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EYE-BALL Guru on – The “Treasurer of the Year” Award – and the winner is our own Mr Wayne Swan …

September 22, 2011
The “Treasurer of the Year” Award –
and the winner is our own Mr Wayne Swan …
World's best treasurer: Wayne SwanMake no mistake – Mr Swan won his gong as ‘Treasurer of the Year’ fair and square.

The Australian Media have picked up on the story to be announced officially later this week. The only previous Australian Treasurer to win the award was Mr Paul Keating in 1984.  For several months now this author and this Blogsite has been espousing Mr Swan as a ‘dumbass turkey’ who would not know one end of a Financial Market strategy from a well planned ‘Bank Heist’ against the Reserve Bank.

Whilst every other Central Bank in the World is taking action over concerns about the impact of their appreciating currency and its impact on their Nation’s competitiveness – the Australian Treasurer has taken no interventionist action to stem the rising value of the A$.

This is despite repeated attempts to spell out in simple terms just what the impact on Australia’s Balance of Trade, internal employment, Small Business operators and the host of Industries suddenly finding themselves unable to compete in the global market – and this all on the back of the now ‘Treasurer of the Year’ – having no concerns or intent to do anything about the high value if the A$.The creditability of this award has to be questioned.   The Award is judged by leading European banking and the finance magazine EuroMoney – on advice from “global bankers and investors” to quote the Magazine’s own criteria.  The creditability in these peers stems towards ‘global bankers’ and ‘investors’.

Previous Winners of the award can be viewed using this link.

The reasons given by EuroMoney as to why Mr Swan was deemed worthy of the award can be read using this EuroMoney Link.

Worldwide comments on this EuroMoney story can be read using this Link.  Comments made on the ABC story about Mr Swans award can be read using this Link.  By an overwhelming majority – the comments at both these links don’t agree with the magazines choice.

Having exhausted all reasonable avenues to get Mr Swan’s true performance into mainstream media – frustration has become the order of the day.  It’s likened to a holocaust scenario where every other Nation and their TREASURER were obliterated by the GFC – yet Australia through shear oversight escaped the carnage –

To be objective – Australian Banks did survive in much better shape – but that had nothing to do with Mr Swan and Treasury – the guarantee the Government issues at the height of the crisis was window dressing and designed to appease nervous investors – none of the structure of the Australian Banks and their business model which was the real reason they survived in great shape came from any decision made by Mr Swan.

He just happened to be the TREASURER when all this carnage descended across the globe.  Australia’s survival and fate post GFC remains in the hands of others – namely China – China decision to expand its domestic consumption and proceed with internalisation of its infrastructure and modernise its society demanded resource imports.  Australia was the recipient of this good fortune.

Evidence of this is recorded in the record volume of mining resources being shipped from our shores.  This is responsible for the ‘two-speed’ economy that has been acknowledged and this has created a situation in how the Government responds to these internal pressures.

This is where foreign observers lose sight of what is reallyhappening to the Australian Economy.  In previous posts on this subject – [see below for links] – comments and research have shown that the high cost of the A$ has caused $100’s billions in lost export revenues – it has also allowed the off-shore investor to buy A$’s and invest in our ‘high’ interest rate debt with no real fear of a currency devaluation.

Mr Swan has made a decision – he has sacrificed Australian Business and Industry in favour of selling our mining resources as fast as they can for as much as they can.  This ‘eggs in one basket’ policy can’t last forever and in the process many other Industries and Business are falling by the wayside.

Meger export Nations like Japan and Switzerland have deemed it necessary to intervene in Currency Markets to keep their currency at a competitive level.  Mr Swan sees no reason to do likewise.

What Mr Swan fails to understand – and this goes to the reason he was voted as ‘Treasurer of the Year’ – is the off-shore investment community want Mr Swan to think he is doing a great job.  They want him to be basking in his glory – having his ego stroked – all the while distracted him from what is really happening to the A$ Billion’s being sucked from our shores and under his nose – whilst he remains blissfully ignorant and distracted to what is really happening within the Global Investment community.

These very same ‘Global Bankers and Investors’ who voted for Mr Swan as the ‘Treasurer of the Year’ – are lining their investors with easy and extremes of profits from their ‘cash and carry’ trade against the A$.

