June 28 links: Media schmozzle

Global Macro:

United States:


  • France to lift minimum wage to  boost consumption. WSJ
  • Italy embraces easier layoffs. WSJ
  • Merkel update. FT
  • Migrant workers and locals clash in China town BBC
  • Romney Would Get Tough on China Reuters
  • Falling dominoes. Chovanec
  • China’s foreign debt. Alphaville


  • Reinhart rebuffed. AFR
  • Labor to impose public interest test. AFR
  • Great nations forsake treasure. Nicholas Gruen Good piece this. One wonders where this perspective is when he turns his eye to Oz.
  • The Oz to close? The Age
  • Or not. The Oz
David Llewellyn-Smith
Latest posts by David Llewellyn-Smith (see all)


  1. Re Gruen: The trouble with treasure chests is that those who have one, don’t want to give it up! They are too hard won, and suggesting that the possessors will share their booty with others is unrealistic We are all human, after all…. Would we, individually, give up our life-time’s savings in our bank accounts to help others who have been profligate? Hang on…isn’t that what ZIRP is all about!

  2. Good example of a market state transition into a mafia state.

    Barclays fined for attempts to manipulate Libor rates

    Barclays has been fined £290m ($450m) for trying to manipulate a key bank interest rate which influences the cost of loans and mortgages.

    Its traders lied to make the bank look more secure during the financial crisis and, sometimes – working with traders at other banks – to make a profit.

    Barclays said the actions “fell well short of standards”. Chief executive Bob Diamond is to give up his bonus.

    A slap on the wrist and loss of bonus for 1 year.Why aren’t these banksters in jail for fraud and racketeering?

  3. Labor is too keen on censorship where it sees a threat to its own spin, real or imagined. This proposal must fail.

      • Spleen, you’re back!

        Murdoch/Rinehart propaganda blitz, silly you. Not at all. I’m sure that even Fairfax journo’s might at heart oppose government control of media ownership – after all it is their stock and trade. What is more, some of them may even be casting of fond eye over Murdoch’s way (1900 of them perhaps) and no doubt GenialGina, is looking better every day.

        You strike me as a media-type, sadly trapped in an old-world paradigm – the alter-ego of some other perhaps…and as a media type even you are aware of the slippery slope of government intervention, of temporarily elected officials (mostly ex union) directing who may or may not be fit and proper persons to have an interest in a media outfit. Under the guise of public interest, of course, exactly how all misinformation campaigns designed to extract control of the means of disseminating information (and in this government’s case, spin) begin. Their mantra: Public interest, because we know best.

        No Spleen, you can’t fool me – you know this brazen attempt at media censorship carries with it a longer term threat to the entire profession – and as a media junkie you’re gonna want your fix, free of government direction.

        • Wooh … I haven’t laughed so much since Rupert’s appearance at the Leveson inquiry into News International’s propensity for phone tapping citizens, enaging in criminal actions to undermine competitors, and corrupting police, judicial and political processes. Thanks for that.

          Sad old world paradigm ? What, you mean – like a old school newspaper man paying half a billion for myspace and then locking down his online content ?

          Good to see you’ve got your key talking points and hyperbole sorted. A propagandist is always prepared !

          I wouldn’t have picked you as a supporter of Assange and the Wikileaks’ mission – you are full of surprises.

    • drsmithyMEMBER

      Labor is too keen on censorship […]

      You keep using that word. I do not think it means what you think it means.

      • If you don’t comprehend this act of censorship, because that is what it is, you have no chance of understanding concern to wider implications.

        “Censorship is the suppression of speech or other public communication which may be considered objectionable, harmful, sensitive, or inconvenient as determined by a government, media outlet, or other controlling body.”

        The attempt to stop Ms Rinehart pursuing an interest in media, for no other reason than fear her potential influence not being politically aligned to Labor interests (hence intervention to thwart ownership) is an act politically determined to benefit Labor and clearly a form of censorship (suppression of speech of other public communication).

          • It’s a furphy. It is not sacrosanct. Can be circumvented by appointment of appropriate editor. Is a curious Fairax creation. Is potentially in conflict with directors’ fiduciary duty to shareholders.

