating."
Thirty-two years later, on my first weekend at the Lodge as Prime Minister, Janette and I invited Menzies' daughter, Heather Henderson, and her husband, Peter, over for a drink. We mixed and drank martinis in memory and honour of her late father. I have not had one since; I don't like them, shaken or stirred, but proper respect had been paid.
The paragraph on page 34 of Lazarus Rising that was excised from the paperback reprint

   One reason Mrs Henderson pressed the issue is because she and her husband were not invited to The Lodge under the Howards yet Mr Howard asserted the opposite in his book Lazarus Rising.
   Mr Howard told The Weekend Australian the difference was really about "the sequence of events".
   "My recollection is that she came to The Lodge with a letter and she was invited in," Mr Howard said. "I think the initiative to come was hers. My wife remembers talking her around The Lodge and looking at some of the rooms. My recollection was that we had a drink and a chat and that Peter was with her."
   Mr Howard agreed his recollection might have been faulty.
   "After the book came out, she wrote suggesting, in effect, that I had conflated her call at The Lodge with a subsequent visit to their home by Janette and me at their invitation," he said. "She asked for the reference to be taken out and in deference to her I did."
   The dispute was conducted by letter alone. Mrs Henderson sent a handwritten letter on November 30 last year to Mr Howard, disputing his account. After Mr Howard replied, she wrote a second typed letter in December.
   That letter began: "Thank you for replying to my letter. I wonder if you read it all."
   In an interview with The Weekend Australian last week, Mrs Henderson recalled what happened. She had gone to The Lodge soon after Mr Howard's victory to deliver a congratulatory letter to the Howards and an invitation for them to come to the Henderson house for drinks.
   When the guard at the gate contacted the house, she was invited in. "They offered me a drink or cup of tea but I had to get home," she said. "All I intended to do was to drop off the letter. They came to our house at Easter in response to my invitation and I am positive about that. But the events that are described on page 34 of the book did not happen."
   In her second letter, Mrs Henderson wrote: "The only drink we shared with you and Janette was in our house soon after you had moved into The Lodge."
   Mr Henderson was head of the Foreign Department under the Fraser government. #

   [COMMENT: Yes, this is the same Mr Howard who, announcing that Australian troops would go to one of the Afghanistan or Iraq wars, when asked how long they would be there, said "Months rather than years." COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#howard-s-phantom-toast
[Sep 17-18, 2011]

• Trader Alessio Rastani To BBC: 'Governments Don't Rule The World, Goldman Sachs Rules The World'.  [Global Financial Crisis (G.F.C.)]   

Trader Alessio Rastani To BBC:  'Governments Don't Rule The World, Goldman Sachs Rules The World'

   Huffington Post (the Internet Newspaper), (Updated 11:09 AMET, Sep/27/11), First Posted 03:13 PM ET, Sep/26/11
   Goldman Sachs rules the world and the Euro zone is poised to crash, according to trader Alessio Rastani.
   "This is not a time right now for wishful thinking that governments are going to sort things out," Rastani said on an interview with BBC on Monday morning.  "The governments don't rule the world, Goldman Sachs rules the world."
   The statement came towards the end of an almost three and a half minute interview in which Rastani warned viewers to "get prepared" for the inevitable:  "The savings of millions of people are going to vanish" in less than a year, he said.
   "This economic crisis is like a cancer, if you just wait and wait thinking this will go away, just like a cancer it's going to grow and it's going to be too late," he continued.
   Fear over the fragility of the European economy has become pronounced in recent weeks.  Prompted in part by concerns that the region could enter recession and affect the global economy, stocks composing the Dow Jones Industrial Averae suffered their worst week since 2008 last week, according to Reuters.
   In spite of statements like Rastani's, Euro policymakers continue to press ahead with possible reforms.  Currently, they are working to bolster their 440 billion-euro rescue fund, after being criticized by leaders from both China and the U.S. for letting Greece's debt crisis already wreak havoc on global stocks, according to Reuters.
   But the crash will be good news for traders, Rastani told the stunned BBC anchors.
   "For most traders we don't really care about having a fixed economy, having a fixed situation, our job is to make money from it," he said.  "Personally, I've been dreaming of this moment for three years.  I go to bed every night and I dream of another recession."
   Rastani said traders aren't the only ones who can benefit from the crisis.
   "When the market crashes … if you know what to do, if you have the right plan set up, you can make a lot of money from this." #

   [COMMENT: Viewers will find that this newsitem, which had the same words as a video of him that had been broadcast on television, did not seem to be obtainable on the Internet on October 28, 2011.  COMMENT ENDS.]
   [FOLLOW-UP ARTICLES: "Alessio Rastani gives the BBC more than they bargained for," <http://­www.economicvoice.com/­alessio-rastani-gives-the-bbc-more-than-they-bargained-for/50024060#axzz1cFk213yC>, Author: Jeff Taylor, September 26th, 2011. 
   … First Alessio said (video below) that the market would crash as it was now ruled by fear and that all the big players in the field know that the market was toast.
   It was at this stage that you got the feeling that he was going to give out a bit more information than the BBC was prepared for.
   He then said that those major players also do not care about the state of the European or world's economies, they were moving their money into the safe havens of all denominations of US Treasuries and the dollar.
   When asked to pin down the things that would keep investors happy in today's economic climate Alessio just said very candidly that he was a trader and, like most traders, didn't care as long as he made money.  In fact he said that he had always dreamt of a recession because of the money making opportunities that recessions offer. … (Sighted Oct 30, 2011).
   "Was the BBC's trader from hell one big hoax? Claims greedy dealer praying for a recession in which to get rich was a FAKE."  <http://­www.dailymail.co.uk/­news/article-2042291/Alessio-Rastani-Claims-greedy-dealer-praying-recession-FAKE.html>, MailOnline, By HUGO GYE, Last updated at 9:19 PM on 27th September 2011
   'We don't really care whether they're going to fix the economy, our job is to make money from it'. 
   Twitter users claim Alessio Rastani is a member of 'Yes Men' hoaxers.  Also see <http://­en.wikipedia.org/­wiki/The_Yes_Men> (Sighted Oct 30, 2011.)
   Wikipedia: Jacques Servin (also known as Andy Bichlbaum) is one of the leading members of The Yes Men, a culture jamming activist group. (from http://en.wikipedia.org/wiki/Andy_Bichlbaum )  (Sighted Oct 30, 2011.)
   "Trader Or Prankster? We Called Alessio Rastani And Asked," Forbes, <http://­www.forbes.com/­sites/emilylambert/­2011/09/27/­trader-or-prankster-we-called-alessio-rastani-and-asked/3/>, By Emily Lambert, Forbes Staff (I write about money and markets), PERSONAL FINANCE | @ 8:35AM, Sep/27/2011 | 315,120 views.  (Sighted Oct 30, 2011.)
   "Was Outspoken BBC Market Trader Really A 'Yes Men' Hoax?"  The Huffington Post, <http://­www.huffingtonpost.co.uk/­tag/the-yes-men>, UK | Stephen Hull | Posted Sep.27.2011.  (Sighted Oct 30, 2011.)
   "BBC financial expert Alessio Rastani: 'I'm an attention seeker not a trader'," The Telegraph, >http://­www.telegraph.co.uk/­finance/econo­mics/8792829/BBC-financial-expert-Alessio-Rastani-Im-an-attention-seeker-not-a-trader.html<, By Jonathan Russell, 11:50PM BST, 27 Sep 2011
   In the interview Mr Rastani described himself as an independent trader.  Elsewhere he claims he's an "investment speaker".  Instead of operating from a plush office in Canary Wharf Mr Rastani works and lives with his partner Anita Eader in a £200,000 semi in Bexleyheath, south London.  The house, complete with a mortgage from Royal Bank of Scotland, belongs to her not him. (Sighted Oct 30, 2011.)
   "BBC Trader Alessio Rastani: 'I'm an Attention Seeker',"  NetNet, CNBC, <http://­www.cnbc.com/­id/44690751>, Published: 4:21 PM ET | Tuesday, 27 Sep 2011
   It turns out my instincts about the BBC's financial expert, Alessio Rastani, are right:  he's not so much a trader as a coach.
   And he's definitely not a Yes Men-style prankster.
   The Telegraph reports he owns a company called Santoro Projects, which is some sort of public speaking venture.  Its bank account has a balance of £985.
   He doesn't seem to have had much success as a trader. After four years trading, he's lost about £10,048.
   "I'm an attention seeker.  That is the main reason I speak.  That is the reason I agreed to go on the BBC.  Trading is like a hobby.  It is not a business.  I am a talker.  I talk a lot.  I love the whole idea of public speaking," Rastani tells the Telegraph. # (Sighted Oct 30, 2011.)
   Alessio Rastani: Is BBC Market Trader Really Yes Men Founder Andy Bichlbaum?  Common Dreams, <http://­www.commondreams.org/­headline/­2011/09/27-5>, Published on Tuesday, September 27, 2011 by The Huffington Post.
   (The newsitem includes the BBC video, plus a 2004 video of a man who looks and sounds like Rastani, with a fake announcement that the chemical plant owners would pay compensation to the Bhopal disaster victims.  Andy Bichlbaum's other name is Jacques Servin, according to Wikipedia.)  (Sighted Oct 30, 2011.) 
   "Maverick trader: Was what he said actually right?"  BBC, <http://­www.bbc.co.uk/­news/magazine-15095191>, BBC News Magazine, By Julian Joyce, includes the video of Mr Rastani wearing a pink necktie, Last updated at 09:01 GMT, 29 September 2011.  ENDS.]
   [PREVIOUS INTERNET ITEMS: A previous Internet item originated by Mr Rastani is "When puppy love holds up Tehran traffic," <http://­observers.france24.com/­content/2010­1006-iran-youth-flirting-tehran-cars-traffic-jam-boys-girls-iran-zamin>, 6/Oct/2010. (Sighted Oct 30, 2011.)  ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#trader-alessio-rastani
[To this webpage Oct 28, 2011. Newsitem Sep 26, 2011]

