Australian Politics Forum - A wealth Tax Should Be Introduced In Australia

lee

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Re: A wealth Tax Should Be Introduced In Australia
Reply #375 - Oct 13^th, 2026 at 6:45pm

thegreatdivide wrote on Oct 10^th, 2026 at 10:08am:

Quote:
He mentions getting sued by the Australian Securities and Investments Commission (ASIC) as one of the motivating factors behind the move.

[quote]Five years ago he launched Finder Earn, a cryptocurrency-backed alternative to a savings account that offered a higher return than traditional banks.

Ah - a finance scam, not contributing to national wealth in the real economy.

What is your reference for that. AI says not.

"Finder Earn was not classified as a financial scam, as the Federal Court found that it did not provide unlicensed financial services related to crypto-assets."

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Bobby.

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Re: A wealth Tax Should Be Introduced In Australia
Reply #376 - Oct 13^th, 2026 at 8:32pm

thegreatdivide wrote on Oct 13^th, 2026 at 4:33pm:

Bobby. wrote on Oct 10^th, 2026 at 4:41pm:

thegreatdivide wrote on Oct 10^th, 2026 at 4:04pm:

Politicians are hamstrumg by an impossible nightmare: how to fund essential public services while reducing taxes, reducing debt and balancing the budget.

All courtesy of delusional Neoclassical economics - accepted as de rigeur by the mainstream.

Enjoy the spectacles of public violence and hyper-partisanship in Spain, France, and the upcoming midterms in the US..... and the young turning against democracy as the dream of home ownership disappears, despite Albo's minor meddling with NG and CGT discount - which won't fix the problem of unaffordable housing fast enough to save Labor at the next election.

Then why don't they go on TV and say it's impossible?

Why do they pretend that they are fixing everything and that they care about us?

An intelligent question.

Firstly , most pollies DO go into politics because they DO "care about us", but they are quickly disillusioned by the reality of adversarial-party political system.

Why the disillusionment?

Mainstream Economics.

Being deluded by the Neoclassical economic dictum "there is no alternative" (TINA), politicians resort to enjoying the competitive 'game' of politics, manifested in Western adversarial-party elections.

Now, since we are told by the highest university professors in Economics (generally serving wealthy industrialists), the general public believe 'there is no alternative' (to austerity economics), and politicians accept they can't work to promote well-being for all, instead - aided and abetted by a corrupt and self-serving media - indulge themselves in a cynical political contest, without ever considering the system itself is dysfunctional.

It's well-paying job (as long as you can get elected), and you get to shouting at your political opponents in Question Time....

Hence the political 'nightmare' faced by pollies presumably 'serving' the electorate: the less wealthy of whom want govt. to fund essential public services, the more wealthy want lower taxes and lower government spending; while no-one likes taxes and most blame government spending for causing inflaton.

Contradictions all around.

The real culprits being the most useless class of all tertiary academics, namely, mainstream' 'austerity' ecocomists who cause more harm than fundamentalist adherents of religious scripture...

In a word - dysfunctional.

Fortunately 'there IS an alternative'....

eg: MMT and other heterodox economics:

Steve Keen is an outspoken post-Keynesian economist and author of 'Debunking Economics' and 'The New Economics: A Manifesto', who is writing a book titled 'How Economists Will Destroy Capitalism'.

His core thesis is that mainstream (neoliberal and neoclassical) economic theory actively misinterprets how capitalism works—paving the way for systemic failure and economic collapse.

I don't agree -
most politicians are dishonest parasites who have never done a hard day's work in their life.
We are their slaves.

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Bobby.

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Re: A wealth Tax Should Be Introduced In Australia
Reply #377 - Oct 13^th, 2026 at 8:35pm

thegreatdivide wrote on Oct 13^th, 2026 at 5:43pm:

Keen's demolition of mainstream Neoclassical
economics summarized here:

(google AI)

Key Arguments by Steve Keen.

• Flawed Equilibrium Models: Mainstream economists treat the economy as a self-correcting system that naturally trends toward equilibrium. Keen argues that real-world capitalism is driven by constant change, feedback loops, and inherent instability (analyzed via complex systems and stability mathematics). By ignoring instability, economists fail to see major crises coming.

• Ignoring Private Debt: Conventional economic models often leave out private debt or treat it as a trivial transfer of money between people. Keen emphasizes that private debt creation acts as the primary driver of aggregate demand and asset bubbles. When debt gets too high, it triggers severe financial crashes (like the 2008 global financial crisis, which he predicted).

