Swan’s debt dive an act of financial vandalism

Jester Wayne Swan $300 Billion Loan Man

(The Telegraph) WHEN the scandal-ridden Whitlam Labor government hit the fiscal bricks in the mid-seventies it turned to Pakistani Tirath Khemlani to act as a conduit for a $4 billion petrodollar loan. […]

Over the past four years, the Labor government has lifted the debt ceiling four times, from $75 billion, to $200 billion, to $250 billion and now $300 billion. On each occasion Treasurer Wayne Swan has earnestly promised not to exceed the total debt limit. […]

Net debt interest will rise to $8.2 billion a year and each day we will be paying $22 million in interest alone on Labor’s debt. […]

…it would still take 113 years to pay off the $174 billion of cumulative deficits Labor has delivered in just four years. Read the whole shocking story here

Editors comment: Debt is slavery. Australia needs it’s own National bank reestablished. The CEC Party have the right ideas.

related: Rothschilds $200 million bet on Euro collapse looks safe as Spanish loot supermarkets and rubbish bins for food.