• Australia to end ban on women in combat   

Australia to end ban on women in combat

   The West Australian, <www.thewest.com.au>, <letters§wanews com au>, <http://­au.news.yahoo.com/­thewest/a/-/world/1035086­6/australia-to-end-ban-on-women-in-combat/>, from Reuters, 10:55 am, September 27, 2011
   CANBERRA (Reuters) - Australian women will be allowed to serve in frontline combat roles, including as special forces soldiers in Afghanistan, after the government said on Tuesday it was dropping all gender restrictions for the military.
   Australia, a close U.S. ally, will become the fourth country after Canada, New Zealand and Israel to open all combat roles to female soldiers who pass physical entry tests, Defence Minister Stephen Smith said.
   "Once this is fully implemented there will be no restrictions. If a woman is fully capable of doing the entrance programme for the Special Air Service or Commandos, they'll be in it," Smith told reporters.
   Australia currently allows women to serve in the vast majority of jobs in the 59,000-strong military, including on submarines and as air force jet fighter pilots.
   Women also serve in Afghanistan with frontline artillery units and as drone aircraft operators, but are barred from infantry combat units and special forces, which make up around 7 percent of army jobs.
   Entry to the elite SAS is particularly gruelling, involving endurance marches and mental tests over several days in the country's searing outback, while carrying weapons, water and an 80kg pack.
   The ban will be lifted immediately, but it may be up to five years before [it will fully come into effect] as the army must implement new tests on and train army doctors to operate on women, Smith said.
   He added that he expected no opposition from Australia's overseas allies, including U.S. and Afghan troops serving with Australian soldiers in southern Afghanistan's Uruzgan province.
   "I'm not expecting any difficulty as a result of what to the government and the service chiefs is a logical extension to a very strongly held view in Australian society that all of us are equal, irrespective of our sex," he said.
   Australia has around 1,550 troops in Afghanistan, based mainly at Tirin Kot in Uruzgan, and is the largest non-NATO member of the international coalition fighting Taliban insurgents in the country.
   Australia was an original member of the U.S.-led coalition that invaded the country to oust the Taliban, and has lost 29 soldiers in almost a decade of conflict.
   (Reporting by Rob Taylor; Editing by Daniel Magnowski) #

   [PRINT VERSION: The next day, Sep 28, the newspaper printed a differently worded article on the same suject as its page one lead "Women cleared to fight on battlefield front line," by Nick Butterly.  ENDS.]
   [COMMENTS: When will we see a headline that parliamentarians will be going to the battlefield front line?  COMMENT ENDS.]
   [LABOR PARTY SOMERSAULT: Younger voters might not remember that elements of the Australian Labor Party were among those who strongly opposed Australia helping the U.S.A. and the U.K. to invade Iraq illegally.  One of these opponents was Mr Kevin Rudd, who later won an election and became Prime Minister, holding that post until his "one-man rule" methods helped to cause him to be deposed, and he was replaced by Ms Julia Gillard.
   Mr Kevin Rudd's views on the Iraq invasion, which began on March 20, 2003, were expressed in a well-researched paper he gave to the Fabian Society on March 22, 2006, entitled "John Howard, the Neo-Conservatives and policy failure in Iraq.  The Unmaking of Australian National Security Policy."  Read it at: <http://­www.fabian.org.au/­1044.asp>.
   Read this: "Beyond hypocrisy, this $300 million Wheat for Weapons scandal represents the single greatest act of national security negligence on the part of the Howard Government during its ten long years in office." 
   However, after the John Howard Coalition government was defeated, Mr Rudd was Prime Minister for months, and the Australian troops and others were still bogged down in Iraq.  They still are there with the so-called liberation force, although the country's main assets have been transferred into foreign hands, and thousands of ordinary Iraqis are dying because of Iraq's own sectarian warfare plus Allied efforts.  Is the Labor Party's betrayal of principle also "beyond hypocrisy"?  ENDS.]
   [NASTY AFTERTHOUGHT: Imagine three soldiers of mixed gender in a foxhole, pinned down by heavy enemy fire.  One of them feels a "call of nature."  Need one say more?  ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#australia-to-end
[Sep 27, 2011]

• Director wages war on peacekeepers.  [2010 MOVIE, "The Whistleblower."]  

Director wages war on peacekeepers

   The West Australian, <www.thewest.com.au>, <letters§wanews com au>, by Shannon Harvey, Today section page 10, Wednesday, September 28, 2011
It is a scandal of global proportions and a true story. It is a conspiracy that the United Nations tried to keep quiet-and was too hot for Hollywood to handle.
   But when that scandal actually involves the UN itself, you can understand why it's taken debut filmmaker Larysa Kondracki seven years to make The Whistleblower.
   "It's a hot-button topic and people should be talking about it," says Kondracki, clearly still outraged by the situation.
   "What makes it harder to watch is knowing that it's true and that no one – not even the UN itself – has ever said this didn't happen. So the idea that they're not denying it is significant."
   It began in 1999, when Nebraskan cop Kathryn Bolkovac took a six-month contract job as a UN peacekeeping officer in war-torn Bosnia. While helping restore stability in the region, she discovered several of her UN colleagues and superiors were actively involved in sex slave trafficking.
   In 2000, Bolkovac spoke about her discovery to DynCorp – the private security firm hired by the UN – and was ignored. When she went directly to the UN and blew the whistle on the scandal, she was promptly fired. In 2002, she won a wrongful dismissal case, with the British tribunal finding DynCorp's case "completely unbelievable".
   "When I first read Kathy's story, I thought it was so revolting yet so engrossing," says Kondracki, a Canadian with Ukrainian background. "I knew I could put the audience in her position and see what she was confronting."
   After contacting Bolkovac, Kondracki co-wrote the script and thought the true story would be hotly sought after in Hollywood. But the opposite was true.
   "It was too hot to handle. No one believed it could be true. Then the economy went bust and the film bounced from studio to studio," Kondracki says.
   The script was eventually bought by Focus Films and passed on to HBO, which wanted to develop it as a TV series. Fed up, Kondracki found private backing for a modestly budgeted thriller.
  [Picture] TRUTH WILL OUT: Director Larysa Kondracki with actress Rachel Weisz.  
   The film has since garnered acclaim for Oscar winner Rachel Weisz who plays Bolkovac. Vanessa Redgrave, David Strathairn and Monica Bellucci lend solid support as various UN officials.
   "The brothels are hidden in the mountains in the movie but they were everywhere in reality. There were American brothels outside American barracks and girls walking around inside the UN headquarters with these guys," Kondracki says. "They absolutely owned girls."
   Kondracki asked the UN to be involved in the film but it ignored her just as it had ignored Bolkovac.
   "So I wrote a letter to the UN Secretary General Ban Ki-moon and sent the DVD and said 'If you don't admit to this, how is anyone going to trust the UN again?' "
   It's a good point, especially as Kondracki says DynCorp is still providing private police forces in Iraq and Afghanistan. But it was only when the media started asking questions that the UN couldn't ignore it any more.
   "Ban Ki-moon wrote back to us and we've got a screening scheduled at the UN on October 10 with the general assembly and a discussion afterwards," Kondracki says with an air of relief.
   "I hope with the movie and the press that people will go and find out more about it. It's a much bigger problem.
   "These private military groups like DynCorp still have contracts in Afghanistan and Iraq. This story is not over."
   The Whistleblower opens tomorrow. #

   [RECAPITULATION: " … There were American brothels outside American barracks and girls walking around inside the UN headquarters with these guys," Kondracki says. "They absolutely owned girls."
   … Kondracki says DynCorp is still providing private police forces in Iraq and Afghanistan. But it was only when the media started asking questions that the UN couldn't ignore it any more. ENDS.]
   [COMMENTS: United States troops have a bad record of sexual misbehaviour.  In addition, the UN intervention in Katanga, a Congo civil war, was the subject of a revealing book, The Fearful Master, <http://­www.peacekey.com/­1-1-a/UN_Web/1_U­N_Book/The_Fea­rful_Master_0­1.htm> by G. Edward Griffin, in 1964. COMMENT ENDS.]
   [ANOTHER LINK: "We actually toned it down," says Kondracki.  The film is hard to believe, but the behaviour in reality was worse.  Visit NOW magazine, August 11-18, 2011 | VOL 30 NO 50, at <http://­www.nowtoronto.com/­movies/story.c­fm?content=182190>.  ENDS.]
   [LOOK BACK: "Larysa Kondracki's new film 'The Whistleblower' premieres at TIFF"; Sep 13, 2010.  ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#director-wages-war
[Sep 28, 2011]

• Bolt found guilty of breaching discrimination act.   

