Sunday, July 27, 2008

Australia Decisively Cuts The Dead Horse Loose From The Wagon Team

It's the exact opposite of anything that John Howard would have permitted during his reign. It's also very, very smart.

The Australians are basically telling the whole world that the United States of America is insolvent and they are cutting the debt loose the same way we used to do with third world failed regimes that had made it obvious they would never be able to service their bills.

This limits the pain on Australians and is helping decouple our economy from what is a millstone headed straight for the bottom of the ocean.

The fake real estate boom was a great scheme to extend the working life of the 'Kwa another few years so it could be completely stripped of all assets before the final hour arrived. It's over now. There is no last resort left. Now the chickens come home to roost.


Anonymous said...

Australia just bumped up a notch in my book. It's about time some government start calling a duck a duck and actually following through with some actions.

It will be interesting to see if this very bold and open action can snap anybody stateside out of the illusion of american wealth, or if australia will be blown off and people's attention turned to the next news story about the world's first 20-puppy litter.

(A Thousand Good Intentions)

Anonymous said...

John Howard was on the board of the directors of NAB while also performing his role as Prime Minister?

Strange that nobody mentioned it at the time, seems like a conflict of interest...

Texas Arcane said...

I like it when they have a day with record casualties in the war and the lead-in story for the news that night is either a boom in nude skydiving or else a new perfume brand launched for parakeets. Hard news. We report. You decide.