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  1. #41
    Don't Judge Me! Haphazard's Avatar
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    Quote Originally Posted by Victor View Post
    How interesting to discover this is not a global problem but a problem of the USA.

    For it was not necessary to bail out even one of our banks or financial institutions.

    And although we abolished tariffs, floated our dollar and deregulated our banking system, we retained prudent regulation of our banks and financial institutions.

    And while the USA and Europe fell into the worst recession since the Depression, the Reserve Bank of Australia raised interest rates to accomodate the coming boom.

    What this means is that our economy no longer follows the economy of the USA and Europe. In fact our largest trading partner is Japan, closely followed by China, South Korea and India.

    And interestingly, we followed prudent banking practices while the USA was imprudent.
    Hush now, this doesn't concern you.
    -Carefully taking sips from the Fire Hose of Knowledge

  2. #42
    mountain surfing nomadic's Avatar
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    Quote Originally Posted by Victor View Post
    And interestingly, we followed prudent banking practices while the USA was imprudent.
    Yeah, it is a troubling but valid complaint.

    While the US was lecturing Asian banks in the 1997 IMF Crisis, how ironic that the US dragged the entire world down with its own set of problems this past year. But there has yet to be a system that can feed the world without the US on top. Flawed yes, not capable of being fixed? no.

    Australia is an important commodities country. Similiar to Brazil in its heavy commodity based economy. Selling wood, goats, iron, stuff like that.

  3. #43
    & Badger, Ratty and Toad Mole's Avatar
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    Quote Originally Posted by nomadic View Post
    Australia is an important commodities country.
    What is interesting is that our commodities sector is high tech.

    And it is also interesting that our commodities sector is rivalled by our services sector.

    So we sell not only commodities to Asia and the world, but we also sell services.

  4. #44
    mountain surfing nomadic's Avatar
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    Quote Originally Posted by Victor View Post
    What is interesting is that our commodities sector is high tech.

    And it is also interesting that our commodities sector is rivalled by our services sector.

    So we sell not only commodities to Asia and the world, but we also sell services.
    Sure, services to cut wood and plunge a pipe in the ocean to pull out gas is important stuff. How else are we supposed to get gas under all that fish and water without it escaping from holes in the pipe.

  5. #45
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    Quote Originally Posted by Haphazard View Post
    Hush now, this doesn't concern you.
    Ever since you signed a free trade agreement with us we are concerned about your economic health.

    We believe this is only prudent, as we are concerned about your slightest sneeze or sniffle and only ask that you be prudent as well.

    We want to look after you and encourage you to prudently look after yourselves as well.

    Stay out of the rain. Wear a sweater and don't catch a chill.

  6. #46
    Vaguely Precise Seymour's Avatar
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    Quote Originally Posted by Victor View Post
    How interesting to discover this is not a global problem but a problem of the USA.

    For it was not necessary to bail out even one of our banks or financial institutions.

    And although we abolished tariffs, floated our dollar and deregulated our banking system, we retained prudent regulation of our banks and financial institutions.

    And while the USA and Europe fell into the worst recession since the Depression, the Reserve Bank of Australia raised interest rates to accomodate the coming boom.

    What this means is that our economy no longer follows the economy of the USA and Europe. In fact our largest trading partner is Japan, closely followed by China, South Korea and India.

    And interestingly, we followed prudent banking practices while the USA was imprudent.
    Actually continued foreign investment helped create the problem (when combined with low interest rates) by helping to provide easy credit. Plus, investors from around the world invested in US mortgage backed securities. 25% of investors in CDOs in mid-2005 were non-US... about $280 billion worth of assets, with 10-15% held by Asian countries (your primary trading partners). If financial institutions hadn't been bailed out, it's likely that a global liquidity crunch would have ensued.

    I agree that the US was responsible for the mortgage crisis, but we had a little help along the way (not that we are incapable of making messes on our own, mind you). Recovering from the aftermath of the crisis is going to be a burden for the US going forward. Personally, I'm just grateful it hasn't been worse and that a global financial collapse didn't ensue. What actually happened was more than bad enough.

  7. #47
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    Quote Originally Posted by Seymour View Post
    If financial institutions hadn't been bailed out, it's likely that a global liquidity crunch would have ensued.
    Sure, the USA has been the largest economy in the world for more than one hundred years, and remains the largest economy in the world today.

    So, yes, the USA and European bailout was necessary to maintain global economic stability.

    Since 1904 we have been an ally of the USA and we have noticed that the USA bounces.

    The USA always bounces back after a setback.

    This can come as quite a surprise to enemies of the USA as they are quick to get their comeuppance.

    And it is even a surprise to the friends and allies of the USA and we can only look on with envy.

    So we have no doubt you will bounce back bigger and better than ever after this financial setback.

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