Bolt found guilty of breaching discrimination act

   Australian Broadcasting Corporation (ABC), <http://­www.abc.net.au/­news/2011-09-28/­bolt-found-guilty-of-breaching-discrimination-act/3025918>, Updated 16:08:18, September 28, 2011
   Columnist and political commentator Andrew Bolt has been found guilty of breaching the Racial Discrimination Act over two articles he wrote in 2009.
   Bolt was being sued in the Federal Court by nine Aboriginal people including former ATSIC chairman Geoff Clark, academic Professor Larissa Behrendt, activist Pat Eatock, photographer Bindi Cole, author Anita Heiss, health worker Leeanne Enoch, native title expert Graham Atkinson, academic Wayne Atkinson, and lawyer Mark McMillan.
   They alleged two articles written by Bolt for his employer, the Herald and Weekly Times, implied light-skinned people who identified as Aboriginal did so for personal gain.
   The articles were headlined "It's so hip to be black" and "White fellas in the black".
   Bolt's lawyer, Neil Young, had argued the articles represented his client's genuinely held views on matters of public interest.
   Audio: Andrew Bolt guilty: Federal Court (The World Today)
   Bolt argued his articles were fair and were within the laws of free speech provisions.
   But barrister Ron Merkel SC, appearing for the applicants, said the articles took a "eugenics approach" that was frozen in history.
   Today Federal Court Justice Mordecai Bromberg found Bolt had breached the act because the articles were not written in good faith and contained factual errors.
  He set out to offend from the word go and in fact he acknowledged that in his evidence.  
  Activist Pat Eatock  
   He said the articles would have offended a reasonable member of the Aboriginal community.
   Speaking outside court, Bolt described the verdict as "a terrible day for free speech in this country".
   "It is particularly a restriction on the freedom of all Australians to discuss multiculturalism and how people identify themselves," he said.
   "I argued then and I argue now that we should not insist on differences between us but focus instead on what unites us as human beings."
   The Herald and Weekly Times says it is disappointed with the decision.
   In a statement the company says it will review the judgment before deciding whether or not to lodge an appeal.
   But there was jubilation inside the court as the decision was handed down.
   Chief plaintiff Ms Eatock said she was not holding out hope of an apology from Mr Bolt.
   "I will never get an apology from Mr Bolt. He made that clear giving his evidence earlier in the year," she said outside court.
   "But we will, I hope, get some sort of acknowledgment through the press that what he wrote was just unacceptable, totally unacceptable. He set out to offend from the word go and in fact he acknowledged that in his evidence."
   After the verdict, Opposition Leader Tony Abbott warned against restricting "the sacred principle of free speech".
   "Free speech means the right of people to say what you don't like, not just the right of people to say what you do like," he said. #

   [COMMENT: Freedom of the Press and Free Speech are always under attack.  Except that this judgement does not invoke the death penalty, it is similar to "blasphemy" laws in many overseas countries.  However, it is sad that so many non-Aboriginals begrudge whatever seems to be unfair help or rights to Aborigines, forgetting that the newcomers would have to pay rent to Aborigines if the British had not seized the continent by conquest. COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#bolt-found-guilty
[Sep 28, 2011]

• Chinese coal sale raises fears. 

Chinese coal sale raises fears

   The West Australian, <www.thewest.com.au>, <letters§wanews com au>, By GARETH PARKER, page 5, Thursday, September 29, 2011
   WA's entire output of coal is set to fall into foreign hands after a Chinese company agreed to buy one of Collie's two coal producers for $297 million.
   In a move Premier Colin Barnett said caught his Government "on the hop", Wesfarmers announced it was selling Premier Coal to Yan-coal Australia, which is controlled by the provincial government of Shandong province.
   Less than two weeks after he returned from China with a memorandum of understanding heralding more Chinese investment in WA, Mr Barnett said he, was worried at the energy security implications of WA's coal production going to foreign companies.
   Receivers appointed to Ric Stowe's collapsed empire sold Collie's other producer, Griffin, to Indian giant Lanco in December for $750 million.
   Mr Barnett said he was concerned the deal could jeopardise long-term supply security to Government-owned power generating company Verve, Premier's biggest customer.
   Those concerns have been amplified by Lanco's refusal in May to supply Collie's Bluewaters power station, which produces 10 per cent of the State's electricity.
   Verve entered a 20-year supply contract with Premier Coal in July and those obligations are expected to flow to the mine's new owners.
   Mr Barnett said the sale took him by surprise because Verve had been in talks with Wesfarmers about buying a minority share in Premier.
   But The West Australian understands Verve told Wesfarmers in writing in mid-August that it intended to terminate the negotiations, which suggests the Premier was not kept up to date about the status of the deal.
   "I have to admit, quite clearly, when I was told about this (on Tuesday night), the State Government was caught on the hop," Mr Barnett said.  "We did not expect this transaction to happen the way it did.
   "We were in discussions with Wesfarmers, we had been for some time, and we did not expect the sale to be announced overnight."
   Wesfarmers managing director Richard Goyder said the company had kept the Government and Verve "fully informed over many months throughout what has been an open sale process".
   Shadow State development minister Mark McGowan said Mr Barnett was trying to have it both ways on Chinese investment.  He said the Premier supported minority stakes in start-up mines but opposed investments that led to controlling interests in established projects.
   The deal must be approved by the Foreign Investment Review Board.
   Mr Barnett said the Government was unlikely to lobby the FIRB to block the deal.
> YANCOAL IN AUSTRALIA   41

   [RECAPITULATION: Those concerns have been amplified by Lanco's refusal in May to supply Collie's Bluewaters power station, which produces 10 per cent of the State's electricity. ENDS.]
   [COMMENT: Well, I never!  Who would have thought that encouraging foreign investment would lead to that!  Do we see the similarity to what other players in the business world are doing?  But hush !  It might breach some anti-discrimination law if too much criticism was made of carting coal away overseas, forcing local electricity companies to import oil, gas, or coal in order to keep supplying Western Australian industries and homes.  Mustn't be racist now, must we !  And remember, overseas investment is one of our sacred cows.  "Trade," that's what makes the world go round !  Not ! COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#chinese-coal-sale
[Sep 29, 2011]

• Yanzhou signals big plans with $297m WA coal buy. 

Yanzhou signals big plans with $297m WA coal buy

   The West Australian, <www.thewest.com.au>, <letters§wanews com au>, By REBECCA TRIGGER and SEAN SMITH, p 41, Thursday, September 29, 2011
   Yesterday's $296.8 million deal by China's Yanzhou Coal to buy one of WA's two big coal producers reinforces its intention to build a major presence in Australia.
   The move is also part of a wider push by state-owned Chinese miners to secure overseas assets to feed the country's rapacious demand for energy.
   The deal to buy Premier Coal from Wesfarmers was executed by Yanzhou's Yancoal Australia subsidiary, headed by Murray Bailey, a former general manager of Wesfarmers' flagship Curragh coal mine in Queensland.
   Yanzhou entered Australia in 2004 with the purchase of the former Southland coal mine in the NSW Hunter Valley.  It now operates five mines, three in NSW and two in Queensland, producing 11 million tonnes a year of thermal and metallurgical coal.
   Its biggest deal was the protracted $3.5 billion acquisition of Queensland's Felix Resources in 2009.  Yanzhou won out only after it resubmitted its application to the Foreign Investment Review Board and agreed to several Government requirements, including selling a third of Yancoal to Australian investors and listing the group on the Australian Securities Exchange by 2013.
   Fifty-three percent of Yanzhou is held by Yankuang Group, owned by Shandong provincial government, in north-east China.
  [Picture including an industrial ladder and a huge wheel] WA coal:  Wesfarmers sells Premier.  
   Yanzhou is listed in Hong Kong, Shanghai and New York and is valued at about $4.4 billion. Locally, it posted an after-tax profit of $414.7 million for 2010. Wesfarmers chief executive Richard Goyder said yesterday that the proposed sale, which could yet be rejected by FIRB, was a good one for both his group and Premier Coal. "Yancoal will be a good owner of the business," he said.
   "They're well capitalised and they're good operators."
   Wesfarmers put the business in play in March by testing the waters after the sale of the Griffin coal operations to India's Lanco for what was thought then to be a bumper price of $750 million.
   Wesfarmers acquired' the Premier assets in 1989, buying Western Collieries out of the receivership of Laurie Connell's merchant bank, Rothwells, for about $130 million.
   Yesterday's agreement sparked inevitable talk that perhaps Wesfarmers was also considering quitting its bigger and more profitable east coast coal operations.  Mr Goyder quickly put that to rest.
   While Wesfarmers has consistently said it would consider offers on any assets, subject to price, Mr Goyder said the Premier Coal transaction was unrelated to any other part of Wesfarmers' business.
   The group expects to book a pre-tax profit of $90 million on the sale in the second half of 2011-12.
   As well as Curragh, which produces about nine million tonnes a year, Wesfarmers owns 40 per cent of the Bengalla coal mine in the Hunter Valley in partnership with Rio Tinto.  Bengalla turns out about six million tonnes.
   Sydney-based Yancoal did not return telephone calls yesterday. #

   [RECAPITULATION: … Shandong provincial government, in north-east China.  ENDS.]
   [COMMENT: Did you note the name of the overseas company's leader in Australia?  Would former owners of Wesfarmers, that is, thousands of Western Australian farmers, approve of what is happening now ? COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#yanzhou-signals-big
[p 41, Sep 29, 2011

• Maverick trader: Was what he said actually right?  [More about Goldman Sachs ruling the world, not governments.]  [Global Financial Crisis (G.F.C.)]   

