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

lee Gold Member Offline Australian Politics Posts: 21753 Gender:	Re: A wealth Tax Should Be Introduced In Australia Reply #405 - Oct 15^th, 2026 at 3:43pm thegreatdivide wrote on Oct 15^th, 2026 at 1:35pm: No dummy, I wasn't aware of the court's ruling. Ah so you were making stuff up and declaring it truth.
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Bobby.

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Re: A wealth Tax Should Be Introduced In Australia
Reply #406 - Oct 15^th, 2026 at 6:58pm

thegreatdivide wrote on Oct 15^th, 2026 at 2:56pm:

Bobby. wrote on Oct 15^th, 2026 at 2:24pm:

TGD,
Quote:

But this system is also headed to disaster, as governments can't pay down debt without losing elections,
and interest on debt keeps rising.... the "political nightmare' facing pollies everywhere.

I will agree with you on that.

Good

Quote:

The people voted out the Howard Govt after they balanced the books and we owed no money -

Bad (....); Howard 'balanced the books" because of a once-off building boom in the Chinese economy, which saw iron-ore and coal royalties pouring into the Oz treasury.

(google AI)

(China consumed approximately 6.4 to 6.6 gigatons (billion tonnes) of cement between 2011 and 2013 (a span of roughly 3 years), which surpassed the 4.2 to 4.5 gigatons used by the United States during the entire 20th century (1901–2000)

But Howard joined Bush and Blair in a war which millions around the world had rejected - hence Howard's demise.

Quote:

people voted for money printing Govts ever since
thinking it was money for nothing.
Most people are morons - it's bad in Melbourne - IQs are very low here -
you seldom find anyone who can even speak English -
yet alone work out the intricacies of economic theory -
all they see is -

"this man - he give me money"

But YOU know better now, don't you (....cough......) after I explained why massive Oz and US public debt isn't causing hyper-inflation.

Nonsense -
our Reserve Bank printed the money that caused our inflation. Roll Eyes

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Bobby. Gold Member Offline Australian Politics Posts: 122935 Melbourne Gender:	Re: A wealth Tax Should Be Introduced In Australia Reply #407 - Oct 15^th, 2026 at 6:58pm flip
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Bobby. Gold Member Offline Australian Politics Posts: 122935 Melbourne Gender:	Re: A wealth Tax Should Be Introduced In Australia Reply #408 - Oct 15^th, 2026 at 6:58pm flip
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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #409 - Oct 17^th, 2026 at 12:43pm

lee wrote on Oct 15^th, 2026 at 3:43pm:

thegreatdivide wrote on Oct 15^th, 2026 at 1:35pm:

No dummy, I wasn't aware of the court's ruling.

Ah so you were making stuff up and declaring it truth. Roll Eyes

No dummy - I didn't know his activities were judged to be 'legal' by a court.

Doesn't change the point re crypto currencies which have no intrinsic value beyond a ponzi scheme.

And as for derivatives trading (outside the real economy ie producing real goods and services:

(google AI)

Derivatives trading versus gambling

-Where the Line Blurs

The boundary has become increasingly thin with the rise of prediction markets (such as Kalshi and Polymarket) and retail trading in complex products like Contracts for Difference (CFDs) or binary options.

• Speculative trading in derivatives without an underlying asset exposes participants to risks that function identically to a wager.

• Regulators around the world—including authorities in Australia, US state courts, and federal agencies like the CFTC—frequently clash over whether event-based contracts and prediction markets are legitimate financial derivatives or simply rebranded sports and election betting.

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #410 - Oct 17^th, 2026 at 1:03pm

Bobby. wrote on Oct 15^th, 2026 at 6:58pm:

Nonsense -
our Reserve Bank printed the money that caused our inflation. Roll Eyes

You keep mindlessly ignoring the fact post-covid inflation caused by government covid-rescue-packages could have been managed with debt-free treasury-issued money, price controls, and rationing where necessary (ie, when supply disruptions were caused by pandemics and war), rather than via borrowing money which must be repaid with interest - the current unsustainable system which will result in governments unable to repay interest on accumulated debt.

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« Last Edit: Oct 17^th, 2026 at 1:19pm by thegreatdivide »

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lee

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Re: A wealth Tax Should Be Introduced In Australia
Reply #411 - Oct 17^th, 2026 at 2:17pm

thegreatdivide wrote on Oct 17^th, 2026 at 12:43pm:

I didn't know his activities were judged to be 'legal' by a court.

But you went with illegal anyway. Cool

thegreatdivide wrote on Oct 17^th, 2026 at 12:43pm:

Doesn't change the point re crypto currencies which have no intrinsic value beyond a ponzi scheme.

And nowhere did I say that. Cool

thegreatdivide wrote on Oct 17^th, 2026 at 12:43pm:

And as for derivatives trading (outside the real economy ie producing real goods and services:

And I never mentioned that. Cool

thegreatdivide wrote on Oct 17^th, 2026 at 12:43pm:

• Speculative trading in derivatives without an underlying asset exposes participants to risks that function identically to a wager.

So how many wagering outfits do you know that allow a "stop loss" on wagering? Cool

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Bobby.

