look at what is going on in this country

  1. 5,881 Posts.
    Thieves all of them, politicians and bankers. Wake the feck up australia.

    Plunder down under for privateers

    October 22, 2005
    FRANK Sources and his trusty lawyer Victor were telling John Duckanweave all about the PPP, the secret society of plansmen, that is, who gathered in the woods to plan the privatisation of the world.

    There were secret handshakes, passwords and indecipherable codes - and hoods. All public assets would be sold off for the good of the great unwashed, for efficiency, and no doubt synergies, too, whatever they were.

    Sources almost had Duckanweave on the hook. But the wealth management consultant, and erstwhile stockbroker from Thrust Parry Runaway & Hyde, wasn't that gullible. For one, he'd never heard of midnight ceremonies in the wooded parklands of Vaucluse or Kew.

    "Come on Sources, what does it mean?" said Duckanweave.

    The tension was palpable. PPP. Was it Peanuts for Public Property? Pitch a Patsy Pollie? Plunder for Plucky Plutocrats?

    None of the above, advised Sources while ordering the Penfolds to accompany his pheasant. In fact, PPP stood for Pillaging the Public Purse. And if the pathetic performance of the public sector in pulling off PPP plays with its privateer partners portended poorly for the punters, then perhaps prospective PPPs should produce more plentiful detail.

    For instance, what the Dickens was the federal Government doing propping up state toll road projects to the tune of 40 per cent of their income? Wasn't the point of privatisation to get a liability off the government books and into the more efficient hands of the private sector?

    Loath to be old-fashioned, but why don't governments just raise some cash on the semi-government bond market and tender the project out to the best bidder?

    And what was buried in these contracts anyway? Indemnities, that's what. If one of these big-ticket projects were to sink in a sea of debts and fees, to whom would the salvage operation fall? Back to the taxpayer, no doubt. Private when profitable, public when broke. But one could hardly blame the banks for slapping together a fine deal or two.

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