Maverick trader: Was what he said actually right?

   BBC News, <http://­www.bbc.co.uk/­news/magazine-15095191>, NEWS, MAGAZINE, By Julian Joyce, Last updated at 09:01 GMT, September 29, 2011
   Financial trader Alessio Rastani raised eyebrows after making extraordinarily candid remarks about his feelings on the financial crisis.  But are his views commonly held?
   Rastani, who describes himself as "an experienced stock market and forex trader and professional speaker" told viewers he had been looking forward to a recession in order to profit from it.
   "I dream of another moment like this," said Rastani, adding: "Anybody can actually make money. It's an opportunity."
   More revelations included the apparently widespread conviction in the City that the euro was doomed, that any rescue plan by European governments was "toast" and that it was financial institutions like Goldman Sachs – rather than elected governments – who "ruled the world".
   And he issued a grim warning of a coming financial meltdown that would strip millions of their savings.
   But how much of this should we take seriously?
   Geraint Anderson, a former City analyst, "Cityboy" columnist, and author of Just Business, gives his take, as does Julia Finch, business editor of the Guardian and Observer newspapers.
   Rastani said: "I dream of a recession"
   Rastani's assertion that it was possible for savvy traders like himself to make money out of a falling market was the quote many news outlets chose to headline their accounts of his interview.
   However, in asserting that one person's pain was another's gain Rastani was merely being "unusually honest," says Anderson.
   "The city is full of ruthless, clever people whose only ambition is to line their pockets with no idea of the negative implications for other people.
   "My only surprise about what he said was that he broke the unspoken consensus in the City not to talk about it so frankly."
   Finch also admits that Rastani's view may be shared by others in the City. "Umbrella sellers pray for rain. Ice cream sellers pray for hot weather.
   "Some City traders will be praying for a recession, but only those who have no regard for the wider world around them".
   Rastani said: "The big funds don't buy the euro rescue plan"
   Rastani suggested big City firms had no faith in the the efforts of European leaders to provide long term stability for the single currency.
   Anderson says: "This is a brash assertion. If the big funds really did believe that, they would be investing a lot more in cash and bonds."
   And Finch says it is not absolutely clear what form the euro rescue plan will take. "There's certainly not one that the German government will accept," she says.
   "But there does seem to be increased hope that there will be agreement. The next six weeks, up to the G20 meeting in Cannes, will be vital."
   Rastani said: "The euro is going to crash"
   Rastani said the City had already given up on the euro, despite continuing efforts to implement a rescue plan for Greece, the economy at the heart of the problems.
   But, says Anderson: "If everyone in the City did believe the euro is doomed, then it would now be 10-20% lower against other world currencies."
   Finch suggests the euro project is being tested to its very limits, but every possible effort will be made to ensure its future.
   "If the euro falls apart the repercussions in Europe and beyond will be vast."
   Rastani said: "Anybody can make money from a recession"
   Even if shares are in free-fall, said Mr Rastani, it is possible for canny investors to make a killing – as some did in the Great Depression of the 1930s.
   Anderson says: "Yes, it is possible to make money in a recession – but generally only if you have cash up front.
   "You can use spread betting, you can invest in things like gold, you can sell short. But you need a lot of cash, and I would say 99% of people lose money in a recession."
   Finch agrees – up to a point. "There will always be opportunities to make money in a recession. The seeds of fortunes are often sown in economic hard times.
   "But try telling a family with a mortgage and children who find themselves out of work that 'anybody can make money from a recession1. Try telling the near one million young people without work or training."
   Rastani said: "the savings of millions of people is going to vanish"
   Rastani painted a bleak picture of banks failing – taking people's life savings with them – as a recession took hold.
   Anderson says: "This is scaremongering, doom-mongering nonsense.
   "Even if the banks were to collapse, the government still guarantees people's savings up to a certain amount."
   The UK government currently guarantees up to £85,000 of personal savings.
   "And considering the average British person has less than £8,000 saved in an individual savings account, people are hardly going to be wiped out if there is a crash," Anderson notes.
   Finch says: "Even in the 2008 crisis, when Icelandic banks were collapsing, there were no losses as the UK government stepped in to make sure people's savings were safe."
   Rastani said: "Governments don't rule the world, Goldman Sachs rules the world"
   Rastani underlined the power of international financial institutions to control global markets, and painted a picture of nation-states powerless to affect the flow of capital across their borders.
   Anderson says: "This is very simplistic. It's not just Goldman Sachs who affects the market. Ben Bernanke {chairman of the US Federal Reserve} affects the markets when he sets US interest rates. The Chinese economy affects the market, as does global instability
   "However, there is the classic phrase 'you cannot buck the market' and it is true to say that governments can be shown to be relatively powerless if they try and take on the financial institutions – as the UK did in 1992 with its failed attempt to stay in the European Exchange Mechanism.
   "I would say there are lots of pieces of the puzzle that make up the global market. Some are bigger than others, but they all have a role."
   But many commentators have noted the power of some of the big finance houses.
   "Goldman Sachs has probably been allowed to have too much influence in the past, with many of its former top bankers once in the highest echelons of the US Treasury and administration," says Finch.
   "But there's too much conspiracy theory about Goldman Sachs".
   BBC © 2011 The BBC is not responsible for the content of external sites. Read more. #

   [TITLE LINE, etc. This is the title line as actually printed out on Oct 29, 2011: "BBC News – Maverick trader: Was what he said actually right?      Page 1 of 5".  ENDS.]
   [USER PROFILE: An alleged user profile of Mr Rastani is at <http://­observers.france24.com/­profile/41799>, stating he had been a member since October 2010.  Friends: 0.
http://www.johnm.multiline.com.au/cont23.htm#maverick-trader-was
[Sep 29, 2011]

• Coal sale raises energy security issues for WA: Editorial.     

Coal sale raises energy security issues for WA: Editorial

   The West Australian, <www.thewest.com.au>, Editorial, page 22, Friday, September 30, 2011
   The announcement that Wesfarmers is selling its Premier Coal operation to Chinese interests presents an awkward situation for Colin Barnett.  Just two weeks ago, the Premier visited China where he signed a memorandum of understanding promoting Chinese investment in WA.   Strangely, he did not seem to be aware of the likelihood of Chinese-owned Yancoal Australia buying Premier Coal until the day before the deal was made public.
   Mr Barnett expressed concern at the prospect of another foreign company snapping up an important State asset.  The Premier has already been through this process this year with the sale of Griffin's coal mines to Indian energy giant Lanco Irifratech.  Lanco inherited some unfavourable contracts to supply coal to the Bluewaters power stations and wanted to tear them up and export the coal to India.
   Bluewaters supplies about 10 per cent of the State's electricity so such a move would have had grave consequences for domestic supply.  Mr Barnett had to step in and insist Lanco honour its contracts.
   Now the State faces a similar scenario, however if this deal goes ahead, it will leave all the coal mines supplying the WA electricity grid in foreign hands.  This has potentially serious implications for the State's energy security.
   Yesterday, Mr Barnett held out the prospect of denying Yancoal an export licence if it tried to bypass the domestic market and send its coal to China.  There is no suggestion that Yancoal, which has five coal mines in NSW and Queensland, will try to dishonour existing Premier Coal contracts.  But the risk of that happening when contracts come up for renewal cannot be ignored.
   Mr Barnett's wariness on this issue may seem at odds with his enthusiastic support of Chinese investment in the WA mining industry.  But there is a significant difference between foreign ownership of iron ore tenements which supply a Chinese steel mill and ownership of a coal mine which provides fuel for local electricity generation.
   Despite some attempts to steer the State towards other forms of power generation, WA still relies on coal for the bulk of its electricity needs.  No sale of assets to a foreign company, particularly one like Yancoal that is part-government owned, should be able to proceed without strong safeguards to ensure domestic supply has precedence over exports.
   Australia benefits from foreign investment which helps finance the massive resources projects on which much of the nation's economic success depends.  We can't put up the shutters.  Outright opposition from the WA Government to the Premier Coal sale would send a confusing message.
   The Foreign Investment Review Board, which must authorise the sale, needs to consider the issue carefully.  Mr Barnett says the Government is unlikely to lobby to block the deal, but he should ensure the board is fully aware of the implications for WA.
   Beyond the foreign ownership concerns, the sale appears to be good news for job prospects in Collie. The fact that these energy giants are willing to spend up on resource assets is a strong vote of confidence in the local coal industry. #

   [RECAPITULATION: Lanco inherited some unfavourable contracts to supply coal to the Bluewaters power stations and wanted to tear them up and export the coal to India.   Bluewaters supplies about 10 per cent of the State's electricity so such a move would have had grave consequences for domestic supply. ENDS.]
   [COMMENT: Just like the British who settled Australia against the will of its Aboriginal inhabitants, what on earth do politicians think that other overseas powers will be doing when they buy Australia's land, mines, and city buildings?  Surely the "chattering classes" and the politicians can't really be so stupid, can they? COMMENT ENDS.]
   [2nd RECAPITULATION: Australia benefits from foreign investment which helps finance the massive resources projects on which much of the nation's economic success depends.  ENDS.]
   [2nd COMMENT: Australia does not benefit, when much "investment" is provided by fictitious credit from the banking fraternity.  Financialism is dangerous.  If Australians want to be serfs in their country of birth or adoption, keep selling businesses.  Then wait to see your jobs go to the fellow-countrymen of the buyers.   ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#coal-sale-raises
[p 22, Sep 30, 2011]

• Stop these foreign takeovers.     