            A red herring.

          • I have a lot of time for Plimer. More than for some potentially brainwashed of politically influenced kid off the block…

            In any case, come on, so what, diversity of opinion is the elixir of life. Imagine this place (MB) if groupthink ruled the roost. You would have moved on ages ago.

            There is no support for any view in Palmer’s cobbled together treatise.

          • “I have a lot of time for Plimer”

            That speaks volumes.

            “In any case, come on, so what, diversity of opinion is the elixir of life.”

            Come into my parlour, said the spider to the fly.

            “Imagine this place (MB) if groupthink ruled the roost.”

            Imagine this place if blatant rote propaganda ruled the roost.

            “There is no support for any view in Palmer’s cobbled together treatise.”

            Oh, really..that was quick.
            What did you do – a quick whiparound of Gina, Clive, and Twiggy?

          • Well, let me assure you….unlike the Ms’s around these parts, I am no gal.

            So go your hardest 🙂

        • drsmithyMEMBER

          “Censorship is the suppression of speech or other public communication which may be considered objectionable, harmful, sensitive, or inconvenient as determined by a government, media outlet, or other controlling body.”
          Ms Rinehart’s speech is not being suppressed.

        • “The attempt to stop Ms Rinehart pursuing an interest in media…”

          Honestly. 3d…sometimes your thin veil of respectability slips and reveals you for the sycophant that you really are.

          Nobody is attempting to stop Ms Rinehart from pursuing an interest in media…she can buy as many bloody shares in Fairfax as she likes. That is pursuing an interest in the media, and as far as I’m aware nobody is attempting to stop her.

          I might add that this newfound infatuation with the media on her part appears to fairly pragmatic, given that she seems quite happy to offload her Fairfax shares at the drop of a hat. In lesser circles, the idea of threatening someone with harm (physical or economic)if you don’t get want you want from them has a rather unpleasant name.
          Some newfound, life-altering interest, huh?

          But “writing your own news” is another kettle of fish….a distinction I’m sure you fully understand.

          I gotta hand it to you, though – this topic has been one where you have been able to exercise all your training in muddying water, crossing wires, and leading people up blind alleys.

          • Newfound interest in media: 10 Network??

            “…as far as I’m aware nobody is attempting to stop her.”

            The Labor/Green hierarchy ??

            And thank you… 🙂 But I think it leads people to the muddying, crossing and blind alleys of their own personal preference.

            You should know.

    • Wow, Is that completely random (a bug in script engine, perhaps) or has the MineBot run out of causes to astroturf?

      Also, a tad hypocritical of China Fanboy to rail against censorship.

  4. I don’t understand why left wing media types are pushing for media control

    The shoe will be on the other foot one day. Do you really want to give a potential future Abbott government that type of control?

          • The irony of you being paid to defend free speech so the same people that pay you can shut it down is really quite something.

            Whomever the real 3d1k is, s/he lacks conscience.

          • I find it more ironic that as someone who has invested so much into building a media entity (+ The Diplomat) can delude themselves into thinking that any sort of government/quasi government body should be ceded the right to determine just who should or should not be considered ‘suitable’ to participate in, operate, maintain a shareholding or own media.

            It is the veritable slippery slope to outright media direction and/or control by government and should be resisted at every level.

            If media entities wish to pursue a certain ideology, so be it. It consumers of that media turn away in droves, or embrace it ,so be it. It is not for a government to determine.

            You are a media entrepreneur, you would be best served by fighting to protect what is in your best interest – a media free from governmental direction, or worse control.

          • Watch out kids – it’s a trap-door to totalitarian rule at the bottom of the slippery slope !

            Yep, keep on greasin’ that old metaphor up nice and greasy.

          • You’re on the ‘right’ track there Spleen – identifying the ultimate destination of the slippery slope being demanded by certain of our elected members…

          • still laughing!!! had to look that one up. I feel a certain affection for you spleen. I like your way with words.

        • WTF? I’m as far removed from media as you can get. Haven’t paid for a newspaper in 20 years even.