The fallout from the US/China economic war should war should be a wake up call for us all that political independance (sovereignty) is not possible without economic independence and our current political parties do not have the ability or will to achieve that.
While Right Wingers who believe in Small Government, Low Taxes & Minimal Government interference in the "Free Market" may not be in favour of Government interference in the so called "Free Market" but events, however, post the GFC have simply changed what Governments ought to do to save our brand of Western Capitalism and Social/Liberal Democracies.
It all started with massive US Government interference in the market in 2008-09 to avert a US/Global financial melt down requiring over a trillions of of western taxpayers funds to be pumped into banks , insurance companies and key industries. This certainly put put to the notion that markets should be self regulatory and self correcting.
Lucky for us, China bailed us out of recession during the GFC via its demand for iron ore, coal, base metals and LNG and pumping 100s of $billions
in development capital into the Aussie Economy.
Since then we have been exposed to the Trump Tariffs regime and the Chinese reaction to it which, at least temporarily, has stymied the prospect of globalisation based on free/competitive markets. Instead , there seems to be a trade relapse into 19c mercantilism.
IMO, because of these recently developing global trends , the Australian Government needs to embark on a giant Nation Building program with the objective of Australia being economically independant within a generation. We simply cant rely on foreign owned multinationals to do the job for us becausethese corporations have generalised missions of "Make as much money as you can" and they will readily migrate to the lowest global input costs countries and the maximum revenue countries for their products and services and lack loyalty to any jurisdiction. Not alone that, they squirrell away their profits in tax havens thereby minimising tax obligations in either the country of origin of products/services or the consumer country. These funds are harnessed by Hedge Funds who are cashed-up to scoop up distressed businesses when the system fails. Virgin Airways is a current example of that.
IMO, to achieve Aussie economic independance we have to first diversify trade, then demilitarise our economy and insist that our national security is not tied to the US or any other country's political/economic interests. We simply dont want to be in the current invidious position where we have to economically shoot ourselves in the foot in order to assure our national security like the current US Mafialike offer we can't refuse. This is not what we'd expect from a friendly country in which we have invested enormous military resources in since WW2; not to mention the number of Aussie lives and debilitating injuries.
At present both the USA & China , in their quest for global hedgemony , have put is in a loose/loose situation and this , in the longer term is intolerable.
IMO, and we now need political leadership to chart our economic future in the form of a comprehensive economic plan to achieve economic independance.
IMO, none of the current Political Parties have the wherewithal to achieve Aussie economic independance and we need a new political party led by people with brains, vision and guts to lead our quest for an Autarkic Australia.
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