There has been no bail out of any Australian Bank. The only Australian bank that nearly failed was Queesland's Suncorp Bank. The Australian Federal Governments promise to protect depositors saved Suncorp from liquidation. Australia's then Prime Minister was from Queensland and the State Government from his Labor Party. Suncorps potential failure was more related to it being primarily an Insurance company with most of it's exposure in it's home state which suffered a series of natural disasters
So funny. And we see pixies in the garden and ufo's over sydney. The CIA killed JFK and crystals can cure cancer. Someone got charged an early withdrawel fee and decided to go lame bank bashing. LOL.
@Scrivelicious as an Australian I invested heavily in American funds but pulled out when I saw that the prices became ridiculously cheap. Didnt take a brain surgeon. I laugh when I see the ratios now.
The nab is a criminal organisation, they have a great sting operation going using their Agribusiness/Strategic Business Services sections. The courts let them get away with it but what is worse is that the Government is aware of it and has been since 1991 when Paul Mclean tried to get a Royal Commission into Bank Malpractice. Nothing changes, the banks own everything and everybody but no-one notices. Check out my website. "True obscenity is to know the truth and deny it" -Santayana
The Australain banks borrowed USD, which they then sell in order to buy AUD (probably), pushing the AUD up a bit relative to the USD. Then 84 days later at the most (84 days was the maximum term of the TAF loans) they have to buy USD to repay the capital and interest. They buy USD by selling AUD. This selling of the AUD tends to lower the AUD relatiuve to the USD, so I assume there was little long term effect on the exchange rate.
@udrinkpiss I accept you are taking the piss. As a 5th Generation Australian, I agree. We are apathetic, definitely un-evolved in this area. Anyone who speaks out, is draw back the centre of gravity of the general value system. Show me an economy that doesn't subscribe to it's Central Bank's / local bank cartel control?
@udrinkpiss you are correct, although crude. I bang my head against the wall everyday trying to explain our current situation. Unfortunately, unless it's on channel 7 news no one will take notice. Hedge yourself accordingly, reduce debt and buy metals. The sheeple are lost........................
@mosier Yes, the FED is not a creature of the free market. I am familar with Rothbard's theory that the FED caused the great depression, and with the monetray theories of how the free market banks caused the regular boom and bust cycles of the 18th and 19th centuries. Even if the FED failed in boom of the 1920s (it certainly failed in1929-30) I was suggesting that the FED learned from the mistake and has tried to do something like a Milton Friedman endorsed policy since, with some success.
@mosier Yes I have heard theory about mal investment a million times, and I used to believe it. Now I ask what's your evidence for this theory. Bryan Caplan, a refomed "Austrian" economist, make s a very interesting point about that: why are capitalists so stupid as to plan long term investment based on the latest low interest rate, with absolutely no idea that the rates might go up in the future? An interesting question. I have also heard the drunk/hangover analogy 1.5 million times.
you say that most aussies are fools and at the same time say that these fools should be given more information and therefore more power. Not to mention the animation trying to suggest that regulation is a bad thing when it is blatantly obvious that corporations in a free market economy act exactly like a virus with no other purpose than endless expansion and nothing to stop them from raping our planet and its people for all it can get. A system for individual profit without responsibility.
The maximum term of the TAF loans was 84 days so we must assume WESTPAC and NAB paid these loans back with interest within 84days. How does that make them un-sound banks and how does it involves taxpayers money? The interest rate was determined by auction, i.e. the market. It is far too common for half-baked economic commentators with an ideological axe to grind to say "propped up with taxpayers money"- its easier than thinking.
Nearly all mention of who called in the debt that has caused this contraction has got lost in the media flack. The Basel Accord / Agreement meant the rules about actual cash reserves changed, pre GFC. Even the wikipedia data on the Basel Accord / Agreement was rewritten post July 2008. Guess who called in the debt that set off the sub prime domino effect?
The "highly leveraged", fractional reserve, "create money from thin air" banking system evolved in the free market. Yes it led to the boom and bust cycle with a recurrence time of about 20 years. So we invented central baking to do soimething about it. Maybe eventually central banking will fail, but it has been working for 70 years to avoid a depression like that of the 1930s or those throughout the 18th and 19th centuries. Why exactly do you want it to fail?
@macroman52 The FED is NOT a creature of the free market. Murray Rothbard, in America's Great Depression, blames the interventionist policies of the Hoover administration for exacerbating the Great Depression. He explains the Austrian theory of the business cycle, holding that government manipulation of the money supply causes the "boom-bust" phases of the market. The FED's inflationary policies during the 1920's was caused by government and central bank interference in the market.
