August 23 links: Ben dines with Muammar

Greece 2 Year 5 Year 10 Year
Portugal 2 Year 5 Year 10 Year
Ireland 2 Year 5 Year 10 Year
Spain 2 Year 5 Year 10 Year
Italy 2 Year 5 Year 10 Year
Belgium 2 Year 5 Year 10 Year
France 2 Year 5 Year 10 Year
Germany 2 Year 5 Year 10 Year


  1. Talking of Dutch Disease going mainstream this is how Leigh Sales led the 7:30 report last night…

    Its called Dutch Disease, when a country has so much mineral wealth that a boom in its resource sector squeezes the rest of the economy.


      • Well, its mainstream for the political class and bureaucracy. A dare say a lot more Treasury bureaucrats and politicians watch 7:30 than watch Kochie. I doubt they’d be happy to see this ‘Dutch Disease’ meme get some oxygen.

      • Yeah but Brazil actually sees a strong currency as a problem. Up until, well yesterday, no-one in government, Treasury or the RBA thought it was a problem. Indeed, most of them were cheering it higher.

        We could do something about the currency, the problem is motivation. The whole concept of Dutch Disease was discredited years ago according to the neoclassical economists that determine policy in this country.

      • Pretty much every country with a rapidly appreciating currency is concerned about it — Japan, Brazil, Switzerland — and we know the Chinese peg to the increasingly worthless US dollar.

        But not here in Australia. Oh no, we’re economic purists, so we’re gonna sacrifice our entire industrial base — every trade exposed sector — on principle.

        When this whole sorry episode is over, and Australia is left a hollowed shell, the economic geniuses at Treasury will the first against the wall. Actually, maybe Gittins! should be first? Oh wait, should it be Twiggy? Maybe Gina? I don’t know, it will be a tough choice…

      • Nothing to do with Twiggy or Gina. They are business people not policy drivers and they are successful in their field, seem to be making good decisions thus far…

        What most critics of the current situation don’t understand is that they are in fact cherry-picking the parts of globalisation that now longer suit them…not a word in the past years when no doubt they were beneficiaries of free trade and floating exchange rate – and that is where the real debate lies, not some jingoistic “the miners did it” response. Given the quality of analysis in this country, I rather fear the debate will go no further than that.

      • Interesting article in the Murdoch Tabloid Trash (No, I dont read Herald Sun – I picked up the link from Google News).
        1. Swan rejects calls for SWF and offers pious platitudes instead.
        2. Malcom Turnbull and Greens call for SWF, with Turnbull citing Norway’s fund as a good precedent.
        3. Trade Minister Craig Emerson connects the dots between SWF and MRRT.
        Hmmm, I wonder if the Greens can be persuaded to amend their agreement with Labor to provide supply in parliament, contingent upon SWF and MRRT being setup.
        And can Tony Abbott stay quite on this issue for too long, when Turnbull is making all the right noises?