June 29 links: Keep calm and carry on

Global Macro:

United States:

Europe:

Asia
  • Chinese local government finances unsustainable. Bloomberg
  • China to keep boot heel on property. Bloomberg
  • China to create currency float test zone. FT
  • A China half crash. Alphaville

Local:

  • Australia’s farcical China dialogue. SMH
  • Roy Hill needs foreign workers to manage risk. SMH
  • Let ’em in. Jessica Irvine Yep
  • News to split. SMH, The Oz
  • COAG sees government worsening housing affordability. AFR
David Llewellyn-Smith

Comments

  1. I reckon that QE is not going to happen until:

    1. Conditions deteriorate some more (maybe they will, maybe they won’t?), AND

    2. the USD increases further in value versus the other major fiats.

    …THEN, IMO, the Fed would be happy to QE, but no before.

    My 2c

  2. What would Greg Medcraft say to any CEO who said “I broke the law to protect the company?” ( Bob Diamond – Barclays). One would hope he would say “That means we will try to send you to prison”.

    • Well that would be expected if you think that property rights take precence over every other facet of civilisation.

      Some however may feel that the 4th estate offers something else, and that value shouldn’t be forfeited assomething secondary to property rights.

      It can equally be a call to re-examine the permitable ownership structures of media outlets.

      Cheers.

      • “Some however may feel that the 4th estate offers something else…”

        Plenty of room for that too in an open media free from government direction.

          • Of course I can be serious.

            I would suspect your reaction is in regards to a narrow definition of ‘stricter direction’.

            Stricter direction of ownership structures and barriers to entry can lead to a very open media

          • Oh I don’t doubt you can be serious, just not on this occasion.

            Elements of Labor/Greens, showing true authoritarian tendencies, are pushing for even more than State direction of ownership structures and barriers to entry. As if that was not abhorrent enough.

          • Actually according to CJ’s principles, this is our right as a business to display whatever the content we want, which provides the best possible return for our shareholders.

            Now, providing free advertising for a competitor doesnt make sense in that light does it? Just using your logic Minebot – its inescapable.

          • Ah, 3d…doesn’t the wind of a free press just fill your sails!

            Prince….”Gotcha of the Year” award 🙂

          • Elements of Labor/Greens, showing true authoritarian tendencies,

            Erhh, you’re conflating state authoritarianism with government direction.

            Government direction just infers policy outcomes.

            are pushing for even more than State direction of ownership structures and barriers to entry. As if that was not abhorrent enough

            So that is a direction of ownership that is less open.

            That does not equate to all government direcion being les open.

            What I had in mind was something along the lines of how the Guardian is setup in the UK.

            various ideologues, such as your employer can contribute to a suite of such trusts.

            barriers to entry, well removing them is a government direction.

            Governmetns around the world, starting around 50 years ago, decided to create barriers to newspapers, while leaving them alone in regards to radio stations.

            We have great diversity in radio, we have little diversity in papers.

            Perhaps the old print establishments should endear to give away free eReaders that only offers their reporting via our new and brilliant NBN.

          • Rusty, I like the point you make in regard to radio being given free fetter (well comparatively) resulting in greater diversity; print media subject to a range of interventions resulting in reduced diversity.

  3. DrBob127MEMBER

    Nice to see this in the MSM

    “AMP chief economist Shane Oliver said Australian housing remained “way overvalued”. He cited OECD figures showing that the ratio of house prices to incomes in Australia was 28 per cent above its long-term average.

    This meant the economy and banks were vulnerable to economic shocks.

    House prices were unlikely to rise in real terms for “many years”, Dr Oliver said.”

    I feel a lot better about my future than “get in now or be priced out forever”