Any off-shore investor who purchased A$’s in early 2009 at around the A$0.60c lows after the global investment community panicked and sold the A$ down from US$ parity – [see chart below] – all unwinding their existing ‘cash and carry’ positions against the pre GFC ‘resources boom’ – are looking at annualised returns in excess of 30% and un US$ terms returns in excess of 60%.


Mr Swan must be aware of this trade opportunity – and with the $50 billion of new infrastructure investment due to hit our shores over the next 2-3 years – the A$ can only appreciate further.

This will be the death knell to many already struggling industries – Tourism – once Australia’s second biggest industry and struggling already will finally roll over and die.  The millions employed in the hospitality and service industry who rely on tourism will be looking for work elsewhere.

The Mining boom will continue and the demand for employment to support its growth far exceeds labour market capacity and people will be forced to go and work in the mines.  This is what Mr Swan is planning for Australia and for most Australians this is unpalatable.  This is only one industry – there are plenty more who will suffer the same fate under Mr Swans plan to let the A$ keep rising and do nothing about it.

So when the creditability of Mr Swans actions are considered in terms of how it will impact on Australia’s future – in 5-10 years our economy will look nothing like it is now.  His regular ‘jobs-jobs-jobs’ chant is such a hollow echo – his jobs mean relocation – weeks away from families because these mining boom spots don’t have the infrastructure to accommodate workforces – and Australia will have lost its identity.

What happens when all the resources are gone – what will we sell to the rest of the world then?

Selling these resources at the current A$ levels means we ony get a fraction of the revenue is the A$ was trading anywhere its mean average since it was first floated in 1983 – A$ 0.75c – it’s like have a ‘Crazy Clarks’ sale where our most precious commodities have the 30% for sale sign up – permanently – and the discounts will continue to grow higher as the A$ appreciates.

No! Those that really understand finance and trade think Mr Swan is the biggest DUNCE in Australia – and if the World thinks he is the ‘Treasurer of the Year’ then their admiration only comes from their wallet in telling Mr Swan what a great job he is doing for all their Off-Shore Investors.  It’s a sucker play and Mr Swan and the Government are celebrating in the future of Australia’s downfall.

WAKE-UP Australia.

To read other posts on this subject please use the links below:


The EYE-BALL Guru …

  1. Gerry Hatrick
    September 22, 2011 at 4:21 pm

    Just think about it. Europe and USA keep practising quantitative easing. They inflate their economy through money supply when they observe stagnant or contraction in the economy, and they have a bunny finance minister who sits there and who says we are the envy of the world. Our mortgage belt is subsidising their banks recapitalisation. You would be fool to come out and call him a duffer so the Australians might vote him out. It is a foreign award. He is valuable to them in government.

  2. Gerry Hatrick
    October 13, 2011 at 1:48 pm

    Q. How did Wayne Swan save Australia from the Global Financial Crisis?
    A. He used all the money put aside by Peter Costello.

    Q. How many surplus budgets has Wayne Swan brought in?
    A. None.

    Q. How many surplus budgets did Peter Costello bring in?
    A. 10 out of 11.

    Q. Which Australian Federal Treasurer managed to turn a $80b surplus into a $153b budget debt in just 3 years?
    A. Wayne Swan.

    Q. Which Australian Federal Treasurer has to steal money from the ‘Futures Fund’ to give the false impression that his economic management has brought the budget back into surplus by 2012-13?
    A. Wayne Swan.

    Q. What did Wayne Swan do to receive the World’s Greatest Treasurer title?
    A. He spent all the money Peter Costello put in the bank.

    Q. Where would Wayne Swan be if he didn’t have a mining boom and China to prop him up?
    A. Up shit creek without a paddle.

    Q. How is Wayne Swan planning on getting the budget back into surplus by 2012-113 apart from robbing the ‘Futures Fund’.
    A. He is going to spend the mining boom funds on the NBN and illegal immigrant welfare and then tax the arse off you via the Carbon Tax, The Congestion Tax and upping the GST rate and any other tax he can come up with.

  1. September 24, 2011 at 6:57 pm
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