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Re: A wealth Tax Should Be Introduced In Australia
Reply #412 - Oct 17^th, 2026 at 4:15pm

thegreatdivide wrote on Oct 17^th, 2026 at 1:03pm:

Bobby. wrote on Oct 15^th, 2026 at 6:58pm:

Nonsense -
our Reserve Bank printed the money that caused our inflation. Roll Eyes

You keep mindlessly ignoring the fact post-covid inflation caused by government covid-rescue-packages could have been managed with debt-free treasury-issued money, price controls, and rationing where necessary (ie, when supply disruptions were caused by pandemics and war), rather than via borrowing money which must be repaid with interest - the current unsustainable system which will result in governments unable to repay interest on accumulated debt.

It doesn't matter how you slice it -

it's funny money that causes inflation. Roll Eyes

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Jasin Gold Member Online Posts: 58510 Gender:	Re: A wealth Tax Should Be Introduced In Australia Reply #413 - Oct 17^th, 2026 at 6:00pm I noticed on NHK news this morning. China has to find other sucker nations for their cheap crap clothing industry, as they can no longer rip off Americans due to USA tariffs.
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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #414 - Oct 18^th, 2026 at 10:09am

lee wrote on Oct 17^th, 2026 at 2:17pm:

thegreatdivide wrote on Oct 17^th, 2026 at 12:43pm:

I didn't know his activities were judged to be 'legal' by a court.

But you went with illegal anyway. Cool

Fraudulent dummy lee, ignores reality:

" Regulators around the world—including authorities in Australia, US state courts, and federal agencies like the CFTC—frequently clash over whether event-based contracts and prediction markets are legitimate financial derivatives or simply rebranded sports and election betting".

..authorities "frequently clash"....while you - a mindless economic Conservative - defend the nightmarish financial status quo while violence is erupting in democracies around the world.

Deplorable.

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #415 - Oct 18^th, 2026 at 10:16am

Bobby. wrote on Oct 17^th, 2026 at 4:15pm:

thegreatdivide wrote on Oct 17^th, 2026 at 1:03pm:

Bobby. wrote on Oct 15^th, 2026 at 6:58pm:

Nonsense -
our Reserve Bank printed the money that caused our inflation. Roll Eyes

You keep mindlessly ignoring the fact post-covid inflation caused by government covid-rescue-packages could have been managed with debt-free treasury-issued money, price controls, and rationing where necessary (ie, when supply disruptions were caused by pandemics and war), rather than via borrowing money which must be repaid with interest - the current unsustainable system which will result in governments unable to repay interest on accumulated debt.

It doesn't matter how you slice it -

it's funny money that causes inflation. Roll Eyes

Your error: the status quo with its 'invisible hand' markets cause inflation, as demand for goods and services exceeds supply.

Whereas government management of supply and demand for goods and services, while ensuring the essential for all, will avoid inflation.

Note:

Analysi: high debt, growing strains put focus on need for new development approaches

...new development approaches needed?

Who'd have thunk it? (....certainly not lee and bobby...)

Full article in the MMT thread:

https://www.ozpolitic.com/forum/YaBB.pl?num=1645944963/1545#1557

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« Last Edit: Oct 18^th, 2026 at 10:29am by thegreatdivide »

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thegreatdivide

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Re: A wealth Tax Should Be Introduced In Australia
Reply #416 - Oct 18^th, 2026 at 10:40am

Jasin wrote on Oct 17^th, 2026 at 6:00pm:

I noticed on NHK news this morning. China has to find other sucker nations for their cheap crap clothing industry, as they can no longer rip off Americans due to USA tariffs.

Yes, China is counting on WTO 'free trade" rules to achieve its rise to status of world's largest economy.

But many governments - dealing with their socially destructive "rust belts" - no longer believe in free trade - hence Trump's tariffs.

China will have to deal with the fact the WTO is now a despised institution, because "free-trade" demonstrably creates winners and losers...

Labor in Oz of course still believes in WTO-led freetrade, because Oz is one of the few net beneficaries (arguably) of freetrade; however, the Coalition isn't happy with the current EU freetrade agreement on offer...

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lee Gold Member Offline Australian Politics Posts: 21753 Gender:	Re: A wealth Tax Should Be Introduced In Australia Reply #417 - Oct 18^th, 2026 at 1:35pm thegreatdivide wrote on Oct 18^th, 2026 at 10:09am: ..authorities "frequently clash"....while you - a mindless economic Conservative - defend the nightmarish financial status quo while violence is erupting in democracies around the world. And that also doesn't make it illegal.
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lee Gold Member Offline Australian Politics Posts: 21753 Gender:	Re: A wealth Tax Should Be Introduced In Australia Reply #418 - Oct 18^th, 2026 at 1:37pm thegreatdivide wrote on Oct 18^th, 2026 at 10:40am: But many governments - dealing with their socially destructive "rust belts" - no longer believe in free trade - hence Trump's tariffs. That must be why China bans imports. It is not that they get their tits in a bow.
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Jasin Gold Member Online Posts: 58510 Gender:	Re: A wealth Tax Should Be Introduced In Australia Reply #419 - Oct 18^th, 2026 at 1:53pm China is heavily dependent on exploiting USA as in the past. Trump has pulled the rug out from under China 🇨🇳 with his tit for tat tariffs. As such, China cannot compete on such a level playing field now.
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