Look like a good news story to me, that two banks avoided "going broke" - what exactly is good about banks going broke? You like bank crashes, people losing money, the flow-on effects of unemployment, human misery, loss of tax revenues, increased government welfare payments and larger Government deficits? How much fun was the Great Depression? Are NAB and WESTPAC now doing OK? If so we should thank the FED for giving the loans.
@macroman52 Just as giving a drunk more booze to avoid a hangover just postpones what will thereby be an even worse physical effect, so too continual central bank credit (money) expansion does not allow the necessary liquidation of mal-investment prompted by repeated doses of bank stimulation. The ill effects you fear will be even worse as unsustainable credit expansion ultimately causes banks to become shaky from bad loans or the public restive at continuing inflation.
@udrinkpiss Fit in or fuck off. Your the kind of retarded cunt that ruins this country, narcissistic fuckwits. You should never of been let into Australia you flogged out little Indian cunt. You can even spell properly. I hope you get hit by a car whilst choking on a mouthful of camel jizz, although that particular scenario would probably be old news for you though wouldn't it.
@bumndrass its people like you that further the stereotype that australians are racist pricks.your ignorance sickens me; just cause i'm indian does't mean i dont have equal right to be here. I am a contributing member of this society and have nothing against the common australian. you've obviously misunderstood that i was trying to tell you to wise up and challenge the bullshit your government and media are putting through to you.
@udrinkpiss I don't misunderstand, it's people like me who stand up for my country's integrity, and it's people like me who are fed up with you people coming here and abusing the country and thinking you have the right to do so. If i went to India and made a slur against the country or its people, such as your comment "FUCK AUSTRALIA", I would be in jail. The Australian people are wise to the ways of our government, more than you know.
@bumndrass firstly, if you didnt want us here, you shouldnt have begged us to come with the ridiculous immigration laws and false hope of good tertiary education. secondly, you need us here cuz without us, no one would work at all the jobs you people think are below you. secondly, its idiots like you who go and fight for things in the name of your country without even knowing their real agenda. you claim to know what theyre upto, but if u did, u wdnt be on this page in the first place.
@udrinkpiss A. Your a very misguided individual, B. You cant spell. C. I haven't seen one single Indian working in the sewerage treatment plant here, I also don't see any Indian's working in garbage trucks, or at the dump. The only places we see you working is in cabs, and in 7/11's, and you generally can't even get that right. Have some Rogan Josh and calm down. Its obvious that your opinion is not wanted on here.
@bumndrass I have to agree with him, udrinkpiss you're WAY over the top and saying F**K Australia is a very racist comment, and I'm offeended. Sure the government screwed up and the banks stuffed up, however saying thsat Australia as a whole is to blame is incorrect
@udrinkpiss You probably can't even dignify your own existence. This 'bogan' probably pays your wages. Have some Vindaloo and harden the fuck up princess.
@udrinkpiss mate id u dont like it fuck off. people like you make a country shit. id say australia would be shit if it was full of cunts like you. dont worry about the banks you dumb cunt. The national makes 8 billion a year u dumb cunt. its gonna be a while before we become like america
@skatey180matey if the country was full of people like me, you'd have a population of graduates who are responsible citizens. there's nothing wrong with having your eyes opened to the truth and believing the crap they tell u on the australian news. This is the kind of stuff that matters, not stories about animals getting trapped in wells and what oprah did today. all im trying to say is that australia is just as fucked as the other countries, and they have a right to the people to let them know.
@udrinkpiss your credibility is harshly undermined by your username...not to mention you can't spell. bullshit on the news, yes. the rest of what you said is complete and utter bullshit. slam yourself.
@TheSkeggz admitted. i was a kid when i did it and havent bothered to change it since. i dont have time to sit and spell check everything i type, either.
if u agree with me that there is utter bullshit on the news, you would also have to agree that complacency of the people is partly to blame. rather than demand proper news about things that matter, you sit at home and willingly take in the bullshit. the people of a country deserve this kind of transparency, thats all im trying to point out
@udrinkpiss as a 5th Generation Australian, I agree. We are apathetic, definitely un-evolved in this area. Anyone who speaks out, is draw back the centre of gravity of the general value system. But show me an economy that doesn't subscribe to it's Central Bank's control?
@udrinkpiss you are correct, although crude. I bang my head against the wall everyday trying to explain our current situation. Unfortunately, unless it's on channel 7 news no one will take notice. Hedge yourself accordingly, reduce debt and buy metals. The sheeple are lost........................