Stop these foreign takeovers

   The West Australian, <www.thewest.com.au>, <letters§wanews com au>, Letters published page 24, Friday, September 30, 2011
Stop these foreign takeovers
   This is an open letter to Federal Resources Minister Martin Ferguson.  I am gravely concerned that it appears that a monopolistic and ostensibly patriotic company like Wesfarmers seems to have sold the very source of WA's southern power generation capabilities (Collie coal) to overseas (Chinese) interests.
   The WA Premier and his Government would be aware of the hurt that is being felt in the community because of recent State power tariff increases.  To add insult to injury, they may now be implicated in additional consumer backlash by being involved in foreign ownership of a unique State resource the consumer relies on to provide energy at a price which the State normally controls.
   With due respect, Mr Ferguson, you should also be concerned.  China has not entered this particular market as philanthropists.  It is my hope your office and that of the WA Government will therefore understand the following statement:  I do not appreciate paying overseas investors for the ability to turn on my lights in WA, particularly when the original power source is a State asset which may now only be administered by the State in terms of delivery price to my home and which price ultimately will be influenced by an international entity.
   If such a scenario gets legs, then something is wrong with the governance of our national and State sovereignty.
   Bob Corby, Two Rocks.
[Indians had refused to sell our coal to us; will Chinese act similarly?]
   Blind faith in global trade is shown by Premier Colin Barnett when he said the State Government is not likely to lobby against a Chinese takeover of a Collie mine (report, 29/9). [Last sentence of Sep 29 newsitem.]
   And I have not noticed any Federal Labor Party or the Greens opposition to Collie Griffin coal's new Indian owners, who refused in May to supply coal to the Collie Bluewater power station.  So Federal Labor, too, evidently believes that trade reigns supreme and the Greens have gone to sleep.
   About 15 or 20 years ago a group called Stop MAI Coalition was campaigning, with the Greens and other reformers, against breaking down the barriers to investment planned by the Multilateral Agreement on Investment.  This coalition warned of the danger to our economic freedom.
   It is obviously not economically sound to refuse to move Collie coal to a Collie power station, which would be forced to bring coal from interstate or overseas.  No matter what financial jiggery-pokery goes on, it is cloud cuckoo land stuff in the real world.
   I appeal to the National Party, the Greens and the independents to take steps to stop foreign takeovers and the stopping of supplies to Australians.
   John C. Massam, Greenwood.

   [COMMENT: The second letter's first sentence is based on the last sentence of "Chinese coal sale raises fears," by Gareth Parker, The West Australian, page 5, Thursday, September 29, 2011.  It reads: "Mr Barnett said the Government was unlikely to lobby the FIRB to block the deal."  (FIRB is the Foreign Investment Review Board, which some critics call a toothless tiger installed by Canberra to keep the sheeple, er, people lulled to sleep.) COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#stop-these-foreign
[p 24, Sep 30, 2011]

• Huge demand for ECB's three-year loans.  [€ 489 billion ($643bn; £375bn) at 1% to 523 banks, term three years.  Source of funds not stated.  Global Financial Crisis (G.F.C.)]   

Huge demand for ECB's three-year loans

   British Broadcasting Corporation (BBC), <http://­www.bbc.co.uk/­news/bu­siness-16282206>, Last updated at 17:02 GMT, 21 December 2011
   Eurozone banks have rushed to take out cheap three-year loans offered by the European Central Bank, borrowing 489bn euros ($643bn; £375bn).
   The central bank had originally hoped to lend up to 450bn euros to stop another credit crunch crippling the banking system.
  [Picture of the European Central Bank headquarters.] It is hoped that banks will use the loans to buy eurozone sovereign bonds.  
   Over 500 banks raced to borrow from the scheme, which was far beyond market expectations.
   The euro rose sharply on the news, but then fell back later.
   When the plan was announced, French President Nicolas Sarkozy said banks could use the money to invest in eurozone sovereign debt.
   However, analysts were uncertain if banks will use the money in this way.
   "The very heavy take-up of the ECB's three-year, long-term refinancing operation provides some encouragement that banks' liquidity needs are being amply met," said Jonathan Loynes at Capital Economics.
   "But while this might help to address recent signs of renewed tensions in credit markets and support bank lending, we remain sceptical of the idea that the operation will ease the sovereign debt crisis too as banks use the funds to purchase large volumes of peripheral government bonds."
'Positive number'
   This was the European Central Bank's first offer of three-year loans and was the largest amount of money the central bank has injected into the financial system, beating the 450bn euros it put in with its 2009 one-year loans offer.
   Although the offer was seen as a success, its impact on the eurozone economy is still uncertain.
  [Quote:] "It will indeed be an Annus Mirabilis if Europe's banks and governments get through 2012 unscathed"    - Stephanie Flanders, see her blog <http://www.bbc.co.uk/news/business-16289835>
   "This is good. It's a positive number, at the top end of expectations. You have to regard it as a positive result. But it is still short of covering all of the banks' financing for next year," said James Nixon at Societe Generale.
   Borrowing money though the ECB's loans and using it to buy sovereign debt has been dubbed 'Sarkozy trade' after the French president encouraged banks to use the money to buy national debts when the loan offer was announced.
   However, some suggest the money will just be used to boost bank balance sheets, especially since the ECB lowered its collateral requirements when it announced the loans, enabling weaker banks to apply for the funds.
   "A cash for trash mechanism allowing banks to access cheap funds and buy up more sovereign debt - or more likely just shore up their own finances," is how Justin Urquhart Stewart of Seven Investment Management described the scheme.
   Carsten Brzeski at ING, said: "The good news is that banks won't have to worry about liquidity for three years and that it has already pushed down government yields, as banks are buying them to use as collateral".
   "However, whether the ECB's hopes that the money will filter through to the real economy will be fulfilled remains to be seen."
  [Quote:] "A senior eurozone banker told me: 'This shows you the money was really needed' "    - Robert Peston, Business editor, BBC News - his blog <http://www.bbc.co.uk/news/business-16282463>    
   The success of the offer initially had a positive impact on European stock markets, but the effect was short-lived and in afternoon trade several markets were trading lower on the day.
Turbulent times
   The ECB's move comes in the wake of turbulent times for the eurozone that have hit peripheral eurozone economies such as Greece, the Irish Republic and Portugal, and started to affect major economies such as Italy and Spain.
   Banks in all these countries have lent large amounts of money to their national governments, and others in the eurozone, by buying sovereign bonds which have, historically, been seen as relatively safe investments.
   Interest rates for these bonds, known as yields, have been rising during the past few months, reflecting a higher risk that a country may default. Italian yields, for example, hit a record 7% in November.
   The banks that are left holding large amounts of eurozone sovereign debt are in turn seen as risky by money markets who force them to pay more to borrow money.
   This situation encourages banks to lend less themselves, which trickles down to consumers and small businesses, which find it harder to get loans.
   The ECB's three-year loans are designed to free up lending and avoid the kind of credit crunch that saw inter-bank lending dry up in 2008.
   Although the ECB has ruled out lending directly to countries, banks taking the three-year loans at 1% are being encouraged to invest in sovereign debt at 6% to 7%.
   This not only provides a lucrative return for the banks, but increases demand for sovereign debt, helping countries such as Italy and Spain that need to raise money. #

