20101120S
Ray White R/E hit by debts.
Ray White franchise directors under fire
http://www.abc.net.au/news/stories/2010/11/18/3070046.htm?section=justin
Watch this space, I reckon.
The space that-is, in news' networks that cover the events following Ray White Randwick's disclosure of huge debts, debts which at this stage are likely to be paid by the public, via a government safety net (insurance) scheme called General Employee Entitlements and Redundancy Scheme (GEERS).
When the real estate industry suffers a hit like this, we can usually be sure that more of the same will follow.
This case may be one of local rort, where one or more employee fiddles the books unbeknown to the more senior executives.
However, that is the line often put forward by such as real estate industry empires when they are covering-up a larger more widespread imbalance in their accounts.
Associate professor Christopher Symes is an insolvency expert at the University of Adelaide.
He says the existence of the GEERS insurance scheme may encourage the practice of companies folding because they realise that in the end the government will take some of the heat and pick up some of the entitlements.
"It's certainly possible to think that that might be happening in the sense that directors who are perhaps engaging in some kind of phoenixing would think 'well it doesn't really matter because if we leave behind the employees and what they're owed in the old company, they will pick up those amounts being paid for by the government under the GEERS scheme'," he said.
Similar real estate company troubles sent the Victorian economy into a deep depression in the 1890s.
Then, the government as it was, was structured by and around the interests of the wealthy (surprise surprise!), who as often made their piles by investing ridiculously in real estate, and who held the majority of parliamentary seats.
Then, one had to be a landowner to be elected, and so the larger landowners always got the seats.
Then, the government, courts and most all authorities and institutions, and of course, the media (David Syme's 'The Age' one exception), were wholly controlled by the (offshore) elites, so such enormous frauds and thefts were in effect condoned by the government, and the courts, which let the offenders, most all in government or banking, some, of the 1800s, closely related to the family of today's Victorian Liberal leader Ted Bailleau, get away with paying back in some cases, as little as one halfpenny in the pound.
Most Victorians today under 30 years old would hardly remember the old red trains which used to rumble and rattle along Melbourne's suburban rail networks, known as the 'red rattlers'. But those carriages were still in service some 60-to-80 years after they were first introduced, because of the 1890s depression, which drained the state's (still a colony then) coffers so much that it was actually still paying-off state debts from the 1890s, the old carriages, and other parts of the Melbourne suburban rail network, as late as the 1970s.
All because of a consortia of collusive land-grabbing wealthy politicians, who were a long way from properly understanding national, state, council and community economics.
Reminds me of the callous disregard instituted in the Kennett Liberal government of the 1990s?!
Today, Victorians are being asked to vote for either the ALP's John Brumby, who apparently is a descendant of convicts, or for Ted Bailleau, Liberal's leader, whose family was right in there in the 19th century scamming the real estate bonanza which was Victoria through the 1800s.
Bailleau's family seems to have ridden the wave through the 1890s and later depressions, such that they are now one of the biggest real estate corporations in Australia, and one of the richest families in the nation.
Creating wealth is fine, but not when it relies on the vast majority suffering under the callous dealings of these moguls.
Ray White Randwick branch financial problems may well be the first of several large thieving real estate corporations being exposed.
AGAIN!
If this does happen, it will be a short jump to an economic downturn not far removed, in scale and mainstreet suffering, from the heavy 'global financial crisis' GFC, which hit the USA and most of the world's economies from 2007/8.
Australia's federal government has trumpeted how it's national economic policies saved us from the worst effects of the 2007/8/9/10 GFC.
The facts may well be that all they managed to do was delay the impact way-down-here-down-under of seriously BAD global fiscal policies (policies maintained by the IMF, which still in-effect owns corporate Australia!) that have been riding the wave of public stupidity for centuries, and which brought-on the 1890s depression, the 1930s depression, the 1980s 'recession', and the latest GFC. As well as most of the larger wars of the 20th century.
I've always contended that our avoidance of financial pain from the GFC was more correctly attributed to the fact that we have so much available land in Australia to open-up for sale when other things in the economy turn sour.
