USA opinion on our Government. Says it all.

[redandblack]

We keep getting told Julia Gillard's Government is 'the worst ever'.

A bizarre claim, taken as self-evident by its opponents in Australia, but here's an American take on it.

Required reading.

http://www.bloomberg.com/news/2011-07-2 ... pesek.html

Says it all.

[Psyber]

And of course US Americans know all about rational decision making and fiscal responsibility?

[dedja]

LOL, love how they are playing Russian Roulette with the global economy with the political games with their current debt crisis.

The only economy in the world that can basically keep trading by printing their own currency and they still manage to bungle it.

[Sojourner]

Wages rising at 4% annually???

Would very much take that with both hands if it were offered, 0 for the last two years to keep the company actually afloat might be more along the lines of reality and not all that different for many people in the community. Unlike employees at the credit union our company wont be making any back payments for wages lost any time soon!

[Sky Pilot]

Democrats = Green/Labor, same dna
Say no more

[redandblack]

We all hope you stick to that last statement

[Sky Pilot]

typical

[The Sleeping Giant]

We keep getting told Julia Gillard's Government is 'the worst ever'.

A bizarre claim, taken as self-evident by its opponents in Australia, but here's an American take on it.

Required reading.

http://www.bloomberg.com/news/2011-07-2 ... pesek.html

Says it all.

Doesn't mean it couldn't be better.

[redandblack]

Something more about our economy.


http://thefailedestate.blogspot.com/201 ... -fair.html

[gossipgirl]

the biggest problem that the USA has, is that it is full of Amercians

[GWW]

What I find funny is in the Advertiser/Sunday Mail, the coverage of the American economy's current woes is nowhere near the front of the paper.

We get told that if there's no resolution between the Republicans and Demcorats by Tuesday the US Treasury will effectively have no funds to pay its bills, and this will have a huge effect on the rest of the world. However its on about page 25, in 1 or 2 paragraps. This is surely a massive story, yet the coverage in our media is so lacking.

[Mythical Creature]

What I find funny is in the Advertiser/Sunday Mail, the coverage of the American economy's current woes is nowhere near the front of the paper.

We get told that if there's no resolution between the Republicans and Demcorats by Tuesday the US Treasury will effectively have no funds to pay its bills, and this will have a huge effect on the rest of the world. However its on about page 25, in 1 or 2 paragraps. This is surely a massive story, yet the coverage in our media is so lacking.

I actually don't think its that big of a deal to be honest. The facts are the US places a legal limit on how much the government can borrow. Every few years, this limit gets reached and Congress is asked to approve an increase. This time they are playing hardball.
It should get through no probs.

[dedja]

Maybe ... a deal has been reached by the House Leaders which needs to be ratified by Congress.

Even so, the US credit rating may still be downgraded from AAA which will cause problems for everyone, including Australia.

I agree with GWW, I'm also somewhat surprised by the lack of reporting.

[Zelezny Chucks]

We keep getting told Julia Gillard's Government is 'the worst ever'.

A bizarre claim, taken as self-evident by its opponents in Australia, but here's an American take on it.

Required reading.

http://www.bloomberg.com/news/2011-07-2 ... pesek.html

Says it all.

I'm not sure it is the American take on it that you think it is.

At the end of the story it does offer this:

"To contact the writer of this column: William Pesek in Sydney at wpesek@bloomberg.net."

In fact by the look of it he is based in Tokyo...

[redandblack]

I should amend it to "An Asia-Pacific economists view published in the Worldwide Bloomberg news".

Thanks for pointing out that, ZC.

[Psyber]

Not worth its own thread, but a friend who does "due diligence" for big investors here in Oz sent me this pictorial comment on the state of the US economy.
This is one is selected out of a presentation as I can't find a way to post the whole thing.

15 Trillion Dollars
$15,000,000,000,000 – Unless Congress drastically cuts spending, US national debt will be $15 trillion by this Christmas, 2011. Our national debt will exceed 20% of the entire world’s combined GDP (Gross Domestic Product) and 100% of America’s GDP. This is the same 100%+ debt-to-GDP ratio of the bankrupt European PIIGS (Portugal, Ireland, Italy, Greece, Spain).

This picture gives it perspective - the big grey block is that money as 150 thousand pallet loads of US100 million each: http://fellowshipofminds.files.wordpress.com/2011/07/debt1.jpg

[Bully]

typical. But as someone said on the news a few nights ago, the Yanks are only basically kicking the can down the street further. This deal they did to stop the default only post poned it, didnt erase it

[Zelezny Chucks]

I don't understand how they can be so far in debt yet still maintain the AAA rating?

[Dirko]

Saw this and thought it was a good presentation on how to visualise the US debt.

http://usdebt.kleptocracy.us/

[dedja]

I don't understand how they can be so far in debt yet still maintain the AAA rating?

It helps when the global financial markets are based on your currency ... you literally can just print more money.