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EYE-BALL Guru on The Great Big Financial Swindle – Part II – The ‘Budget Surplus’ Backflip – Swan tells his own Porkies …

December 29, 2012 3 comments
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Latest GURU Posts:


22nd Dec – The Great Big Financial Swindle – Part 1 – The ‘Budget Surplus’ Backflip – Swan serves up Senator Wong …


– 14th Dec – The Walls are crumbling – Government admits High A$ policy is hurting –


– 4th Dec – Retailers and bureaucrats don’t understand – high A$ value responsible for off-shore purchases –


– 19th Nov – Government Expenditures Part I – Department of Prime Minister and Cabinet – DPMC – STAFFING –


– 3rd Nov – Shareholders – Holding back the world – scared money – scared boss’s –


– 31st Oct – Finally – RBA bubble head opens his mouth – He says – $A intervention not needed –


– 25th Oct – Foreign Minister Bob Carr & Wife – An Australian asset –


– 25th Oct – Communications Minister Stephen Conroy – one of Gillard’s Lap-dogs – untrained and unleashed –


– 24th Oct – Climate Change Minister Greg Combet – The Carbon Tax – emissions Trading scheme –


– 24th Oct – Treasurer Wayne Swan – Mini Budget Part 3 – The Clangers keep coming …


– 23rd Oct – Treasurer Wayne Swan – Mini Budget Part 2 – Mortgaging Australia’s Future to appease his ego


– 22nd Oct – Treasurer Wayne Swan – Mini Budget Part 1 – paints a false mirage to protect his legacy –


– 21st Oct – Penny Wong – On the mid-year accounts –


– 16th Oct – The First Home Owners Grant – the fallout and a reflection on a stupid stupid Government policy …


– 10th Oct – Tony Abbott Talks the Talk – but he is on empty when it comes to detail –


To see more GURU posts:

click here …


Title:
The Great Big Financial Swindle – Part II –
The ‘Budget Surplus’ Backflip –
– Swan tells his own Porkies …

| Author: EYE-BALL Guru | 29th Dec 2012 |
Link to Part I …

Treasurer Wayne Swan joined the ALP ‘wingers’ herd when he tweeted his comments on how the rest of the world is to blame for the ‘backflip’ on the budget surplus.

Treasurer Swan’s ‘tweets’ – presented as an image below – represent his explanation to his followers, some 28.5k which is an impressive number, but nowhere near Kevin Rudd’s followers at 1.18 Million, (@KRuddMP), or Julia Gillard’s following at 323K, (@JuliaGillard).

The number of followers reflect to poll popularity in that Rudd remains more than three times more popular that Gillard.

Swan’s Tweets: (@SwannyDPM) – all tweeted 28th Dec 2012.

[Click on Image to enlarge in a new window.]

The message Swan provides in these ‘tweets’ once again screams ‘idiot’ to all those who understand the GFC and the real ’cause and effect’ – he was most certainly wearing his ‘duncehat’ when in a post Xmas stupor … he thought he would share his GFC ‘fiscal cliff’ wisdom.

The 1st and 2nd of Mr Swan’s tweets above generalise about the ‘Tea Party’ and the damage they have done to the global economy.  Mr Swan has no understanding of the cause of the GFC – he is in the middle of dealing with its aftermath – but that is akin to a mad-hatter running in circles creating a panic wherever he runs or tries to hide his overreach.

The last of the ‘tweets’ – “Australia does not suffer the same problems that plague the US or Eurpoe due to our resilient economic dundamentals” … is pure conjecture … this Nation is but a ‘bees-dick’ away from disaster yet Swan does not understand what it is he does not understand.

The Australian and Julie Bishop had something to say about his ‘tweets’ as well –

Tea Party cost us surplus: Swan


| Author: JOE KELLY| Date: Dec 29th, 2012 | Link to On-Line Story. |

WAYNE Swan has blamed the conservative Tea Party movement in the US for damaging the global economy and contributing to the “whack” to Australia’s budget position that has ruined Labor’s planned 2012-13 surplus.

The Acting Prime Minister and Treasurer used Twitter yesterday to warn that the looming fiscal cliff in the US, coupled with the European debt crisis, had directly affected Australia by reducing tax receipts, thus undermining next year’s budget surplus.

But Mr Swan saved his key criticism for the Tea Party, accusing it of holding the world to ransom and setting back the post-global financial crisis recovery for the past 18 months.

“The impact of America’s fiscal cliff saga combined with Europe’s deep problems is having a real impact on the entire global economy,” he tweeted.

“Of course, we’re seeing that impact first hand in Australia with the huge whack we’ve copped to our revenue base.

“The fact is, no matter what happens this week, huge damage has been done over the last 18 months thanks to the Tea Party’s influence. It is lamentable that so much of the world’s post-GFC economic recovery has been held hostage in such a reckless way by the Tea Party.”

Automatic cuts to social security and defence accompanied by scheduled tax increases are threatening to plunge the US back into recession, with President Barack Obama cutting short his Hawaii holiday to return to Washington yesterday to try to hammer out a solution to stop America sliding over the fiscal cliff.

Opposition foreign affairs spokeswoman Julie Bishop suggested yesterday that Mr Swan’s attack was an attempt to blame the Tea Party for the scrapping of the 2012-13 surplus guarantee and was an “entirely unhelpful” intervention into US politics.

“The US President and the US congress are trying to find a way to deal with the huge US budget deficit and record levels of debt,” Ms Bishop said.

“The last thing Wayne Swan should be doing is giving gratuitous advice. He’s hardly in a position to criticise politicians or political parties overseas about how to manage the budget.”

Mr Swan backed away from Labor’s longstanding promise to return the budget to surplus before Christmas, citing a slump in tax revenues arising from the “deepest and most sustained period of global economic turmoil since the Great Depression”.

He said the government would reassess Australia’s budget position in the new year and take into consideration the US management of the looming fiscal crisis.

Bank of America Merrill Lynch chief economist Saul Eslake said the unwillingness of parts of the Republic Party to compromise over revenues was a major cause of the current impasse, but said the reluctance of the Democrats to compromise on entitlement spending was also a key factor.

He suggested Australia could face its own version of the fiscal cliff next year, saying it was not a good time to enact any combination of large tax increases coupled with spending cuts.

Mr Swan launched a savage attack on US conservatives for their position on the US budget in September, claiming the biggest threat to the world economy were the “cranks and crazies” in the Tea Party that had taken over a part of the Republican Party.

Treasurer Swan is looking for the ‘hook-bait’ in selling the ‘budget surplus backflip’ and the attacks that will be coming his way in the New Year.

In Part I of these series’ of posts, comment was made about Treasurer Swan sending out Senator Wong to face the music and test the waters on the ‘budget surplus backflip … click here to read that post

That post included a Table where past budget results have been analysed for revenue and expenditure percentages year on year.  They paint a completely and entirely different picture to the song Mr Swan and Senator Wong are trying to sell – that Table is too important to talk about without seeing the data extraction results – it reappears below:

TABLE 1: Federal Government Budget Revenues and Expenditure growth:

[Click on table Image to open and enlarge in a new window.]

  • Link to Data Table 1: Australian Government Monthly Financial Statements – October 2012
  • Link to data table 2: Table D10: (page 367) – Australian Government accrual revenue, expenses and fiscal balance by institutional sector ($m)

As noted in Part I – the reference to the drop off in ‘revenues’ as Swan tries to promote is a complete fallacy.   The revenue growth in 2011 of 7.8%, and in 2012 of 9.6%, both  represent revenue growth ranked 6th and 3rd highest in all annual revenue growth patterns since 1996.

Revenues were not the problem Mr Swan – and for you to tell everybody it was is you directly lying to the public.

In fact – Part I also highlighted the point that for the budget deficits in 2010 [$57 billion], 2011 [$51 billion], and 2012 [$47 billion] to have been balanced  – the revenue growth needed to create such a scenario would have had to have been, 16.5%, 26.9%, and 25.9% for each of those years.  These numbers represent multiple factor increases and were completely unrealistic in their forecast.

As can be seen from the Table above – there has only been a single year since 1996 were revenue increased by more than 11%.   When Mr Swan blames the ‘GFC’ and the ‘Tea Party’ as he does in his tweets for his ‘budget surplus backflip’, he is attempting to create his own bow-wave to cover his own ass down the line … don’t let him is my advice.  This is political misdirection on a criminal scale.

To have some understanding of the ’cause’ of the GFC he would need to understand the way global trade has changed and is now linked to labour costs.   We all know Mr Swans Union background and allegiance – he tells us all so many times he is about jobs, jobs, and more jobs’.   Mr Swan talks about it but has no demonstrated understanding to what is happening to the jobs market in Australia.  He must begin to realise that with our relative high labour costs to our competitors, that Australia is becoming isolated and uncompetitive on an International scale.

The very essence of how these high labour costs have risen is linked to the allowing of the increase of the value of the A$ without central Bank or Government intervention or response.

This and the previous Government’s acceptance of the continued resource trade resulting in the high A$ policy has reduced export revenues over the last 8 or so years to the tune of well over a A$trillion dollars.

This has been the cost to the Australian economy through successive failure by Government to deal with and offset the repercussions of a high A$ value policy.   The A$ trillion cost represents more than three times the $300 billion debt created in response to the GFC stimulus funding over the Rudd/Gillard years.

Mr Swan has nothing to say about this because he does not understand the global market changes at play.

The reality – the rest of the world have themselves plugged into our high interest rate returns, our capital gain guaranteed on the currency appreciation, and on the back side of this our labour costs have skyrocketed on a global scale causing a massive repositioning of Australia’s labour force to offshore markets.   This will continue in coming years and unless policy is introduced to combat this stupid rape of the Nation … Australians will have yielded without a fight.

All the while Mr Swan has been serving as Treasurer, and even when he was Opposition Treasurer before 2007 – he was sucking his thumb pretending and wanting to be though of as the ‘best treasurer in the world’.   That ‘gong’ given in 2011 was the rest of the World’s greatest ‘thankyou’ message for the greatest fraud even committed on the Australian people.

Some Global history:

If Mr Swan was a student of history, he would know that for more than 40 years Western Government’s around the world have embraced debt as a means to get themselves re-elected.   The continual change of Government’s in each of the Nations where the GFC impacted hardest – all allowed their deficit overspend to happen on the sellable pretence they were improving the ‘standard of living’ in those Nations.

In other words, ego driven Leaders sold us all a dump saying that the election promise’s were there to serve the electorate – the truth behind that lie is that they were using the spend to first get themselves re-elected.

The number of unpopular decisions made by Government’s since the Vietnam war can be counted as few and far between – how many of them had anything to do with real economic management?

Take the President Nixon abolishment of the ‘gold-standard’ in the early 70’s as an example – this policy some 40 odd years later can be seen as the trigger event that set the economic powerhouses on its borrowing spree for the next 40+ years.

See chart below – there is plenty of debate on this issue – see Wikipedia source here

[Click on table Image to open and enlarge in a new window.]