• Misunderstanding Technological Disruption and AI: As automation and artificial intelligence (AI) replace human labor, they break the core feedback loop of capitalism: wages drive consumption, and consumption drives profits. When machines replace workers, wages vanish, which threatens to eliminate consumer demand and destabilize the system if monetary and social models (like Universal Basic Income) aren't fundamentally rethought.

• Neoliberal Policy Damage: Keen contends that decades of neoliberal policy guidance have crippled economic potential, arguing that Western economies would be significantly wealthier and more stable had they rejected the deregulated, financialized dogma of recent decades.

TGD,
most of that so called debt is just money printing from our Reserve bank
or from the Fed in the USA.

It sounds better when they call it quantitative easing.

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #378 - Oct 14^th, 2026 at 10:20am

Bobby. wrote on Oct 13^th, 2026 at 8:32pm:

thegreatdivide wrote on Oct 13^th, 2026 at 4:33pm:

Bobby. wrote on Oct 10^th, 2026 at 4:41pm:

thegreatdivide wrote on Oct 10^th, 2026 at 4:04pm:

Politicians are hamstrumg by an impossible nightmare: how to fund essential public services while reducing taxes, reducing debt and balancing the budget.

All courtesy of delusional Neoclassical economics - accepted as de rigeur by the mainstream.

Enjoy the spectacles of public violence and hyper-partisanship in Spain, France, and the upcoming midterms in the US..... and the young turning against democracy as the dream of home ownership disappears, despite Albo's minor meddling with NG and CGT discount - which won't fix the problem of unaffordable housing fast enough to save Labor at the next election.

Then why don't they go on TV and say it's impossible?

Why do they pretend that they are fixing everything and that they care about us?

An intelligent question.

Firstly , most pollies DO go into politics because they DO "care about us", but they are quickly disillusioned by the reality of adversarial-party political system.

Why the disillusionment?

Mainstream Economics.

Being deluded by the Neoclassical economic dictum "there is no alternative" (TINA), politicians resort to enjoying the competitive 'game' of politics, manifested in Western adversarial-party elections.

Now, since we are told by the highest university professors in Economics (generally serving wealthy industrialists), the general public believe 'there is no alternative' (to austerity economics), and politicians accept they can't work to promote well-being for all, instead - aided and abetted by a corrupt and self-serving media - indulge themselves in a cynical political contest, without ever considering the system itself is dysfunctional.

It's well-paying job (as long as you can get elected), and you get to shouting at your political opponents in Question Time....

Hence the political 'nightmare' faced by pollies presumably 'serving' the electorate: the less wealthy of whom want govt. to fund essential public services, the more wealthy want lower taxes and lower government spending; while no-one likes taxes and most blame government spending for causing inflaton.

Contradictions all around.

The real culprits being the most useless class of all tertiary academics, namely, mainstream' 'austerity' ecocomists who cause more harm than fundamentalist adherents of religious scripture...

In a word - dysfunctional.

Fortunately 'there IS an alternative'....

eg: MMT and other heterodox economics:

Steve Keen is an outspoken post-Keynesian economist and author of 'Debunking Economics' and 'The New Economics: A Manifesto', who is writing a book titled 'How Economists Will Destroy Capitalism'.

His core thesis is that mainstream (neoliberal and neoclassical) economic theory actively misinterprets how capitalism works—paving the way for systemic failure and economic collapse.

I don't agree -
most politicians are dishonest parasites who have never done a hard day's work in their life.
We are their slaves.

A pity: after asking an intelligent question, you dismissed my in-depth analysis with a vicious, unintelligent remark amounting to character assassination of "most politicians".

You do this because you don't want to admit/don't understand the current financial system is dysfunctional, serving the interests of the 'masters of the universe' ie, private bankers and their sycophants.

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Bobby.

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Re: A wealth Tax Should Be Introduced In Australia
Reply #379 - Oct 14^th, 2026 at 10:23am

thegreatdivide wrote on Oct 14^th, 2026 at 10:20am:

Bobby. wrote on Oct 13^th, 2026 at 8:32pm:

I don't agree -
most politicians are dishonest parasites who have never done a hard day's work in their life.
We are their slaves.

A pity: after asking an intelligent question, you dismissed my in-depth analysis with a vicious, unintelligent remark amounting to character assassination of "most politicians".

You do this because you don't want to admit/don't understand the current financial system is dysfunctional, serving the interests of the 'masters of the universe' ie, private bankers and their sycophants.

