Here’s a list of things Reynard read over the weekend.
Global Macro:
- Morgan Stanley points out the world is practically insolvent – The Economist
- Gold Prices Are Setting Up For A Massive Breakout in 2013 – EFT Daily News
- Investment Banking Faces Massive Layoffs and Identity Crisis – Der Spiegel
- Is a New Bull Market on the Way? – Barron’s
North America:
- More skeletons emerge from the GFC closet – Zero Hedge
- US oil demand fell to 16-year low in 2012, and US oil imports for the year fell by 6.9% to 15-year low – Wall Street Journal
- A Fed Voice, Asking to Cut Megabanks Down to Size – New York Times
- Hail to the Chief: Dow Returns 72% in Obama’s First Term – Wall Street Journal
- What Lies Ahead for the U.S. Economy? – businesscycle.com
Asia:
- IMF’s Zhu Min says China’s RMB on way to become a global reserve currency – Want China Times
- And why he’s wrong – Patrick Chovanec
- In China, Discontent Among the Normally Faithful – New York Times
- China hand offers behind-the-scenes look at Deng bio – xinhuanet.com
- Dangerous Shoals The Economist
- Japanese single-person households forecast to jump to 37% in 2035 Japan Times
Local:
- Westpac warns on funding costs – Herald Sun
- Manufacturing gas crisis – AFR
- QBE to cut 700 jobs – AFR
- Labor to chase student debt overseas. AFR
- Gina’s plan for Rio. SMH
Other:
- The Science of Comment Trolls – io9.com
That’s from your link to The Science of Comment Trolls.
Interesting article.
Any Chris Martenson fans here?
Gregor Macdonald: What the End of Cheap Oil Means
We better get smart about using our remaining fossil BTUs
“attacking the science-sometimes by slinging insults and even occasional obscenities”
Sounds very similar to the housing bears that flood property articles these days.
Often the truth lies somewhere between the view of the establishment and the troll.
Wise words.
Except Housing Bears are pushing common sense and economic logic, whereas Denier Trolls are pushing errant antiscience and nonsense.
Housing Bears are not making comments to support corporate interests, whereas many Denier Trolls are doing exactly that.
Lastly, not many Housing Bears swear, but Denier Trolls do. Why? Read the article linked above.
“Housing Bears are not making comments to support corporate interests”
In most cases it is to support their own interests (ie buying property at lower prices).
Uncle Alan has some good points on the AUD
http://www.businessspectator.com.au/bs.nsf/Article/Currency-war-Japan-Australia-Shinzo-Abe-pd201301
Not to worry, Glenn will soon say a few comforting words about how the AUD has been “a little higher than expected” and that should be enough to rescue our non-mining exporters from oblivion.
Student debt climbs to record $26 billion -
http://au.news.yahoo.com/a/-/latest/15887219/student-debt-climbs-to-record-26-billion/
And Labor is going to chase ‘em down abroad, according to today’s links?
Hmmmm. “Education Revolution”.
If they made voluntary HECS repayments tax deductible then there might be an incentive to actually pay them back.
My 60k of debt is only growing at inflation so why bother paying it back faster than the minimum amount?
Don’t you get a 20% or so discount on early repayments ?
Checked into doing this for my wife’s HECS (paying back early) and it looked like they recently scaled back the discounts. To best of my knowledge you only get a 10% discount if paying in full at time of study and I don’t think early repayments received any discount (or may have been 5%).
guys just a request, can we have the full URLs instead of t.co links? Those are blocked at some workplaces since it’s associated with Twitter.
Steve Keen has a great piece in Business Spectator today on the impacts of the First Home Vendors Grant over 30 years, by both of the major political brands -
http://www.businessspectator.com.au/bs.nsf/Article/property-housing-first-home-buyers-grant-market-pd20130121-45R9V?OpenDocument&src=mp
Isn’t this the great dilemma of economies – the need to generate growth and jobs? The various FHB grants coincided with the greatest credit bubble in modern times both of which combined to push up property prices which encouraged more borrowing for property which pushed up property prices which…
Given the Master Builder’s report today, who knows, another FHB scheme could be on the cards. Can anyone afford it?
I reckon you’re right. Though I’d argue the FHB grants helped spur that debt bubble, rather than it simply coinciding – FHB’s armed with a lovely fresh deposit (borrowed and handed out by Mr Fed) enabling them to get “a foot on the ladder” via a loan they could not previously afford, competing against specuvestors freshly reinvigorated by the “bouncing” higher prices to leverage up some more.
The bozos in govt (whichever party) will inevitably keep trying the same old plays in attempting to kick the can. Alas, I think they will eventually run out of sufficient critical mass of bribable fools to generate the new “credit” growth acceleration necessary to keep the bubble inflated.
BTW, ban usury, and the so-called “need” for “growth” is effectively neutered.
(ie, the “need” for ever-increasing “productive output” just to repay usury on the debt-money supply, is eliminated)