The USA are currently dealing with the ‘fiscal cliff’ debate … they have walked themselves to that cliff willingly and via consecutive Government’s who spend, spend, and then spend some more.    The US$16.4 trillion debt ceiling negotiated with much market speculation and movement early in 2012 – is again all used up – Geithner states that it will be reached on Monday next, 31st Dec 2012 – see chart table below:

[Click on image to enlarge in a new window – click ‘Ctr+’]

This debt ceiling renegotiation is a part of the ‘fiscal cliff’ scenario, yet in the two months since Obama was re-elected there has been little or no urgency to deal with the impending crisis – this is what Swan refers to in his ‘tweets’ when he blames the ‘Tea-Party’ … yet Mr Swan wants to use this inaction as blame for his budget surplus backflip … what an idiot …

Meanwhile global markets are humming along with no real understanding that the western world is now so dependent on consumer spending that without it Nations will fall – nobody will put it in those terms – yet the consumers have decided themselves it has been better to pay down debt and save more.  Government’s are scratching their heads trying to find ways to make the consumer feel confident to go out and again spend in ways that bought about the GFC in the first place –

Talk about insanity – “doing the same thing over nad over and expecting a different result” … Albert Einstein.

The Wayne Swan gangrene:

There are economic forces at work around the globe they few can understand of predict where they will lead the globaleconomy.   Swan and his dreamboat existence as Treasurer is as far removed from this reality as anyone could be.   He likemoist wants to return to the 80’s and 90’s style economic menagement and anything different challenges him beyond his capacity to visualise the way ahead.

Every Treasurer around the world has one collective thought in how to deal with the GFC recovery – that aim is to try and convince people to spend their recent accumulated savings and their weekly earnings to ignite a spending recovery – this in a job markets going backwards in western Nations.

The Government’s around the world have filled that role as stimulus provider since 2007-08.   They have now run out of money and to now fill that breach in spending – they want people spending to fill the void.    This is a massive sell-out … an admission that the global Government stimulus has failed and failed miserably.  The fundamental flaws in the system are still there – still allowing the privileged to spoon feed themselves off the poor and less fortrunate.

They are even using the adage that interest rates have never been so cheap to promote more borrowing.   Banks are once again in full agreement as they try to sell their debt to unsuspecting borrowers.

Swan is fully engaged in this spend recovery yet – he won’t be there to experience and deal with the disaster he has help create as it unfolds – nor for the decades long hurt it will cause … he will be enjoying his life-long pension and all its parliamentry perks.

Government Cheque book:

Global Leaders believe that Government is an open cheque book to use to implement policies they think will firstly not make them unpopular, and secondly allow them to tell everybody that these spending measures, and/or policy initiatives will make their lives better.

Look to Queensland’s new Leader – when you take a desperate man/womans job away and force them onto welfare – of course they will respond … Campbell Newman’s poll numbers are almost half what they were eight months ago and he is still in his first year as Premier.   His vicious cuts to Government spending and the job retrenchments caused is the immediate impact.  But behind that is the 20 odd year ALP QL Government open cheque book policy to create jobs.  A great number of those jobs were created in public service and Newman’s agenda is to cut them back.

The cause and effect on both the former ALP Government, and new Leader Newman’s policy impact on the electorate and they vote according to how they are affected.

Government’s have become the greatest sellers of dreams and hogwash ever – they are worse than Hollywood types and have even become creative in their imagination by using hollywood actors and artists to help sell their message.   You know what – we are the bigger fools because every election we are stupid enough to believe the spin and thing that politicians don’t lie.

The nutshell – it is all a dump.  The current generation’s apathy to all things political will be paid for by our children and our grandchildren in the decades ahead.

Wayne Swan is a pathetic example of a federal politician who overreached by far, and when joined by the likes of Gillard, Conroy, Emerson, Roxon, Shorten, Garrett, and a host of other current Front Bench Ministers – it is no wonder Swan and Wong are all looking for parachutes over this ‘budget surplus’ backflip.

The Howard Years:

Even the John Howard years [1996-2007] – was out of his depth.  The latter 5 years of Howard’s term as PM were the best years of the mining boom and they were largely wasted …

The Government at the time did not know where real economic growth was happening, and all since confirmed by the lack of infrastructure upgrades in the mining towns, and the ports to cater for the expanding exports.  This proved once again that Government’s have no idea what to do with or how to spend surplus revenues.

Then Treasurer Peter Costello claims his greatest achievement was the establishment of the ‘Future Fund’ – a $50 billion strip from taxpayers to fund superannuation entitlements set up to cover previous years underfunding of public servant retirement entitlements.  What a wank and one eyed think-tank policy.

This ‘Future Fund’ gives Parliamentarians a far greater employer contribution scheme, retirement perks than any average Australian could never hope for under their own public super-fund, and all taxpayer funded.

The initial source of funds used to set up this ‘Future Fund’ came from the proceeds of the Telstra sale … the rest of the surplus’ during the Howard years was used to pay down previous ALP generated debt under Keating and Hawke.  Howard and Costello had no vision of future infrastructure needs, or of the need to upgrade State electricity grids across the Nation.

Nobody escapes blame in this unfolding human created disaster … everybody is at fault – someone once said … ‘people treat you the way you let them treat you’ …

Well it is about time Australia and the rest of the world bloody well woke up and believed that our current Government’s are treating us all as fools … the Wayne Swan excuse for his ‘budget surplus backflip’ is akin to a small child’s wanting to blame someone else for their own mistakes.  He is treating us all as if we were naive fools and hung on every word he said.   I urge you all to fight back …

 

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Have your say where it counts: – contact your Local Federal Representative via the links below and let them know how you feel about this, or any other topic that you feel strongly about – or you can just post a comment below and let off some steam.


The EYE-BALL Guru …

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EYE-BALL Opinion – Climate Change & The Human Factor – The Silent Debate nobody wants to talk about –

December 27, 2012 Comments off
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Latest ‘EYE-BALL Opinion’ Posts:


– 17th Dec – American Gun Laws – will to change is just not there for Legislators


– 15th Dec – “International men of Mystery” – An Australian modern-day Bank Heist story –


– 13th Dec – eBay Traders on welfare tracked – for income and tax investigations –


– 12th Dec – Roxon joins Gillard as Enemy of the State – The Slipper verdict 1s Justice denied


– 11th Dec – Gillard is Dividing A NATION – It’s not about Politics, but rightful entitlement –


– 6th Dec – Gillard’s Judgement again challenged – what she’ll do for any positive publicity  –


– 5th Dec – ALP Senator John Faulkner – Perhaps a dark horse for the PM job  –


– 5th Dec – QLD ALP Badguys land plum jobs – Gillard continues to add to the mediocrity –


– 3rd Dec – Bob Katter’s Australian Party – an alternative –


– 3rd Dec – Some ‘Carbon-Tax’ reality
– The World is not listening to the real facts –


– 29th Nov – A Slithering, Slimy, Spitting Lizard – Part II – Gillard’s been hiding in the Tall Grass – A follow-up Story –


– 28th Nov – A slithering, slimy, spitting Lizard – Gillard’s been hiding in the Tall Grass – now exposed –


– 26th Nov – The Collective v the Abstract – Gillard is aware of her wrong doings –


– 25th Nov – Distressed Damsel Gillard’s Black Knight – Bruce Wilson’s 11th hour offer to defend Gillard –


– 24th Nov – The Jewish v Arab problem – A naive perspective –


– 24th Nov – Hedley Thomas plunges the knife – Gillard mortally wounded –


– 23rd Nov – Immigration and Asylum Seekers – What is the real answer –


– 20th Nov – Schoolies Week Starts – The Booze for Kids debate again heats up –


– 16th Nov – How Deep does the AWU corruption cover-up go? – An exposé on innuendo, evidence, hearsay and conjecture


– 15th nov – Hedley Thomas exploding on Gillard – Gillard has a case to answer …


– 14th Nov – Gillard behaves like a Guilty Person – Asks for allegations to be made –


– 14th Nov – The Australian Media – Lapdog’s at best – absolutely lost the plot on integrity, and their charter of responsibility –


– 9th Nov – Open Letter to “The Independents” Re: –
– Julia Gillard, Peter Slipper, and Craig Thompson, three MP’s who bring continued shame to our Parliament –


– 9th Nov – “Courage is an Angle” – the difference between a good day and a great day –


– To see more EYE-BALL ‘Opinion’ posts:

click here …


Title:
– Climate Change & The Human Factor  –
– The Silent Debate nobody wants to talk about –
| Author: EYE-BALL Opinion | 27th Dec 2012 |
There has been trillions of words written on the human impact on climate change – yet the amount of words written about a ceiling on a sustainable level for a global human population could fit on a small flash drive.

For as long as this EYE-BALL site has been up and running – the Carbon-Tax ‘fix’ to the climate-change debate has been taken to task.

All the talk about ‘human-cause’ and the remedy debate used in the ‘carbon-tax’ policy, leading to the $trillion’s to be spent on ‘clean-energy’ in the coming decades has almost fooled everybody, yet not those who think outside the square.

The OECD has a report titled – Outlook for 2050‘ – the full report is linked here – a short summary of some of the top-sheet findings in the report are presented below:

The Consequences of Inaction – Key Facts and Figures include:

  1. Socioeconomic Developments:
  • World population is expected to increase from 7 billion today to over 9 billion in 2050. A growing population is likely to increase pressures on the natural resources that supply energy and food.
  • World GDP is projected to almost quadruple by 2050, despite the recent recession.
  • Average GDP growth rates are projected to slow gradually in the coming decades in China and India. While Africa will remain the poorest continent, it is projected to see the world’s highest economic growth rate between 2030 and 2050.
  • Over a quarter of population in OECD countries is projected to be over 65 years of age in 2050 compared to about 15% today. China and India are also likely to see significant population ageing, with China’s workforce actually shrinking by 2050.
  • Cities are likely to absorb the total world population growth between 2010 and 2050. By 2050, nearly 70% of the world population is projected to be living in urban areas.
  1. Energy and Land Use

By 2050, without new policies…

  • A world economy four times larger than today is projected to need 80% more energy in 2050 without new policy action.
  • Global energy mix in 2050 will not differ significantly from today, with the share of fossil energy at about 85%, renewables including biofuels just over 10%, and the balance nuclear. The BRIICS are projected to become major energy users, increasing their reliance on fossil fuels.
  • To feed a growing population with changing dietary preferences, agricultural land is projected to expand globally in the next decade to match the increase in food demand, but at a diminishing rate. A substantial increase in competition for scarce land is expected in the coming decades.
  1. Climate Change:

By 2050, without new policies…

  • Global greenhouse gas (GHG) emissions projected to increase by 50%, primarily due to a 70% growth in energy-related CO2 emissions.
  • The atmospheric concentration of GHGs could reach 685 parts per million (ppm) CO2- equivalents by 2050. As a result, global average temperature is projected to be 3 degrees celsius to 6 degrees celsius above pre-industrial levels by the end of the century, exceeding the internationally agreed goal of limiting it to 2 degrees celsius.
  • The GHG mitigation actions pledged by countries in the Cancún Agreements at the United Nations Climate Change Conference will not be enough to prevent the global average temperature from exceeding the 2 degrees celsius threshold, unless very rapid and costly emission reductions are realised after 2020. They are more in line with a 3 degrees celsius increase.

