Thursday, May 03, 2018 at 11:18
The scary parts about the massive raping of Australia's basic commodity
reserves by multi-national, global corporations, and robber barons, is the following things.
1. When the
Pilbara iron ore
reserves were first assessed by highly experienced American geologists in the late 1950's, they calculated that those
reserves "contained enough hematite and other high grade iron ores, to supply the entire worlds needs for over 300 years".
However, what those Americans couldn't foresee was the ability of American industry to produce massive upsizes in machinery, that increased annual production rates of iron ore, to levels that are absolutely mind-boggling.
As a result, those iron ore
reserves are forecast to be mined out within 30 to 40 years.
The economic downturn that occurs from the last of our commodity
reserves being mined out, will make the Great Depression look like a Sunday picnic.
2. The only people gaining huge wealth from the mining of our commodity
reserves are;
A: Already-wealthy international shareholders, brokers and the finance and banking community.
B. American and even European industry, as it provides ever-larger mining equipment.
C. Oil companies and shipping line owners.
There is no "National Sovereign Wealth Fund" from Australian commodity mining in place for the Australian people - as Norway does with its national oil income.
The Norwegian Sovereign Wealth Fund is one of the largest Funds in the world and guarantees future income, and standards-of-living protection, for every Norwegian, in future decades.
Australians will be left to their own devices, to keep up reasonable living standards, within 30 to 40 years.
3. Robber barons are still alive and
well in the 21st century, thanks to the greed of the Hancock and Wright families, and the Govts utter stupidity in not disallowing these families 2.5% royalty on Rio Tinto iron ore production, that lasts into perpetuity, and which will see these families eventually become wealthier than Nubar Gulbenkian.
For those who are puzzled at the Gulbenkian name, Gulbenkian simply became one of the richest men in the world, by being the middle man in multiple Arab oil
well deals, whereby he claimed 5% of all oil production monies from those wells.
His cash flow exceeded the GDP of many countries - and he effectively shafted many millions of Arabs out of their commodity wealth, to which they should have been entitled.
The Hancocks and Wrights are doing exactly the same to millions of Australians.
4. Our "dirt-cheap" iron ore is being utilised to build up an industrialised China on a scale the world has never before seen.
Unfortunately, I believe that China is not our friend, and we will live to regret that industrialised buildup, that we have provided to them at
rock-bottom price levels.
Cheers, Ron.
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