In Roman times and in the Dark Ages if you had debts that you could not pay you sold yourself into slavery. It would seem that many Australian resource companies,now facing mounting debts,are about to do the same,except the slaves will not be the boards responsible for the debacle,but the politically moribund Australian public.
According to ‘the Australian,17.2.09,p.17′“Chinese interest in Australia’s assets is growing as the economic power house takes advantage of distressed companies needing financial aid to survive”
Two Australian companies OZ minerals and Rio Tinto are now up for grabs,Chief executive of OZ Andrew Michelmore said “he didn’t see any problem with a state owned Chinese company taking over the diversified miner because Australia did not have the capital to invest in the development of resources.
Chairman Paul Skinner of Rio Tinto tried to convince British investors of the merits of the U.S. dollars 12.3 billion in asset sales comprising a U.S. Dollar 7.2 billion convertible bond issue to the state owned Chinese company.
Two of the complaints were the value of the stakes being acquired by the Chinese and the fact that Rio Tinto management has not been changed after the ill fated purchase of Alcan,which left Rio with a U.S. Dollar 38.7 billion in debt and was a catalyst for the Chinese deal.
Rio has threatened Rudd that government failure to approve the contentious U.S. dollar 19.5 billion Chinese rescue package could cost 2150 jobs and 750 planned ones,almost all in Queensland.
It is time that asset companies in Australia are government (public owned) owned.
Russia is taking control of it’s assets and the Norweigian government owns and develops North Sea Oil. Also states in the Middle East own all their resources.
Private interests should not be allowed to own assets,the conduct of the management of Rio Tinto and OZ minerals proves that the management of Private companies are no better than that of state owned enterprises.
If China is allowed to take over our assets how long will it be before they demand unlimited immigration to run their companies in Australia?
Globalism will be the end of the White race in Australia but people like the management of Rio Tinto and OZ will not care as long as they make money.
It is my opinion that only a Nation State can look after the interests of it’s citizens. World government will accept the collapse of civilisation as it divides limited resources amongst the failed states of the Third World.
Altruism is a disease that is killing our society. Democracy is now a failure. We are ruled by an articulate educated elite who have little knowledge of how to run an industrial society.
Nevertheless the state should own and operate all major utilities and undertake the exploitation of all natural resources,If private companies can raise capital,why not the state?
We all should own our resources not just the few with spare cash.
