World facing worst financial crisis? Do you want to know how this happens? Let’s look at what is about to happen in Australia.
After years of Labor government, Australia got the Howard government ,which introduced various beneficial economic reforms, and got Australia on the move again. The Howard government cleaned up Labor’s mess, paid off all the Federal government debt… managed the economy efficiently giving 10 successive budget surpluses, after years of Labor budget deficits… it regained Australia’s AAA rating… it left a cash chest of billions in the Treasury coffers and positioned the economy to overcome any global financial crisis.
Sadly, in a moment of madness, in 2007 the country elected Labor again. And Australia is now in its 4th year of policy debacles and Labor incompetence. The Federal debt is over $200 billion… its been huge budget deficits each year 2008, 2009, 2010 and 2011. Labor has gone green…. about to impose a carbon tax that will make the cost of the UK’s Climate Change Act look like chicken feed. Labor then wants to impose a super profits tax on the mining industry. Labor seems determined to destroy the Australian economy!
There you have it… Labor… punch drunk on credit… goes through tax payers money like a drunk gambles in a casino at the roulette table… has no idea of formulating decent policies… wastes even more money fixing up its policy debacles. Australia’s Labor government then deposed its first term PM (Kevin Rudd) because he lost his way. The current PM is currently drowning in public hatred… through a quirk of the preferential voting system, Labor has control of both houses and nobody can now stop them from imposing the most insane economic destructive policies ever seen in Australia. This, at a time when Australia should be enjoying its mining boom. Yet there is a malaise in Australia… the business community has lost confidence in the Labor government and Labor’s destructive and decisive flawed policies are destroying peoples’ faith in the political leaders who are treating the Australian economy like a ship lost in the desert of time… heading nowhere.
And people like Mervyn King wonder about the world facing the worst financial crisis? This crisis has been due to one thing only…. economic mismanagement by most of the western world’s governments. And the primary cause has been reckless over-borrowing… like seen in the UK under Gordon Brown!
When this happens in the western world, its always referred to in polite terms such as a financial crisis, a recession, etc etc etc. When it happens in Africa… funny how it’s always blamed on economic mismanagement!