The politicians don't care about us at all, at all, at all.

jump to 2:35

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Bobby. Gold Member Offline Australian Politics Posts: 122935 Melbourne Gender:	Re: A wealth Tax Should Be Introduced In Australia Reply #380 - Oct 14^th, 2026 at 10:27am What Is Canberra Thinking?! They Just Made It 400% More Expensive For Everyday Aussies To Invest
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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #381 - Oct 14^th, 2026 at 10:41am

Bobby. wrote on Oct 13^th, 2026 at 8:35pm:

thegreatdivide wrote on Oct 13^th, 2026 at 5:43pm:

Keen's demolition of mainstream Neoclassical
economics summarized here:

(google AI)

Key Arguments by Steve Keen.

• Flawed Equilibrium Models: Mainstream economists treat the economy as a self-correcting system that naturally trends toward equilibrium. Keen argues that real-world capitalism is driven by constant change, feedback loops, and inherent instability (analyzed via complex systems and stability mathematics). By ignoring instability, economists fail to see major crises coming.

• Ignoring Private Debt: Conventional economic models often leave out private debt or treat it as a trivial transfer of money between people. Keen emphasizes that private debt creation acts as the primary driver of aggregate demand and asset bubbles. When debt gets too high, it triggers severe financial crashes (like the 2008 global financial crisis, which he predicted).

• Misunderstanding Technological Disruption and AI: As automation and artificial intelligence (AI) replace human labor, they break the core feedback loop of capitalism: wages drive consumption, and consumption drives profits. When machines replace workers, wages vanish, which threatens to eliminate consumer demand and destabilize the system if monetary and social models (like Universal Basic Income) aren't fundamentally rethought.

• Neoliberal Policy Damage: Keen contends that decades of neoliberal policy guidance have crippled economic potential, arguing that Western economies would be significantly wealthier and more stable had they rejected the deregulated, financialized dogma of recent decades.

TGD,
most of that so called debt is just money printing from our Reserve bank
or from the Fed in the USA.

Your error: the only mention of debt by Keen in the above quote is PRIVATE debt, an explosion of which caused the GFC (after private banks created subprime loans which they granted to private investors).

(google AI)

Subprime loans caused the Global Financial Crisis (GFC) because risky, high-interest mortgages given to borrowers with poor credit were packaged into complex financial products sold worldwide, sparking a wave of defaults when the housing bubble burst.

Quote:

It sounds better when they call it quantitative easing.

Whereas QE is an emergency public-sector intervention in the private sector:

(google AI)

How QE Works

• Asset Purchases: The central bank creates electronic money to buy financial assets (like government bonds, corporate bonds, or mortgage-backed securities) from commercial banks and private institutions

ie, QE money is not new money (which is created out of thin air, when private banks create money for credit-worthy customers); it's a purchase of existing money (bonds etc) to bolster bank reserves in a recession.

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Bobby.

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Re: A wealth Tax Should Be Introduced In Australia
Reply #382 - Oct 14^th, 2026 at 10:46am

thegreatdivide wrote on Oct 14^th, 2026 at 10:41am:

Whereas QE is an emergency public-sector intervention in the private sector:

(google AI)

How QE Works

• Asset Purchases: The central bank creates electronic money to buy financial assets (like government bonds, corporate bonds, or mortgage-backed securities) from commercial banks and private institutions

ie, QE money is not new money (which is created out of thin air, when private banks create money for credit-worthy customers); it's a purchase of existing money (bonds etc) to bolster bank reserves in a recession.

You're wrong -
the Govt. issues Govt. Bonds and the Reserve or Fed buys them with printed money.

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #383 - Oct 14^th, 2026 at 11:05am

Bobby. wrote on Oct 14^th, 2026 at 10:46am:

thegreatdivide wrote on Oct 14^th, 2026 at 10:41am:

Whereas QE is an emergency public-sector intervention in the private sector:

(google AI)

How QE Works

• Asset Purchases: The central bank creates electronic money to buy financial assets (like government bonds, corporate bonds, or mortgage-backed securities) from commercial banks and private institutions

ie, QE money is not new money (which is created out of thin air, when private banks create money for credit-worthy customers); it's a purchase of existing money (bonds etc) to bolster bank reserves in a recession.

You're wrong -
the Govt. issues Govt. Bonds and the Reserve or Fed buys them with printed money.

Let's see if we can sort this out:

(google AI)

Governments issue bonds to finance budget deficits, while central banks like the Federal Reserve or the Reserve Bank of Australia (RBA) buy them electronically rather than with printed physical currency.

How the Process Works

• Issuing the Debt: The national treasury (such as the U.S. Treasury or Australian Government) issues government bonds (IOUs) to cover spending that exceeds tax revenues.

