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• US Senate report scathing about JPMorgan.  [$6000m loss, deceptive behaviour in spite of banking reforms.]    

US Senate report scathing about JPMorgan

   The Weekend West, <>, <letters § wanews com au>, by Richard Blackden, "WestBusiness" section page 12, Saturday-Sunday, March 16-17, 2013
   New York - JPMorgan sought to conceal from regulators the scale of risks it took that left America's biggest bank with a $US6 billion trading loss, a scathing report from the US Senate claims.
   In the first major investigation into the so-called "London Whale" scandal, executives at the bank are accused of omitting important information from reports to its US regulator as losses mounted last year.  Jamie Dimon, the bank's chief executive, described the losses as a "tempest in a teapot" in early April, even though he knew that losses from a complex series of wagers on credit derivatives had escalated during March, the report noted.
   JPMorgan executives will be grilled by the Senate committee overnight on the London losses that helped reignite the US debate over whether post-financial crisis reforms were enough to make the banking system safer.
   The bets taken by the London arm of JPMorgan's chief investment office (CIO), the division that invests the bank's surplus deposits, were so big that one of the traders, Bruno Iksil, was quickly dubbed the "London Whale". His lawyers have reportedly denied any wrongdoing by him.
   The trades "created a runaway train that barrelled through every risk barrier", Carl Levin, the head of the Senate subcommittee that produced the report, said.  "Values were manipulated to hide losses; risk limits were ignored; the public was misinformed and oversight was dodged."
   According to the 307-page report, in January last year executives from the CIO misinformed its regulator, the Office of the Comptroller of the Currency, by telling officials they intended to reduce the size of the trades.  Instead the dealers went on a "trading spree".
   JPMorgan shares have recovered from their plunge after Mr Dimon disclosed the scale of the losses in May last year but it still faces a wave of lawsuits from investors who allege they were misled.
Telegraph Group, London

   [RECAPITULATION: "Values were manipulated to hide losses; risk limits were ignored; the public was misinformed and oversight was dodged."  ENDS.]
   [ANY CHANGES?  Have any changes in the perception of this predator company taken place in the world?  No, JPMorgan's Australian arm is still taking its turn on television comments on the stock and commodies markets.  It is similar to the recent mass-media interviews with Western Australian failed entrepreneur Alan Bond, who is reported to owe creditors and shareholders $1,000 million, and went to prison for his misdeeds, but with his family lives in luxury either in Australia or London.  One of his sons in W.A. is trying to have himself declared insolvent! -jcm 19 June 2013.   ENDS.]
   [RECOMMENDED READING:  Triumph and Tragedy, by Quigley; The House of Rothschild; and Robber Barons.  ENDS.]
[Mar 16-17, 2013]

• Let's Explore Practical Rent-collection Methods

Let's Explore Practical Rent-collection Methods

   Georgist Journal (New York, USA), Letter to The Editor, pp 2 and 34, (Northern) Spring (= ~ March 21 to June 21), 2013
   Peter Meakin's letter (GJ #121) raises the age old question of How Much Rent? Looking at Rent as a proportion of annual revenue from rates and taxes taken by all levels of government is perhaps an easier way of looking at the matter than comparing to GDP [Gross Domestic Product].
   Peter seems to be taking a very conservative estimate but gives a good starting point.  A study carried out in South Africa in 1990 came up with a figure of approximately 35%.
   When all present rates and taxes are replaced by LVT [Land Value Taxation], there is then National Rent of 100% plus 35% = 135%.  It is then only necessary for government to collect less than 80% to meet the revenue of all levels of government. (135% x 80% = 108%)
   A further advantage of this line of action will be that the 8% excess could be used for a Citizen's Dividend.  In addition the 20% of Rent left to the registered land owner will leave the land market free to operate under Willing Buyer / Willing Seller principles.  By having a fully transparent National Valuation Roll it would be possible to allow for Self Evaluation on condition that, once accepted, the registered value is what the Rent collection is based on and the price that any level of government may expropriate at.
   This would also provide a less expensive, more accurate way of updating the Valuation Roll on a regular basis.  A relatively small group of assessors would be necessary to record the ongoing changes provided by the market.  Failing acceptance of this proposed system, an army of assessors would have to be trained and they could never achieve the same accuracy.
   It is well known what we aim for but how to get there is subject to further discussion and has been mapped out in existing writings.
   – Godfrey Dunkley, Perth, Western Australia #
   [RECAPITULATION:  the price that any level of government may expropriate at.  ENDS.]
   [COMMENT:  What, seize one's business premises, farm, or home etc.?  And the Webmaster had thought that Henry George's teachings were to free the multitudes from seizures by the predatory classes, including government agents.  ENDS.]

   The name "Single Tax" … emphasizes the fiscal side of the proposition rather than the moral side.  Most of us are quite sure that slavery was a bad thing for both North and South from the fiscal standpoint … but I do not think that slavery would ever have been abolished unless the moral side of the slavery question had been brought to the front.
   In the same way I believe that until we emphasize the moral side of the philosophy of Henry George that we will be unable to invoke the enthusiasm that will be necessary to put our proposition across. …
   I think that we will all admit that the public's idea of what we have in mind is quite hazy and indefinite and I believe that if the emphasis from the beginning had been placed on collection of ground rent instead of upon taxation of land values, the public's idea of what we have in mind would be clearer. … – John C. Lincoln, 1928
   [RECAPITULATION:  Rent-collection Methods
replaced by LVT [Land Value Taxation]
if the emphasis from the beginning had been placed on collection of ground rent instead of upon taxation of land values  ENDS.]
   [COMMENT:  Well, changing the terms of the discussion won't bring in the multitudes, in spite of what John C. Lincoln wrote in 1928.  An obvious example of a good idea being side-swiped for years is the slow rate of take-up of the Metric System of weights and measurements, and Decimal Currency.  A good reference book might tell you when the Metric system was devised and adopted after the French Revolution of the late 1700s, and the idea of Decimal Currency is years old too.  Yet the English-speaking world, except for a few honourable exceptions, did not switch over to Decimal Currency and Metric Measurements long ago.  Australia switched over to Decimal Currency in 1966, and to Metric Measurements around the 1970s onwards.   COMMENT ENDS.]
[(Northern) Spring (= ~ March 21 to June 21), 2013]

• An Offer You Cannot Refuse     
Association for Incentive Revenue Research
godfrey dunkley § gmail com
27 March 2013

