The Big Lie: The Economic Downturn

When the announcement came that our economy was about to collapse, everyone immediately stopped hiring new workers and began laying off the ones they had, they cut back production, they stopped buying materials and supplies and some even closed up shop to hold on to the resources they had. All of this occurred because of one event and it wasn't due to the number of foreclosures or because of the unemployment rate. I realized what was going on as soon as it happened, perhaps even before the government of the largest and strongest economy in the world did, but when they did, they also realized it was the perfect time to take further freedoms away from the people and place a tighter reign on everyone.

In fact, it's safe to say that all of this current economic mess that's put people out of work and into an ever-growing unemployment line is the result of the greed of those who already have more money and resources than they need and certainly rule all the world's governments and banks. But it was simply because of the voice of one man, someone whose words command incredible power, a power that is currently being misused for the sake of the rich elite.

However, even though these rich and powerful have managed to steal even more money from the world, what they fail to realize is that the lower class will be the first to be eliminated, because those people have the smallest reserves to fall back on. While this may not seem all that important to the ones who caused this or even to you who are reading this, what we must realize is that life is a delicate balance which must be maintained so that we all may live and contribute. It's the contributing part that's the most vital element in the equation, because these workers are the only ones that will do certain kinds of work. They have the basic skills that contribute to our food production through farming, grocery store workers, as well as stocking our department stores and working in the mills.

Middle class workers simply will not do these kinds of jobs, so if the lower class is completely eliminated, doesn't it make sense that our entire world will collapse in the same way that a house with no foundation would? For now, these people still have jobs, but if, or rather when, they can no longer afford to feed their families or put gas in their cars to get to work, the positions that they have always filled simply won't have anyone even remotely interested in doing them. Farming and food production will stop, department stores will close, mills will no longer be able to afford to continue to make clothing and shoes. All of this will greatly impact the entire planet, including the rich elite, who might last a bit longer than the rest of us will, but they, too, will cease to exist, and all because of their own greed and selfishness.

And all of this mess happened because of the words of one man, the one who was on your local news to predict that this is what was going to occur, yes, from the words of just one financial forecaster. This very same thing went on for ages with the big energy monopolies. All it takes for gas prices to rise is the words of one man, the one who is responsible for forecasting whether the price of a barrel of oil will rise or fall. And believe me when I tell you that these men will NEVER forecast anything good or anything that will fail to fill the pockets of the rich elite.

These people should be arrested and jailed without the possibility of parole for contributing to the terror that their words have struck into the hearts of the good people of our world. Just for a moment, imagine how things would be if these financial forecasters didn't exist. Yesterday, today and tomorrow, it would be business as usual, because nobody would have any reason to cut production, stop hiring or lay off workers. Our freedoms would still be intact, instead of threatened because of the selfishness and greed of the rich elite.

While you may not agree with distributing the wealth so that everyone has a real chance to survive and even succeed in this world, only those who are also just as selfish and just as greedy as those in power are, would disagree with this idea. There is plenty of abundance to go around, but we've all been taught that there is scarcity instead. The things we are taught are what we tend to believe, even if it's inaccurate. We each create our reality by the what we believe to be true.

Australia's First Aboriginal Leader Confirmed

In a move which many will believe was well overdue it was today confirmed that Adam Giles was sworn in as the head of the Northern Territory government in Australia. This is one of two Australian mainland territories which are to all intents and purposes the equal of the six states in the country. However, it is more the fact that today sees the first aboriginal leader brought into such a position that is catching the headlines around the world.

Multicultural Australia

It will seem bizarre to many people that a country which is regarded as one of the most multicultural in the world has only just this week confirmed its first aboriginal leader of a major territory. When you bear in mind that the aborigines we here well before any European settlers it does beg the question why it has taken so long.

It will be interesting to see whether this appointment is the first of many such moves by the various territory and states of Australia. This is a country which has built its wealth and its culture upon immigrants, this is a country which has very strong ties to Europe and the UK in particular but this is a country which was populated by the aborigines well before the settlers arrived.

Politics in Australia

The old stereotypical image of the Australian is something of a distant memory today as this is a country which has developed, grown and certainly become more welcoming of foreigners over the years. This is a country which has a more settled political system than at any time in its history and indeed the current coalition government seems to be working well. Even though Julia Gillard has called an election for September 2013 we are unlikely to see any major changes in economic policy going forward no matter who is voted into power.

The government has also done very well to improve and grow relations with overseas partners including China and India. These have assisted in increasing the country's political profile overseas as well as improving the economy in the short, medium and potentially longer term. The Australia we see before us today is so different in many ways from that of 20 years ago or in some ways even 10 years ago.

A country built on different cultures

There are so many different cultural influences in Australia that it is sometimes difficult these days to bring out a common thread. There is a massive UK expat community, a relatively large Indian community and indeed those from the US have also shown great interest in the country. When you also take into account the very strong backbone of aboriginal culture which is still prevalent across much of Australia we certainly have a great mix of different ideas, different ways of life and ultimately different cultures.

