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Monday 5 September 2022

The Debt Bill

This is mind boggling. Absolutely mind boggling. This number keeps going up as well. Australia is not the lucky country anymore (remember the implication of that statement was that the luck would run out). 

As a population, the Australian people, not including the government, are 2 trillion dollars in the hole. This is a house of cards. 

The Australian economy was estimated to be worth around 1.89 trillion in 2019. People are in over 2 trillion dollars of debt, and that is not including the government debt.  

There is more debt, than actual value, and what happens if the value goes down? Which it will. There is not enough money to pay off all the debts. We don't have it, already. 

"Debts that cannot be paid, will not be paid and should not be paid." (Michael Hudson). This is a law of economics, that we are seeing in action. You can't pay with what you don't have. The only result of this is default. Either debt forgiveness or forced debt collapse, those are the only ways this can go.

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