An Offer You Cannot Refuse

   To all Home Owners and Landlords within walking distance of the proposed stations of the new Rail Transport System.
   At a small cost and a large profit to yourselves the best transport system available can be installed.  This applies to both rail and road.
   Property values, namely Land Values, will increase in proportion to the efficiency of the system as perceived by the public.  Therefore only the best will be good enough.
   Experience elsewhere has shown that, where transport has been improved, the value of land affected has increased by three to four times the capital outlay for the improvement, some more than others depending on their relative position.  This would apply to railways, roads, or the building of a bridge.  Even farmers and manufacturers far from the city could benefit from lower delivery costs.
   A good example is the building of the extension to the Jubilee Underground Line in London.  At a cost of 3.5 billion Pounds Sterling, the owners of property showed an increase in value of 13 billion.  They could have financed the system and still shown an immense profit.  So why wait for some level of Government to take action when they are invariably constrained by budgets?
   The public should be agitating for improvements. The question now is:  How Do We Go About It?
   Start by considering Perth and environs.
   The Ring Rail put forward by Professor Peter Newman and Cole Hendrigan of Curtin University would become the foundation starting point.
   A small committee of experts should be appointed to investigate City Planning, feasibility of project, construction and engineering practicality and limitations/ obstacles, cost estimating, and medium term Government loans at lowest interest. A member of each political party should be included in the committee so that they can be kept informed and act jointly in the interest of the community.
   A realistic Property Valuation Roll should be created giving up-to-date market values of all land and improvements. These values will become Datum Values. When the proposed scheme has been accepted then values will already start to rise.
   When the project is completed and becomes functional the land values will continue to rise. An annual rental value can then be collected based on a percentage of this increase. The percentage of rent should be calculated to give say a ten year amortisation of the loan. A year (?) after the end of this loan has been amortised rental payments will cease. Property owners will have paid approximately a third of the increase and be left with two thirds.
   Is this not a wonderful return on investment; twice the initial investment? Still leaving a profit towards the next project.
   This would not have been possible if the investment had not been made.
   What Are We Waiting For?
   Godfrey Dunkley
   Tel. 08 9312 3719  #
[27 Mar 2013]

• Corporate Pay: One CEO = 354 Workers.  [And company profits are "parked" overseas.]  
Corporate Intelligence
What matters right now in business. From WSJ reporters around the world.

Corporate Pay: One CEO = 354 Workers

   The Wall Street Journal, , Blogs, <http://­blogs.wsj.­com/corp­orate-intelli­gence/­2013/04/16/­corporate-pay-one-ceo-354-workers/>, By Melanie Trottman, 1:10 PM, April 16, 2013,
   UNITED STATES of AMERICA – New figures compiled by the AFL-CIO show U.S. chief executives received 354 times the compensation of the average worker last year – a gap union leaders plan to use in their fight against more corporate tax breaks and federal budget cuts.
   Richard Trumka, president of union federation AFL-CIO, on Monday unveiled the federation’s annually updated Executive Paywatch database that tracks salaries, stock options and equity awards for top executives. He zeroed in on corporate leaders who are trying to shape the nation’s debt negotiations by calling for corporate tax breaks and budget cuts.
   Among them are executives on the Fix the Debt CEO Fiscal Leadership Council that has been pleading with President Barack Obama and Congress to slash deficits, and members of the Business Roundtable, an association of CEOs at companies with more than $7.3 trillion in total annual revenues.
   Mr. Trumka singled out General Electric Co. Chairman and CEO Jeffrey Immelt for leading one of 60 large U.S. companies he contends park profits overseas to shelter themselves from U.S. taxes. Mr. Immelt, who is on the Fiscal Leadership Council’s CEO steering committee, received a salary of $3.3 million in 2012, a $4.5 million bonus, and millions more in other compensation that brought his total to $25.8 million, the database says. That was 745 times the average worker’s pay of $34,645, according to the AFL-CIO’s Web site.
   The CEOs of the S&P 500 Index companies received, on average, $12.3 million in total compensation last year, the database says.
   Jon Romano, vice president of communications for the Campaign to Fix the Debt, said “it is unfortunate that some here in D.C. would rather cast aspersions” than “engage in a constructive conversation” about tackling the debt.
   GE spokesman Seth Martin said GE pays billions of dollars in corporate income taxes to governments around the world, including in the U.S. “GE paid $3.2 billion in cash income taxes across all of its tax jurisdictions in 2012, including payments in the U.S. In addition, GE paid more than $1 billion in other state, local and federal taxes in the U.S,” the spokesman said.
   More than half of the company’s business is outside the U.S. “If U.S. companies aren’t competitive outside of the U.S., it will mean fewer jobs for the U.S.,” he said.
   The data-filled site also spotlights global pay for the first time in several years, highlighting what union leaders say is far-richer compensation for U.S. CEOs than their overseas peers. The CEO-to-worker pay disparity in Switzerland is about half that of the U.S., while the gap in the United Kingdom is about a quarter of the size in America, Mr. Trumka said. “In no other country is it even close,” he said.
   In an effort to keep pressure on Wall Street, the database for the first time evaluates large mutual funds in the same way teachers do students, assigning letter grades based on the funds’ voting records on executive compensation at companies in which they hold shares. Funds that have most frequently voted for high levels of executive compensation earned a big, fat F.
   BlackRock,Inc. of Malvern, Pa. was one of the lowest-ranked by the AFL-CIO for last year, Mr. Trumka said. The fund voted 5.2% of the time in support of shareholder proposals to constrain executive compensation, compared with the median of 40.3% for the 78 mutual fund families evaluated. It also abstained or voted against executive compensation plans to constrain executive pay 4.2% of the time, compared with the median of 12.3%. An AFL-CIO spokesman said the federation has had several meetings with Blackrock to discuss their proxy voting.
   The AFL-CIO is also gearing up a new social media campaign to put pressure on corporate executives. It launched a new tool that discloses CEO’s personal FacebookFB -1.49% and Twitter accounts and encourages the public to post personal messages about inflated compensation.
   Average CEO pay levels were actually down 5% last year from 2011, though the AFL-CIO blamed that on a sharp drop in the pay of Apple Inc.’s Timothy Cook. According to the database, he had total compensation in 2012 that was $4.17 million, down from $378 million in 2011.
   Excluding Mr. Cook, the average pay rose 5%. Mr. Trumka noted that either way, the gap is far wider than the ratio of 42-to-one in 1992.
   The CEO-workers comparison isn’t exact. The AFL-CIO’s measure of CEO compensation includes stock options, equity awards and some perks while the measure for workers just includes pay, excluding pensions or employer contributions to 401(k) plans.
   [Categories] AFL-CIO, business, business news, CEO, pay, salaries, today, trumka, unions, workers #

   [ACKNOWLEDGEMENT: Rick, of Public Citizen, , 9:36 PM, 12 Oct 2013.  ENDS.]
[Apr 16, 2013]

• Investment groups set to replace land barons; Who owns Perth ?     

Investment groups set to replace land barons

   The West Australian, <>, ( letters ¶ wanews com au ), by (Ms) Kim Macdonald, pp 6-7, Monday, May 6, 2013
   The coming decades are set to mark the end of an era for Perth's big property barons, who have helped to shore up local ownership of more than a fifth of the central business district.
   Though Perth has a much bigger proportion of local ownership than other cities, institutional investors are tipped to eventually buy them out.
   Damian Stone, director of property consultancy Y Research, said the relatively high local ownership reflected Perth's history as an isolated outpost.
   "There was a generation of people who literally built Perth, like Len Buckeridge, Stan Perron and (the late) John Roberts from Multiplex," Mr Stone said.
   "There are still developers around today but the way it works now is that you develop a building, then sell it to institutional investors.
   "As this generation retires, they'll be looking to cash in."

