Monday, 30 March 2009

The Chinese Minister

for World Financial Affairs (aka Kevin Rudd and, oddly, also Prime Minister of Australia) seems not to be getting the kudos he believes he deserves while abroad. There are reports that he has been relegated to the second tier at the G20 Summit.
There are many, including myself, who will be relieved to hear this. Mr Rudd is still very popular in Australia - after all a lot of people have just received a very generous 'present' from him and they are hoping for a tax cut as well. The fact that, as a nation, we cannot afford these things is beside the point. We must continue to live beyond our means. It will keep Labor in power for the foreseeable future. As always the Coalition will then have to sort out the financial mess. We do not learn from political history.
Even at the second tier of the G20 Summit Kevin Rudd has the capacity to do immense harm. He appears to be completely unaware that the Chinese government is using him. He is their Mandarin speaking Ambassador who appears to be the leader of a 'democratic' country. What is more that country has natural resources that they will now be able to obtain at bargain basement prices. In the end they will pay nothing because of the interest they will charge on the loans they are making to the Australian government. Given that the Chinese government does not actually have the money to loan but is using the forced 'savings' of its workers the world is due for more financial turmoil unless Kevin Rudd can be confined to bankrupting Australia still further.
In all this the unions are still demanding pay rises far beyond inflation. Business is going off-shore. Small business is getting smaller.
Worried? Well yes, I am worried.

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