Good facts, interesting analysis but not sure if I agree with the conclusion drawn. The "Global" (i.e. American) financial crisis was caused by the bottomless greed of the common capitalist set loose by deregulation of the banking industry that started years before - not by "government bureaucrats".
@Bluudclaat in theory the "regulation" could be a bi-lateral system of checks and balances with a third-party executive oversight, in practice we could be looking at another French-style revolt between those who have nothing and those who have it all.
lol. great video. humour in the truth
samlau121 2 months ago
There has been no bail out of any Australian Bank. The only Australian bank that nearly failed was Queesland's Suncorp Bank. The Australian Federal Governments promise to protect depositors saved Suncorp from liquidation. Australia's then Prime Minister was from Queensland and the State Government from his Labor Party. Suncorps potential failure was more related to it being primarily an Insurance company with most of it's exposure in it's home state which suffered a series of natural disasters
binaway 1 year ago
So funny. And we see pixies in the garden and ufo's over sydney. The CIA killed JFK and crystals can cure cancer. Someone got charged an early withdrawel fee and decided to go lame bank bashing. LOL.
Scrivelicious 1 year ago 6
@Scrivelicious as an Australian I invested heavily in American funds but pulled out when I saw that the prices became ridiculously cheap. Didnt take a brain surgeon. I laugh when I see the ratios now.
Scrivelicious 1 year ago
The nab is a criminal organisation, they have a great sting operation going using their Agribusiness/Strategic Business Services sections. The courts let them get away with it but what is worse is that the Government is aware of it and has been since 1991 when Paul Mclean tried to get a Royal Commission into Bank Malpractice. Nothing changes, the banks own everything and everybody but no-one notices. Check out my website. "True obscenity is to know the truth and deny it" -Santayana
bankslayer 1 year ago
This is a great video, I agree we have to somehow get this out in the main stream media. How can we get it exposed so people can see the truth.
muzzag2010 1 year ago
we need to find some way of letting the australian people know about this!!
kempharry 1 year ago
The Australain banks borrowed USD, which they then sell in order to buy AUD (probably), pushing the AUD up a bit relative to the USD. Then 84 days later at the most (84 days was the maximum term of the TAF loans) they have to buy USD to repay the capital and interest. They buy USD by selling AUD. This selling of the AUD tends to lower the AUD relatiuve to the USD, so I assume there was little long term effect on the exchange rate.
macroman52 1 year ago
This has been flagged as spam show
@udrinkpiss I accept you are taking the piss. As a 5th Generation Australian, I agree. We are apathetic, definitely un-evolved in this area. Anyone who speaks out, is draw back the centre of gravity of the general value system. Show me an economy that doesn't subscribe to it's Central Bank's / local bank cartel control?
ask412 1 year ago
Well Well Well !!Nothing new at all !! Some shit like in 1928 ! Organized by the same people for the same reason! History repeated !!!
alfoldibetyar 1 year ago
Comment removed
alfoldibetyar 1 year ago
@udrinkpiss you are correct, although crude. I bang my head against the wall everyday trying to explain our current situation. Unfortunately, unless it's on channel 7 news no one will take notice. Hedge yourself accordingly, reduce debt and buy metals. The sheeple are lost........................
dionwalkss 1 year ago
@mosier Yes, the FED is not a creature of the free market. I am familar with Rothbard's theory that the FED caused the great depression, and with the monetray theories of how the free market banks caused the regular boom and bust cycles of the 18th and 19th centuries. Even if the FED failed in boom of the 1920s (it certainly failed in1929-30) I was suggesting that the FED learned from the mistake and has tried to do something like a Milton Friedman endorsed policy since, with some success.
macroman52 1 year ago
@mosier Yes I have heard theory about mal investment a million times, and I used to believe it. Now I ask what's your evidence for this theory. Bryan Caplan, a refomed "Austrian" economist, make s a very interesting point about that: why are capitalists so stupid as to plan long term investment based on the latest low interest rate, with absolutely no idea that the rates might go up in the future? An interesting question. I have also heard the drunk/hangover analogy 1.5 million times.
macroman52 1 year ago
you say that most aussies are fools and at the same time say that these fools should be given more information and therefore more power. Not to mention the animation trying to suggest that regulation is a bad thing when it is blatantly obvious that corporations in a free market economy act exactly like a virus with no other purpose than endless expansion and nothing to stop them from raping our planet and its people for all it can get. A system for individual profit without responsibility.