If our own citizens fall into hard economic times, the states and federal politicians have always been able to resort to 'inviting' more rich bastards from Britain and Eurape to fill the shortfall. One of the shaded yet most beneficial changes to government policy that ex-PM Kevin Rudd pushed through parliament in 2009 was to stop offshore speculators from buying property in Australia if they were not residents.
That we are apparently a wealthy country, suggests that enough of us can afford to buy a home so-as to show in the 'statistics' that we are doing well.
The facts are as likely quite otherwise, because the real estate scam which has run our economy for over 200 years (since Proper Economic policies were destroyed in and after the 1808 rum rebellion) has pretty much always been a case of cult favouritism, with the lucky graduates from our Christian private schools being the first and most likely to get the educational, training, social and financial help they need to 'qualify' for a piece of land.
The rest of us, the Workers, some 60-to-70% whose parents are still in the mill or factory and so cannot afford to send their babes to a special school, thus initiation into the 'brudderbond'-type cults, have been left to struggle with painful work-a-day lives, ever-increasing debts to thieving utilities, service or retail providers, and, AND, with spiralling land prices.
Spiralling land prices made so by this very same outright evil land speculation trade we politely call 'real estate'.
Considering the huge profits that have been stolen through land deals over time, none of which has ever gone to the Original Owners, here, our Aborigine, it should be of serious concern to the public and of course, to the government, that such a massive and enormously profitable company such as Ray Whites R/E should be hit with such sudden and large debts.
Surely, a sign of things to come?
If anything does ''grow' from this moment forward in Australia, in terms of real estate corporations going into insolvency, we can be sure that it is but a delayed reaction to the 2007/08 GFC of the USA and Eurape, and may well signal the start of 'GFC Round 2', which will utterly fuck nations like Greece, Ireland and Portugal, as well as other Euro nations which are teetering on the brink of public debt collapse, and will guarantee to send the whole planet into an economic spiral we cannot possibly recover from, without, that-is, some SERIOUS REALPolitik Economic and banking, real estate and government reforms.
O JOY! Methinks!
If..., the world is sent down that track, there will be no going back culturally, and therefore no going back in most affairs of person and corporation and state, until we have come out the other side with the most substantial reforms ever seen.
As we in Astrayliar are such astray liars, it is our preference to live on in denial that the world is about to explode, or such.
Yer av'rage Jo prefers to ignore the important issues like government economic policy etc, mainly because they know it is pretty much all in the filthy hands of offshore bankers and merchants.
So the common bloke just wants to keep doing it as he/she has been doin'-it for ever.
Asking them to think hard about the future, and about the very near 'expiry date' for the dominant tyranny we call capitalism, excites most white Aussies into throwing punches, and bashing the 'Commo' to a pulp.
However, such hard questions will have to be asked and answers will have to be nutted-out soon enough, which will challenge most every aspect of our Australian lifestyle.
But as most of the hubs of policy and corporate and media direction are tightly in the grip of the upper-class knobs, who are all tied in allegiance to the offshore religious schools and cults, the worker here is already in shit street, because those knobs will never concede to an Egalitarian, Socialist nation and economy, and will do everything they can to ensure the land and thus all our nation's natural resources are irreversibly owned by the upper echelons, namely the foreign cults.
Cults who specialize in indoctrinating students in preparation to enter the corporate worlds of high finance and OH! Real Estate speculation!
So..., keep an eye on Ray White R/E in the coming months, and see if anything comes from it which might signal a further, and a far worse GFC Round 2.
As I wrote on the Australian Communist Party's 90th birthday (30/10/10), 'maybe this is YOUR TIME, Comrades?'
We might just hope that yer av'rage Aussie Punter/Battler/Voter can engage the thinking gears soon enough to get involved with Socialist and Geo-REALPolitiks (alluding to our undeniable relationship with the 'geo' or the land), and is/are inspired to PROTEST their learned dissatisfaction with the dying 'old kings' economic models?
Here's hoping, for a change!
From the Travelling 4x4 Tent of
Countryzen bin Eartha
Outlaw, for
GLOBAL
Land,
Tax,
Housing,
Agricultural,
Cult,
Drug,
Work,
Education and
Environmental
LAW REFORM
Uluruba.
True Lore Outlaw, Walking thru this Multiverse, Warring against dumb