It then highlights what will happen if inaction is the course of action adopted:

What if we act…

  • It makes environmental and economic sense. The Outlook suggests that global carbon pricing sufficient to lower GHG emissions by nearly 70% in 2050 compared to the Baseline scenario and limit GHG concentrations to 450 ppm would slow economic growth by only 0.2 percentage points per year on average. This would cost roughly 5.5% of global GDP in 2050. This pales alongside the potential cost of inaction on climate change, which some estimate could be as high as 14% of average world consumption per capita.
  • Carbon pricing can raise revenues. If the emission reduction pledges that industrialised countries indicated in the Cancún Agreements were to be implemented through carbon taxes or cap-andtrade schemes with fully auctioned permits, the fiscal revenues could amount to over 0.6% of their GDP in 2020, i.e. more than USD 250 billion.
  • Delaying action is costly. Delayed or only moderate action up to 2020 (such as implementing the Copenhagen/Cancún pledges only, or waiting for better technologies to come on stream) would increase the pace and scale of efforts needed after 2020. It would lead to 50% higher costs in 2050 compared to timely action, and potentially entail higher environmental risk.
  • Reform fossil fuel subsidies. Support to fossil fuel production and use amounted to between USD 45-75 billion per annum in recent years in OECD countries. Developing and emerging economies provided over USD 400 billion in fossil fuel consumer subsidies in 2010 according to IEA estimates (IEA).
  • OECD Outlook simulation shows that phasing out fossil fuels subsidies in developing countries could reduce by 6% global energy-related GHG emissions, provide incentives for increased energy efficiency and renewable energy and also increase public finance for climate action. However, fossil fuel subsidy reforms should be implemented carefully while addressing potential negative impacts on households through appropriate measures.

EYE-BALL Comment:

It amazes that even a ‘think-tank’ like the OECD has not raised the most obvious of issues in its synopsis as presented above – if population is the cause of expected further climate change influence and so many other socioeconomic complications for the planet – why is there no debate on a population ceiling for the planet?

They themselves talk of the ‘carbon-tax’ remedy …

Where is the forecast predictions on what an unrestrained verses a restrained population growth has on the climate change debate?

No politician talks about this – Climate Change Minister Greg Combet has been given several opportunities to respond to this type of logic in the past, yet no response has ever been received.  This post will be sent to Mr Combet and the Opposition Climate Change spokesperson,  Mr Greg Hunt, again looking for a response.

Further OECD key highlights continue via this link – and are well worth the read.

But I ask you to think upon the core issue behind all the climate change promoters who think it caused by human influence – not one of them has prompted any debate on a planet population ceiling … that must drive the though process in asking why not – how can anyone blame humans for the climate change influence when the remedies proposed have no debate on control over population growth?

The only logical conclusion can be the weakness in Global Leadership to raise the population ceiling debate at any forum.  The alternative is the acceptance of the new tax’s collected from any climate change reversal measures – it would seem these tax collects are more important and needed Government revenues than finding a long-term solution based on the cause of the problem.


Have your say where it counts: – contact your Local Federal Representative via the links below and let them know how you feel about this, or any other topic that you feel strongly about – or you can just post a comment below and let off some steam.

Links to Australian Parliamentary Website – MP’s


The EYE-BALL Opinion …

EYE-BALL Guru on – The Great Big Financial Swindle – Part 1 – The ‘Budget Surplus’ Backflip – Swan serves up SenatorWong

December 22, 2012 4 comments
The-EYE-BALL-Opinion-Header-2
Latest GURU Posts:


– 14th Dec – The Walls are crumbling – Government admits High A$ policy is hurting –


– 4th Dec – Retailers and bureaucrats don’t understand – high A$ value responsible for off-shore purchases –


– 19th Nov – Government Expenditures Part I – Department of Prime Minister and Cabinet – DPMC – STAFFING –


– 3rd Nov – Shareholders – Holding back the world – scared money – scared boss’s –


– 31st Oct – Finally – RBA bubble head opens his mouth – He says – $A intervention not needed –


– 25th Oct – Foreign Minister Bob Carr & Wife – An Australian asset –


– 25th Oct – Communications Minister Stephen Conroy – one of Gillard’s Lap-dogs – untrained and unleashed –


– 24th Oct – Climate Change Minister Greg Combet – The Carbon Tax – emissions Trading scheme –


– 24th Oct – Treasurer Wayne Swan – Mini Budget Part 3 – The Clangers keep coming …


– 23rd Oct – Treasurer Wayne Swan – Mini Budget Part 2 – Mortgaging Australia’s Future to appease his ego


– 22nd Oct – Treasurer Wayne Swan – Mini Budget Part 1 – paints a false mirage to protect his legacy –


– 21st Oct – Penny Wong – On the mid-year accounts –


– 16th Oct – The First Home Owners Grant – the fallout and a reflection on a stupid stupid Government policy …


– 10th Oct – Tony Abbott Talks the Talk – but he is on empty when it comes to detail –


To see more GURU posts:

click here …


Title:
The Great Big Financial Swindle -Part 1-
The ‘Budget Surplus’ Backflip – Swan serves up Senator Wong
| Author: EYE-BALL Guru | 22nd Dec 2012 |
INTRODUCTION:

Treasurer Wayne Swan and Finance Minister Senator Penny Wong are currently presiding over the biggest financial swindle in Australia history.   Late last week – some 5 days before Xmas, the Government decided that enough is enough and decided to give themselves an early Xmas gift.

After 2 odd years where Ministers and the like have come forward and stated ‘on the record’ some 200 times that they would return the 2012-13 budget to surplus, it s now revealed it was all another hoax.

They were given many opportunities to back away when the economic data required the Government to reassess – but Gillard and her crowd of misfits sayed the course – this was one policy promise they would not break.  Every other promise had failed and that made this promise all the more important.

It was stated emphatically, it was locked in, they offered to stake their whole Government on this ‘surplus’ pledge – and on the 20th Dec 2012 the Gillard Government rolled over on their promise to deliver a budget surplus in 2012-13.

It was only the previous week when Treasurer Swan fronted the media and swooned over the OECD economic outlook for Australia.   He again repeated the locked-in budget surplus would arrive despite everybody saying is was impossible.

Economist were saying why deliver a surplus when it would generate so much pain to the economy.   This was sense talking and despite all the markets advice – the Government still had the temerity to judge all other wrong because the Government would deliver on its promise of a budget surplus.

This is a monster deal in the Government’s creditability stakes and needs to be fully bought to account – not buried over the Xmas break in an attempt to bury its significance. It is another Gillard broken promise and her Government Ministers who lined up like ducks in a row to sell the surplus who are yet to fully deliver on any promise made since Gillard took over in Jun 2010.

I love tables, charts and stats … when structured correctly and in the context that brings out the honesty in numbers – it becomes the financial ‘gob-smack’ that excites all financial market operatives.

Proving something to yourself that others have tried to gloss-over, hide, distort, or deliberately lie about is the challenge – and what you are about to read is the exposing of this Government, the RBA, and the Treasury Department, and their collusion with one another to produce political outcomes, rather than financial outcomes that serve the Nation.

THE BUDGET SURPLUS:

Senator Wong went on the ‘7:30 Report’ last Thursday night [20th Dec, 2012] – and bold-facely lied to the Nation.

Wong’s performance as the finance Minister handed the ball by Swan to explain about the backflip died a thousand cuts.

[See Wong’s interview in full at the ABC ‘7:30 Report’ website – link here –  link also provides a full transcript of the interview.]

They weren’t lies that you could hang her over – just little white ones used to mis-direct the interviewer and convince viewers that the Gillard Government still had some idea what it was doing in managing the economy.

Using the direct text of the interview – Senator Wong responded –

CHRIS UHLMANN, PRESENTER: “Back in the black come hell or high water by 2013”, “on time”, “as promised” – take your pick. The last three years are littered with Gillard Government pronouncements that it would return a budget surplus this financial year. Question it, even as late as last week, and you were slapped down. Today, five days out from Christmas, the Treasurer announced it was unlikely the financial surplus would be met. It came with the release of Government financial statements that show another $4 billion wiped from revenue projections.

The Finance Minister is Penny Wong and she joins me now from Adelaide.

Welcome.

PENNY WONG, FINANCE MINISTER: Good to be with you, Chris.

CHRIS UHLMANN: Will the Government deliver a surplus or a deficit this financial year?

PENNY WONG: Well as the Treasurer’s made clear today, given the writedown again in revenue in the monthly financial statements that I released today, we’re unlikely to deliver a surplus in ’12-’13. We’ve been upfront about that today, we’ve been very clear about that and we’ve made this decision to be clear as to the state of revenue because we have to put jobs and growth first and we want to continue the responsible economic management that’s seen Australia weather the GFC with a relatively low unemployment rate and continued jobs creation.

CHRIS UHLMANN: But minister, until today, the measure of responsible economic management was whether or not you delivered this budget surplus and this was your measure. Nobody else made you live up to this and you’ve broken it and by that measure, are you not – is your economic management now not in tatters?

PENNY WONG: I disagree. The key to this decision today is responsible economic management. The key to this decision today is jobs and growth. And I think it’s important to remember how we’ve got to this place.

[The 1st Lie …]Since mid-2009 this government has offset every cent of new spending decision – every cent. We’ve taken savings to ensure we could make those spending decisions.

[The 2nd Lie …] We’ve also been confronted by substantial revenue downgrades. Some $160 billion over five years. I mean, just as an example, in the ’12-’13 year alone, if you look back at the 2010 budget when we said we would be coming back to surplus in this year, the revenue downgrade in this year alone is $20 billion.

Now, we have continued to make savings to offset that, but with the release today of this new data, what we’ve said to the Australian people is we’re seeing further revenue downgrade. We don’t believe it’s responsible for us to continue to make cuts to offset this revenue downgrade if that is bad for jobs and bad for growth and that is why the Treasurer’s made the announcement he has today.

OK … dealing with the first lie – the Table 1 below sets out the revenues and expenditure of the Federal Government Budget as presented in the excel spreadsheets from the RBA website – [linked here – monthly datayearly data …]

Data from these tables used with the latest October release of the Australian Government Monthly Financial Statements Oct 2012 – linked here – paint the picture that makes Senator Wong’s statements naive at best, and deliberately misleading at worst.

TABLE 1: Federal Government Budget Revenues and Expenditure growth:

[Click on table Image to open and enlarge in a new window.]

  • Link to Data Table 1: Australian Government Monthly Financial Statements – October 2012
  • Link to data table 2: Table D10: (page 367) – Australian Government accrual revenue, expenses and fiscal balance by institutional sector ($m)

Now in analysing the above Table the following is known –

The Revenue/Expenditure Growth Trends:

  • The PM Howard years – 1996-2007 – showed a growth over the period of 90.15% in revenues, and some 70.18% in expenditures.
  • The PM Rudd years – Nov-2007 – Jun-2010 – his revenue growth factored 21.1%,  against a 51.06% growth in expenditures.  This was the GFC period where the stimulus packages were introduced.
  • THE PM Gillard years – June-2010 – current shows revenue growth of 18.2% and expenditure growth of 11.35%.

Senator Wong in her 1st lie highlighted in the ‘7:30 Report’ text above states …

“…Since mid-2009 this government has offset every cent of new spending decision – every cent. We’ve taken savings to ensure we could make those spending decisions…”

… to counter this statement – to off-set a spending initiative with savings elsewhere to provide the neutral impact on the budget bottom line as Wong highlights above, requires forward estimates on gross revenues and expenditures to be accurate and fulfilled.  To claim that there has been a $20 billion shortfall in revenue estimates is political jargon for ‘we fucked up’ … and in that ‘fuck-up’ the Gillard Government and the Cabinet decided to push ahead with the expenditures.

Nowhere in the Corporate world are budgets worked from a position of expenditure and a perspective that revenues will take care of themselves.   All budgets work from a revenue base and dictate spending based on that revenue – not forecast but actual.  Why can a Government operate any differently …

It is understood that the feast and famine debate allows Governments to run surplus’ in good times and fund the Nation’s needs in tough times.  But in the aftermath of the GFC bailouts – why did the Government continue to rack up record debt in 2010 [$57 Billion] – in 2011 [$51 billion], and in 2012 [$47 billion]?

