in reply(AND SORRY IT'S L-O-N-G),australia is in crisis as was mentioned under another thread mainly with the economy and also innovation. it's been relying on other countries for its (economic) survival. few articles that came up few hours ago and yesterday: a)http://www.news.com.au/business/worklife/brace-for-a-white-collar-recession-experts-warn/story-e6frfm9r-1226486009556-Brace for a white-collar recession, experts warn b)Australia’s central bank cut rates by one-quarter of 1 per cent, citing the slowdown in China and Europe’s recession in its decision to reduce rates to 3.25 per cent. The move, which took many economists by surprise, follows rate cuts and other stimulative measures introduced around the world as policy makers try to stoke flagging economies: http://on.ft.com/Syzg2B c)Global trade is stalling, dimming prospects that exports will buoy the U.S. economy in the coming months. Trade rebounded after its collapse in the recession. Now several indicators of export activity are flashing red as Europe's recession, anemic U.S. growth and the slowing Chinese economy damp exports world-wide. http://on.wsj.com/P4SSQy
THEN (POINT E HAS ABOUT RESOURCES OWNERSHIP OF AUSTRALIA INCLUDING NATURAL RESOURCES-MOSTLY FOREIGNERS) a) iron ore (sorry these 2 are quite long infographics so not putting them here)(AND IT JUST PROVES THAT AUSTRALIA HAS CHALLENGERS from mexico, brazil and even canada with regards to mining....canada mostly for iron ore)(both graphs from visual capitalist under http://www.visualcapitalist.com/portfolio/iron-the-core-of-the-developing-world and http://www.visualcapitalist.com/portfolio/the-labrador-trough-and-canadas-iron-rush) b)http://www.businessspectator.com.au/bs.nsf/Article/resources-mining-Australian-dollar-iron-ore-coal-B-pd20120920-YB7M3?OpenDocument&emcontent_spectators-Why life is more complicated than boom and bust c)http://www.economist.com/node/21561891-As the Arctic melts, ASIA INCLUDING CHINA shudders at the risks but slavers at the opportunities (linked to http://www.thespec.com/news/world/article/804071--race-is-on-for-arctic-treasures-Race is on for Arctic treasures The jockeying among nations has begun as areas of the Arctic once regarded as barren wastelands now offer an abundance of oil, gas and minerals. China has its eyes on some of these resources, especially rare earth metals that are crucial for new technologies such as cellphones and military guidance systems.(connected to http://www.nytimes.com/2012/09/24/science/earth/melting-greenland-weighs-perils-against-potential.html?pagewanted=all-A Melting Greenland Weighs Perils Against Potential-VIDEO ALSO THERE) d)http://www.businessinsider.com/citis-global-economic-outlook-2012-9 Citi recently published its 56-page Global Economic Outlook and Strategy report, which provides up-to-date commentary and forecasts for the major economies covered by the bank's army of economists. In a nutshell, the global economy is struggling to generate positive growth. And two of the world's largest economies – China and Japan — are getting worse. e)LOADS More under Post or Message number 614576 UNDER GENERAL FORUM with regards to AUSTRALIAN ECONOMIC SCENARIO (HAD REPLIED THERE)
PLUS
look at the graphs and articles and it's not just in US. it's the whole world. 9.8 trillion dollars are owned by about 91200 people and 21 trillion dollars financial assets are being transferred to offshore tax havens-that was the huge graph in previous post from http://www.guardian.co.uk/business/2012/jul/21/offshore-wealth-global-economy-tax-havens. that huge graph shows for each region.and bit more on that: The world's super-rich have taken advantage of lax tax rules to siphon off at least $21 trillion, and possibly as much as $32tn, from their home countries and hide it abroad – a sum larger than the entire American economy.
then there is another article from http://qz.com/3523/how-the-global-effort-to-fight-tax-cheats-went-wrong-and-could-go-right-again/ (QUARTZ is a digitally native news outlet for business people in the new global economy.): ILLICIT FLOWS How the largest tax crackdown in world history failed and could go right again.
