Yves here. If possible, this article understates how bad this nuclear submarine deal is for Australia. For instance, the US is making Australia buy three cast-off submarines. And it hopelessly ruptures Australia’s once-good relations with China. I recall when I live in Oz the government eagerly inking an LNG deal with China, and later liberalizing immigration rules, significantly to the benefit of Chinese, who then further big up Australia’s already overheated housing market.

By Prabir Purkayastha, the founding editor of Newsclick.in, a digital media platform. He is an activist for science and the free software movement. Produced in partnership by Newsclick and Globetrotter

The recent Australia, U.S., and UK $368 billion deal on buying nuclear submarines has been termed by Paul Keating, a former Australian prime minister, as the “worst deal in all history.” It commits Australia to buy conventionally armed, nuclear-powered submarines that will be delivered in the

Keep reading this article on Naked Capitalism (Yves Smith) - Blog.

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