A depressing day all round. Not the least of which is the appalling spectacle of the electronic media allowing Morrison to throw slander and libel at the States. He portrayed states Health Mins (a signed statement by all states/territories) as mafia figures attempting to ... 1/n
.. 'shake down' theFedGov. He used the word 'extortion' in reference specifically to QLD.
Bear in mind a few things:
-the FedGov is the monopoly issuer of the AU$. Along with this go monopoly taxing rights, and the ability to enforce lawful taxation payts. in that currency ...2/n
... and *only that currency. If you have had a tax assessment for x$s, and you don't/can't pay it, you are liable for further payts. in fines, or the clink.
The FedGov (in Australia, and other sovereign fiat issuers) issues the $ into existence. Ultimately keystrokes. 3/n
So we have that FedGov existing, purportedly, to provision the country, (including the States). States can only achieve their own funding, (other than direct, routine, and agreed-upon allocations from Cwealth), by imposts, fines, Stamp Duty and the like. These are essentially_4/n
...transfer payts. between *users of the $. States and working grunts alike. So what Morrison is doing is pretending (a kind interpretation) that States and Territories have equal status vis-à-vis the AU$. They don't. Morrison attempted to portray the request for more funding_5/n
... in the context of a pandemic as an unreasonable request b/c of said pandemic. They are requesting it exactly for that reason; they need additional support in the inevitable coming waves. Even old Uncle Brendan Murphy admits this is a likely scenario.
So, once again ... 6/n
Morrison spins black from white
He has zero sense of being the head of the prime provisioner of the means for public good and benefit.
The pirates have taken over the ship, and are plundering it as they see fit, and steering it in a direction that most haven't yet woken up to_n/n

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More from @PaulHenry524

25 Jul
Some thoughts on lockdown and incomes; or lack thereof.
Bill Bowtell, and others in the broad epidemiology community are stressing the need for people to not be impoverished in a matter of days due to lockdown.
They're on the money; ppl will do all sorts of they're on the ...
... edge of not eating, providing for kids, meeting rent obligations. Bear in mind we've been living under a punitive austerity-focused FedGov since late 2013. The lowest incomers, and the least securely employed, be they casual with several jobs, or gig workers, are always ...
... the first to be hit. FedGov, as monopoly issuing and taxing Govt., can very easily get this in hand, and get payments out to ppl. The detail of the arrangements, how to reach accounts, how long to pay them for, are incidental. Ppl need support, now.
But here's the ...
Read 8 tweets
12 Apr 20
Yes, it's always interesting to peruse the critics' bullet points. His Bonds briefs are showing big time in 5). Like nearly all of them, they often reveal quickly that they've not done the work to find out about Fed level fiscal and monetary operations. He doesn't even understand
... Greece is like NSW; it's a currency *user, not an issuer.
As soon as he compares US and Greece in same sentence he's looking like a chump. This is exactly the problem facing Italy and Spain in their CV-19 crises. Unless the Troika fund them properly (via 'bond issuance')...
...they are at risk of becoming insolvent, and therefore contemplating return to Lira, peseta... but under terrible duress. The Troika deliberately allowed Greece to sink; a criminal act given the suicides and social distress it caused.
But back to 1)...2)...
Read 13 tweets

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