   Billionaire landlord Mr Buckeridge said he would be glad to see property wealth spread among many investors, instead of remaining in the hands of a few wealthy individuals such as himself.
   Mr Buckeridge, who owns the 20-storey BGC Centre on The Esplanade, said a more egalitarian system would suit his little-known socialist bent.
   "The days of wealthy individuals are hopefully gone," he said.
   "I think you've got to be very careful you don't have a Pommy system where you're born-to-etfle because you're Lord Cadogan and you own half the city.
   "I think death is an important leveller." But his family are likely to continue the legacy, with son Sam and other relatives sitting on boards for two Buckeridge-controlled companies which own two eight-storey towers on Mount Street, and the BGC Centre.
   Mr Buckeridge, whose entire property portfolio is in WA apart from four east coast warehouses, said he had chosen to invest in WA because it was easier to run local operations.
   Decades ago, before Skype, email and other such technological advances, other local investors took the same view.
   I used to know who owned every single property in the whole city, from the Causeway up to West Perth," he said.  "But it's changed a lot in recent years."
  [Pictures] Len Buckeridge: • 8-storey 18 Mount St. Perth • 8-storey 22 Mount St. Perth • 20-storey BGC Centre, The Esplanade
   Stan Perron: 50 per cent of 48-storey Central Park skyscraper 3 shops in the Hay St mall 600-bay carpark, corner Wellington St and Pier St 830-bay carpark, Murray St (close to Shafto Lane)
   Anne Bontempo and husband Carmelo: 4 shops on King St, including a dance studio. • 1 shop on Hay St, close to corner of King St • Dobbte Ralph Sarich
   Partow: • 54 to 58 Mounts Bay Road
   Billionaire Stan Perron, who owns a 50 per cent share of the 48-storey Central Park skyscraper, said he was proud to be part-owner of such an iconic building.
   Bven before the skyscraper was built in 1992, the land attracted some of the biggest names in WA's business history.
   Businessmen Yosse Goldberg, Alan Bond, Laurie Connell and Warren Anderson have all been connected to the site at some point.
   Perron Group chief executive Ross Robertson said it cost $150 million to buy a half share in the tower from then-owner, the Government Employees Superannuation Board.
   Mr Robertson said Mr Perron was "a very proud West Australian" who had invested a third of his property portfolio locally, but said all his decisions were made for financial reasons, not sentimental ones.
   Mr Perron and Mr Bucke-ridge, along with Ralph Sarich of Cape Bouvard Investments, together own a combined 5 per cent of city offices.
   Smaller, but also well-known landlords include City of Perth Lord Mayor Lisa Scaffidi and her husband Joe. The pair own properties on Barrack and Wellington Streets.
   Perth councillor Anne Bontempo and her husband Carmelo could well be considered royalty on King Street, given they own four shops on the exclusive retail strip.
   Most of the other King Street landlords do not have public profiles and are mostly registered as living in the western suburbs.  Malcolm Day has a small landholding on Barrack Street, where he has one of his shops.

   The Wyllie Group, owned by the estate of the late Bill Wyllie, owns the lease on the Perth Convention and Exhibition Centre and the nearby Metro Bar and Bistro.
   WA-born Mr Wyllie, who left school at 13 and spent most of his business career in Hong Kong, once had an interest in Burswood Casino before selling his share to the late Kerry Packer.

   John Bond, son of Alan Bond, has quietly been buying up a swath of properties in the CBD through investment group Primewest, which he co-founded.
   Alan Bond, once the toast of the business community before going to jail for his role in Australia's biggest corporate fraud, built the 52-storey Bankwest tower.
   John Bond represents the new breed of local landlords, as the head of an Australian institutional investment fund. The group's website estimates its property portfolio is valued at $1.7 billion.
   Mr Stone said many locals were unaware of their investment in Perth's commercial property through their superannuation groups, which invested typically 10 per cent of their funds in commercial property.
   He said these funds boosted local ownership beyond the 20 per cent of CBD property that remained directly in WA hands.
   "Thanks to compulsory superannuation, every working West Australian owns a part of the CBD," he said.
   TOMORROW: Why foreign cash is flooding WA
   WEDNESDAY: What the Churches own.

   [COMMENT: Only about 20 per cent of the Perth central business district is in Western Australian hands.  Part of the cause is that Federal Government gives overseas buyers a 50 per cent rebate on Capital Gains Tax, thus allowing them to bid a little higher than Australians.  No wonder Canberra has a bad reputation in informed circles!   COMMENT ENDS.]
[May 6, 2013]

• [JPMorgan has 30% of Australian banking shares.]     


   By Clement Clarke ( Clement Clarke clementclarke ¶ ozemail com au ), May 15, 2013
   I recently saw a set of figures that show about 30% of our banks are now owned by J P Morgan and HSBC. Furthermore, Woolworths, Origin Energy and many other firms are also owned to a similar extent by the same overseas banks.
   I am forming the very strong theory/belief that the "quantitative easing" (money from thin air) by the US Federal Reserve is funding all this. The money the Federal Reserve makes goes to J P Morgan, for example. J P Morgan then has a huge amount of money that they must invest (the main duty of a company - by law - is to provide the maximum return to its shareholders). Colloquially, they must lend it out so they can make a profit (I mean, they can't just have money sitting there doing nothing, can they?).
   So, they look around the world and find some relatively safe spot - say Australia. Ahhha - they say "There is a nice little electricity company in NSW. Let's buy it." So, our governments sell the power plant to the overseas buyer, who then charges interest on the deal, and our electricity prices go through the roof!!!!! Which forces other prices to go up and UP. Note: It doesn't really matter how much it costs, because they can always just make more money any time they wish.
   Great system.
   Not only do the overseas "investors" take interest money, they also take a share of the profits from the companies they have shares in - bought with money made from thin air!
   It is a diabolical system. It is a system, a scam, designed to enslave us.
   It is how they take over countries Make money out of thin air ("quantitative easing" ) and buy into other countries.
   It is time for a new financial system. Or an old one - renewed. The Commonwealth Development bank and the Reserve Bank used to provide all the money we needed to develop our infrastructure at low interest rates. It is time to renew that system.
   And, any Politician that votes for Privatisation, is supporting the sellout of the country.
   Yours sincerely,
   Clement Clarke
   The figures for this page came from here:
Company Combined HSBC (Nominees) JP Morgan Nominees Combined Citicorp
1 Commonwealth Bank 14.10% 11.13% 4.18% 29.41%
2 National Australia Bank 16.94% 14.47% 3.33% 34.74%
3 Westpac Bank 15.10% 12.27% 4.60% 31.97%
4 ANZ Bank 18.88% 15.65% 5.41% 39.94%

   Table 2. Major shareholder of Australia's largest public companies
Company Combined HSBC (Nominees) JP Morgan Nominees Combined Citicorp
1 AMP 19.23% 13.88% 4.60% 37.71%
2 BHP Billiton 17.36% 13.29% 10.75% 41.40%
3 Brambles 25.85% 21.73% 8.77% 56.35%
4 CSL 24.39% 17.43% 6.10% 47.92%
5 Fosters Group 23.29% 21.23% 6.31% 50.83%
6 Macquarie bank 19.06% 19.96% 6.08% 45.10%
7 Newcrest Mining 37.83% 16.57% 4.94% 59.34%
8 Origin Energy 15.83% 14.10% 5.17% 35.10%
9 RioTinto 19.59% 16.68% 4.89% 41.16%
10 Sun Corp 20.23% 17.09% 7.10% 44.42%
11 Telstra 18.49% 12.50% 1.36% 32.35%
12 Westfield 31.44% 25.00% 7.03% 63.47%

12 Westfarmers 16.31% 13.77% 6.43% 36.51%
13 Woolworths 16.50% 11.34% 4.03% 31.87%
14 Woodside 16.19% 11.97% 2.25% 30.41%   #

   [COMMENT: The investment banking company founded a long time ago by John Pierpont Morgan, of the United States, has been the subject of several books, and many newsitems over the years.  While politicians preached about how Australia must have overseas investment, overseas "banksters" have been buying up shares in Australian banks.  Newsitem of March 16-17, 2013: "US Senate report scathing about JPMorgan."  $6000m loss, deceptive behaviour in spite of banking reforms. COMMENT ENDS.]
[May 15, 2013]

• [The economies of Australia and the world urgently need reform.]   

