Scott Morrison - How Long? Part 2

[QuietB]

How much of it will be 5/10 year T bonds/bills with a yield of less than 1 per cent? That’s cheap debt in anyone’s language. Won’t be too hard to service assuming a good level of economic growth.

Agree - but everything has changed.

Does Australia even have to borrow the money? Is it possible that there is a level of cooperation between all the major economies that they simply have to do what they have to do (ie. print money) to get through this and we will resume at the end as if nothing happened?

I am not a finance or economics guy but something tells me all bets are off. And as long as everyone does it relatively equally then the minor squabbles will be resolved by currency exchange rates when we resume.

I know this is pretty absurd and revolutionary but the times we are living in and the challenges we face are equally absurd.

The reason I think that something like this might happen is that if it doesn't none of the debt gets paid off. Eventually it all gets foreclosed because no one has a job and no one can pay it. And if you cannot pay your bank then they cannot pay their bank and the entire system crumbles. That is not an option that the west can face.

We are not talking 10% unemployment here. We were already way over that before this all happened if it was measured properly anyway. We are talking 50-60% unemployment and maybe worse.

 

[PCSY]

How much of it will be 5/10 year T bonds/bills with a yield of less than 1 per cent? That’s cheap debt in anyone’s language. Won’t be too hard to service assuming a good level of economic growth.

and paying it off?

 

[QuietB]

and paying it off?

But how do you borrow money from someone who is also borrowing money?

 

[PCSY]

But how do you borrow money from someone who is also borrowing money?

You've just pointed your camera at the TV screen...

 

[Cooldude]

But how do you borrow money from someone who is also borrowing money?

The whole world's one big Ponzi scheme

 

[QuietB]

You've just pointed your camera at the TV screen...

The whole world's one big Ponzi scheme

So how does it work?

USA stimulus is $2.2t
Britain is £330b
NZ is $12b
Aus is $84b
EU is €750b

And they all have the shits with the Chinese. So who is borrowing from who

 

[kranky al]

fu** me thats an eye watering spend! God help us.

P.S why is it that lefties are only happy when government is spending us to the edge of oblivian?

The yanks with the repugnican right in power just spent 1.5 TRILLION propping up the stock market for 30 minutes. it quite literally made a blip that slowed down the crash for 30 whole minutes.

1400 000 000 000 dollars.


that would have been enough to pay every single american 4000 dollars.

Im thinking that we are spending our money a lot more wisely.

 

[Hawk Dork]

The yanks with the repugnican right in power just spent 1.5 TRILLION propping up the stock market for 30 minutes. it quite literally made a blip that slowed down the crash for 30 whole minutes.

1400 000 000 000 dollars.


that would have been enough to pay every single american 4000 dollars.

Im thinking that we are spending our money a lot more wisely.

That would have solved our toilet paper shortage

 

[kranky al]

The debt we have racked up will hurt every Australian for decades as the punitive taxes, coupled with indefinate wages freeze required to pay for it all will drop everyones standards of living. Its a full blown humanitarian disaster you can't even contemplate because you still believe in the magic money tree that "governments" have to "fix" all of these problems.

Im going to suggest at this point you go study what happened in the great depression - watch what happened as governments went austere - then go to the gfc - watch what happened when australia stimulated while the world went austere - then fast forward to now and suggest we go the great depression mode.

its such an utterly utterly dumb f%*# idea - even trump didnt embrace it - and its gotta be pretty f#}%% stupid for that numbnuts to give it a pass....

 

[Balls In]

The yanks with the repugnican right in power just spent 1.5 TRILLION propping up the stock market for 30 minutes. it quite literally made a blip that slowed down the crash for 30 whole minutes.

1400 000 000 000 dollars.


that would have been enough to pay every single american 4000 dollars.

Im thinking that we are spending our money a lot more wisely.

Our total stimulus spend with today is $350b and here's us with x10 less population, genius. Do the maths. Added to christ knows what we already had on the card its a massive debt.

 

[JackOutback]

Since when do governments subside everyones salaries? I don't like it, its far too much. This is going to hurt us for years.

How does it feel having voted for the most left wing government in decades

 

[Northalives]

Our total spend with today's $130b is already $350b and here's us with x10 less population, genius. Do the maths. Added to christ knows what we already had on the card its a massive debt.

