Dopey, repaying debt is good, but it is bit too late. Private...

Dopey, repaying debt is good, but it is bit too late. Private debt repaying means spending cut that will translate into retail suffering and job loss in private sector instantly. In that situation, public sector need to take up the slack that was exactly what USA did. Basically is to transfer the private debt to public debt. Lots of people have been laughing about that. It is just beyond me. That is what a government should do and have to do. The only difference between our government and the USA government is that they are able to print money out of nothing to do that duo to their reserve currency status. We have to use our actual tax revenue and our future tax revenue which almost solely rely on China' demand now to do that. As Julia announced a few days ago, they knew there is a big hole in the revenue and it is getting worse which means our public sector will not be able to take up the slack . We are almost solely living on mining investments now which is peaking out. Lucky county? In many ways, we are. Debts need to be repaid. We simply borrowed too much. The repayment process will be very painfully. That is universal rule which applies to all human kind.