[The economies of Australia and the world urgently need reform.]

   Speakers' Forum, held outside the Public Library of Victoria, , Melbourne, on some Sundays, <http://­www.­youtube.­com/­speakers­forum>,
   Speakers included John Massam, of Greenwood, Western Australia, and Richard, now of Melbourne again, and another man, on Sunday, May 26, 2013
   [The economies of Australia and the world urgently need reform.]

   [ACKNOWLEDGEMENT: Daniel for videoing.  Also present were Vit, and Denis/Dennis.   ENDS.]
[May 26, 2013]

• Austerity. But for whom?       

Austerity.  But for whom?

The real penalty for the recklessness of capitalism’s financial cowboys
is being paid by ordinary people, writes Nigel Hayward.
   The Record (Perth, W. Australia, R.C. weekly newspaper), by Nigel Hayward, p 17, Wednesday, June 19, 2013
   THE FRONT page headlines of The West Australian newspaper recently highlighted concerns about the difficulties in maintaining top class treatment in the cancer unit of Princess Margaret Hospital in Perth.
   It is possible to draw some link between these local concerns and the call for ethical financial reform and the end to the ‘cult of money’ that Pope Francis made several weeks ago.
   The concerns regarding the treatment of children at PMH can be argued as flowing out of the policy of economic rationalism that Australian governments have adopted over recent decades that result in the preoccupation with short term financial outcomes rather than long term social development to improve wellbeing.
   The pressure on health budgets, the failure to attract or develop specialist doctors and nurses and delays in developing new facilities are all consequences of such policies.
   While the situation in Australia perhaps cannot be compared to the ‘austerity’ measures being forced into many countries in Europe, the failure to keep pace with the demands of population growth, particularly in health spending, can be likened to a form of economic austerity that has an impact, especially on the wellbeing of our society's marginalised.
   Nevertheless, there is still some pressure in Australia to adopt similar measures to the EU.
   The Global Financial Crisis that precipitated the ongoing worldwide economic crisis has resulted in poorer wellbeing for many people.
   Austerity measures in many countries have resulted in cuts in social spending being enforced by World Bank policy in return for the granting of financial resource packages.
   The effect is that "Suicide is on the rise; basic hospital supplies are missing; potentially life-saving surgeries are delayed; the rate of new HIV infections increases; drug shortages are ubiquitous; the prevalence of mental illness spikes", according to Dr Adam Gaffney, a Boston-based physician who writes regularly on public health policy.
  [Picture: The signs include "Let's get free," "14 million unemployed, 50 million underemployed," "Wall St = War St., defeat U.S. Imperialism."] Demonstrators from the Occupy Wall Street campaign hold signs in 2011 as a protest march enters the courtyard near the New York Police Department headquarters.    PHOTO: CNS / LUCAS JACKSON, REUTERS  
   Yet, in the past four years, the EU had spent some 4.5 trillion Euros - 37 per cent of the EU's GDP - bailing out the financial industry, while government spending on social protection had been subjected to austerity measures.
   Considering that the current situation was avoidable, according to the US Government's Financial Crisis Inquiry, it seems remarkable that there appears to have been little impact on global ethical financial reform.  The financial crisis was caused by failures in corporate governance, risky investment, little transparency and a 'systemic breakdown in accountability and ethics'.
  ‘In the past four years, the EU has spent $4.5 trillion Euro bailing out the financial industry ’  
   Yet policies for new economic plans under austerity measures are biased to protect large companies and capital-holders rather than those at most risk of loss of their democratic and human rights.  We are still worshipping at the altar of the ‘golden calf ’ that views individuals as consumer goods that are subject to the whim of free market pressures.
   The experience of one small European economy does give us some hope for sensible ethical financial reform and provides a good example of the effectiveness of the principle of subsidiarity.
   The majority of the population in Iceland rejected the IMF's rescue package that would have imposed austerity measures and refused to be accountable for the unethical behaviour of a few bankers.
   Instead the population embraced the suggestion of its government to increase social protection and stimulate employment growth which resulted in the maintenance of the health and wellbeing of the population despite external economic sanctions.
   In adopting such a stance, the dignity of the individual is promoted through concern for the relationships they have with others and the systems within which they operate - giving hope for the Pope's message of reform.

Nigel Hayward is a Project Officer for the Catholic Social Justice Council of the Archdiocese #

   Princess Margaret Hospital in Perth is the children's hospital.
   EU = "European Union"
   Trillion, these days in most books, newspapers, etc., means 1000 million.
   4.5 trillion Euros means €4,500 million, or €4,500,000,000.
   GDP = "Gross Domestic Product" of, say, a nation.
   HIV = "Human Immunodeficiency Virus, associated with AIDS, Acquired Immune Deficiency Syndrome, which for years was fatal."
   IMF = "International Monetary Fund."   ENDS.]
   [1st RECAPITULATION: The real penalty for the recklessness of capitalism's financial cowboys is being paid by ordinary people   ENDS.]
   [1st COMMENT: "Financial cowboys" too strong a criticism for you?  If so, read the March 16-17, 2013 report "US Senate report scathing about JPMorgan."  Then look at economic history texts that tell you some of the coups by John Pierpont Morgan (1837-1919) of the U.S. Steel Trust and the Atlantic Steamship Committee, and his successor companies for about a century.  1st COMMENT ENDS.]
   [2nd RECAPITULATION: Yet, in the past four years, the EU had spent some 4.5 trillion Euros - 37 per cent of the EU's GDP - bailing out the financial industry, while government spending on social protection had been subjected to austerity measures.   ENDS.]
   [2nd COMMENT: Yes, 37% – that is more than a third of its budget.  And, Australia is heading the same way.  Reductions of 5 per cent or more of expenditure have been demanded of government departments around the nation, while salaries for the politicians and other officials go on rising, and the fictitious debt owed to bankers skyrockets.  In farming, as another example, the duopoly demands below-cost milk from dairymen (who now will sell to China), workers are dismissed or put on contract, industries are closing and some owners will become "real estate rich" – and the Chief Executive Officers (CEOs) and other higher-ups are giving themselves multi-million dollar bonuses, and some shareholders get higher dividends.  (Even some shareholders, such as those in the old Bond Corporation, were duped out of the dividends, while the fraud perpetrators live in high luxury.)   2nd COMMENT ENDS.]
   [CONTACT: Catholic Social Justice Council, of the Archdiocese of Perth, Western Australia, Tel. 08 9422 7926   ENDS.]
[Jun 19, 2013]

