Australia prints fiat and has it swindled by "corporate honesty"

I remember when Australia's economic support package Nick named Jobkeeper was being drawn up, I detested it and opposed it. I was shunned and put down and even told that I didn't know what I was talking about.

Unlike much of the world that covered the wages of people who could not work due to lock down Australia was taking a different route. We were paying businesses tax money or more so printing fiat in vast quantities to give to businesses to do the work for the government and pay staff that had been unable to work.

On paper it sounds great, you have a business, you're closed and the government will pay you the money that you would have paid your staff. You're able to maintain your employees and no harm done.

However, there were clauses that enabled businesses to estimate if they will lose cash. So all of a sudden businesses that wouldn't be eligible could twerk paper work to be eligible. You could even go as far as just writing down how many staff you had. There were no checks put in place. A business with 0 staff or one could just have written they had 10, and they did.

Didn't have anyone on payroll? Quick sign up friends and family and make a few small transactions as payments. Yup..

Corporate Honesty

When challenged I was met with two words I despise and come across quite often "Corporate Honesty allegedly people who run businesses are of higher calibre than people on welfare and will do the right thing. Apparently people have been living under a rock for the past 100 years or something.

When has Corporate Honesty been an actual ability? If it was we wouldn't need regulations or intervention. Yet for many they were of the belief that businesses that didn't need it wouldn't apply. WRONG

A whopping $4.6 Billion was paid to businesses that increased their profits through COVID. One being mentioned is the good old stock exchange listed Harvey Norman. This bloke has tried running for office a few times, constantly appears on T.V. says quite a lot of (in my opinion) extreme right economic policies which make no sence but is followed by the business world. This bloke operates a successful business and through COVID saw his companies income increase by 30% and pay outs to share holders increase to.

Mr Norman pocketd a significant amount of the Jobkeeper payments to keep is staff employed as he registered losses but those loses now appear to be fake. He is refusing to pay back tax payer money. Source so I don't get sued

But that's probably not even the worst of the situation, upon investigation it has been identified 40% of businesses who received JobKeeper were not eligible and lost no income in the pandemic. This accounts for billions of dollars more in false claims.

What's further alarming is that there are reports that staff who were supposed to receive the payments to stay home and isolate were being brought in to work and their wages not covered by the business but the government. My mum is an aged care and disability carer and I am aware this occured to her and I have heard many other stories too.

Incoming Hyper Inflation

So who will have to pay this back? The dummies, us. The workers, the home owners, the renters we will all suffer and those in the 40 and below age bracket will pay the ultimate price.

Hyper inflation will kick in, increased interest rates and mortgages will begin to become unbearable for many. The Australian dollar will be undervalued and all those businesses that rorted billions will be laughing all the way to the bank. Well they're already there with a billion dollar windfall.

Some businesses have started to do the right thing and hand the cash back, noble in deed and smart. If this money isn't recovered and burned it will have detrimental impacts in the near future to those very businesses that rushed out and swindled it in the first place.

It's quite interesting, one would think that someone who owns a business understands the economy, understands inflation, understands supply and demand and the last thing they would want to do to their bottom line is inflate the value of the dollar.

It's a bit like an electric fence, you know it's there, you know it's electric, but you touch it anyway to test it. But guess what? It shocks you every time.

Corporate Honesty does not exist and now I'm going to suffer for it as will millions of others.

I hate being right....

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