• Primary vs. Secondary Markets: Central banks are generally restricted from buying newly issued bonds directly from their own government. Instead, private banks, primary dealers, and investors buy the bonds first in the primary market.

• Central Bank Purchases (Quantitative Easing): The central bank purchases these existing bonds from financial institutions in the secondary market.

• Creating Reserves ("Digital Money"): Rather than printing paper banknotes, the central bank pays for the bonds by electronically crediting the reserve accounts (or Exchange Settlement balances) of commercial banks with newly created digital central bank money.

Note the 2nd paragraph above: "Central banks are generally restricted from buying newly issued bonds directly from their own government."

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #384 - Oct 14^th, 2026 at 11:19am

Bobby. wrote on Oct 14^th, 2026 at 10:23am:

thegreatdivide wrote on Oct 14^th, 2026 at 10:20am:

Bobby. wrote on Oct 13^th, 2026 at 8:32pm:

I don't agree -
most politicians are dishonest parasites who have never done a hard day's work in their life.
We are their slaves.

A pity: after asking an intelligent question, you dismissed my in-depth analysis with a vicious, unintelligent remark amounting to character assassination of "most politicians".

You do this because you don't want to admit/don't understand the current financial system is dysfunctional, serving the interests of the 'masters of the universe' ie, private bankers and their sycophants.

The politicians don't care about us at all, at all, at all.

I've met many, you are wrong.

Their passionate disagreements with one another (ie, those from different parties) arise because they - lke you - don't understand the delusional foundations of the current economic system, as exposed by Keen et al.

as for your 2 vidoes:

George - like you - is resorting to blaming pollies for a nightmarish, dysfunctional financial system; and the 2nd is merely an anti-tax rave by people - like you - who reject 'public money' (ie debt-free public money issued by the c-i government, eliminating the need for taxes or borrowing by the govt.).

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Bobby.

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Re: A wealth Tax Should Be Introduced In Australia
Reply #385 - Oct 14^th, 2026 at 11:32am

thegreatdivide wrote on Oct 14^th, 2026 at 11:05am:

Bobby. wrote on Oct 14^th, 2026 at 10:46am:

thegreatdivide wrote on Oct 14^th, 2026 at 10:41am:

Whereas QE is an emergency public-sector intervention in the private sector:

(google AI)

How QE Works

• Asset Purchases: The central bank creates electronic money to buy financial assets (like government bonds, corporate bonds, or mortgage-backed securities) from commercial banks and private institutions

ie, QE money is not new money (which is created out of thin air, when private banks create money for credit-worthy customers); it's a purchase of existing money (bonds etc) to bolster bank reserves in a recession.

You're wrong -
the Govt. issues Govt. Bonds and the Reserve or Fed buys them with printed money.

Let's see if we can sort this out:

(google AI)

Governments issue bonds to finance budget deficits, while central banks like the Federal Reserve or the Reserve Bank of Australia (RBA) buy them electronically rather than with printed physical currency.

How the Process Works

• Issuing the Debt: The national treasury (such as the U.S. Treasury or Australian Government) issues government bonds (IOUs) to cover spending that exceeds tax revenues.

• Primary vs. Secondary Markets: Central banks are generally restricted from buying newly issued bonds directly from their own government. Instead, private banks, primary dealers, and investors buy the bonds first in the primary market.

• Central Bank Purchases (Quantitative Easing): The central bank purchases these existing bonds from financial institutions in the secondary market.

• Creating Reserves ("Digital Money"): Rather than printing paper banknotes, the central bank pays for the bonds by electronically crediting the reserve accounts (or Exchange Settlement balances) of commercial banks with newly created digital central bank money.

Note the 2nd paragraph above: "Central banks are generally restricted from buying newly issued bonds directly from their own government."

Please stop bloviating.

Money printing is an attack on our savings -
it causes inflation.

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tallowood Gold Member Offline Израиль Навсегда Posts: 9714 Gender:	Re: A wealth Tax Should Be Introduced In Australia Reply #386 - Oct 14^th, 2026 at 11:55am Just call it "Putin tax" to make taxpayers happy. Joe did it so can Albo
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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #387 - Oct 14^th, 2026 at 4:25pm

Bobby. wrote on Oct 14^th, 2026 at 11:32am:

thegreatdivide wrote on Oct 14^th, 2026 at 11:05am:

Bobby. wrote on Oct 14^th, 2026 at 10:46am:

thegreatdivide wrote on Oct 14^th, 2026 at 10:41am:

Whereas QE is an emergency public-sector intervention in the private sector:

(google AI)

How QE Works

• Asset Purchases: The central bank creates electronic money to buy financial assets (like government bonds, corporate bonds, or mortgage-backed securities) from commercial banks and private institutions

ie, QE money is not new money (which is created out of thin air, when private banks create money for credit-worthy customers); it's a purchase of existing money (bonds etc) to bolster bank reserves in a recession.