Don't worry matey, the populace will vote for the ALP and they will fix things up and put us back on a secure and sustainable path only for them, the populace, to once more vote for the Liberal hacks on the promise of "you can have more!" and who will f**k things up again and so it goes on .... Australian Political History tells us so.

Imagine how much better and cheaper things would have been if our Hospitals and essential services, which includes the public service, had not been gutted and if peoples lives were put first instead of "making-a-buck" when all of this kicked off?

 

[Northalives]

How does it feel having voted for the most left wing government in decades

hahahahahaha ah good one

 

[Cooldude]

How does it feel having voted for the most left wing government in decades

I've had it with these goddamn commies voting in socialists that are turning us into Cuba

 

[Balls In]

How does it feel having voted for the most left wing government in decades

Fair play!

 

[kranky al]

Our total stimulus spend with today is $350b and here's us with x10 less population, genius. Do the maths. Added to christ knows what we already had on the card its a massive debt.

The answer you are searching for is 40.

America has fifteen times our population and spent 40 x our stimulus slowing the crash for 30 minutes...

that money they spent is gone where?

ours is in real peoples pockets being spent on food.

im not a genius. But i tell you what....

 

[Juddism]

The answer you are searching for is 40.

America has fifteen times our population and spent 40 x our stimulus slowing the crash for 30 minutes...

that money they spent is gone where?

Drugs! The drugs...all the cocaine and crack you can think of...

 

[Crankyhawk]

The debt we have racked up will hurt every Australian for decades as the punitive taxes, coupled with indefinate wages freeze required to pay for it all will drop everyones standards of living. Its a full blown humanitarian disaster you can't even contemplate because you still believe in the magic money tree that "governments" have to "fix" all of these problems.

We pretty much had wage freeze before covid anyway

 

[kranky al]

We pretty much had wage freeze as our current governments policy before covid anyway

Ftfy.....

<<<The long debate over the causes of wage stagnation took an unexpected turn last week, when Finance Minister Matthias Cormann described (downward) flexibility in the rate of wage growth as “a deliberate design feature of our economic architecture”.>>>

Ultra low wage growth isn’t accidental. It is the intended outcome of government policies

Employment Minister Mathias Cormann has let the cat out of the bag. The government has been trying to supress wages.

theconversation.com

 

[kranky al]

Drugs! The drugs...all the cocaine and crack you can think of...

As long as i get an invite to the party im down with this!!

 

[borderbarry]

DOes anyone know if the bushfire victims have received the money that was donated to them? If not, where is that money? In whose pockets?

 

[Rob R]

So how does it work?

USA stimulus is $2.2t
Britain is £330b
NZ is $12b
Aus is $84b
EU is €750b

And they all have the shits with the Chinese. So who is borrowing from who [emoji2369]

World unites and refuses to pay any debts owing to China as part of the reparations they owe?

Although China owe trillions in debt to others as well so the question has to be asked is the money real or as another poster said is it all a big ponzi scheme?

On SM-G570F using BigFooty.com mobile app

 

[QuietB]

World unites and refuses to pay any debts owing to China as part of the reparations they owe?

Although China owe trillions in debt to others as well so the question has to be asked is the money real or as another poster said is it all a big ponzi scheme?

On SM-G570F using BigFooty.com mobile app

This is a fascinating article from https://theintercept.com/2020/03/27/coronavirus-stimulus-package-spending/

This is particularly interesting;

It’s a fascinating progressive moment because what it’s shown is that all of these issues have never been about ‘how are you going to pay for it?’ It’s never been about whether we have the capacity to do these things or if the logistics have worked out.

All of these excuses that we have been given as to why we cannot treat people humanely have suddenly gone up in smoke and what has been revealed is that all of these issues were really about a lack of political will and who you deemed worthy to be in an emergency or not.

No idea what The Intercept is or how credible they are but it is a very interesting article.

 

[FredLeDeux]

World unites and refuses to pay any debts owing to China as part of the reparations they owe?

Although China owe trillions in debt to others as well so the question has to be asked is the money real or as another poster said is it all a big ponzi scheme?

On SM-G570F using BigFooty.com mobile app

It's not the Chinese who owe us reparations.

It's dem damn bats.

 

[Juddism]

Notice that the $750 stimulus didn't arrive today...