The Australian admits our economy is a Ponzi scheme

Can’t tell if this is Hong Kong, Taiwan or Sydney.

The definition of so-called “fake news” is “a story which the alternative media has reported but won’t be reported by the mainstream media util next week”. In Australia, the definition of a so-called “conspiracy theory” is “an idea discussed by The XYZ which will eventually be entertained by the mainstream media several years later.

The XYZ and nationalist activists have been pointing out for years that our economy is a Ponzi scheme. With much of our manufacturing driven to Asia, we have resorted to importing people from Asia to keep some kind of industry going in Australia. If you constantly bring in foreigners, upsetting the demographic balance in your country, you can at least maintain the illusion that your economy is booming because you have to keep building high rise apartments blocks for them.

For years, pointing out this common sense observation has been labelled by even the fake conservative media as xenophobic and economically illiterate. Yet this same fake conservative media and fake conservative leaders will make the case for immigration on the grounds that ceasing it would drive our economy into recession, thus proving the nationalist point.

Then God sent coronavirus, or the Chinese created it in a lab and it ‘somehow’ got out, or the deep state faked the whole thing in order to trick us all into accepting totalitarian control, or some idiot just ate a bat. Take your pick.

It’s changed everything.

From the Australian:

….the way government mandated the economy into recession, the worst in nearly 100 years; and embarked on the massive counter-stimulus (with Reserve Bank all-but zero rates plus de facto money printing); with now 60 per cent of the workforce effectively on the government payroll.

The workforce numbers 13.7 million. There are around two million in the public sector. There are now around 1.3 million on the dole and some 5 million on the “pseudo (and supercharged) dole” — JobKeeper.

That also means that the real jobless rate is somewhere, anywhere, between 9.5 per cent (the 1.3 million) and 45 per cent (the 1.3 million plus the 5 million).

Those are huge numbers. Wait, did he say “de facto money printing”?

We will also be on the “other side” of all that global stimulus, central bank money-printing and zero interest rates; having never emerged from the money-printing and the zero rates that have been (Ponzi-scheme-style) “underwriting” the global economy for a decade since the GFC.

That, and China with its own Ponzi-style schemes of relentless growth — which, pre-virus, was also seriously struggling to sustain itself.

In a way, the virus “saved” everyone from having to confront the brutal reality that global economic growth, such as it pallidly was, and the asset-inflating “prosperity” of the post-GFC decade, had all been built on sand and the sand was now shifting. We could all just go to a war footing; and postpone all that to “manana”.

But when we do arrive at that “other side” all those unsustainabilities and unpresented cheques will also still be there, to emerge like a virus from its summer somnolence; and to emerge on top of the reality of the virus and the shattered global economy.

Does the author, Terry Mccrann, read David Hilton?

“This is a really big deal. COVID-19 hasn’t caused a global debt implosion and imminent Greater Depression. It has catalysed one. It was the trigger, not the reason.

“As I’ve written repeatedly over the years, the debt collapse was inevitable. Anyone who took an afternoon to study how money is created by private banks on behalf of the central bank cartel knew that.“

I actually don’t know how they let this through. I suspect the real editor was either drunk or out the back doing some gardening:

Now for the big one:

In a more fundamental way we cannot go back to where we were just four months ago — an economy built on the Ponzi scheme of massive immigration, property construction and property inflation.

That was delivering increasingly fake prosperity and was running out of steam anyway.

The idea that importing millions of immigrants into Australia in the vain hope of avoiding a recession, to maintain the illusion of prosperity for Real Australians to distract them from the fact that they are being replaced in order to avoid a recession, is no longer a so-called “conspiracy theory”. It’s in the MSM now.

The Chinese Diversity Flu (Made in China) is moving the Overton Window.

If The XYZ was right about that, who knows what other crazy ideas we have talked about could be true?