The Totalitarian Nightmares of KRuddistan

            

* Censorship of the internet? In the making. Stay tuned.

* And you thought your super was safe? Hahaha: Comrade KRudd has plans for you:

            Grabbing the excuse for grabbing the super

Everybody’s super [will] be directed to pet projects.

BILLIONS of dollars of superannuation savings could be unlocked for “nation building” as the Federal Government searches for ways to insulate the economy against the global meltdown.

The Infrastructure Minister, Anthony Albanese, held closed-door talks with super fund chiefs this week in an effort to persuade them to invest some of their trillion-dollar assets in fast-tracked projects that will yield commercial returns.

* Add to this unchecked Muhammedan mass-migration and we’ll soon be living in the Islamic-Socialist republic of KRuddistan. Who could imagine?/ed

Andrew Bolt

In last year’s election campaign, Treasurer Peter Costello warned of Labor’s threat to your super:

Everybody’s super [will] be directed to pet projects.

Wayne Swan, now the Labor Government’s Treasurer, said then this was ”absurd” and “untruthful”, adding:

Mr Costello made the absurd claim knowing full well superannuation law requires funds and trustees to decide independently where they invest superannuation funds based on the interests of their members and on delivering the best returns.

Economist Professor Sinclair Davidson pointed out in the Australian Financial Review (no link – his letter in full below) that Swan was being evasive, and Labor’s National Platform and Constitution already committed a Rudd Government to doing much as Costello warned:

Of course, the ALP are hardly going to be so vulgar as to introduce prescribed asset requirements for Super Funds, but we are promised that “Labor in government will review existing public policy to facilitate greater involvement in infrastructure financing and delivery by Australia’s superannuation funds” (pg. 75) and also that trustees will be encouraged to “evaluate and reduce negative social or environmental consequences of their activities” (pg. 48).  What better way to do this than to invest in government pet projects.

And – surprise! – the financial crisis has given Rudd and Swan the exuse to do much as Costello predicted:

BILLIONS of dollars of superannuation savings could be unlocked for “nation building” as the Federal Government searches for ways to insulate the economy against the global meltdown.

The Infrastructure Minister, Anthony Albanese, held closed-door talks with super fund chiefs this week in an effort to persuade them to invest some of their trillion-dollar assets in fast-tracked projects that will yield commercial returns.

 
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2 thoughts on “The Totalitarian Nightmares of KRuddistan”

  1. Well, many of us knew this sort of thing would happen. It will happen in the US also.
    Everything will go down the totalitarian/socialist road even though most people admit it never works.
    I just didn’t expect it to happen so quickly 🙁

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