   [RECAPITULATION: €489,000,000,000.  ENDS.]
   [COMMENT: Read the last sentence.  Italy and Spain DO NOT need to raise money, because money is only an accounting convention.  What they need to do is learn that money is created out of thin air by banks and central banks like the European Central Bank.  And, when banks reduce lending their fictitious credit as they did in the 1920s-1940s, and around 2008, the economic system, and many other systems in society, slow down, causing untold poverty, misery, persecutions, cutthroat trade conditions, and threats of wars.
   Readers, do you remember the "stimulus packages" around 2008, offered by governments around the world ?  Why haven't these packages worked ?
   And, if the central banks of the European Union and the United States and other countries can lend at 1 per cent and less to their banking colleagues, why are business and house loans so dear in Australia, and some other places in the world ?  And, if a bank "borrows" from the central bank at 1%, and buys government bonds at 6 or 7%, can ordinary citizens be pleased to keep paying such exhorbitant profits to the banks, that is, to the top shareholders in the business community ?  Wouldn't it be more democratic for the central bank to give this created credit to people who are in debt, whether for running a business or profession, or to buy a home ?   COMMENT ENDS.]
   [LINK/S: European Central Bank <http://­www.ecb.int>.  ENDS.]
   [OTHER REPORTS: The Australian, <www.theaustralian.com.au/…6228133400>: 489.19 billion euros in bids from 523 banks, borrowed at 1.0 per cent.
   Reuters, <www.reuters.com/…USTRE7BK0MC20111221>: Three-year cut-price loans. ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#huge-demand-for
[To webpage 03 Feb 2012; published Dec 21, 2011]

• Ex-cop:  I helped mum fight law.  [Mr Wayne Glew claims that no Western Australian courts have legitimacy, and that all WA Supreme Court judges are frauds.]    
NEW TWIST IN MURDER-SUICIDE

Ex-cop: I helped mum fight law

   The Weekend West, <http://­www.thewest.com.au> (being the weekend endition of The West Australian), by Colleen Egan, p 20, Saturday-Sunday, December 17-18, 2011
  [Picture] Adviser: Wayne Glew helped prepare court documents for Heather Glendinning.
   Port Denison mum Heather Glendinning was encouraged to pursue long-running legal cases by a self-taught constitutional adviser who believes no WA courts have legitimacy and Supreme Court judges are frauds.
   Former policeman Wayne Glew is part of "a group of like-minded people" who challenge the decisions and powers of courts and governments, claiming they are not properly formed under the Constitution.
   Mr Glew, an inventor who has a long-running battle with the City of Greater Geraldton because he refuses to pay rates, this week handed over to regional broadcasters GWN7 several emails written by Ms Glendinning.
   In the emails, written earlier this year to Mr Glew and a court official, Ms Glendinning claimed that she was in fear for her life and that judges and lawyers were conspiring against her.
   The bodies of Ms Glendinning and two of her daughters, Jane and Jessica Cuzens, were found in her Port Denison home two weeks ago.
   They had all suffered extensive injuries in an attack that police believe was a murder-suicide by Ms Glendinning, who friends say was obsessed with lengthy battles against her ex-husband and his family in the Family and Supreme courts.
   Mr Glew said Ms Glendinning contacted him five years ago for help with her legal cases.
   He said people often sought him out after seeing his many interviews on YouTube.
   "I studied the Constitution for a long time and now I'm teaching people about it," he said.
   "The Constitution is the rule above all rules. Every verdict that comes out of any court in WA is invalid because they do not sit under the crown.
   "I told her the courts are, in my opinion, corrupt."
   Mr Glew prepared court documents for Ms Glendinning, who represented herself in the protracted [i.e., long drawn-out] cases.
  [Picture] Lived In fear: Heather Glendinning
  [Picture] Victim: Jessica Cuzens
  [Picture] Victim: Jane Cuzens
   "She sent me documents and I rewrote them for her," he said.
   "I put the Constitution and the Family Law Act in there.  She presented it to the court and they just threw it out.
   "I do not give legal advice; I do not profess to be a lawyer.  I profess to be a sovereign subject of the Queen.  I've got a high IQ and a good memory."
   Mr Glew said Ms Glendinning was made to "look like a nut" in the legal battles.
   "I found her to be a very well-spoken and intelligent woman," he said.
   "She was very upset that they were trying to make out that she was mentally unstable.
   "I told her to keep going and get what she's entitled to.
   "We weren't out stirring trouble, we were trying to win the case for her.
   "She was told enough times that she was a nut case.  I advised her to go to a psychiatrist and get a certification that she was not."

   One of WA's foremost researchers on violent crime, Associate Professor Guy Hall, examined the emails and described them as "paranoid ideas".
   "The language is odd and that's an indicator of schizophrenia," he said.
   "Delusion is a belief system:  she misplaced a knife and that becomes someone has stolen the knife; she doesn't remember a court hearing right so she assumes that the transcripts have been altered.  All of us remember things incorrectly but when we are faced with a transcript most of us accept that our memories were wrong, not that the judge altered the transcript."  Professor Hall said the stress of legal cases and sense of injustice could make delusions worse.

   Mr Glew did not believe Ms Glendinning was delusional and claimed the entire court system, including Chief Justice Wayne Martin, was corrupt.
   "Justice Martin is a liar and a fraudster," he said.
   Mr Glew said he believed Ms Glendinning was murdered and that he had urged her to go to the police over her fears, including, once when he overheard a man threatening her while they were on the phone.
   "I don't think she trusted the police and that was probably her downfall," he said.
   "I'm convinced she would not have hurt those kids.  A man did it.
   "You can clean a crime scene.  I spent 17 years in the police and you can make anything look like anything."
   Mr Glew has not offered his information to police investigating the Port Denison tragedy. #

   [1st RECAPITULATION: "I studied the Constitution for a long time …" (9th paragraph).  ENDS.]
   [1st COMMENT: In this and several other references to "the Constitution" the article does not say if it is the Constitution of the State of Western Australia, or the Constitution of the Commonwealth of Australia.  In advertisements, one of which appears later on this webpage, for which Wayne Glew is a contact, there is no explanation of which "Constitution" is meant.  The Webmaster suspects that this man and his supporters have not adverted to the fact that States like Western Australia also have constitutions, OR, if they do, that somehow these constitutions lost validity at federation in 1901, or at some other time.  On the contrary, the State constitutions are very much alive.
   In addition, he and his supporters don't seem to understand that "the Crown" operates according to conventions and understandings as well as under written constitutions and written laws.  And that many other things in government at all levels, and in the courts, are also done according to conventions and understandings, which supplement the written codes.  COMMENT ENDS.]
   [2nd RECAPITULATION: "…. I profess to be a sovereign subject of the Queen.…" (15th paragraph).  ENDS.]
   [2nd COMMENT: The Queen is the sovereign, and her people are her "subjects."  Mr Glew is not in some such system as the so-called Holy Roman Empire, where Kings, Dukes, Counts, Electors, etc. were both sovereigns in their own territories, but at the same time "subjects" of the Emperor.
   It all goes to show that "A little knowledge is a dangerous thing."  ENDS.]
   [LOOK FORWARD:  Resistance to unlawful local government [Graham Palmer and Wayne Glew, $200 donations requested for court action],   Advertisement in The Weekend West, page 75, Saturday-Sunday, Dec 31, 2011 - Jan 1, 2012 (and similar in other papers).
   "Inventor ordered to pay $2m damages to investor" [Wayne Glew's fuel economiser meets court decision], The West Australian, By Kate Campbell, p 12, Monday, January 30, 2012 ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#ex-cop-i-helped
[To this webpage 01 Feb 2012; published Dec 17-18, 2011]

• Disgruntled customer offers free bank advice.       

Disgruntled customer offers free bank advice

   The West Australian, <http://­www.thewest.com.au>, By BELLE TAYLOR, p 16, Wednesday, December 28, 2011
   A former Bankwest customer embroiled in a bitter Supreme Court dispute with the bank is offering free legal advice to other disgruntled clients, claiming he is fighting back against the "predatory" company.
   East coast property developer Geoff Shannon has launched a website, unhappybanking.net.au, where he urges Bankwest customers to "join the fight to keep the bastards honest".
   He claims to have spent close to $3 million in legal fees in a NSW Supreme Court battle against the bank he alleges sent his successful companies broke and is now willing to share his legal advice with other peopte in a similar situation.
   "They (Bankwest) use the legal system and the poor blokes don't have a hope in hell because they put up these barriers of lawyers and barristers," Mr Shannon said.
   "A lot of people have been run over and they don't know what to do.  If we can assist with some advice, my lawyers are there.
   "They are keen to review and look, and there might be similarities with my case, which we have spent all the money on, to help launch a one force action."
   Lawyers for Bankwest have asked Mr Shannon to take the website down, but he has refused to do so.
   "This matter is the subject of ongoing NSW Supreme Court proceedings between the Bank and Mr Geoffrey Shannon," a Bankwest spokeswoman said.  "The court is the most appropriate forum for the issues raised to be resolved."
   The matter is likely to go to a Supreme Court hearing next year.
   Mr Shannon, who became a Bankwest customer in 2006, alleges the bank repudiated its loan contract with his property development company 33 Electra, causing it to go broke and dragging down several of his other companies worth millions of dollars. #

http://www.johnm.multiline.com.au/cont23.htm#disgruntled-customer-offers
[To webpage Feb 20, 2012; Article Dec 28, 2011]

• Bailout programs 'unlawful'.  [Barrister Bryan Pape thinks it is unlawful for the Commonwealth Federal Government to make direct payments to Local Government.]   

