selling off our resource is a disgrace ..., page-66

Hi kennethgalbraith,

This is not that simple, IMO.
Do you want Aussie to become the next America.
If China takes big parts of our resources,
think about what scenarios can happen about couple of years later.

Aussie manufactures can not beat Chinese counter parts, anyway.
At the moment, as far as quality is concerned, their products are not very good. From a viewpoint of quantity, they are very competitive and can beat any other countries.
Anyhow, China is a fast developing country with enormous potential (considering GNP per capita), will have a very good tech-based manufactures and will soon produce high quality products. With advantages of resources (provided that they own a large part of resources), their products will be everywhere with competitive prices. Aussie retailers will likely be dependant of China. Probably, the Aussie retailers need to borrow money from China to do their business. The more we buy any products that made in China, the more money goes to China. What business we can have?
Service sectors such as retailers, banks, etc?

If you manufacture less or crop less, you need to buy from other countries. If you don't have enough assets to sell, you have to borrow.

Just bidding for a real estate like what Aussie have done does not make a real wealth but a bubble that has to burst.
Using borrowed money from foreign sources, America enjoyed a kind of (fake?) wealth by bidding real estates (house).
They thought they were getting richer and richer as bidding the real estates each other.

IMO, the official interest should never be less than inflation and RBA should set the interest rate such that saver's interest income after TAX should always be greater than inflation.

Without keeping our good assets (e.g., mining, agriculture), we can not keep our wealth.
In particular, selling off assets at a distressed price is really bad for Aussie future. This is a way to become poor and can not have enough money to have good life in future.

Just my thought.

Regards,