In answer … Gillard/Swan and their Cabinet team are just political animals trying to impose their socialistic mantra on the rest of the Nation.

If the rest of the world thinks Swan is the ‘Best Treasurer in the World’ – it gives rise to the viewpoint that the ‘rest of the World’s’ money managers are dumber then he – and thus the reason for the GFC to begin with.   Kid you not – we are headed over the same cliff and the time for action to prevent this has passed if this Governemnt is not removed.   Wilkie, Oakeshott, and Windsor are to blame for allowing it to continue and they need to be pressured more than ever between now and the New Year resumption.

As for the 2nd Lie – the reality is that for the period Wong mentions in her statement …

“…We’ve also been confronted by substantial revenue downgrades. Some $160 billion over five years. I mean, just as an example, in the ’12-’13 year alone, if you look back at the 2010 budget when we said we would be coming back to surplus in this year, the revenue downgrade in this year alone is $20 billion…”

… this is fabrication – from 2010 onwards the revenue grew by 7.8% in 2011 and 9.6% in 2012.  Both these numbers represent 6th and 3rd highest in annual revenue growth since 1996.  How can Senator Wong claim that revenue growth was short of expectations without providing evidence from previous budget estimates to verify her claims.  The physical evidence above decry Senator Wong’s statement as an outright fabrication.

The $160 billion downgrades in revenue forecasts – where did she get that number … forecasts are not locked in numbers that allow you to go on spending sprees and incur debt in the expectation that the presumed revenues will take care of the physical expenditure.

Look to the deficit over 2011 and 2012 – some $51 and $47 billion – that represents an $100 billion overspend … and Senator Wong some two years later may say that $160 billion of expected revenues did not eventuate – but that just makes her as dumb as Treasurer Swan …

What fu_kwit goes out there and runs up new policies creating new debt when they know the revenues have stalled … how can Senator Wong say the new policies were revenue neutral … this is almost criminal in its intent, and the only thing that save them from being criminals is that they are too dumb to understand what it is they have done wrong.

Even housewives have a better understanding of income and expenditure and the debt created if one does not dictate spending based on actual income.   All the education degrees and lawyer work history has not taught these dumbfu_k’s a thing.

The Government knew its revenues were growing in 2011 and 2012 – it just spent more than it earned … to cover the new policy expenditures, the growth in revenues for 2011 and 2012 would have had to be 27% in 2011 ans 26% in 2012.

There has only been one other year where revenues grew by that type of number – it was 2008 and that is the only other growth year exceeding the 10.4% in 2005.

In other words – Gillard and her Government were looking for ‘hail-mary’ tax collection to cover their spending policies – i.e. the Carbon Tax and the MRRT.  As financial modeling goes when Treasury assisted with these forecasts – they had to have been blind or wanted to serve their masters to keep their bureaucratic employment.

The Government trusted the forecast numbers and went on a spending spree based on the expected windfalls these new taxes were supposed to generate.  The revenue equation failed and that makes this Government accountable for major frauds on the Australian people.  That fraud has generated a large portion of the $300 billion new debt created since Rudd took charge in late 2007.  That measures about $13,600 for every one of the 22 million people who call themselves Australian.

Have you received $13k worth of benefits from this Labour Government over the last five years?

The rest of Senator Wong’s interview was similarly full of mis-truths in how the Government has arrived at its current position … the doctoring of the reasoning, and political management of the fallout is wrapped up in a Santa Clause gift and his hoped for distraction.

Gillard in her Xmas message mentioned ‘happy holidays’ – not a word about Xmas.  She is an atheist and that sets her us having something else that most Australians will disagree with.   I have no problem with religion and its separation from state – but when Gillard pledges her oath to the Nation every day the House sits – she is being a hypocrite.   The following prayer is read every day the house sits – linked here.

Prayer and acknowledgement of country

The President, on taking the chair each day, shall read the following prayer:

Almighty God, we humbly beseech Thee to vouchsafe Thy special blessing upon this Parliament, and that Thou wouldst be pleased to direct and prosper the work of Thy servants to the advancement of Thy glory, and to the true welfare of the people of Australia.

Our Father, which art in Heaven, Hallowed be Thy name. Thy kingdom come. Thy will be done in earth, as it is in Heaven. Give us this day our daily bread. And forgive us our trespasses, as we forgive them that trespass against us. And lead us not into temptation; but deliver us from evil: For thine is the kingdom, and the power, and the glory, for ever and ever. Amen.

The President shall then make an acknowledgement of country in the following terms:

I acknowledge the Ngunnawal and Ngambri peoples who are the traditional custodians of the Canberra area and pay respect to the elders, past and present, of all Australia’s Indigenous peoples.

Whatever Gillard is – she is not someone that many Australians are able to identify with … she does not believe in marriage – prefers to sleep with married men, motherhood is something she shunned because she wanted to be a politician … well after the AWU scandal – how could she ever have imagined that the AWU heavyweights would support her into the position?

She has a foul mouth, has hijacked the integrity of Parliament by her insistence in refusing to answer questions about her past – the list of oddities with Australian culture and how we see our Leaders is endless from my and many others perspectives … how did she even get to become our Prime Minister?

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EYE-BALL’s Harry’ Growl on – Wayne Swan – his backflip on the 2012-13 Surplus – Makes him the Fu_kwit of all Fu_kwits –

December 20, 2012 8 comments
The-EYE-BALL-Opinion-Header-2
Latest ‘Harry’s Growl’ Posts:


– 16th Dec – Lenore Taylor – Chief Political Correspondent for the SMH  – Part II
– A correspondent pushing her own political agenda  –


– 15th Dec – Lenore Taylor – Chief Political Correspondent for the SMH  – A correspondent with her own political agenda  –


– 14th Dec – Gillard’s Gutter Mouth – The dishonour she does to the office of the Prime Minister –


– 3rd Dec – The GREENS – Leader Milne has her head in the sand –


– 28th Nov – The Dogs have their BONE Part II – The Wilson Interview and how it reflects on Gillard –


– 27th Nov – The Dogs have their BONE Part I – Gillard’s kicked them out the house –


– 23rd Nov – The ALP and Obeid Train Wreck  – is it meant to distract from Gillard & the AWU Scandal –


– 22nd Nov – Gunfights at the OK Corral: Misandry v Misogyny – GILLARD v Ralph BLEWITT – GILLARD v Hedley THOMAS – GILLARD v Mike SMITH – GILLARD v Larry PICKERING – GILLARD v ALP Caucus – GILLARD v All Australians …


– 13th Nov – The Day the heavens began to cave in – – Obeid and his entourage to bring it all down … –


– 10th Nov – The 2012 US Presidential Election Part II – The Fallout – the GOP beating up on itself –


– 8th Nov – The 2012 US Presidential Election Part I – what does it really mean —


– 7th Nov – Bob Carr … Foreign Minister – as profiled by “The Australian’s” Ross Fitzgerald –


– 29th Oct – The Most Irrelevant of all Irrelevancy – Independents – Slipper, Thompson, Windsor, Oakeshott, Katter & Wilkie – hanging on to office rather than face the electorate –


– 27th Oct – Julia Gillard does not understand Hypocrisy – ALP Powerbrokers dump Penny Wong – makes Gillard look foolish over her ‘sexism’ claims –


– 27th Oct – Julia Gillard an assassin best dressed in Black – Maxine McKew’s – “Tales from the Political Trenches”-


– 26th Oct – The Turkey Basted Gillard – and “The Australian’s” Hedley Thomas’s – recipe for Slow Roasting a Prime Minister –


– 26th Oct – Maxine McKew’s story – Tales from the Political Trenches –


– 22nd Oct – Gillard stands atop her own Abyss – Will she jump or wait to be pushed –


– 19th Oct – Oddball News Wrap – ‘Reel 6′: News Updates from Around the World –


– 17th Oct – Craig Thompson – there are no words to describe this GRUB … –


– 16th Oct – Hedley Thomas is back – and Gillard knee’s begin to tremble ..


– 9th Oct – Gillard has lost it – Turns Parliament into a sledge-fest over sexism –


To see more EYE-BALL Harry’s Growl posts:
click here …


Title:
– Wayne Swan –
– His backflip on the 2012-13 Surplus –
– Makes him the Fu_kwit of all Fu_kwits –
| Author: EYE-BALL’s Harry’s Growl | 20th Dec 2012 |
The Australian Treasurer is officially named as the King of all Fu_kwits … no longer is he the measure of other hopeless Treasurer’s or MP’s – he is now the dumbest of the lot …

I started this post two days ago and was struggling to clean up the language used to described the Swan stupidity … I gave up and decided to just give it to him on the back of his decision today to officially dump the ‘pretend surplus’ … one has to make a point about the ‘when’ this confession became public  – outside the political calendar and just days out from Xmas all hoping to get an easy media cycle.The news report on his media conference today is copied below:

Labor walks away from surplus promise


| Author: Sky News | Date: Dec 20th, 2012 | Link to On-Line Story. |

The federal government has conceded it’s unlikely to deliver on its promised budget surplus this financial year, in the wake of a big drop in tax revenues.

Figures released on Thursday showed financial year-to-date company tax payments were much lower than expected, reflecting falling commodity prices and continued weakness in the global economy.

The Finance Department’s monthly statement showed total cash receipts for 2012/13 so far totalled $111.6 billion at the end of October, down almost $4 billion on expectations.

‘That’s a really big hit to revenue, it’s a huge whack to revenue,’ Treasurer Wayne Swan told reporters in Canberra.

The budget had been hit by a ‘sledgehammer’, threatening Labor’s promised $1.1 billion surplus, he said.

‘Dramatically lower tax revenue now makes it unlikely that there will be a surplus in 2012/13,’ Mr Swan said.

Overall, the budget is so far running at a deficit of $12.3 billion, the new figures show. However, Mr Swan refused to speculate on how big it will ultimately be.

‘It’s too early,’ he said.

‘We will make a thorough assessment in the new year, we’ll methodically work through all the data as it emerges.’

Mr Swan emphasised that the worsening in the government’s budget bottom line was due to revenue falls rather than increased government spending.

He vowed to continue to exercise spending restraint, even in the face of more volatility and uncertainty in the global economy.

‘I’m not loosening the purse strings,’ he said.

Mr Swan says about $160 billion has been ripped from the budget bottom line over the last five years, and much of that has been since 2010 when the government started talking about delivering a 2012/13 surplus.

‘So through this whole period we have kept making responsible savings to fill what has been an emerging and growing revenue hole,’ he said.

‘But things are a bit different now and that’s the main point I want to make today.

‘At this stage I don’t think it would be responsible to cut harder or further in 2012/13 to fill a hole in the tax system if that puts jobs or growth at risk.’

Mr Swan conceded the government was likely to take a big political hit over the broken promise but was unrepentant.

‘If the worst thing people say is we got the economics right again but fell short on the politics, I would say, so be it,’ he said.

‘At the end of the day I don’t care about the political outcomes, I care about the economic outcomes.’

Mr Swan said the resources industry was being hit by both lower prices for commodities and the high Australian dollar and the impact was ‘cascading throughout the economy’.

The government now plans to reassess the state of the global economy in the new year ‘with a fresh set of eyes’.

‘There’s a bit of a pathway through the global economy over the next couple of months,’ he added.

‘It would be good to get some sight of that before we come back and have a much more informed and thorough analysis of the outlook.’

For Swan to not know these tax receipts were down when he spoke to the media about the OECD report and the still expected surplus last week confirms he treats the media and the Australian people as if they’re idiots.