Bailout programs ‘unlawful’

   The Weekend Australian (being the weekend edition of The Australian, <letters § theaustralian com au>, By ASHLEIGH WILSON, p 6, Saturday-Sunday, Dec 31, 2011 - Jan 1, 2012
   THE barrister who challenged the legality of Kevin Rudd's $900 stimulus cheques in the High Court has declared direct commonwealth payments to local governments are unlawful.
   Bryan Pape's comments come after an expert panel on constitutional recognition for local government, headed by former NSW chief justice James Spigelman, has recommended that financial recognition is a "viable option" in 2013.
   The majority of the panel members have backed a referendum in 2013 to change the constitution to recognise that the commonwealth can grant financial assistance to any local government body formed by the states or territories, on the proviso the Gillard government wins the support of the states and there is sufficient public awareness.
   Their report to the federal government said Mr Pape's unsuccessful High Court case had "created doubts about the constitutional validity of direct grants to local government and has potentially undermined the ability of the commonwealth to act in the national interest in this way".
   Mr Pape told The Weekend Australian he believed direct payments to local governments through programs such as Roads to Recovery were unlawful and were a corruption of commonwealth power.
   "Certainly in my view it is unlawful," Mr Pape said.
   "The campaign for constitutional recognition of local government should properly be seen as a disguised attack on federalism and the states."
   Mr Pape said the second round of the Gillard government's $1 billion Regional Development Fund, which is open to local governments for funding, was "in complete breach" of the finding of the High Court in his 2009 case.
   But Mr Pape has indicated he has no intention of launching a legal challenge in relation to commonwealth payments to local councils.
   Unlike the findings of the expert panel, Mr Pape has rejected the push to recognise local governments' ability to receive commonwealth funding in the Constitution.
   "The watchwords for local government should be 'beware of what you wish for'," Mr Pape said.  He expected state governments to fight the move "tooth and nail". #

   [RECAPITULATION: "The campaign for constitutional recognition of local government should properly be seen as a disguised attack on federalism and the states."  ENDS.]
   [COMMENT: Hear, hear, says Just World Campaign.
   A democratically-minded Commonwealth Federal Government, if the "stimulus package," "Roads to Recovery," and "bailouts" had been actually necessary, would have passed relevant monies to Local Government through the State Governments.  However, the present Labor-Greens Federal Government has several undemocratic plans bubbling away in its mind.  ENDS.]
   [AFTER-WORD: Mr Pape is probably wrong about the Commonwealth payments being unlawful.  If so, wouldn't payments of pensions and sickness allowance be also unlawful ?  Of course, whether stimulus payments are RIGHT is a different question.   ENDS.]
   [REFER ALSO to a different campaign, in which a Mr Wayne Glew is taking part in an advertising campaign around December 2011 and January 2012 to collect funds to take a court case to declare Local Government INVALID, and newsitems on unrelated matters in which Mr Glew features commencing December 17-18, 2011.  ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#bailout-programs-unlawful
[To webpage 03 Feb 2012. Published Dec 31, 2011 - Jan 1, 2012]

• Resistance to unlawful local government.  [Graham Palmer; Wayne Glew]     
   [PREFATORY COMMENT: Local Government is obviously NOT "unlawful."  Those who respond positively to the following advertisment will use up their time and money, and also use up the time and money of some levels of government, the legal profession, and the High Court.  ENDS.]
   The Weekend West, <http://­www.thewest.com.au>, Advertisement, (also in issue of Dec 24-25, 2011; and a shorter advertisement appeared in a Sunday Times around that period), page 75, Saturday-Sunday, Dec 31, 2011 - Jan 1, 2012
RESISTANCE TO UNLAWFUL
LOCAL GOVERNMENT

Members of the Western Australian community who are unhappy with the actions of their local councils are preparing to challenge the constitutional validity of those bodies.  We are looking for other WA people to join this fight, which is expected to go to the High Court of Australia, our highest judicial authority.  We are resisting the loss of our civil liberties and the encroachment of our property rights by local Shires and Councils acting on dubious legal grounds.

We wish to represent a diverse sample of the population and show the government that many people from all social, geographic and ethnic backgrounds are concerned that they are paying rates and accepting the authority of a level of government not mentioned in the Constitution.

If you want to join the Resistance please contact

Graham Palmer: 0417 936 004
Wayne Glew: 0428 382 297

We are asking all interested parties to contribute $200 or more to the legal costs of issuing and running this challenge.  This will be the extent of any contribution we ask you for and will give you the option of being listed as one of the parties (you may also donate anonymously).

Please deposit donations to: Australian Constitutional Trust Trustee:
United Pacific Corporation
Westpac Banking Corp.
Account number:
032 855 162140

Please include your name on the deposit form unless you wish to donate anonymously. #
   [RECAPITULATION: … paying rates and accepting the authority of a level of government not mentioned in the Constitution. ENDS.]
   [QUESTIONS to organisers "texted" by mobile telephone on Dec 27, 2011:  To Graham Palmer:   Unlawful LG advert Dec 24-25 says local government not mentioned in the constitution.  Is this the Western Australian Constitution ?  What section mentions High Court of Australia ?  Will I look your Trust up on the Internet ?  John Massam 0408054319
   To Wayne Glew:  Unlawful LG advert Dec 24-25 says local government not mentioned in the constitution.  Is this the Australian Constitution ?  What section mentions position of Prime Minister ?  Will I look your Trust up on the Internet ?  John Massam 0408054319 ENDS.]
   [RESPONSE: One of the two contacts telephoned the questioner, John C. Massam, within a day or two, and said he would confer with the other contact.  A further phone call was received, about March 3, 2012, but the telephoner did not change his mind. ENDS.]
   [COMMENT: Local Government is obviously NOT "unlawful."  This campaign will use up time and money of reform-minded people (who seem to think they ought not to contribute via locally-elected people to build and maintain roads, libraries, etc., in their area), and of the High Court.
   Campaigns that DO NEED organising include the global debt load, and the risk of war.  The world's richest people, the "One Per Cent," seem to be planning austerity and a World Depression.  The powerbrokers in the United States, the European Union, and Iran seem to be angling for a war.
   This Australian Constitutional Trust seems to be trying to bog down good-hearted people, three levels of government, and the "creative" High Court, in an attempt to cripple the centuries-old system of local government adapted from the British Isles systems.
   The Labor Party federally is trying to have Local Government acknowledged in the Federal Australian Constitution, by referendum.  Many patriotic groups oppose this and some of the other Labor suggestions, seeing in them a desire by Labor to federally control nearly every aspect of life, and noting that many of the Labor-Liberal "reforms" end up passing control to the "international community" or to "global investors," in other words, to the world's real "Big Boys."  ENDS.]
   [EVIDENCE:
The Constitution of Western Australia
PART 5 – LOCAL GOVERNMENT
Elected local governing bodies
52. (1) The Legislature shall maintain a system of local governing bodies elected and constituted in such manner as the Legislature may from time to time provide.
  (2) Each elected local governing body shall have such powers as the Legislature may from time to time provide being such powers as the Legislature considers necessary for the better government of the area in respect of which the body is constituted.
(The Western Australian Constitution Act 1889 section 52; Copyright © 1998 State of Western Australia.  Copied from booklet Western Australia's Constitution Acts: Western Australian Constitutional Issues, available from The Constitutional Centre of Western Australia, 40 Havelock St, West Perth, WA, 6005, <http://­www.­ccentre.wa.gov.au>.
  ENDS.]
   [PHONED RESPONSE: On June 20, 2012, Section 1 of the above was SMSd (texted) to the mobile phones of Messrs Palmer and Glew.  Around 1.49pm on June 20 Mr Palmer responded, and the conversation showed that he has not changed his mind.   Not too many had advanced the money required for the court challenge, Mr Palmer said.   ENDS.]
   [The Weekend West is the name adopted around 2011 for the Saturday edition of the well-known newspaper The West Australian, established 1833.  ENDS.]
   [LOOK BACK:  Ex-cop: I helped mum fight law.  [Mr Wayne Glew claims that no Western Australian courts have legitimacy, and that all W.A. Supreme Court judges are frauds.]  The Weekend West, <http://www.thewest.com.au> (being the weekend edition of The West Australian), by Colleen Egan, p 20, Saturday-Sunday, December 17-18, 2011
   [LOOK FORWARD:  "Inventor ordered to pay $2m damages to investor,"  The West Australian, <http://­www.thewest.com.au>, By KATE CAMPBELL, p 12, Monday, January 30, 2012.
   Chief Justice Wayne Martin found Wayne Glew, who claims WA courts and governments are unconstitutional, engaged in "deceptive and misleading conduct" against Frank Jasper Pty Ltd over his fuel vaporiser system.  ENDS.]
http://www.johnm.multiline.com.au/cont23.htm#resistance-to-unlawful
[To webpage on Jan 25, 2012; Published Dec 24-25 and other dates; scanned and copied from publication of Dec 31, 2011 - Jan 1, 2012]

• Bank bullies beaten by battlers' backlash.     