• Rebels trained by CIA; Secret Syria backing.           
Secret Syria backing

Rebels trained by CIA

   The Sunday Times, (Perth, W. Australia), ( letters § sundaytimes news ltd com au ), GPO Box D 174, Perth WA 6840; p 32, Sunday, June 23, 2013
   WASHINGTON – THE CIA and US special forces have been secretly teaching Syrian rebels how to use anti-tank and anti-aircraft weapons since late last year, months before Barack Obama publicly approved plans to directly arm them.
   American officials and rebel commanders say they taught rebels how to use the weapons at bases in Jordan and Turkey.
   The move, along with Mr Obama's announcement this month to supply arms and ammunition to the rebels, has raised hopes among the beleaguered Syrian opposition that Washington will ultimately provide heavier weapons.
   The rebels say they lack the weapons they need to regain the offensive in the country's bitter civil war.
   The tightly constrained US effort reflects Mr Obama's continuing doubts about the wisdom of being drawn into a conflict that has already killed more than 100,000 people, and his administration's fear that Islamic militants leading the war against President Bashar Assad could gain control of advanced American weapons.
   The training was for fighters from the Free Syrian Army, a loose confederation of rebel groups, said an American official under condition of anonymity.  The training in Jordan was given to 20-45 fighters at a time, a rebel commander said.
   The trainees were chosen over the past year when the US military set up regional supply lines to provide the rebels with non-lethal assistance such as uniforms, radios and medical services.
   The rebels were taught to use Russian 14.5mm anti-tank rifles, anti-tank missiles and 23mm anti-aircraft guns, according to a rebel commander in the Syrian province of Dara.
   Training began in November at a new American base in the desert in Jordan.
   "Those from the CIA, we would sit and talk with them during breaks from training, and afterward they would try to get information on the situation inside Syria," the commander said.
   The arms took months to arrive and were less than the rebels had expected.  They were all Russian models, but made in other countries and allowed the rebels to use captured munitions from the Syrian army, which has a large arsenal of Russian arms.
   "I'm telling you, this amount of weapons, once they are spread across the province (of Dara), is considered nothing," the commander said.
   "We need more than this to tip the balance or for there to even be a balance of power." #

   CIA = Central Intelligence Agency (of the United States of America).
   US = United States of America.
   [RECAPITULATION: THE CIA and US special forces have been secretly teaching Syrian rebels how to use anti-tank and anti-aircraft weapons since late last year, months before Barack Obama publicly approved plans to directly arm them. [] Training began in November at a new American base in the desert in Jordan.   ENDS.]
   [COMMENT: Who said that President Barack Obama stood for "Change you can believe in"?  He did.  But he keeps on the same old tired U.S. policy of backing one side or another, while the arms dealers make millions.
   President Eisenhower warned of the danger of the military-industrial complex years and years ago when he was leaving office.  He was referring to the power of big armaments manufacturers and the arms traders, plus some elements of the armed forces.  He ought to know what he was saying - he himself had been the leading general of the Allied forces that invaded Normandy and went on to free about a quarter of Europe from Nazi-Fascist aggression.
   Edward Snowden, who exposed some of the U.S.A.'s faults, is being sought for arrest by that country, the same page of the paper reports.  Others who exposed the U.S.A. like Assange (holed up in the Ecuadorian embassy in London) and Manning (on trial in the U.S.) ought to be honoured, not prosecuted.
   As far as the millions of Mohammedans in Syria and throughout the Middle East, south Asia, north Africa, and the south Philippines, they will keep fighting the "infidels," and each other, until the last trumpet sounds.  If you want more information on that point, read The Koran Key © 2002-2013, 20 or so pages including endnotes.   COMMENT ENDS.]
   [MORE READING: The Exception to the Rulers, Exposing America's war profiteers, the media that love them and the crackdown on our rights; by Amy Goodman with David Goodman © 2004, Allen & Unwin, Crows Nest NSW Australia, originally published in North America by Hyperion; ISBN 1 74114 530 9; 346 pages.   ENDS.]
[Jun 23, 2013]

• Global financial reform - now           

Global financial reform - now

The obvious inability of the global financial system to accept human dignity means it needs to change, writes Nigel Hayward  . .
   The Record (Perth, W. Australia, R.C. weekly newspaper), by Nigel Hayward, p 17, Wednesday, June 26, 2013
R ECENTLY, Pope Francis spoke out on the need for global ethical financial reform and the end to the 'Cult of Money'.
   In his address to new ambassadors to the Holy See, he acknowledged that in a period of great advances in health, education and communication throughout the world, there are also increasing levels of insecurity, fear, desperation and a diminishment of the joy of life.
   The Pope attributed this situation to our relationship with money and the power that we accept it has over ourselves and our society.
   We have created a new 'golden calf which has led to individuals being viewed as consumer goods that can be easily discarded by free market pressures.
   This call is nothing new and it echoes the Old Testament view that abundance is a gift from God but that economic goods and riches should not be an end in themselves - rather a means to the service of all mankind.
   Jesus called for a new social order to find solutions to poverty, oppression and reduce the effects of physical afflictions.
   St Gregory the Great said that rich men are "only administrators of their possessions".  In giving to those in need, the rich man is simply repaying the gift he owes.
   This message has been repeated by the Church throughout the centuries.
   In marking the anniversary of Pope Leo XIII's 1891 encyclical Rerum Novarum ("Rights and Duties of Capital and Labour"), Pope John Paul II concluded in 1991 that "economic freedom is only one element of human freedom.
   "When it becomes autonomous, when man is seen more as a producer or consumer of goods than as a subject who produces and consumes in order to live, then economic freedom loses its necessary relationship to the human person and ends up by alienating and oppressing him."
   Such alienation and oppression can be evidenced within the changes to social policy of the Commonwealth of Australia.
   Both the public and private policy focus on economic rationalism has meant that the cherished Australian notions of a fair go for all and development for the common good have been reduced to the principle of equality of distribution and the cult of the consumer.
   Policy has emphasised wealth creation through tax incentives and superannuation to encourage investment but the reality is that only the top 10 per cent of society has shown significant increases in wages over the last 35 years in Australia.
   The pursuit of profits in the public utilities sector, where 'competition' is viewed as being beneficial to all, has meant that the family is increasing[ly] viewed in purely economic terms, valued only as a power of consumption or source of labour.
   Over time, we have come to view ourselves as consumers and investors rather than citizens with community responsibilities.  The maximisation of profits ahead of care of society's members belongs in neither a democratic nor a Christian society.
   The recent-changes in support for the family announced in the Federal budget, like changes to the Baby Bonus, reflect the priority given to economic rationalism in Australian public policy (as noted in The Record on 22 May) and mark, according to former ALP [Australian Labor Party] National President Barry Jones, one of the attributes of a mediocre society in its preoccupation with short term gain over long term vision for the common wealth.

  [Picture: Salaj Mohammed Kasim, then aged 7, weeps during a police raid on an embroidery workshop in Bombay in 2004. Over 90 child labourers between the ages of 7 and 10 were rescued at the time in India's financial hub while working in the embroidery workshop, police said. Child labour exists because of poverty - and because of the unwillingness of wealthy societies to choose the welfare of people above financial systems.  PHOTO: SHERWIN CRASTO, REUTERS 

   Catholic Social Teaching has its basis in this principle of subsidiarity, that the dignity of an individual can only be promoted through due concern for the family, groups, associations and the systems within which that individual operates (for further information, see The Compendium of the Social Doctrine of the Church).
   Social psychology insists the individual must be viewed in the context of his/her relationship with others and the social systems within which they function.
   In unethically reducing the individual to a disposable consumer, both governments and free markets are placing the means ahead of the end.
   The questions that we need to ask ourselves in light of the remarks of Pope Francis, given the recent global financial disasters, relate to whose future we are best serving by focusing on building personal wealth?
   Is it our own, our families and our societies - or are we unwittingly supporting the philosophy of individuals as consumer goods?
   The failure to ask such questions can result in disasters like the death of over 1127 workers in the building collapse in Bangladesh in April this year.