It has taken many years of campaigning to bring aboriginal leaders into the public domain, it has taken even longer to confirm their rights and only just this week we see the first aboriginal leader of one of the major territories. Times are certainly change in Australia, politics is developing in a way few would have predicted 20 years ago and each of the different cultures and different communities across Australia is having more of a say in how the country is run. This must be good news for the expat community in Australia, the domestic Australian community as well as for the aboriginal community.

Australia's First Aboriginal Leader Confirmed

In a move which many will believe was well overdue it was today confirmed that Adam Giles was sworn in as the head of the Northern Territory government in Australia. This is one of two Australian mainland territories which are to all intents and purposes the equal of the six states in the country. However, it is more the fact that today sees the first aboriginal leader brought into such a position that is catching the headlines around the world.

Multicultural Australia

It will seem bizarre to many people that a country which is regarded as one of the most multicultural in the world has only just this week confirmed its first aboriginal leader of a major territory. When you bear in mind that the aborigines we here well before any European settlers it does beg the question why it has taken so long.

It will be interesting to see whether this appointment is the first of many such moves by the various territory and states of Australia. This is a country which has built its wealth and its culture upon immigrants, this is a country which has very strong ties to Europe and the UK in particular but this is a country which was populated by the aborigines well before the settlers arrived.

Politics in Australia

The old stereotypical image of the Australian is something of a distant memory today as this is a country which has developed, grown and certainly become more welcoming of foreigners over the years. This is a country which has a more settled political system than at any time in its history and indeed the current coalition government seems to be working well. Even though Julia Gillard has called an election for September 2013 we are unlikely to see any major changes in economic policy going forward no matter who is voted into power.

The government has also done very well to improve and grow relations with overseas partners including China and India. These have assisted in increasing the country's political profile overseas as well as improving the economy in the short, medium and potentially longer term. The Australia we see before us today is so different in many ways from that of 20 years ago or in some ways even 10 years ago.

A country built on different cultures

There are so many different cultural influences in Australia that it is sometimes difficult these days to bring out a common thread. There is a massive UK expat community, a relatively large Indian community and indeed those from the US have also shown great interest in the country. When you also take into account the very strong backbone of aboriginal culture which is still prevalent across much of Australia we certainly have a great mix of different ideas, different ways of life and ultimately different cultures.

Indian Students in Australia

The NRI community is spread right across the world and when you look at the figures it seems as though Australia continues to be something of a magnet for non-resident Indians. Over the last few years we have seen a significant increase in the number of non-resident Indian students in Australia and even though there have been some difficulties, they look set to play a major role in the economy going forward.

There are a number of elements attracting the NRI community to Australia and in particular the student community which has been very active around the world.

Australian investment in education

If there is one thing which the Australian government has been very successful at over the last 20 years or so it is investment into the Australian education system. The country now boasts a system which is the envy of many around the world and due to a number of educational exchange partnerships between the likes of India, the USA and the UK for example, this is an area of investment which has certainly created a healthy return.

There are very few leading universities around the world which do not have some kind of direct relationship with the Australian education system. The Australian government has invested billions upon billions of pounds into the school system as well as the university system and overseas students such as those from India will play a major role going forward. This policy has not only brought significant revenue for the Australian economy but it has also brought some of the brightest minds to Australia who will in all likelihood eventually transfer their skills and experience to the employment market in Australia.

The Australian economy

Time and time again the Australian economy has been put forward as one of the better performing areas of the world since the 2008 mortgage crisis. The country managed to avoid a recession, the economy continues to grow and strengthening relations with the likes of China and India have to a certain extent insulated the country from the dark clouds encompassing the worldwide economy.

While you may not immediately put together the education system and the Australian economy these are two elements of Australian life which go hand-in-hand. Over the last couple of years we have seen ongoing friction between the government and various unions with regards to the use of imported skilled labour. The problem is that in many areas of Australia, in many areas of the employment market, the skills and experience required for new projects such as mining operations are currently not available. So what else can the government do?

As we touched on above, the Australian government has been very proactive in the education market and in particular the university sector. By attracting some of the brightest minds from India and other areas of the world the Australian government is able to breathe new life into the economy because skills learnt by overseas students in Australia will eventually be transferred to the employment market. These will be fully fledged taxpaying workers who are based in Australia, have been there for some time and have often contributed more than their fair share both physically and morally.

Conclusion

Many years ago the Australian government decided to invest a significant amount of the federal budget into the education system, with particular emphasis on the university sector. The idea was to attract some of the brightest students, including NRI students, from around the world who would ultimately move into the employment market and assist in training the domestic Australian workforce. They would also be able to transfer their own skills and experience into the wider employment arena and therefore reduce the requirement to continue importing specific skills and specific experience.

Large Jump in Australian Employment Figures

While the rest of the world struggles to come to terms with the ongoing global recession, it seems things are very different in Australia. The Australian Bureau of Statistics today confirmed that February saw an additional 71,500 jobs created in the Australian economy against estimates from experts of just 9,000. Of the 71,500 increase it seems that 17,800 were full-time positions with 53,700 part-time positions. So what does this mean for the Australian economy?