Bank bullies beaten by battlers’ backlash

   The Sunday Times (Perth, W. Australia), letters § sundaytimes newsltd com au ; by Scott Pape, "Barefoot Investor" in Business section, p 54, Sunday, June 10, 2012
   LET me tell you a story about three families set to lose their homes, a bunch of bank bullies, and a million-dollar promise.
   We've all heard about those silly Americans and their stupid subprime loans that sparked the global financial crisis. Tut, tut, tut.
   We were told that our property market wasn't like that of the US because we didn't have any of those "NINJA" loans (No Income, No Job, No Assets).  And technically that's true, but it's also true that the US doesn't have a monopoly on morally bankrupt financial institutions.
   We've got a few of our own in Australia – and just like their Ninja mates in the US, these lenders have their own acronym for the clients they want to, err, rip off: "A-RIPs" (Asset Rich, Income Poor).
  
   Here's how it works
  
   In the late 1990s lenders began offering "low-doc" and "no-doc" home loans, to help self-employed people (who often didn't fit the lenders' normal wage-earner criteria) get a loan without needing to provide a lot of supporting documentation (as in, none).
   In many instances clients could "self-declare" their income.  By the early 2000s the property boom was in full swing, and lenders were making a fortune flogging finance.
   Enter the A-RIPs.
   Mortgage brokers targeted A-RIP consumers – those with a house paid off but no spare cash – and convinced them to "unlock" the equity in their homes by buying investment properties.
   Enter the low-doc and no-doc ("lie to me") loans.
   While the RBA doesn't keep official figures on the amount written in low-doc loans, industry analysts suggest it's in the tens of billions of dollars.
  
   Serves them right?
  
   Consumer advocate Denise Brailey is representing hundreds of A-RIPs, and she's uncovered widespread fraud.
   "Many brokers have deliberately falsified their clients' income or their financial position," she said. "And in every single case I'm dealing with, the borrower has not been given their loan application by the lender – which they are legally required to do."
  
   Big companies, dumb ideas
  
   The sad part is that all this heartbreak and financial ruin could have been avoided if the lenders had simply picked up the phone and verified the borrowers' financial position.
   Turns out the bankers had "six degrees of separation" between them and the borrowers.
   While lenders have a responsibility to ensure borrowers have the capacity to repay, some lenders are denying that the brokers who introduced the loans to them were acting as their agents.
   Problem solved!
  
   Million-dollar promise
  
   You wouldn't think the lenders would have been too worried.  After all, most of these families could barely afford a bus ticket, let alone have the cash to launch legal proceedings against them.
   Little did the banks know, the battlers were about to bite back.
   A few years ago, respected journalist Paul Barry and consumer advocate Neil Jenman did a story on a rogue property developer who'd ripped off three families.
   The story successfully stitched up the property developer, but Barry lamented to Jenman at the time, "it's a crying shame these families are still going to lose their homes".
   None of these families should ever have been given the loans.
   One of them had an annual income of $25,000, but their loan docs had been falsified to say they were earning $2000 a week.  And now the bank was moving in to repossess their home.
   Then and there Jenman made Barry a promise: "I give you my solemn word they won't lose their homes."
   Jenman now says that, if he knew then what he knows now, he wouldn't have made that promise.  But he did.
   Jenman's real estate colleagues have a fighting fund he uses to help protect consumers who've been ripped off when buying property.
   But the cost of defending the three families against the banks blew his budget out of the water.
   Thankfully, the court found in favour of the families and cancelled each of their mortgages; they were free to keep their homes.
   This week, I asked Jenman why he kept going.  "Well, I knew that if we won it would have a mammoth effect right around the country and that's exactly what's happening."
   But let's not pat ourselves on the back quite yet.
   Initially what triggered the US subprime crisis was falling house prices.  In Australia we're entering our own housing slump.  With the tide going out, let's see who's swimming naked.
   Tread Your Own Path! #

   [RECAPITULATION:  ENDS.]
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http://www.johnm.multiline.com.au/
http://www.johnm.multiline.com.au/ethics/ethcont182.htm#NEWNEEDED cont24.htm# australia/austchron6.htm# religion/religchron6.htm# submit/subchron11.htm#
[ST, June 10, 2012]
Read the eye-opening INFORMATION CLEARING HOUSE NEWS

CONTENTS LIST and ANCHOR LIST (After reading an article, use Browser's "Back" button to return to Anchor List)
$589.30 per week. AUSTRALIA: The new minimum wage. June 03, 2011
Academics want climate sceptic's lecture cancelled. Ban the lord. AUSTRALIA: More than 50 Australian academics want the University of Notre Dame, Fremantle, to cancel a lecture by Lord Christopher Monckton.  Jun 30, 2011
Australia to end ban on women in combat.  Sep 27, 2011
Bailout programs 'unlawful'. AUSTRALIA: Barrister Bryan Pape thinks it is unlawful for the Commonwealth Federal Government to make direct payments to Local Government.  He warns against the push for constitutional recognition of Local Government's ability to receive Commonwealth funding. Dec 31, 2011 - Jan 1, 2012
Bolt found guilty of breaching discrimination act. AUSTRALIA: Commentator Andrew Bolt had written an article saying that light-skinned people of Aboriginal ancestry were not right to be claiming privileges as Aborigines.  Sep 28, 2011
Chinese coal sale raises fears. W. AUSTRALIA:  Businessmen and investors sell second energy source to overseas people, and the business-dominated Liberal Party leader is "caught on the hop."  It's all going according to Mr Greed's plans! Sep 29, 2011
Climate nazi gibe taints tax fight. CANBERRA, Australia: Lord Monckton uses Nazi swastika in slur on Prof. Ross Garnaut, and said the world faced eco-fascism and eco-communism. Jun 23, 2011
Coal sale raises energy security issues for WA: Editorial.  W. AUSTRALIA. Sep 30, 2011
Director wages war on peacekeepers. BOSNIA: Documentary movie of 2010 exposes corruption of contracting peacekeeper companies, "white slave" women held in bondage for prostitution by officials of the foreigners in Bosnia, and of the United Nations. Sep 28 2011.
Disgruntled customer offers free bank advice. AUSTRALIA: Property developer Mr Geoffrey Shannon also has a claim proceeding in the New South Wales Supreme Court.
Dispute could stop airport extension.   PERTH (W. Australia): Airport land was leased to a brickmaker, who also intends to make prefabricated houses.  Now they need some of the land for lights to guide in planes on runway extensions. May 17, 2011
Economic rent ripe for tax. AUSTRALIA: Dishonest campaign wrecked leadership of Kevin Rudd, but real super profits are really economic rent-taking. Jan 12, 2011
Ex-cop: I helped mum fight law. WESTERN AUSTRALIA: Wayne Glew told mother in family property dispute that all Western Australian judges were invalid, and that the WA Supreme Court judges are frauds.  Woman and two of her children discovered dead at home, Port Denison, two weeks ago.  (Her adviser refuses to pay local government rates at Geraldton.) Dec 17-18, 2011
Howard's phantom toast to Menzies.  Former AUSTRALIAN Prime Minister John HOWODD was asked to, and did, leave out of a repeat edition of his memoirs a fanciful account of inviting Robert Menzies' daughter in to the PM's Lodge. Sep 17-18, 2011
How house prices spiral.  Plea for homeless.   PERTH, W. Australia. Letter-writer lists how society keeps land and house prices high.  Another writer objects to the homeless being evicted from the city while an international conference takes place. July 3, 2011
Huge demand for ECB's three-year loans.  EUROPE: 489.19 billion euros, source unknown, lent to 523 banks at 1 per cent interest.  December 21, 2011
Land costs. PERTH, West. Australia: Make land-buyers build in three years, to stop parasites causing land prices to rise. May 16, 2011
Land tax reduces rents.  AUSTRALIA: Gavan Putland replies to a commentator on a previous article. Aug 10, 2011
Maverick trader: Was what he said actually right?  [More about Goldman Sachs ruling the world, not governments.]  LONDON: Mr Alessio Rastani seems to see some of the truth.  Sep 29, 2011
• The Money Masters; Behind the Global Debt Crisis.  Big banksters cause depressions, inflation, etc. Sep-Oct 2011
Resistance to unlawful local government.  AUSTRALIA: A blind alley to lead reform-minded people away from meaningful issues. Dec 31, 2011 - Jan 12, 2012
River plan lacking in vision. PERTH, W. Australia: State Government wants to spend millions gouging out reclaimed and riverbank land right up to heritage buildings. Feb 21, 2011
Sitting on land, driving up prices. PERTH, W. Australia: The Alkimos Campaign to increase rates on land held out of use by "land banking." Apr 12, 2011
Stop these foreign takeovers. W.AUSTRALIA: Second Collie coalmine sold to overseas interests. One had already stopped supplying Collie electricity plant. Sep 30, 2011
Tax after the talkfest. AUSTRALIA: Land tax is one of the least economically damaging of taxes. Aug 03, 2011
Trader Alessio Rastani To BBC: 'Governments Don't Rule The World, Goldman Sachs Rules The World'.  Says he will make money from the collapse he forecasts.  Plus other newsitems, which leads to the conclusion that his opinion about Goldman Sachs is no more valid than conversation at a coffee bar or in a hotel. Sep 26, 2011
Why so little awarded to Beamish?  PERTH, W. Australia: Police falsifications led to 15 years in prison. June 6, 2011
Yanzhou signals big plans with $297m WA coal buy. W.AUSTRALIA. Sep 29, 2011

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