EYE-BALL reported the debt increase from July – Sept 2012 had increased by $45 billion to $250 billion – see link here – and now Swan has confirmed the $12 billion blow-out on the latest figures – I can tell you that the $12 billion is a ‘rubber’ number as well.

It was only last week Swan boasted about the OECD report depicting Australia’s future economic outlook.  He re-tweeted the highlights to all and sundry – Mr Wayne Swan loves to stand in front of a camera and self-aggrandise and ego-stroke his mastabative climax’s – he is a prince of idiots … a numbskull extraordinaire … a pretender of all things financial … a Muppet of echo sounds given to him by Treasury staff in what to say … someone should just shoot the mongrel and say everybody is better off.

These staged media performances are a far cry from his early days as the ALP Treasurer.   In Opposition during 2005, a media report had the Treasurer so nervous and pressured when he was to front the House in the session after the Costello Budget speech,  Mr Latham found reason to write in ‘The Australian Financial Review’ that Mr Fitzgibbon had called him in May 2005 and laughed at Mr Swan for being “so nervous” that he had to lead the parliamentary debate on Mr Costello’s 10th budget.

That full story appears below: [Thanks to Mike Smith for highlighting this article.]

Mark Latham tips bucket on ‘frozen’ Treasurer Wayne Swan


| Author: Nicola Berkovic | Date: March 22, 2008 | Link to On-Line Story. |

FORMER Labor leader Mark Latham has turned on the ALP again – and his target this time is Treasurer Wayne Swan.

Mr Latham claimed Mr Swan had such stage fright in 2005 that he deputised then-assistant Treasury spokesman Joel Fitzgibbon to lead the parliamentary criticism of Peter Costello’s budget.

Mr Latham wrote in The Australian Financial Review on Thursday that Mr Fitzgibbon had called him in May 2005 and laughed at Mr Swan for being “so nervous” that he had to lead the parliamentary debate on Mr Costello’s 10th budget.

“Swannie’s frozen,” the now Defence Minister reportedly said.

“The press gallery can’t believe it. The day after the budget and a chance for the shadow treasurer to go on the attack with a big speech and Swannie was hiding in his office, shaking like a leaf.”

Mr Latham also attacked Mr Swan’s parliamentary style, saying he lacked the “bravado” of former treasurers Paul Keating and Mr Costello.

He said Mr Swan’s body language was “cramped”, his delivery “too rapid”, he was “trying too hard” and had “none of the easygoing, natural touch of a quality orator”.

Mr Fitzgibbon told parliament at the time he gave the Matter of Public Importance speech because the Treasury spokesman was too “busy” to deliver it himself.

“The fact is that the shadow treasurer is a very busy person today, fielding calls from many constituents and journalists who cannot make any sense of the treasurer’s last budget,” Mr Fitzgibbon said.

Mr Latham wrote that Mr Swan was struggling with his role because he was “unfamiliar with basic economic terminology” and did not believe in “the power of the free market”.

And Mr Latham claimed that Julia Gillard, the Government’s “best parliamentary performer”, was hankering to get her hands on the top economics portfolio.

Both Mr Swan and Mr Fitzgibbon yesterday refused to comment on Mr Latham’s column.

Swan has zero creditability in financial markets terms, his lack of understanding of economic principles borders on criminal negligence, and his favourite repeat explanation captioned below and again repeated in his speech last week about the OECD said –

Treasurer Wayne Swan said yesterday: “The OECD finds that, unlike many developed economies, the Australian economy remains resilient, with successful macroeconomic management contributing to solid growth, low unemployment, contained inflation, and strong public finances.”

… it gives reason to those who follow economic reporting to measure his capacity for word association phrases as being very stoic and limited.

Mr Swan is a Union man – confirmed by Mr Costello having a laugh at the 100% union membership of the then Opposition – see YouTube clip below …

Anyway back to the Swan recant …

Economist’s are claiming that the Swan backflip is good for the economy – how is increasing our debt/GDP ratio a good thing …

to prove Swan’s rubber numbers – in his press conference today he said –

Mr Swan says about $160 billion has been ripped from the budget bottom line over the last five years, and much of that has been since 2010 when the government started talking about delivering a 2012/13 surplus.

So through this whole period we have kept making responsible savings to fill what has been an emerging and growing revenue hole,‘ he said.

At the end of 2010 the total Federal debt outstanding was $113 billion – it is currently in excess of $250 billion – how can Swan claim to have made ‘responsible savings‘ …

Why did the media not pull Swan up on this point when he made the statement … they’re dumbfu_ks as well …

There is nothing creditable coming from this Government on any economic platform or understanding that can be believed.   They all said to one another that the mining industry can pay for everything via the MRRT and went about formulation policy on expectations that were grossly overstated by Treasury forecasts, and the Government on the MRRT collect.

One has a right question the Treasury Department on all their costings – even the election policy costings given the mistakes they have made on the MRRT forecast.

This negligence was almost criminal, and if a Board of Directors had of made the assumptions and then made the spending decisions as this Government has done – they would be found to be negligent in their responsibilities, and face dismissal at the very least – and possible be sued for the incompetence of their collective decision.

When can a Government be held accountable – the election – by then this Nation will be swimming in $300+ billion in National Debt and the damage is already done for the next generation …

To get an idea of how biased the media are toward Gillard – you see how much and the type of air play this budget backflip gets over the coming days …

This Nation is no longer a Democracy – we are governed by Unionists and their hand-picked representatives … they have no interest in the people … just in how they can implement their socialist agenda …

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Have your say where it counts: – contact your Local Federal Representative via the links below and let them know how you feel about this, or any other topic that you feel strongly about – or you can just post a comment below and let off some steam.

Links to Australian Parliamentary Website – MP’s:


Subscribe to EYE-BALL’s – Harry’s Growl

EYE-BALL’s Harry’ Growl on – Lenore Taylor – Chief Political Correspondent for the SMH – Part II – A correspondent with her own political agenda –

December 17, 2012 6 comments
The-EYE-BALL-Opinion-Header-2
Latest ‘Harry’s Growl’ Posts:


– 15th Dec – Lenore Taylor – Chief Political Correspondent for the SMH  – A correspondent with her own political agenda  –


– 14th Dec – Gillard’s Gutter Mouth – The dishonour she does to the office of the Prime Minister –


– 3rd Dec – The GREENS – Leader Milne has her head in the sand –


– 28th Nov – The Dogs have their BONE Part II – The Wilson Interview and how it reflects on Gillard –


– 27th Nov – The Dogs have their BONE Part I – Gillard’s kicked them out the house –


– 23rd Nov – The ALP and Obeid Train Wreck  – is it meant to distract from Gillard & the AWU Scandal –


– 22nd Nov – Gunfights at the OK Corral: Misandry v Misogyny – GILLARD v Ralph BLEWITT – GILLARD v Hedley THOMAS – GILLARD v Mike SMITH – GILLARD v Larry PICKERING – GILLARD v ALP Caucus – GILLARD v All Australians …


– 13th Nov – The Day the heavens began to cave in – – Obeid and his entourage to bring it all down … –


– 10th Nov – The 2012 US Presidential Election Part II – The Fallout – the GOP beating up on itself –


– 8th Nov – The 2012 US Presidential Election Part I – what does it really mean —


– 7th Nov – Bob Carr … Foreign Minister – as profiled by “The Australian’s” Ross Fitzgerald –


– 29th Oct – The Most Irrelevant of all Irrelevancy – Independents – Slipper, Thompson, Windsor, Oakeshott, Katter & Wilkie – hanging on to office rather than face the electorate –


– 27th Oct – Julia Gillard does not understand Hypocrisy – ALP Powerbrokers dump Penny Wong – makes Gillard look foolish over her ‘sexism’ claims –


– 27th Oct – Julia Gillard an assassin best dressed in Black – Maxine McKew’s – “Tales from the Political Trenches”-


– 26th Oct – The Turkey Basted Gillard – and “The Australian’s” Hedley Thomas’s – recipe for Slow Roasting a Prime Minister –


– 26th Oct – Maxine McKew’s story – Tales from the Political Trenches –


– 22nd Oct – Gillard stands atop her own Abyss – Will she jump or wait to be pushed –


– 19th Oct – Oddball News Wrap – ‘Reel 6′: News Updates from Around the World –


– 17th Oct – Craig Thompson – there are no words to describe this GRUB … –


– 16th Oct – Hedley Thomas is back – and Gillard knee’s begin to tremble ..


– 9th Oct – Gillard has lost it – Turns Parliament into a sledge-fest over sexism –


To see more EYE-BALL Harry’s Growl posts:
click here …


Title:
– Lenore Taylor – Chief Political Correspondent for the SMH  – Part II –
– A correspondent pushing her own political agenda  –
| Author: EYE-BALL’s Harry’s Growl | 17th Dec 2012 |
The Coalition bias continues – SMH Chief Political Correspondent – Lenore Taylor again confirmed her pathetic stance along side Gillard – and loses any respect once held.

What is it with journalist and their ALP allegiances … or is it about feminista sisterhood …The poll numbers came out overnight and Taylor has wet her pants over Gillard’s rise of 1 point … a recovery of the point she lost the week before.   Taylor did not write about that – she elected to bag Abbott over his three point rise in his unapproval rating to 63% – despite Gillard’s rise also going further negative.

Read the story below and make up your own mind about Taylor …

Abbott’s handling of AWU backfires


| Author: Lenore Taylor | Date: Dec 17th, 2012 | Link to On-Line Story. |

THE AWU slush fund attack appears to have backfired on the opposition, driving Tony Abbott’s popularity to historic lows. But the Coalition would still easily win a federal election, according to the latest Herald/Nielsen poll.

The poll shows Labor holding, but not building on, its end-of-year political recovery – trailing the Coalition 52 per cent to 48 in two party-preferred terms.

Of the 75 per cent of voters who said they were aware of the AWU allegations about the conduct of the Prime Minister, Julia Gillard, when she was a lawyer 20 years ago, 64 per cent said they disapproved of the way Mr Abbott had handled the issue. This included 46 per cent of his Liberal National Party voters.

The ferocious end-of-year attack over the affair – in which the Coalition was unable to prove allegations of illegal behaviour by Ms Gillard but still demanded she resign – coincides with Mr Abbott’s disapproval rate climbing to 63 per cent, a record for him and the second highest in Nielsen poll history.
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After a year dominated by political scandal, Mr Abbott’s approval rating fell 2 points to 34 per cent in the poll, taken from Thursday to Saturday, and his disapproval rating rose 3 points.

Ms Gillard now has a 10-point lead over Mr Abbott as preferred prime minister, with Ms Gillard preferred by 50 per cent of voters (down 1) and Mr Abbott by 40 per cent (down 2).
Tony Abbott

”His handling of the AWU matter has not helped his position and may be part of the reason his approval has further declined,” said Nielsen director John Stirton.

Despite Mr Abbott’s record unpopularity, the Coalition has 43 per cent of the primary vote – slightly lower than it polled in the 2010 election – and 51 per cent of the two party-preferred vote. It would win an election on a two party-preferred swing of about 2 per cent, based on preference flows at the 2010 election.

If preferences are instead calculated by how respondents say they will allocate them, the gap between the parties is narrower, with the Coalition on 51 per cent and Labor on 49.

Labor ends the year in an uncertain position. It has maintained its recovery from its disastrous midyear polls, with its primary vote now 35 per cent, up from the low of 26 per cent before the carbon tax was introduced in July. But it does not appear to be gaining momentum.

