Australia's conservative government pays off national government debt!

Herald sun ^ | 04/21

[newfarm4000n]

The Australian conservative government pays off the debt it inherited from the prior liberal government while the American conservatives spend like a drunken sailor! No offense to naval veterans of course !

[HoosierHawk]

Can we hire the Aussie conservatives? Or vote for them? Or something?

[daivid]

I have a dumb question. How does the Australian central bank increase or decrease the money supply?

Here in the States, the Fed manages the money supply mainly by buying or selling bonds (of the national debt).

[Roverman2K]

Damn, we could learn a thing or two from them.

Oh well, that the price we pay for being #1
We are incurring a 15 year deficit to allow the developing world a market to sell too.
Its a form of marshal plan.
India, China, eastern Europe is the new growing areas.
We are in effect seeding the field for human race success.

[Yo-Yo]

The Australian Government used to own the phone company, Telstra, but sold it off to private interests. That is where they got the money to pay off their debt.

But that is a good thing. The Government shouldn't be in the telephone business to begin with.

[Blue Scourge]

Good to see one conservative party still remembers what it means to be fiscally conservative.

[newfarm4000n]

Can we hire the Aussie conservatives? Or vote for them? Or something?

You sure can pray for the Australian troops in Iraq for starters!

[HoosierHawk]

Gladly. With all my heart.

[newfarm4000n]

I think its the same in Australia isn't it ? i know that they definately have long term government bonds. Perhaps some freeper knows more !

[staytrue]

They did this with asset sales. We could sell yosemite park for 500 billion at least.

The US govt. probably has physical land assets worth many trillions.

[newfarm4000n]

The Australian Government used to own the phone company, Telstra, but sold it off to private interests. That is where they got the money to pay off their debt.

I think if you read the article closely the original debt was far more than what they got for selling telstra.

[kerryusama04]

spend like a drunken sailor!

The difference between a drunken sailor and a Republican? The sailor spends his own money!

[ApplegateRanch]

Its a form of marshal plan.

India, China, eastern Europe is the new growing areas. We are in effect seeding the field for human race success.

And then they foreclose, and liquidate us.

[newfarm4000n]

They did this with asset sales. We could sell yosemite park for 500 billion at least

Please read the article carefully . More than half of the debt was not from asset sales. Plus no new debt has been taken on.

[Drago]

2005 interest on the U.S. debt: $352,350,252,507.90 (352 Billion if I have my decimal places right)
That would have bought a lot of nice toys!!

[newfarm4000n]

Good to see one conservative party still remembers what it means to be fiscally conservative.

I think it shows that Fiscal conservatism is not a vote loser if you have some backbone every time a special interest groups screams for funds 1

[somniferum]

Not a dumb question. I am wondering the same thing.

[staytrue]

the Fed manages the money supply mainly by buying or selling bonds

I thought it was done by managing bank reserve requirements. I put a dollar in the bank, the bank loans out 90% to x, x puts 90 cents in a bank 2 and bank 2 loans out 81 cents to y, etc. This is how money is created. And by making 10% into 20% or 5% (or zero=infinite money creation), this is how the money supply expands or contracts.

[newfarm4000n]

Amen brother !