Nigel Hayward is a Project Officer for the Catholic Social Justice Council of the Archdiocese of Perth #

   [RECAPITULATION: The pursuit of profits in the public utilities sector, where 'competition' is viewed as being beneficial to all, has meant that the family is increasing[ly] viewed in purely economic terms, valued only as a power of consumption or source of labour.  ENDS.]
   [COMMENT:  "Pursuit of profits in the public utilities" means that some governments seek to take money away from them.  Believe it or not, in a time of increasing economic stress, the Western Australian Government, for example, wanted the State Government Insurance Office (SGIO) to pay a dividend to the State Treasury.  A parliamentary or some such delay meant that the money could not be transferred by June 30, the end of the State's financial year - to help reduce what will be a huge deficiency. 
   Anyone who remembers the strain on the huge insurance brokers Lloyds of London some years ago, knows in his/her heart that if an insurance firm makes a profit, it MUST be kept, some going into banks or similar, and a smaller portion going into gilt-edged investments.  Australians all ought to still have in their minds that parts of southern Queensland and northern New South Wales were flooded TWICE in a short time, resulting in huge payouts by insurance companies and governments.  The disastrous bushfires in various States have also cost insurers dearly.
   The W.A. Government is composed of Liberals, led by a former Chief Executive Office of the Chamber of Commerce and Industry (CCI), and the Nationals (former Country Party).  The CCI ought to know, from talking to their insurance colleagues, of the dangers of stripping insurance companies of what seems to be profits in lucky years.  The Nationals' farmers ought to know that droughts in the past 20 to 30 years has cost insurers billions - some parts of Australia had droughts of 10 or six years, etc.
   There is no excuse for the W.A. Liberal National Government to strive to take money off the SGIO.  Not ever.  And certainly NOT when the Cabinet is wasting millions on digging up the Esplanade, sinking the railway, selling land at Burswood for a $30 million discount, financing new football ovals (stadiums!) for millionaire football players, and loading ratepayers with amazing increases in payments to Local Government mayors and councillors.   COMMENT ENDS.]
   [CONTACT:  Catholic Social Justice Council, of the RC Archdiocese of Perth, W.Australia, Telephone 08 9422 7926.   ENDS.]
[Jun 26, 2013]

• [Stop Canberra's new step to take over Local Government]   

[Stop Canberra’s new step to take over Local Government]

[And thoughts on cultural instability]
   An Intelligent Observer, Tuesday, July 9, 2013
   I have read the proposal put forward by [name withheld] (27 Mar 2013). Yes; an investor could make money in land price speculation where rail and other infrastructures facilitate convenient living.
   Although the average person could get rich from a growing population needing land for houses, it doesn't induce them to demand changes to bring about a land for revenue system. They are more interested in just the enjoyment of living.
   Only those with vision and who can form a political party that can win government can achieve changes. The rules come from Parliament.
   The Federal Government is trying to get control of local Government with a pretence that Local Government will receive Federal funding. It's the usual lies. The Feds don't produce revenue, they confiscate from the people by way of taxation. They intend to raise more revenue from State lands with tax, not rent. It will be a confiscating tax on both land and houses.
   State Government could implement a land rent scheme for public revenue and not be in conflict with State or Federal constitutions. It could to a land rent, not a tax. Constitutionally, only the Federal Government can impose taxes; land is the property of each of the States. The States, constitutionally, should have been the revenue granters to the Federal Government; not the way it now is - tax on income and enterprise.
   It's vital that the Feds don't get control of Local Government - they have been proved to be incompetent, fraudulent and cannot be trusted, no matter which political party.
   No one owns land, they only occupy it. Land value is in the title of occupancy and is separate from any man-made items, such as buildings which have their own private values. Even with a land rent in place, there will be a value remaining in the title of occupancy. Henry George suggested leaving it there and collect the rent regardless. The rent is already in place and set by the Valuer General. Only a small part of it is being collected.
   It would be better if Local Government retained land. Private enterprise could invest in developing areas with roads, water supply, electricity etc., receiving a return on their investment from Local Government as it collects land rent from house owners who have selected their land location.
   The land would not be sold, so that a house would be easily affordable. The owner of a house sells the house only, not the land. The 'land occupancy title' would have to be returned to Local Government to avoid it being sold - something that needs closer thought.

   A people who identify with each other to the degree of sufficient numbers to form a tribe or nation, occupy such areas of land that they can hold from others; maybe displacing previous occupiers to get it in the first place and can themselves be displaced as is happening to what is left of the white Australian Nation (about 4 million that have retained racial loyalty). The displacement of Aborigines is a blazing example; they were occupiers, not traditional owners.
   The future is uncertain. Huge numbers of immigrants are planned for Australia. The more Australia's population grows the worse things seem to get, even with the large open spaces. What makes things worse is that there is no such thing as a multi-racial nation. What was once intended as a white-raced nation of Australia, is not likely to be recovered.
   Being born on 'national territory' is not a birthright to membership of that occupying nation. Contingency plans are being considered to relocate white Australians that cannot assimilate with the now mixed races which will continue to become unstable. Henry George spoke more on the race question than the land question. ("Henry George" by Charles Baker).

   Islam is on the march, seeking World conquest, so are Internationalists (sometimes called Communists - more updated, the Globalists). Islam is the most physically aggressive. The Middle East has huge numbers of manpower available to the Muslims.
   Their Islamic religion gives them encouragement and is a religion that provides a unity to a multi-racial force that has a deep hatred of the white race of people. It has been their neurotic multi-racial cross breeding and their religious variations that has, so far, destabilised any organised attack of any large scale.
   Their colonisation by immigration is proving the most successful, amazingly supported by weak minded whites, themselves the future victims. Christianity, distorted by interpretations of the New Testament, is a weakness, inviting invasion from a more aggressive and determined religious force.
   America is currently planning and will link with Europe, both will abandon trying to compete with Asia, including India. A 'one world' defies the God-given laws of nature. There will be a major re-emergence of the Western European peoples, but that is sometime in the far future, after the race war. #