ArythmicReece 1 year ago
The maximum term of the TAF loans was 84 days so we must assume WESTPAC and NAB paid these loans back with interest within 84days. How does that make them un-sound banks and how does it involves taxpayers money? The interest rate was determined by auction, i.e. the market. It is far too common for half-baked economic commentators with an ideological axe to grind to say "propped up with taxpayers money"- its easier than thinking.
macroman52 1 year ago
Nearly all mention of who called in the debt that has caused this contraction has got lost in the media flack. The Basel Accord / Agreement meant the rules about actual cash reserves changed, pre GFC. Even the wikipedia data on the Basel Accord / Agreement was rewritten post July 2008. Guess who called in the debt that set off the sub prime domino effect?
ask412 1 year ago
Comment removed
ask412 1 year ago
Comment removed
ask412 1 year ago
The "highly leveraged", fractional reserve, "create money from thin air" banking system evolved in the free market. Yes it led to the boom and bust cycle with a recurrence time of about 20 years. So we invented central baking to do soimething about it. Maybe eventually central banking will fail, but it has been working for 70 years to avoid a depression like that of the 1930s or those throughout the 18th and 19th centuries. Why exactly do you want it to fail?
macroman52 1 year ago
@macroman52 The FED is NOT a creature of the free market. Murray Rothbard, in America's Great Depression, blames the interventionist policies of the Hoover administration for exacerbating the Great Depression. He explains the Austrian theory of the business cycle, holding that government manipulation of the money supply causes the "boom-bust" phases of the market. The FED's inflationary policies during the 1920's was caused by government and central bank interference in the market.
Mosier2 1 year ago
Look like a good news story to me, that two banks avoided "going broke" - what exactly is good about banks going broke? You like bank crashes, people losing money, the flow-on effects of unemployment, human misery, loss of tax revenues, increased government welfare payments and larger Government deficits? How much fun was the Great Depression? Are NAB and WESTPAC now doing OK? If so we should thank the FED for giving the loans.
macroman52 1 year ago
@macroman52 Just as giving a drunk more booze to avoid a hangover just postpones what will thereby be an even worse physical effect, so too continual central bank credit (money) expansion does not allow the necessary liquidation of mal-investment prompted by repeated doses of bank stimulation. The ill effects you fear will be even worse as unsustainable credit expansion ultimately causes banks to become shaky from bad loans or the public restive at continuing inflation.
Mosier2 1 year ago
Would this have an effect on the AUD/USD exchange? I'm not much an economist but this currency conversion is of interest to me.
Elmaln 1 year ago
THIS COMMENT HAS BEEN CENSORED AND REMOVED BY THE AUSTRALIAN GOVERNEMENT
kempharry 1 year ago 3
FUCK AUSTRALIA!
censorship in the media is nothing new in australia. their government treat its people like fools and they are just that for not questioning them.
ive lived here for two years and have seen the press and the media undermining the common man by feeding him bullshit on the news.
this country is even more fucked than the others... just that its so far away from the rest of the civilsed world that noone gives a shit abt it..
udrinkpiss 1 year ago 6
@udrinkpiss leave then?
dannners 1 year ago
@dannners i love the idea.
bumndrass 1 year ago
@dannners i am.. :)
udrinkpiss 1 year ago
Comment removed
bumndrass 1 year ago
@udrinkpiss Fit in or fuck off. Your the kind of retarded cunt that ruins this country, narcissistic fuckwits. You should never of been let into Australia you flogged out little Indian cunt. You can even spell properly. I hope you get hit by a car whilst choking on a mouthful of camel jizz, although that particular scenario would probably be old news for you though wouldn't it.
bumndrass 1 year ago
@bumndrass its people like you that further the stereotype that australians are racist pricks.your ignorance sickens me; just cause i'm indian does't mean i dont have equal right to be here. I am a contributing member of this society and have nothing against the common australian. you've obviously misunderstood that i was trying to tell you to wise up and challenge the bullshit your government and media are putting through to you.
udrinkpiss 1 year ago
@udrinkpiss I don't misunderstand, it's people like me who stand up for my country's integrity, and it's people like me who are fed up with you people coming here and abusing the country and thinking you have the right to do so. If i went to India and made a slur against the country or its people, such as your comment "FUCK AUSTRALIA", I would be in jail. The Australian people are wise to the ways of our government, more than you know.
bumndrass 1 year ago 2
@bumndrass firstly, if you didnt want us here, you shouldnt have begged us to come with the ridiculous immigration laws and false hope of good tertiary education. secondly, you need us here cuz without us, no one would work at all the jobs you people think are below you. secondly, its idiots like you who go and fight for things in the name of your country without even knowing their real agenda. you claim to know what theyre upto, but if u did, u wdnt be on this page in the first place.