Australian economy remains strong

Over the last few years, there is no doubt that the natural resources industry has kept the Australian economy afloat although the ongoing improvement in economic performance is more widespread today. Time and time again experts have been trying to talk down the Australian economy only for it to bounce back and surprise on the upside. It does seem as though the rate of growth will fall during 2013 but when you compare this to the ongoing problems within Europe and North America it is not a real surprise.

Unemployment in Australia remains at 5.4% which is near a historical low and perfectly illustrates the strength of the economy. Indeed the Australian government has time and time again come under pressure from various unions and working associations in relation to importing skilled workers. However, you have to say that with 71,500 additional jobs created in February 2013 the vast majority of these jobs will be associated with the domestic Australian workforce.

Monetary policy

Due to the strength of the Australian economy going forward the Australian central bank has been left with a number of options to consider at the first sign of softening economic growth. There are no alarm bells ringing with regards to a slowdown in economic growth but there is no doubt that the monetary policy of the central bank of Australia has been tweaked on various occasions to give the economy a helping hand.

When you also take into account the fact that Australian base rates are currently 3%, compared to less than 1% in the UK, there is certainly more scope for fiscal support if the economy was to slow further. There are more options open to the Australian government than the US government and the UK government put together. This is something which investors have noticed and last month's employment data gives something of a rubberstamp to the government's ongoing employment policy.

Technological Advancement - Backbone of Banking Industry

Technological advancement, newer financial strategies, customer demands, rising industrial sector, faster breakthroughs has dramatically transformed the banking industry. Now banks are completely accessible by any one from anywhere. Banks are consistently offering value-added, fast, and customized services to its business customers as well as users. In fact, banks are embracing changing technological trends and offering every service at lightning fast speed. They are leveraging IT and developing their services around it. No doubt, rapid adoption of breakthrough technology by banks and financial institutions has successfully facilitated the communities. These services are highly responsive and help in successful development of business infrastructure for stimulating faster growth.

Another transparent advantage of technology is the lowering of service cost. It has attracted small-scale business owners and simultaneously encouraging banking bodies to introduce more enticing yet advanced offering by banks.

Currently, small percentage of people has access to banking technology and its advanced services. This is the reason banks are making their services online. They are growing their service-standard and improving efficiency & productivity at the same time. This will enhance the standards of living and resolve several business criticality. In addition, this help will help in smooth growing and ideal use of business resources. Banks are also expanding to deliver innovative and proper solutions for long-term business success.

Banks are also making large investments in IT filed to strengthen their overall infrastructure. They are looking for substantial improvements in service and product quality. They are making serious efforts to develop financial products that are helpful in business planning and investment. Banking executives and economists are busy in developing world-class analytical tools, fraud detection techniques, multi-channel environment, and adoption of mobile platforms, banking technology trends, and leading public cloud applications. This will help them in offering secured solutions and services that are capable of helping big business structures.

In addition to that, banks are also evolving faster and introducing core banking solutions and risk management solutions to help businesses and people to access services efficiently. In fact, they are extensively investing in software, hardware, geographic insights, foreign exchange solutions, emerging markets, and communication as well as other technological solutions for vivid support. For better identification, banks are resolving customer queries and responding to their concerns. Even, banking executives are developing tailored business-based solutions and services so that business people can have banking support every time. This will mitigate the potential business risks, improve productivity and bring prosperity in communities.

Mexican Central Bank Cut Base Rates

Last week's news that the central bank of Mexico reduced base rates by 0.5% was initially seen as a sign of weakness with many experts predicting that investors would flee the country with concerns about the short to medium-term economic outlook. However, the situation could not be any different and the reduction in base rates to 4% has actually reinvigorated investor interest in Mexico and given the government a significant shot in the arm as deadlocked reform discussions continue.

Why did the central bank reduce base rates?

The Mexican economy is still performing relatively well, especially when compared to the rest of the world, but there are many experts who believe it could do an awful lot better. Indeed over the last couple of years the Mexican government has been attempting to combat inflation with relatively high base rates although the average inflation rate has fallen to around 3.7% over the last two years which is a full percentage point lower than the previous two years. As a consequence, the central bank now believes it can take its foot off the brake and breathe new life into the economy.

We must not forget that the Mexican economy grew by 4% in 2012 although there was a significant slowdown in retail spending and industrial production in the fourth quarter of the year. It now seems as though the reduction in base rates, to the lowest level on record, could prompt more significant changes within the Mexican economic framework.

Political deadlock

Political parties are currently at deadlock with regards to potential reforms to the business arena which many experts believe will breathe new life into the economy. The reduction of base rates towards the end of last week was something of a surprise to many people although renewed interest in the economy could prompt the deadlocked talks to move forward.

There is no doubt that Mexico has the potential to be more productive, increase its spread of exports (currently around 80% of Mexican exports go to the US) and while there was a short-term blip in the fourth quarter of 2012, it seems as though the economy may well be back on track. The pressure on the political elite in Mexico is now growing and investors, businesses and consumers are chomping at the bit to play their role in revitalising the economy and pushing it yet further forward.