   [GENERAL COMMENT: There is a lot of knowledge and wisdom in all of this article.  Any reader who doubts the facts presented above is welcome to use the Internet search engines such as Metacrawler to find confirmation of the author's statements.  Or go to a good library.   GENERAL COMMENT ENDS.]
   [LINK on LOCAL GOVERNMENT, needing to take responsibility to raise its own funds: See brief quotation in a short entry on the book MALCOLM FRASER: The Political Memoirs, at <>.   ENDS.]
   ["RACE WAR" COMMENT:  RACIST ARTICLE?  Stop and think.  When the Europeans gradually took charge of India, did they allow widow-burning and hand-amputations to continue?  The pirates of the north African Barbary Coast were eventually overcome by superior cannon - did the conquerors allow the inhabitants' customary way of becoming prosperous, piracy, to continue?  In the 21st century, Somali pirates are being deprived of their customary livelihoods, belatedly, by some navies.  Should all these peoples be encouraged to resume their culturally-inherent customs, on "politically correct" grounds?
   On old maps, an island group used to be called the Cannibal Isles or Islands, and in the Torres Strait between Queensland and New Guinea young male islanders were not fully accepted as men until they had removed someone's head - read Headhunters of the Coral Sea and Drums of Mer by Ian Idriess.  But, when the Europeans conquered these places, were cannibalism and headhunting allowed, for cultural reasons?
   NOT RACISM - the writer is objecting to CULTURAL DIFFERENCES that would change Australia from a land, for example, where drinking alcohol was encouraged, judging by the rush of smaller and smaller bars being licensed.  Sunday used to be a day of rest, but if some immigrants took charge, there would be executions on Fridays, as it was in Afghanistan in recent times, and still is in some lands, and polygamy and child marriage would be usual, "the norm," instead of being forbidden. 
   In the late 1800s the Chinese immigrants to Australia and the Pacific coast of the United States were, according to some writers and the then labour movement, full of cultural customs that were forbidden by Australian and U.S. laws.  The U.S. passed its immigration restriction laws around the same time as Australia was moving towards its White Australia policy, since reversed.
   CULTURES are different.  It is NOT just a difference of race, skin colour, language, etc. that motivates most critics of the present influx of non-Europeans into Europe and countries like Australia whose populations now, through sometimes cruel invasions and other policies, are mainly European. 
   In fact, Western societies have gradually changed to kinder societies, giving up the frequent executions, whippings, very long imprisonments, deportations, etc., that were common in Europe before and after the invasions began.
   Moreover, Europeans, in the main, now outlaw polygamy, marrying off girls of 6 years (one of the cultures) or 9 years (another culture), cutting off part of girls' sexual organs without anaesthetic (on cultural grounds), burning widows with their husbands' bodies, lashing and gaoling women who do not cover themselves from face to feet, frequent executions, mutilating thieves by de-handing them, and beheading those who are of a different faith, disobey their customs, criticise their past guru, or are accused of desecrating their texts, etc.
   Regarding immigrants, most countries until recent years believed in ASSIMILATION, that is, expecting the immigrants to adopt fairly quickly the language, clothing, and most customs of the majority culture-group, but practising some of their own culture quietly and semi-privately.
   On the other hand, the current DIVERSITY and MULTI-CULTURALISM doctrines cannot make these opposing cultures settle down peacefully.  If the weekend break is Sunday for most, Saturday for a few, and Friday for an ever-increasing multitude of economic and other immigrants, will Australia end up with the Three-day Weekend?  Or will every business and restaurant be forced to close all day Friday, at the risk of violence?  Will every hotel and bar be put out of business?   RACE WAR COMMENT ENDS.]

   [KORAN (= Muslim scripture)  (said to be the messages of the god Allah, and same book as on tablets (the preserved slate) kept by Allah in Heaven):
   Koran 2:193 (or 2:189):- Fight the unbelievers until no other religion except Islam is left.
   3:83 (or 3:77):- Are they seeking a religion other than Allah's, when every soul in the heavens and the earth has submitted to Him, willingly or by comp­ulsion? …  <http://­www.multi­media­­quran/­03/003-083.htm>
   8:12:-  I will cast terror into the hearts of those who disbelieve.  Therefore strike off their heads and strike off every fingertip of them.  <http://­www.­­quran/0­08/008-012.htm>   MOHAMMEDAN DOCTRINE ENDS.]
   See also the HADITH (= Muslim tradition texts).

   [LINK/S: <>; <>; <>; <>.   ENDS.]
[July 9, 2013]

• Choose wisely.  [Coal investing, or gambling?]

Choose wisely

   The West Australian, ( letters § wanews com au ), GPO Box N1027, Perth WA 6843. Fax 08 9482 3830.  Letter to The Editor, by John C. Massam, p 23, Friday, August 2, 2013
   Griffin Coal was allowed to be sold to an Indian group (Missed payment raises concerns about Griffin, Business 30/7)
   True to form, it was the workers who would suffer, through failure to pay $1.5 million due to the employees' superannuation by Sunday deadline. Apparently, trade creditors, too, have experienced delayed payments for their goods and services.
   It takes some bravery to build an alleged unpaid tax bill of $13.9 million.
   For years in Perth, the Stop-MAI Coalition, plus other public-spirited groups, had been warning politicians of the dangers of tying up Australia with treaties, and to leave our Parliaments free to ban foreign ownership of strategic assets like coal mines.
   Politicians evidently cannot see that a company which has to borrow much of the purchase price to obtain a strategic asset will have trouble operating in the long-term, because of their interest payments and, in this case, market downturn.
   Such investments are really like gambling.  The odds are that the buyers will be looking for opportunities to sell at a profit.
   Australia should limit foreign investment to that where an overseas company builds or makes something or starts a new venture, not merely over-bidding to acquire assets from shareholders.
   John. C. Massam, Greenwood #

   [LINK: StopMAI Coalition <>, of Perth, Western Australia.  ENDS.]
   [DEFINITION: MAI means the Multilateral Agreement on Investment.   ENDS.]
[August 2, 2013]

• [Federal Election will be on September 7]   

[Federal Election will be on September 7]

   Television and radio, Sunday, August 4, 2013
   CANBERRA, A.C.T., Australia: – The present Prime Minister, Mr Kevin Rudd, visited the Governor-General, and soon after announced that the Federal Election will be held on Saturday, September 7, 2013.
   All seats in the House of Representatives will be contested, and half the Senate seats.
[Aug 4, 2013]

• Economy not self-liquidating, but propped up by thin-air debts
  [Western Australia's debt crisis; fictitious credit propping up 10% per year increases in wasteful government spending, plus top-heavy takeovers.]    


   To a few newspapers, Letter to The Editors, by John C. Massam, September 25, 2013
   Free-enterprise economies are not self-liquidating, but rely on debt compounded on debt, it is evident from a careful following of today's news.
   And the Western Australian government's fall from AAA rating to AA+ is part of that evidence ("Triple-A-RatingCrisis," The West Australian, Page One, Sep 19).
   The Premier of what I would call a rather under-performing Liberal and National State Government, the Hon. Colin Barnett, is a former chief executive officer (CEO) of the WA Chamber of Commerce and Industry (CCI).
   So, it is fitting that the present chief executive of the CCI, Mr James Pearson, has publicly exposed the WA Government by explaining that, during "the past five years, State Government spending has grown on average more than 10 per cent every year." ("Credit rating loss must be wake-up call," The West Australian, WestBusiness section page 8, Sep 25).
   Selling the people's assets is a high priority, naturally, to people like Mr Pearson, Premier Barnett, and federal Liberal leader Tony Abbott. Predatory investment groups and financiers will be licking their lips. Mr Pearson wants "to repair investor confidence with a clear plan."
   But, how did Western Australia spend more and more on such follies as digging up the Esplanade, making strange statues, selling $90 million worth of land to a billionaire's company for $60 million, and promising a stadium so that millionaire footballers can do their public performances?  Come on, the spending grew more than 10 per cent annually for five years. If a husband did that, wouldn't his wife have cause to smell a rat? Where did the money come from to help make the "haves" have more?
   The answer is, WA acts just like most of the world. It goes into debt to multinational wheelers and dealers to the tune of billions and billions. The WA debt has tripled in a few short years, and so has the federal debt.
   And companies, too, are selling bonds and shares, that is, going in to debt to make risky purchases, as shown in an AFP newsitem about the Blackberry mobile phone company, on the opposite page of the same newspaper. ("Blackberry offered lifeline ," West Business section, page 9, September 25, 2013)
   Readers learn that a group led by Fairfax Financial Holdings, based in Ontario, is trying to buy Blackberry. A firm deal is expected by November 4. "It also hinges on the consortium obtaining financing," the fourth-last paragraph informs us.
   Well, well!  This consortium is going to borrow money to take over the beleaguered Blackberry corporation, and won't be buying it by using money they actually saved. They need some fictitious credit so they can take over, and then bend their necks to repaying a huge debt.
   And in Australia we have seen similar bankster tricks in the takeovers of the ABC Learning kindergartens, and their collapse, and a shopping-centre chain growing, growing, and now going down.
   A few brave university economists tell us that this mad creation of debt is not real investment, but is evidence that economies are not self-liquidating. But the "bought" economics departments of most universities won't allow such thoughts to prevail in their ivory towers. #
[Sep 25, 2013]

