Imbeciles who really mean it!

[The Outback Oracle]

Australia ranks about 15th in the world in terms of GDP size with about 1.67% of World GDP. Here is our Federal Treasurer gloating because this year we are the world's third biggest borrower taking up 10% of all the debt in the world!!!!!!

Australia's financial system is in "good shape" and banks will issue as much as 10% of global guaranteed debt this year, ranking Australia third in the world, Mr Swan said. Sydney Morning Herald

It brings to mind Mark twain's quote

Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it…Mark Twain

There may be smart people screwing us in other countries but this bloke has got to be an imbecile. He makes Gordon Brown sound like a financial genius!

[cobben]

"global guaranteed debt "

This begs the question, who is guaranteing that debt?

[The Outback Oracle]

I kept asking myself the same question cobben. The Aus govt is guaranteeing Foreign currency debt raisings by our Banks right now, so I suppose that is what he was talking about. It was a pretty confused statment from our Treasurer one way and another. I understand he is not the brightest light bulb around.

[cobben]

Things are getting complicated, in their panic to save the banking system a lot of guvm'nts (like the Swedish to a certain extent) have been putting out blanket guarantees of all bank debt, including that denominated in other currencies.

Ever more chickens just hankering to come home to roost?

[The Outback Oracle]

Things are getting complicated, in their panic to save the banking system a lot of guvm'nts (like the Swedish to a certain extent) have been putting out blanket guarantees of all bank debt, including that denominated in other currencies.

Ever more chickens just hankering to come home to roost?

To again quote Gerard Minack
"The outlook is dark and gloomy because the sky is full of chickens coming home to roost"