You're wrong -
the Govt. issues Govt. Bonds and the Reserve or Fed buys them with printed money.

Let's see if we can sort this out:

(google AI)

Governments issue bonds to finance budget deficits, while central banks like the Federal Reserve or the Reserve Bank of Australia (RBA) buy them electronically rather than with printed physical currency.

How the Process Works

• Issuing the Debt: The national treasury (such as the U.S. Treasury or Australian Government) issues government bonds (IOUs) to cover spending that exceeds tax revenues.

• Primary vs. Secondary Markets: Central banks are generally restricted from buying newly issued bonds directly from their own government. Instead, private banks, primary dealers, and investors buy the bonds first in the primary market.

• Central Bank Purchases (Quantitative Easing): The central bank purchases these existing bonds from financial institutions in the secondary market.

• Creating Reserves ("Digital Money"): Rather than printing paper banknotes, the central bank pays for the bonds by electronically crediting the reserve accounts (or Exchange Settlement balances) of commercial banks with newly created digital central bank money.

Note the 2nd paragraph above: "Central banks are generally restricted from buying newly issued bonds directly from their own government."

Please stop bloviating.

So...the technical explanation that "Central banks are generally restricted from buying newly issued bonds directly from their own government is "bloviating"?

Quote:

Money printing is an attack on our savings -
it causes inflation.

Your errors:

1. At the most fundamental level: money is always created out of thin air by authorized money lenders - whether the thus created money is manifested as physical paper money or metal coins (in which case the money must be 'mqchined'), or as digits in computers; how do you you think money supply increases as the population increases?

2. Inflation is caused by demand for goods and services exceeding the economy's capacity to supply those goods and services, contrary to Friedman's monetary delusions.

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Bobby.

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Re: A wealth Tax Should Be Introduced In Australia
Reply #388 - Oct 14^th, 2026 at 4:27pm

thegreatdivide wrote on Oct 14^th, 2026 at 4:25pm:

Your errors:

1. At the most fundamental level: money is always created out of thin air by authorized money lenders - whether the thus created money is manifested as physical paper money or metal coins (in which case the money must be 'mqchined', or as digits in computers; how do you you think money supply increases as the population increases?

2. Inflation is caused by demand for goods and services exceeding the economy's capacity to supply those goods and services, contrary of Friedman's monetary delusions.

Then why can't I make Bobby Bonds ? -

the Reserve bank can buy them with printed money and I'd be rich.

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #389 - Oct 14^th, 2026 at 4:37pm

Bobby. wrote on Oct 14^th, 2026 at 4:27pm:

thegreatdivide wrote on Oct 14^th, 2026 at 4:25pm:

Your errors:

1. At the most fundamental level: money is always created out of thin air by authorized money lenders - whether the thus created money is manifested as physical paper money or metal coins (in which case the money must be 'mqchined', or as digits in computers; how do you you think money supply increases as the population increases?

2. Inflation is caused by demand for goods and services exceeding the economy's capacity to supply those goods and services, contrary of Friedman's monetary delusions.

Then why can't I make Bobby Bonds ? -

(A not so intelligent question....)

Because you aren't authorized to either create or sell (ie issue) bonds.

Quote:

the Reserve bank can buy them with printed money and I'd be rich.

Learn how the govt. finances the public sector - ie by selling bonds to the private sector to finance govt. spending beyond tax receipts:

(google A)

Primary vs. Secondary Markets: Central banks are generally restricted from buying newly issued bonds directly from their own government. Instead, private banks, primary dealers, and investors buy the bonds first in the primary market.

Central banks (such as the U.S. Federal Reserve and the European Central Bank) are typically banned from buying newly issued debt straight from the treasury or state. This rule prevents "monetary financing"—situations where a government simply forces its central bank to print money to fund public spending.

Are you capable of learning?

The question is: WHY are they banned from "printing money", and forced to sell bonds to the private sector instead?

Answer: the private sector is master, in a free-enterprise system.

Hence the current public-sector financing nightmare, with pollies at one anothers' throats over funding the public sector...hence the Speaker is having a hell of a time maintaining order in the Federal parliament today.....as the Coalition are defendng tax rorts only available to 5% of the (mostly wealthier section of the) population.

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« Last Edit: Oct 14^th, 2026 at 5:03pm by thegreatdivide »

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