• [Debt, threat of U.S. shutdown]  (Advertisement)    

[Debt, threat of U.S. shutdown]

   The Sunday Times, <>, (Perth, W. Australia), ( letters § sundaytimes news ltd com au ), GPO Box D 174, Perth WA 6840, page 48, column 7, Sunday, Oct 20, 2013
BOOKLET 'Revenue That Is Not a Tax' by Clyde Cameron $5.  Find why there's a shutdown of the USA 17th October and sell out of post offices in Aust and UK, debt tripling for Federal and WA govts, and a share float by a big car retailer because of debt. 
Why is all this debt?
GEA, PO Box 472
Bassendean, 6934 (08) 9498 7515   0408 054 319

   [COMMENT: Not one response was received.  Paid for privately.   COMMENT ENDS.]
[Oct 20, 2013]

• Hypocrites to raise debt ceiling.
  [Federal Liberal-Country Government to borrow, borrow, borrow]  

Hypocrites to raise debt ceiling

   Letter SENT TO The West Australian, ( letters § wanews com au ), from John C. Massam, October 23, 2013
   AUSTRALIA – "Treasurer Joe Hockey has used a speech in the US to signal the debt ceiling - currently $300 billion - would be increased to take account of the Government's required borrowings," you reported on October 17, and a similar item appeard on the 23rd.  What hypocrites the Liberals are!
   Only a few years ago when in opposition the party sent a vehicle around Australia with signs objecting to what they called the high debt levels of the then Federal Labor Government.  They were right then - but now the boot is on the other foot.
   Readers ought to look at Steve Keen's Debt Watch at <>, and also the Global Debt Clock at <>.
   There is no need for governments to borrow money, because revenue without a tax is within easy reach, if they overcome vested interests. #
[Oct 23, 2013]

• RBA ought to issue its own gilt-edged cheques to finance itself.

RBA ought to issue its own gilt-edged cheques to finance itself

   Letter sent to The Sunday Times (Perth, W. Australia), from John C. Massam, of Greenwood, West. Aust., Oct 24, 2013
   The new Liberal-Country Federal Government intends borrowing $8.8 million to lend to the Reserve Bank of Australia.
  Surely someone in Cabinet knows the fact that banks, by honouring their own cheques, have been creating "money" out of thin air for centuries.
  Why then borrow from one lot of bankers to prop up another bank, especially as it sets Australia's basic interest among the highest [of the developed nations] in the world? #
[Oct 24, 2013]

CONTENTS LIST and ANCHOR LIST (After reading an article, use Browser's "Back" button to return to Anchor List)
Austerity. But for whom?  While governments and ordinary people are told to tighten their belts, bankers and other super-rich people continue to enrich themselves.  Iceland alone refused to accept the austerity package pushed onto them by the international lords of finance.  (In fact, Iceland is sending some reckless bankers to prison, though this is not included in the article.)  Jun 19, 2013
Choose wisely. [Coal investing, or gambling?].  WESTERN AUSTRALIA: Indian investors seemingly bought Griffin Coal, Collie, by borrowing much of the purchase price.  Now the Indians are defaulting on accounts, it is reported.  Aug 2, 2013
Corporate Pay: One CEO = 354 Workers. [And company profits are "parked" overseas.] UNITED STATES OF AMERICA. Apr 16, 2013
[Debt, threat of U.S. shutdown] (Advertisement). Oct 20, 2013
• [The economies of Australia and the world urgently need reform.]. MELBOURNE, Victoria, Australia:  A speaker from Perth, Western Australia, said this.  May 26, 2013
Economy not self-liquidating, but propped up by thin-air debts. AUSTRALIA. Sep 25, 2013
[Federal Election will be on September 7].  CANBERRA, Australia: The Prime Minister, Kevin Rudd, announced that the Australian Federal election will be on September 7.  Aug 4, 2013
Global financial reform - now.  VATICAN CITY, and AUSTRALIA:  The focus on economic rationalism has meant that Australia is giving up its notions of a fair go for all.  Are people just "consumer goods"?  What about the deaths of 1127 workers in the Bangladesh building collapse?  Jun 26, 2013
Hypocrites to raise debt ceiling. AUSTRALIA: Federal Liberal-Country Government to borrow, borrow, borrow. Oct 23, 2013
Investment groups set to replace land barons; Who owns Perth?   PERTH (W. Australia): The coming decades are set to mark the end of an era for Perth's big property barons, who have helped to shore up local ownership of more than a fifth of the central business district.  Though Perth has a much bigger proportion of local ownership than other cities, institutional investors are tipped to eventually buy them out.  Damian Stone, director of property consultancy Y Research, said the relatively high local ownership reflected Perth's history as an isolated outpost.  May 6, 2013
[JPMorgan has 30% of Australian banking shares.]  AUSTRALIA: While politicians preached about how Australia must have overseas investment, one of the world's "banksters" has been buying up shares in Australian banks.  Newsitem of March 16-17, 2013: "US Senate report scathing about JPMorgan."  $6000m loss, deceptive behaviour in spite of banking reforms.  May 15, 2013
Let's Explore Practical Rent-collection Methods.  PERTH, W.A.: Respected author Godfrey Dunkley suggests that less than 80 per cent of the "rent" payable on land under a Georgist regime would be ample.  (Northern) Spring (= ~ March 21 to June 21), 2013
• AnOffer You Cannot Refuse.  PERTH (W. Australia):  A broad committee ought to investigate city planning, and land values near the proposed ring rail ought to be updated.  As the proposal turns into practical results, land values will rise, and a percentage could be levied on such land values.  It will return a wonderful amount on the investment.  Mar 27, 2013
RBA ought to issue its own gilt-edged cheques to finance itself. AUSTRALIA: Federal Government will BORROW "funny money" to put into the Reserve Bank of Australia, which presumably has been doing some risky deals.  Canberra thinks that borrowing "thin-air" credit is more respectable than issuing money without debt. Oct 24, 2013
Rebels trained by CIA; Secret Syria backing.  WASHINGTON (DC): Secretly, U.S. forces have been training some elements of the Syrian anti-Assad rebellion in using heavy anti-tank and anti-aircraft weapons.  The U.S.A. has been supplying uniforms etc for some time. Jun 23, 2013
[Stop Canberra's new step to take over Local Government]  [And thoughts on cultural instability]: AUSTRALIA. July 9, 2013
US Senate report scathing about JPMorgan.  NEW YORK: A United States Senate committee questioned JPMorgan executives about how the London share traders allegedly deceived regulators, with risky trading that led to a $6000 million loss.  Some investors will sue the company.  Mar 16-17, 2013

MOTTO: "Expect no gratitude, and you won't be disappointed." - JCM
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