”Labor’s holding its recovery, it’s real, and there is no evidence here that it has reversed. But it has slowed, and it is too early to say whether it will continue,” Mr Stirton said.

Of the 75 per cent of voters aware of the AWU issue, only 24 per cent approved of Mr Abbott’s handling of the matter. Disapproval of how he handled it was higher among women (66 per cent). Asked how Ms Gillard had handled it, 47 per cent approved and 40 per cent disapproved. But 71 per cent said it had made no difference to their attitudes to the Prime Minister. Only 24 per cent said they had a more negative opinion of her as a result of the allegations.

The highest disapproval rating recorded in Nielsen polling was 72 per cent by Andrew Peacock in October 1984 against Bob Hawke, whose approval rating was about 75 per cent. Ms Gillard’s approval rating is 46 per cent.

In 1984 the Coalition trailed badly in polling of voting intentions although Mr Peacock went on to win seats from Labor in the election held in December. Labor suffered from its decision to hold the election early and run a 10-week campaign.

Mr Stirton said the present discrepancy between Mr Abbott’s record low approval and the party’s election-winning position was unusual.

”It is unusual to have a leader who is so very unpopular and a party still ahead on voting intention,” he said.

The negative voter reaction to the AWU attack comes as Labor continues to demand answers about the involvement of senior Liberals in the sexual harassment allegations brought against the former speaker Peter Slipper, which were thrown out of court last week as a politically motivated abuse of process.

On Sunday the manager of government business in the lower house, Anthony Albanese, seized on Mr Abbott’s repeated statement that he had no ”specific” prior knowledge about the claim.

”Every time Tony Abbott says that he had no specific knowledge, he confirms that he and the Coalition were in it up to their neck,” Mr Albanese said.

He said the government still had not decided whether to launch an inquiry into the Coalition’s knowledge and involvement in the affair.

”What we won’t do is shoot off at the hip. We’ll consider all of the analysis, get proper advice … about what options are available to the government,” he said. ”It needs to be gotten right in terms of not a political process, not a witch-hunt, but an administrative process … so the facts can be out there,” he told Sky television.

At the height of the Godwin Grech affair, Mr Abbott’s predecessor, Malcolm Turnbull, recorded a disapproval rating of 60 per cent. By the time he was removed as leader at the end of 2009, his disapproval rating was 51 per cent. Mr Abbott has pledged a more positive approach next year.

The telephone poll of 1400 people found the Greens’ primary vote had fallen to 10 per cent. It showed the Coalition’s support strongest in Queensland, South Australia and Western Australia.

… Read more …

Where is the objectivity … Taylor and almost every other journalist is prepared to lie down for Gillard … why?

Surely Taylor and the like are smart people and their political allegiance is subject to personal oversight and an ability to read between the lines and link the dots. How can they accept Gillards AWU complicity and brush it aside … something bigger is happening here … smart people who spend a life reading between the lines to do a job reporting stories can not be that stupid … or can they?

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EYE-BALL Opinion – American Gun Laws – will to change is just not there for Legislators –

December 17, 2012 Comments off
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Latest ‘EYE-BALL Opinion’ Posts:


– 15th Dec – “International men of Mystery” – An Australian modern-day Bank Heist story –


– 13th Dec – eBay Traders on welfare tracked – for income and tax investigations –


– 12th Dec – Roxon joins Gillard as Enemy of the State – The Slipper verdict 1s Justice denied


– 11th Dec – Gillard is Dividing A NATION – It’s not about Politics, but rightful entitlement –


– 6th Dec – Gillard’s Judgement again challenged – what she’ll do for any positive publicity  –


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– The World is not listening to the real facts –


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– 28th Nov – A slithering, slimy, spitting Lizard – Gillard’s been hiding in the Tall Grass – now exposed –


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– Julia Gillard, Peter Slipper, and Craig Thompson, three MP’s who bring continued shame to our Parliament –


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– 1st Nov – Education … A white Elephant – Politicising the future of young Australians –


– To see more EYE-BALL ‘Opinion’ posts:

click here …


Title:
– American Gun Laws –
– will to change is just not there for Legislators –
| Author: EYE-BALL Opinion | 17th Dec 2012 |
Every body is reeling and has an opinion on the recent mass shooting in Connecticut USA.  Another 27 people died including 20 children aged from 5-10, and the teachers who tried to protect them. The shooter and his mother, one of the teachers, also died.

‘People kill people’, the gun does not point or pull the trigger all by itself – this oxymoron statement is the standard response that comes out after each one of these mass shootings.

There has been 41 USA mass killings – [i.e. 4 or more deaths constitutes as mass shooting] –  since 1997 when Australia introduced its gun buy-back legislation.   Before that date, there were 25 odd mass shootings in America.

In Australia there had been 13 mass shootings before the 1997 Howard introduced legislation culminating with the Port Arthur shooting of 35 people.  There has been no mass shootings in Australia since that Legislation was introduced.

This is evidence that legislation has had an influence in Australia in reducing gun related mass shootings.  In the time since 1997 there have been family massacres where guns were not used … how can you have mass murders by guns when guns are not used – again a oxymoron type debate.

If guns were readily available would there have been mass gun shootings – of course … so in part the legislation is seen to have worked because it took guns off the streets and made it harder to obtain gun licenses.

American gun laws revolve around the US Constitution and the 2nd Amendment – the Right to bear Arms.

That Law states: [Wikipedia source – linked here.]

The Second Amendment (Amendment II) to the United States Constitution is the part of the United States Bill of Rights that protects the right of the people to keep and bear arms. It was adopted on December 15, 1791, along with the rest of the Bill of Rights.

In 2008 and 2010, the Supreme Court issued two landmark decisions concerning the Second Amendment. In District of Columbia v. Heller, 554 U.S. 570 (2008), the Court ruled that the Second Amendment protects an individual’s right to possess a firearm, unconnected to service in a militia and to use that arm for traditionally lawful purposes, such as self-defense within the home. In dicta, the Court listed many longstanding prohibitions and restrictions on firearms possession as being consistent with the Second Amendment. In McDonald v. Chicago, 561 U.S. 3025 (2010), the Court ruled that the Second Amendment limits state and local governments to the same extent that it limits the federal government.

The Actual wording states:

U.S. Constitution – Amendment 2
Amendment 2 – Right to Bear Arms

A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.

Notes for this amendment:
Proposed 9/25/1789
Ratified 12/15/1791

The ‘Bill of Rights’ (1689) and the ‘US Constitution’ are documents that most modern day society’s have adopted in part in the forming of their own Constitutions.  The defining reasoning in all those who have used the ‘Bill of Rights’ and ‘US Constitution’ – is they have removed the ‘right to bear arms’ clause and amendment.

Make no mistake, if America really wanted to rid their communities, the drug dealers, the gang-bangers, and the 200 million registered guns, assault weapons and the like, they would have done so.   The will is not there because to own a gun in America is a freedom of expression.  The crime rates dictate people want to protect themselves – you have a gun, I’ll buy a bigger or even two guns to fight back.

The Gun Lobby’s financial support to the Republican Senators who vote as a block on any move to amend the gun ownership laws have deep pockets, and the money made in the gun retail and wholesale business represents a massive chunk of American commerce.

Take tobacco as an example in this debate – Government’s worldwide have increased taxes on tobacco to astronomical levels to create a deterrent to stop people killing themselves. The medical expense for tobacco induced cancers reduce all the tobacco taxes collected to a negative sum – the rest of the community pays the shortfall.

Why not ban the product all together under the Drug Legislation because tobacco kills people – it’s a freedom and whilst the science in the last 40 odd years has connected cancer and tobacco – in all that time tobacco lobbyist’s have kept the tobacco industry alive despite the US$ billions paid out in compensation to dead and dying tobacco smokers.

If legislators really wanted to rid their communities of their guns – a first step would be to lift license fees, annual and initial, increase the cost of weapons via sales like taxes, make it so expensive to own a gun that people will hand them back if an incentive is involved – much the same as the strategy was for tobacco.  This has not been achieved with any effectiveness.

87 people die or are injured in gun related crime every day in America – that is day after day every day of the year … for a society to accept these numbers and go about their business as if unconcerned says much about where American values reside.  You then turn the American debate to abortion and the like and all of a sudden Americans are up in arms over civil liberties concerned with the ‘right to choose’.

The two debates, guns and abortions are opposites  – hence the conundrum that is the complex society America represents.  The gun ownership debate is as much about a freedom of choice as opposed to the death and destruction guns create.   The debate needs to be framed differently if it is to have any chance of success.

America is a brutal society – crime is rampant and even more so since the GFC impact – store ownership is an invitation to be robbed and so they take to defending themselves – with guns.  It is all an escalation equation based on a society where freedoms have turned the American morality and conscience to a level that threatens the very basic freedoms it was meant to protect.

Killing somebody is destroying all the freedoms and civil liberties that person was entitled to …  America is a society out of control and when the East looks to America and says ‘stay away’ … ‘we don’t want you infecting us with your lewd and morally depraved societal values’ – they are not wrong.

Porn, grotesque violence, suggestive video games, comic strips, music lyrics,  cult movies based on depraved psycho’s, all in the name of entertainment – for most it is just that – but for the twisted and confused mind it means a whole different thing and the message it gives provides the thought and mentally disturbed with options they carry out in real life.

Who committed the crime – the messenger delivering the concept, or the mentally disturbed person pulling the trigger?

I don’t have an answer – but while man fights wars with guns and the like – while he finds that killing people is acceptable, be it sanctioned via war, or law-abiding execution, or tolerance of drug dealers killing themselves and innocents caught in the cross-fire, man’s right to defend themselves will lead to revenge and like retribution killings.

It is as simple as it is complex – this kid who carried out these murders used his mothers guns who by all reports was an enthusiastic gun owner and user.   There is only the motive left to understand because access and opportunity was provided by third parties in a free and open society.

Could the mother have seen this coming – an unanswerable question … but when school grounds and classrooms become the battlegrounds where sicko’s target for whatever reason … there is something horribly wrong with our teachings and the societal examples being provided.

The parents of these children will never have another Christmas where they don’t have the sense of loss this tragedy has created.   In a week or so the media and people will have moved on and be thinking about their own Christmas and family – this is a hard issue for America and if Obama is to achieve anything in his second term of office – riding the streets and homes of assault type weapons would be a defining achievement.

 


Have your say where it counts: – contact your Local Federal Representative via the links below and let them know how you feel about this, or any other topic that you feel strongly about – or you can just post a comment below and let off some steam.