udrinkpiss 1 year ago
@udrinkpiss A. Your a very misguided individual, B. You cant spell. C. I haven't seen one single Indian working in the sewerage treatment plant here, I also don't see any Indian's working in garbage trucks, or at the dump. The only places we see you working is in cabs, and in 7/11's, and you generally can't even get that right. Have some Rogan Josh and calm down. Its obvious that your opinion is not wanted on here.
bumndrass 1 year ago
@bumndrass I have to agree with him, udrinkpiss you're WAY over the top and saying F**K Australia is a very racist comment, and I'm offeended. Sure the government screwed up and the banks stuffed up, however saying thsat Australia as a whole is to blame is incorrect
SKILL3RS101 1 year ago
@bumndrass i not gnna dignify ur bullshit with a response.. u racist fucking bogan.
ur a shame to all australians.
udrinkpiss 1 year ago
@udrinkpiss You probably can't even dignify your own existence. This 'bogan' probably pays your wages. Have some Vindaloo and harden the fuck up princess.
bumndrass 1 year ago
@udrinkpiss mate id u dont like it fuck off. people like you make a country shit. id say australia would be shit if it was full of cunts like you. dont worry about the banks you dumb cunt. The national makes 8 billion a year u dumb cunt. its gonna be a while before we become like america
skatey180matey 1 year ago
@skatey180matey if the country was full of people like me, you'd have a population of graduates who are responsible citizens. there's nothing wrong with having your eyes opened to the truth and believing the crap they tell u on the australian news. This is the kind of stuff that matters, not stories about animals getting trapped in wells and what oprah did today. all im trying to say is that australia is just as fucked as the other countries, and they have a right to the people to let them know.
udrinkpiss 1 year ago
This has been flagged as spam show
@udrinkpiss its no wonder you people get bashed all the time
bumndrass 1 year ago
@udrinkpiss
Go back to your own country then you faggot cunt
madcuntom 1 year ago
@udrinkpiss your credibility is harshly undermined by your username...not to mention you can't spell. bullshit on the news, yes. the rest of what you said is complete and utter bullshit. slam yourself.
TheSkeggz 1 year ago
@TheSkeggz admitted. i was a kid when i did it and havent bothered to change it since. i dont have time to sit and spell check everything i type, either.
if u agree with me that there is utter bullshit on the news, you would also have to agree that complacency of the people is partly to blame. rather than demand proper news about things that matter, you sit at home and willingly take in the bullshit. the people of a country deserve this kind of transparency, thats all im trying to point out
udrinkpiss 1 year ago
Comment removed
ask412 1 year ago
This has been flagged as spam show
@udrinkpiss as a 5th Generation Australian, I agree. We are apathetic, definitely un-evolved in this area. Anyone who speaks out, is draw back the centre of gravity of the general value system. But show me an economy that doesn't subscribe to it's Central Bank's control?
ask412 1 year ago
This has been flagged as spam show
@udrinkpiss you are correct, although crude. I bang my head against the wall everyday trying to explain our current situation. Unfortunately, unless it's on channel 7 news no one will take notice. Hedge yourself accordingly, reduce debt and buy metals. The sheeple are lost........................
dionwalkss 1 year ago
@udrinkpiss Your spot on...I left Australia in 2006/07. Australia is an absolute shit hole.
bozotzo 4 months ago
Why not just have a look at the financial statements?
40hoto 1 year ago 2
Comment removed
cadcam3d 1 year ago
Good facts, interesting analysis but not sure if I agree with the conclusion drawn. The "Global" (i.e. American) financial crisis was caused by the bottomless greed of the common capitalist set loose by deregulation of the banking industry that started years before - not by "government bureaucrats".
cadcam3d 1 year ago
@cadcam3d and whose job is it to regulate? The government could audit the fed and stop the corruption, but that means no more 'free' money for them.
Bluudclaat 1 year ago
@Bluudclaat in theory the "regulation" could be a bi-lateral system of checks and balances with a third-party executive oversight, in practice we could be looking at another French-style revolt between those who have nothing and those who have it all.
cadcam3d 1 year ago
Lovin' those groovay moves - well done MMA team!
scottyea 1 year ago
We need more info like this.
And don't forget to load up on physical Silver. You will soon see why
uhf21 1 year ago
@uhf21 Silver at $30 already - do you see $100 down the road?
BiggerThinking1 1 year ago
@BiggerThinking1
More, much more. Silver is almost depleted compared to Gold. There is a Lot of things in play with Silver.
uhf21 1 year ago
how did you guys get them to do this cartoon? their great
nickstar717 1 year ago