Go figure…

“WORLD central banks have poured almost $200 billion into financial markets in less than 24 hours in a bid to stem a global financial panic.”

Some months back, at the time of our annual budget speech, I was curious as to what the $billions held back by the Australian government. We have had a bumper income from the current resources boom which wasn’t reflected in money distributed back into the wider economy.

I posited that at least some of that money had been held back as a slush fund to manipulate the market to the benefit of big business. The confirmation came when:

“The Reserve Bank of Australia had to pump almost $5 billion into the local market, about double the normal daily injection, to ensure that the cash interest rate did not spiral higher than the new 6.5per cent....”

Now I’m a bit messy on currencies here, but you will get the general picture. Australia has a population hovering around 21 million. So balance that $5billoion (about double the normal daily injection) against:

• The Federal Reserve Bank, in the US, advanced about $US24billion ($AUS28billion)
• European Central Bank - E95 billion.
• Japan - Y1trillion ($AUS10billion).

Why is it that I get the impression that the needs big business over ride those of ordinary Australians? Even worse is that those bail out funds could serve to strengthen our social and commercial infrastructure.

The Howard government refuses to intervene in market regulation but is ready to bail out these crooks on a daily basis. Meanwhile Australians are dying because there is an insufficient health infrastructure. Business is stalling because the government is determined to score cheap points against the Labor states, denying essential tax flow on funding.

But raise any of these issues among any of those suffering this bad policy and I’m quickly assured – “We don’t like to discuss politics.” Don’t you just love the way people just open their legs to be raped again and again? Frankly, I don’t!