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The EYE-BALL Opinion …

EYE-BALL Opinion – “International men of mystery” – An Australian modern day Bank Heist story –

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Latest ‘EYE-BALL Opinion’ Posts:


– 13th Dec – eBay Traders on welfare tracked – for income and tax investigations –


– 12th Dec – Roxon joins Gillard as Enemy of the State – The Slipper verdict 1s Justice denied


– 11th Dec – Gillard is Dividing A NATION – It’s not about Politics, but rightful entitlement –


– 6th Dec – Gillard’s Judgement again challenged – what she’ll do for any positive publicity  –


– 5th Dec – ALP Senator John Faulkner – Perhaps a dark horse for the PM job  –


– 5th Dec – QLD ALP Badguys land plum jobs – Gillard continues to add to the mediocrity –


– 3rd Dec – Bob Katter’s Australian Party – an alternative –


– 3rd Dec – Some ‘Carbon-Tax’ reality
– The World is not listening to the real facts –


– 29th Nov – A Slithering, Slimy, Spitting Lizard – Part II – Gillard’s been hiding in the Tall Grass – A follow-up Story –


– 28th Nov – A slithering, slimy, spitting Lizard – Gillard’s been hiding in the Tall Grass – now exposed –


– 26th Nov – The Collective v the Abstract – Gillard is aware of her wrong doings –


– 25th Nov – Distressed Damsel Gillard’s Black Knight – Bruce Wilson’s 11th hour offer to defend Gillard –


– 24th Nov – The Jewish v Arab problem – A naive perspective –


– 24th Nov – Hedley Thomas plunges the knife – Gillard mortally wounded –


– 23rd Nov – Immigration and Asylum Seekers – What is the real answer –


– 20th Nov – Schoolies Week Starts – The Booze for Kids debate again heats up –


– 16th Nov – How Deep does the AWU corruption cover-up go? – An exposé on innuendo, evidence, hearsay and conjecture –


– 15th nov – Hedley Thomas exploding on Gillard – Gillard has a case to answer … –


– 14th Nov – Gillard behaves like a Guilty Person – Asks for allegations to be made –


– 14th Nov – The Australian Media – Lapdog’s at best – absolutely lost the plot on integrity, and their charter of responsibility –


– 9th Nov – Open Letter to “The Independents” Re: –
– Julia Gillard, Peter Slipper, and Craig Thompson, three MP’s who bring continued shame to our Parliament –


– 9th Nov – “Courage is an Angle” – the difference between a good day and a great day –


– 8th Nov – RUDD fires a broadside aimed at GILLARD – done under a burka to hide its true intent –


– 6th Nov – Gillard’s caucus and union support in revolt – her position becoming more untenable by the day –


– 5th Nov – Referendum Discussion Part 1 – Compulsory Voting – Eye-Ball’s – “None of the Above Campaign” –


– 4th Nov – Gillard Sunburnt – the flames of discontent begin to impact –


– 2nd Nov – A Montage of AWU Scandal Reports – Gillard to become “Open-Season” –


– 1st Nov – Education … A white Elephant – Politicising the future of young Australians –


– To see more EYE-BALL ‘Opinion’ posts:

click here …


Title: – [Copied Story]
– “International men of mystery” –
– An Australian modern-day Bank Heist story –
| Author: EYE-BALL Opinion | 16th Dec 2012 |
The SMH Senior Reporter – Kate McClymont wrote a story last week about an ‘Ocean’s 11’ type Bank heist that is worthy of reading.   I for one had not heard of this ‘heist’ until I read the story and wanted to share – it’s a worthy piece of journalism by a quality writer …

Read story below:

International men of mystery


| Author: Kate McClymont | Date: Dec 13th, 2012 | Link to On-Line Story. |

[Photo Info – Ernst Hufnagl. Photo: Kate Geraghty]

They were the Aussie Ocean’s Eleven – no guns, no masks, no getaway cars. With the last of the crew behind bars, Kate McClymont details how a group of robbers staged one of history’s biggest bank heists – without setting foot in a bank. 

It’s lunch time on Christmas Eve 2003, and last-minute shoppers, jostling and rushing past to get everything done on time, pay scant attention to the two men entering a side door of Telstra’s phone exchange in Dalley Street, in the heart of Sydney’s CBD. Using his Telstra card to swipe himself through the security door, Barry Osborne, 42, a Telstra linesman, along with Ernst Hufnagl, 52, an underworld figure, confront a spaghetti-like network of phone cables covering a large swathe of the city.

[Photo Info – Barry Osbourne. Photo: Kate Geraghty]

Osborne knows exactly what he’s looking for. It only takes a matter of minutes for the wiring whiz to hack into cables connecting him to a special phone line at State Street Global Advisers (SSGA), an international financial outfit, housed in a skyscraper across town, that manages billions of dollars. Osborne needs this authorised line to send a fax containing investment instructions to JPMorgan Chase, another banking monolith located only a stone’s throw from the Telstra exchange. Once Osborne has hot-wired the line, and he has the two financial giants “talking” to one another, Hufnagl sends a five-page fax through to JPMorgan, purportedly from SSGA, requesting a $150 million transfer from account number 28966, belonging to the superannuation funds of federal public servants.

The first page of the fax goes through without a hitch. But when the remaining pages stall, there are several minutes of white-knuckle panic. After multiple failed attempts, and with precious minutes slipping away, the two are forced to switch to a generic Telstra fax line, figuring it will be the number on the title page that counts.

Over in a secure room at JPMorgan, a fax machine spits out the first page, then suddenly stops. Although a senior clerk puts in a call to SSGA about the missing pages, this is the day before Christmas, and no one calls back. And sure enough, soon the remaining pages roll out of the machine, full of dollar signs in stark black and white. A $150 million transfer, into four nominated overseas bank accounts. Two of the accounts are with the HSBC bank in Hong Kong: one, for a company registered in the British Virgin Islands used for depositing money into gambling cruises, is to receive $30 million; the other, for a company involved with gambling in Macau, is to get $20.6 million. The third account, in the name of a Richard Kurland at Switzerland’s Banque Cantonale Vaudoise, is to receive $26.7 million. The fourth account, in the name of Stylianou Georgios Ltd at Greece’s Laiki Bank, is to be injected with $71.9 million.

[Photo Info – Dallas Fitzgerald. Photo: Kate Geraghty]

Meanwhile, the two swindlers still have their biggest security hurdle to cross – the “confirmation call back”. Using the SSGA line that Osborne has hacked into, and posing as Craig Slater, an authorised signatory to the Commonwealth Super account, Hufnagl calls Greg Bourchier, an assistant treasurer at JPMorgan. In his best attempt at impersonating a banker, Hufnagl asks Bourchier, a pudgy, rather nervous man, to complete the “call back” to the designated line at SSGA, confirming that all details in the faxed instruction are correct.

Everything appears to be proceeding to plan. The two men are jubilant as they pack up their tool kit and gear. And there is a spring in Hufnagl’s step as he walks the short distance to a seedy strip joint on Market Street called Lady Jane’s, to report back to his boss, underworld legend “Teflon” Tony Vincent, who has masterminded the operation. In sheer daring, the Vincent plan is in a class with some of the best heist movies ever made – an Australian “Ocean’s Eleven”, if you like. But for now, all Hufnagl can think about is what he’ll do with his cut.

[Photo Info – Jamie Vincent.]

Later that afternoon, senior bank staff from JPMorgan return from their festive Christmas lunch, eager to get away on their four-day holiday. Despite noticing that the people from SSGA have mistakenly dated the fax November rather than December, they authorise the release of a colossal $150 million. Within minutes, four overseas bank accounts with next to no money in them – two in Hong Kong, one in Switzerland and one in Greece – are bursting with balances each in the tens of millions.

The tiniest of slip-ups

It’s now late on Christmas Eve 2003, and a posse of topless strippers in stilettos listlessly perform their raunchy routines for a sad throng of lonely, glassy-eyed men. In a private room at the back of the club, crime boss Tony Vincent, a bullet-headed brute of a man in his mid-60s, is nervously moving his blue-tinted glasses up and down the ridge of his nose. Word has come through that the whole sting, for which he had assembled a diverse crew of criminals of different nationalities and skills, and which promises to make them all rich beyond their wildest dreams, is at risk of becoming unstuck by the tiniest of slip-ups.

[Photo Info – Tony Vincent.]

A tiny, three-letter slip-up, to be precise. Some time earlier, when the bank manager of the Laiki Bank in Athens was going through his accounts on Christmas Eve – at that time of year, Greece is nine hours behind Australia – he was astonished to see $71.9 million suddenly deposited into the bank account of Georgios Stylianou, a man of very modest means. And so he called Stylianou personally. “Were you expecting such a sum of money?” he enquired. Stylianou declared he most certainly was. Apologetic, the bank manager explained that the funds could not be cleared because a “Ltd” appeared beside Stylianou’s account name. Stylianou would need to get JPMorgan to remit the funds to the correct account name – minus the offending “Ltd”.

After hanging up, the bank manager took the added precaution of sending a fax through to JPMorgan, double checking that such a vast sum was really meant for Stylianou’s account. Meanwhile, a panicked Stylianou was on the phone to Vincent in Sydney, informing him of the “Ltd” glitch.

But Vincent, knowing that the bank staff in Sydney have left for their Christmas break, and will not return until the following Monday, has time to plan a crisis strategy. He and the Ocean’s Eleven crew will have five days’ grace until the bank will be alerted to any kind of mistake, but it also means they’ll have to wait until Monday to send another fax purporting to come from JPMorgan. Sending a fax any earlier may be too risky, as the overseas banks will be suspicious as to why they are receiving a fax from a bank in Australia closed for the Christmas break.

Vincent immediately summons three of his loyal lieutenants to a crisis meeting at the strip club, including a man nicknamed “Mr Pink”. (In the film Reservoir Dogs, Mr Pink is one of the criminals planning a diamond heist.) Mr Pink is Dallas Fitzgerald, the 22-year-old son of one of the country’s scariest men, bikie boss Felix Lyle. Also at hand is Garry Peterson, nicknamed ”Fat Bastard” by his criminal mates, and Matthew Terreiro, who helped set up the fraudulent Greek bank account.

[Photo Info – High-seas rollers … Jian Ping Wang (third from right) with Alexandr Roizman (second from right) aboard the floating gambling den, Captain Omar III.]

Meanwhile, a bank account in Switzerland that has lain dormant for 10 years with the paltry sum of $90, is suddenly brimming with $26.7 million. The account belongs to Richard Kurland, a 56-year-old South African-born solicitor and fraud investigator who moved to Australia some 20 years earlier and settled in the Blue Mountains west of Sydney. Some months earlier, Kurland agreed to his Swiss bank account being used by a friend, Leon Kuris, who insisted he was about to receive a great deal of money from an investor. As Kuris was unemployed – and full of crazy get-rich-quick schemes – Kurland assumed it would amount to nothing.

So you can imagine his astonishment on Christmas Eve when he receives a call from Kuris asking him whether “the money” has arrived. He gets an even bigger shock when he rings to check his account balance at the Banque Cantonale Vaudoise in Lausanne. A bank staffer confirms that Kurland’s account is now bursting with $26.7 million. Kuris hastily explains that the money is from an “investor” named “Dallas O’Hara” (actually Fitzgerald), introduced to him by his old friend Alexandr Roizman. Kuris gives instructions to Kurland that the funds are to be immediately transferred to other accounts across the globe.

Because Kurland’s account has been dormant for 10 years, and is now awash with money that he immediately wants to transfer, the Swiss bankers want to ask a few questions. To buy time, they tell Kurland that because he wants to transfer such a large sum of money, he’ll need to come to Switzerland to do it in person.

[Photo Info – Bad company: (left to right) Jamie Vincent, Arkadi Drisner and Dallas Fitzgerald.]

While Richard Kurland is up for much of the night dealing with the Swiss, and trying to get the money transferred on behalf of his friend, over in Hong Kong other members of the syndicate are busy trying to launder the $30.5 million that has been sent to an account held with HSBC in the name of Hong Kong Power Limited. Kuris’s friend Alexandr Roizman, a 48-year-old invalid pensioner rumoured to be ex-KGB, is on his way to Hong Kong to spend the night on a gambling ship.

This is money laundering at its most basic. Gamblers deposit money into their account before the ship sets sail. Once on board, these funds are issued as gambling chips. At the end of the cruise the gambler’s funds are returned by way of a receipt, which can be easily converted into untraceable cash in Macau the following morning. On the night of December 29, having previously sailed rich American tourists around the Caribbean, the Captain Omar III is about to embark on its maiden voyage as an ocean-going gambling den.

