Irritating hindsight comments...
by, 3rd-June-2009 at 10:01 AM (806 Views)
RG's comment "used" to be good. But not now. There's too much looking back without actually and critically analysing the situation back and then.
Back then, there was a global meltdown.
Back then, there was a credit freeze, all international trades came to a stop still.
Back then, Japan, S. Korea's export plunged by more than 80% and everyone was panicking.
Back then, without the benefit of hindsight, everyone was fearing that was it - the really big****isgonnahitthefan!
That's why RIO made that deal with Chinalco.
That's why the bankers were pressing hard on OZL because back then, risk and capital were at a premium! A PREMIUM!
Without Chinalco's deal, RIO would not have recovered.
Without MM, OZL would have gone under. And most of its investors would have got nothing! Zilch!
Now, almost daily I am reading about craps such as pillaging of OZ land, etc. It's a lot BS and unrealistic rants coming from a bunch of so called "experts" hiding behind national interest telling their average readers China is robbing Australia clean.
It is not true! Without the exports of commodity to China, Australia would have been in deep **** by now. It would have endured two quarterly recessions by now and there is still no end in sight.
Without China's trade, there is nothing to talk about in Oz economy! Get a grip!
China bought up 50.8% of RIO's iron ore last year. If they are pissed off because of the blocking of the deal in the name of national interest (btw it's only 18%, and not a take over) and decided to switch over to Vale as a form of retaliation... watch RIO sink!
And watch Australia sink into recession in the next quarter and possibly many quarters after that.
This is what "national interest" will do for Australia and every Australian.
Get a grip!