By the time the ship sets sail at 8.30 that evening, the penniless Roizman has the astronomical sum of $30.5 million sitting in his gambling account. Gambling with him on this night is a friend from Sydney, 37-year-old Jian Ping Wang, who was a public relations liaison officer at a casino in Macau, before coming to Sydney to work as a cook.

Roizman and Wang have to wait 1 1/2 hours – until the ship gets into international waters – before the gambling begins in earnest. Roizman sips some of the fine cognac on offer and wolfs down food from the generous buffet. He pops his head into the mahjong room on deck 5, looks through the duty-free shops and whiles away some time watching a lame Las Vegas-style show in the bordello-red lounge room.

Unlike Roizman, Wang, a professional gambler, isn’t fazed by the croupier’s rapid-fire hand movements as she flicks the cards onto the green felt table. For hour after hour the pair gamble at baccarat. As dawn is breaking over the calm expanse of the South China Sea, the pair have lost a colossal sum – more than $3.4 million. But they don’t care. The receipt for the rest of their money is in excess of $27 million. As the Captain Omar III is cashless, all they have to do now is redeem their receipt at the famed Casino Lisboa in Macau.

The ship makes its way back to the Ocean Terminal in Hong Kong, at the southern tip of the Kowloon Peninsula. Although it’s still early, the wharf, flanked by an enormous modern shopping centre, is already busy. With his dark hair parted in the middle and tied back in a pony-tail, Dallas Fitzgerald stands waiting. He has a million and more reasons to be pumped with adrenalin, but the young man maintains his trademark inscrutability.

Armed with a receipt entitling them to collect $27 million, the trio catch a high-speed ferry for Macau, known as the Monte Carlo of the Orient, where the huge Stanley Ho-owned Casino Lisboa is located. They are about to be rewarded with the mother of all Christmases.

Any residual Christmas cheer among JPMorgan staff swiftly evaporates when they return to work on Monday, December 29. First, there’s the fax from Laiki Bank querying the multimillion-dollar deposit into Stylianou’s account. Then the JPMorgan people responsible for the Commonwealth Super fund are aghast when they discover account 28966 is catastrophically overdrawn. There are ashen faces all around as they trace the $150 million back into four overseas accounts, now converted into Hong Kong dollars, Swiss francs and euros.

The treasury staff ring Craig Slater, from SSGA, an authorised signatory to the Commonwealth Super account. When Slater says he doesn’t know what they’re talking about, there is rising panic at JPMorgan and they forward him the fax. To their horror, he swiftly declares it to be a forgery. The two financial institutions then check their phone records. JPMorgan has a recording of the call which Hufnagl, posing as Slater, made to Bourchier. But at their end, SSGA has no such recording. Clearly the voice is not Slater’s. And JPMorgan has no record of a ”call back” from their office to SSGA.

Facing the potential embarrassment of being the victim of Australia’s most audacious bank fraud, JPMorgan immediately contacts the foreign banks and puts a temporary freeze on the four accounts while the bank obtains the necessary court orders. Not long after, police from the nearest station, The Rocks, arrive.

While JPMorgan and SSGA engage in a series of crisis meetings, the Ocean’s Eleven syndicate is also busy. Osborne and Hufnagl are back at the Dalley Street exchange armed with a bodgied-up letter on JPMorgan letterhead to correct the ”Ltd” mistake on Stylianou’s account. But it’s too late. The account has been frozen by the bank.

Meanwhile, Fitzgerald, Roizman and Wang are making their early-morning dash to Macau, the pulsating neon-lit gambling mecca, their destination the once-grand Casino Lisboa. But when Roizman presents the receipt to withdraw the $27.4 million, the trio are informed the account has been frozen. Fitzgerald demands that the cashier try again. The answer is the same.

Fitzgerald immediately jumps on a ferry back across Victoria Harbour to Hong Kong’s business district, where he attempts to withdraw funds from the other Hong Kong account used in the sting. But to his dismay it, too, has been frozen. A series of tense phone calls ensues between Fitzgerald and Jamie Vincent – Tony’s son – back in Sydney. The normally taciturn Fitzgerald is beside himself. He screams down the phone complaining that the money can’t be accessed and that he is surrounded by “a bunch of angry f…ing Chinamen”. Minutes later, sounding deflated, Jamie rings back to say it is “all kind of f…ed”. The Ocean’s Eleven sting is dead in the water.

Organised crime’s dark heart

A fortnight passes, and as the mammoth, meticulous scale of the bank heist becomes more and more apparent, the Australian Federal Police is called in. The team leader assigned to the investigation, which becomes known as Operation Riparian, is Brad Kirwan, a fresh-faced 33-year-old, who has only been with the AFP for two years, after 14 years of service in remote outback communities and a stint as a detective on the Gold Coast. His deputy is Scott Miller, a tall 36-year-old, who worked in customer service for Telstra for 13 years and the finance sector until a mid-life crisis of sorts propelled him to join the police. As fate would have it, Miller’s background will be a perfect fit for the investigation.

But at this point both men are not to know that this case will take over their lives for the next two years, leading them into the dark heart of organised crime in Australia. The task for the pair of relative ”newbies” is daunting. Their main leads are a fax, which was sent from the Telstra exchange, and an unknown voice purporting to be SSGA’s Craig Slater’s saying, ”How are you going, mate? … Not too bad” as he confirmed the instructions regarding the transfer of the $150 million. Identifying that mysterious voice would be like looking for a needle in a haystack.

The investigation has two distinct arms: the actual fraud and the laundering of the money once it had been stolen. Kirwan and Miller slog away for more than a month before their first breakthrough: JPMorgan’s treasury officer. Greg Bourchier took the call from the fraudsters, and JPMorgan phone records indicate that he didn’t make the compulsory ”call back” to SSGA. When police trawl through his personal phone records, they discover an intriguing connection – and start joining the criminal dots.

Bourchier is a family friend of Garry Peterson, the former secretary-manager of Newtown RSL club in Sydney. Peterson is the ”Fat Bastard” on phone intercepts for another investigation under way, into illegal drug activity – Strike Force Westbank. Peterson is a close associate of both Dallas Fitzgerald and Tony Vincent. For the past 18 months, members of Tony Vincent’s criminal network have been the subject of a covert joint investigation by the NSW Crime Commission and the NSW police who suspect the group of being involved in large-scale drug distribution and money laundering.

As it turns out, on December 24, 2003, undercover police attached to Strike Force Westbank were at their posts watching and listening to Vincent and his crew, although they had no idea about the bank heist. They interpreted the panicked talk of cash transfers as referring to the importation of drugs.

After listening to hundreds of hours of telephone intercepts of Vincent’s crew, Kirwan and Miller hit the jackpot. There – on a call to Peterson – they listen to a voice saying, ”How are you going, mate? … Not too bad.” It is Ernst Hufnagl. More intercepted calls confirm that the phrase is Hufnagl’s trademark ”phone tic”. They now have the man who rang Bourchier at JPMorgan the previous Christmas Eve pretending to be Craig Slater.

Hufnagl’s phone records provide their next major breakthrough. As they match up all the numbers Hufnagl has phoned, they stumble across the number of Barry Osborne. ”Hey, that’s the Telstra guy!” Miller calls out excitedly to his colleagues.

The Telstra phone exchange just around the corner from JPMorgan was one of the first ports of call for the police. Although he had never worked as a Telstra technician, Miller’s time with the organisation makes him familiar with how phone lines worked, and he revisits the Dalley Street exchange line to determine just how a fax could have been sent from there. That’s when he makes another discovery: Osborne’s use of his Telstra swipe card to come in the side door. The exchange was being renovated at the time, so if the linesman had bothered to use the front door, there would have been no record of him in the building that day.

Mysterious figure

As the police team of 14 sift through material, they discover that Osborne didn’t work at the Dalley Street exchange, and on December 24, 2003 he was on a rostered day off from the Waverley depot, where he normally worked. Using the surveillance and intercept material from Strike Force Westbank, Kirwan and Miller are able to reconstruct the key movements of the gang leading up to the bank heist. And as they trawl back over surveillance records, they discover customs have secretly copied the contents of a bag owned by a mysterious figure suspected of being an international drug trafficker.

Arkadi Drisner, an Israeli citizen who is on Interpol’s intelligence reports, but has no convictions, first turned up on intercepted calls on Tony Vincent’s phone in May 2003. In September of that year, customs officers at Sydney airport searched Drisner’s luggage and copied everything they could find. Among the documents in his bags were faxes on JPMorgan letterhead relating to foreign-currency bank accounts. There were also handwritten notes about how to transfer money around the world. The notes also had some dates identifying public holidays in Australia and overseas.

When Kirwan checks the handwriting on these faxes, he identifies it as that of the strangely anxious Bourchier – he has found the insider at JPMorgan. Then another big break: they obtain footage from an earlier search, on a drug-related matter, of Dallas Fitzgerald’s inner-city apartment. Fitzgerald has JPMorgan documents lying on a table, again with Bourchier’s handwriting plastered all over them.

In August 2005, after 20 months of a painstaking investigation that has led them through a maze of international money laundering and local mob activity involving drugs and sex parlours, Kirwan and Miller have amassed enough evidence to get the Feds to swoop. By this time, however, many of the Ocean’s Eleven crew are already in jail for unrelated offences.

If there is any lingering doubt about the sheer cunning and bold planning of the whole Ocean’s Eleven sting, it’s swiftly dismissed by police following the first wave of arrests. Sitting in a paddy wagon are Osborne and Hufnagl, who although plainly anxious about what lies ahead for them in criminal charges, manage to swap some friendly small talk. Opposite them sits a clearly agitated man, the bank insider Bourchier. The pair have no idea who this frightened man is.

What happened to the “Ocean’s Eleven”

■ ”Teflon” Tony Vincent was already doing a six-year-stretch for drug supply when he was charged with the Ocean’s Eleven offences. He was given a three-year sentence, which he served at the same time as his drug matter.

■ Dallas Fitzgerald, who told the jury he was called “Mr Pink” because this was his favourite colour, received a three-year sentence in November last year for his role in the money-laundering aspect of the heist.

■ Alexandr Roizman was sentenced to a five-and-a-half-year minimum sentence in February 2010 for dealing in the proceeds of crime.

■ Gregory James Bourchier, the JPMorgan insider, was given a two-and-a-half-year minimum jail sentence in 2008.

■ Jamie Vincent was jailed for 20 months in 2010. He had only been out of jail for a short time, having already served five years over drug offences.

■ Barry Osborne Ernst Hufnagl received minimum jail terms of three years in 2008.

■ Matthew Terreiro was arrested for his part in organising the Greek bank account. The charges against him were dropped in April 2009.

■ Jian Hua Chen, a well-known gambler at Sydney’s Star casino, received a three-and-a-half-year sentence for helping to set up one of the Hong Kong accounts.

■ Jian Ping Wang, who along with Roizman gambled away $3.4 million on the Captain Omar III, received a six-and-a-half-year jail sentence in 2010.

■ Richard Kurland, who had the dormant Swiss bank account, had charges dropped after the court ruled he didn’t know the funds were from the proceeds of crime.

■ Leon Kuris also had charges dropped on the basis he did not know the funds were derived from fraudulent activity.

■ Arkadi Drisner flew out of Sydney on Christmas Day 2003, the day after the fraud. He hasn’t been seen since.

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