Links 1 March 2013

Here’s a list of things Reynard read overnight.

Global Macro/Markets:

  • Bondholders, a two-pack, and “all necessary measures” – FT Alphaville
  • Chris Martenson: A Steep Stock Market Decline Is Coming – Jesse’s Cafe
  • McKinsey: Emerging markets biggest growth opportunity ever – Business Insider

North America:

  • Canadian “Q4 GDP growth will be bad: expect more of that” – Macleans
  • Canada Losing Debt Halo as Property Peaks Under Carney – Bloomberg
  • Canada’s Economy & Housing Market Built on Shaky Foundations – Overseas Property Mall
  • A US housing ‘swirlogram’ – FT Alphaville



  • Avoid Going Overboard on Handling Overcapacity – Caixin
  • BOJ Kiuchi: Downside Risks to Japan Economy High –
  • A sign that China is taking debt risk seriously? 14 of 31 provinces lower targets from 2012 – Bloomberg
  • Local Gov’ts Begin to Face Fiscal Crunch – Caixin


  • All you ever wanted to know about the AUD and who’s holding it – FT Alphaville
  • Costello Audit report urges Newman to sell off QLD assets – The Australian
  • Coalition eyes IR reform in 2016 – The Australian
  • Scrap bureacratic double-ups: economists – The Australian
  • Union rage as jobs go offshore – The Age
  • No sign of understudy as mining peaks – The AFR
  • Barnett ups ante on Browse LNG site – The AFR
  • Business gives way on budget stance – The AFR



  1. What made this barrage of propaganda all the more fascinating was the immense gaps that separated it from the realities on and under the ground in Pennsylvania and North Dakota. The drastic depletion rates from fracked wells rarely got a mention, and the estimates of how much oil and gas were to be found in the various shale deposits zoomed upwards with wild abandon. Nor did the frenzy stop there; blatant falsehoods were served up repeatedly by people who had every reason to know that they were false—I’m thinking here of the supposedly energy-literate pundits who insisted, repeatedly and loudly, that the Green River shale in the southwest was just like the Bakken and Marcellus shales, and would yield abundant oil and gas once it was fracked. (The Green River shale, for those who haven’t been keeping score, contains no oil or gas at all; instead, it contains kerogen, a waxy hydrocarbon goo that would have turned into oil or gas if it had stayed deep underground for a few million years longer, and kerogen can’t be extracted by fracking—or, for that matter, by any other economically viable method.)

    That’s a quote from John Michael Greer.

    Same thing now happening in South Australia with talk of $20 trillion shale oil find surrounding Coober Pedy ‘can fuel Australia’.

        • Mining BoganMEMBER

          oops, Newman I meant. I supposed you all guessed that anyhow. How does Costello have any cred anyway after his audit was laughed at by all and sundry for the blinding inaccuracies in it?

          • Newman is still pretty popular in Qld according to the polls. Maybe Qlders are on the whole are adult enough to understand how the corrective medicine will work , unlike others who insist on their lolly pops NOW.

            The apologists for Bligh and her Labor gaggle are rather pathetic.

          • Mining BoganMEMBER

            Who’s apologising for Bligh? What the story is about is an appalling inaccurate audit by Costello and the actions of Newman to implement changes based on it.

          • Yes, and the absolutely ridiculous statement that it’s not possible to either cut expenditure or increase taxes.

    • Of course not. The goal is to get as many monopoly assets and contracts into the hands of their friends as possible.

    • So the advice is sell off the silver wear so Qld can continue to live beyond its means?

      …and we paid Costello and assoc $2m+ for this rubbish?

      • +1 Patrician…THAT’s the point. If we just sell assets to solve the problems we will have gained nothing! We need fundamental change.

      • The Patrician

        Sounds alot like what Costello was saying ten years ago.

        Has the man learnt nothing?

  2. Murdoch’s Fox News Mocks German Solar Power, But It’s Still A Winning Strategy

    Suddenly everyone knows about Germany’s solar power dominance because Fox News made asses of themselves, suggesting that the country is a sunny, tropical paradise. Most media folks have figured out that there are some monster differences in policy (e.g. a feed-in tariff), but then latch on to the “Germans pay a lot extra” meme. Germans do, and are perfectly happy with it, but that’s still not the story.

    The real reason Germany dominates in solar (and wind) is their commitment to democratizing energy.

    Half of their renewable power is owned by ordinary Germans, because that wonky sounding feed-in tariff (often known as a CLEAN Contract Program in America) makes it ridiculously simple and safe for someone to park their money in generating solar electricity on their roof instead of making pennies in interest at the bank.

    It also makes their “energy change” movement politically bulletproof. Germans aren’t tree-hugging wackos giving up double mochas for wind turbines. They are investing by the tens of thousand in a clean energy future that is putting money back in their pockets and creating well over 300,000 new jobs (at last count). Their policy makes solar cost half as much to install as it does in America, where the free market’s red tape can’t compete with their “socialist” efficiency.

    Fox News’ gaffe about sunshine helps others paper over the real tragedy of American energy policy. In a country founded on the concept of self-reliance (goodbye, tea imports!), we finance clean energy with tax credits that make wind and solar reliant on Wall Street instead of Main Street. We largely preclude participation by the ordinary citizen unless they give up ownership of their renewable energy system to a leasing company. We make clean energy a complicated alternative to business as usual, while the cloudy, windless Germans make the energy system of the future by making it stupid easy and financially rewarding.

    I’m all for pounding the faithless fools of Fox, but let’s learn the real secret to German energy engineering and start making democratic energy in America.

      • I think mine are more interesting than the ones offered in the article, don’t you? Energy and climate underlie much of the “noise” on which economists focus, seems to me.

        So I take the ‘big’ view.

        • Maybe the rest of us don’t want reams of climate change alarmism cluttering up every thread. Give it a rest.

          • I posted one link on climate (to a sober article on BoM findings; no “alarmism” in sight), and the other links are to articles on energy.

            You seem a wee bit sensitive to anything on climate being posted. 🙄

            And given that global warming has been called humankind’s “greatest challenge” and the world’s most grave environmental threat, according to numerous world leaders, you seem a little reactionary too.

            Luddites 👿

          • Nah mate, just pointing out nobody wants to read your endless hysteria about climate change on every topic here, how many links do you post on it a day? You seem very desperate to convince somebody, maybe yourself.

            “And given that global warming has been called humankind’s “greatest challenge””

            Global warming ain’t been happening for decades.

          • Good idea, most of us here would certainly use that feature if it could put an end to your constant topic hijacking.

          • Please go back to your (unnameable) property forum (we all know you come from there to cause havoc here).

  3. During the week MB asked ; ” Is the ABC biassed?”. It’s pretty clear it is and here is an example of the why and how;

    “When news director Kate Torney announced the windfall to ABC staff, she did so at a time when the major newspapers and commercial television news networks were laying off hundreds of reporters. But Torney could crow: “There is no better place to be if you’re a journalist than the ABC.” The two major ABC unions were also pleased. Both the Community and Public Sector Union and the Media, Entertainment and Arts Alliance put out media releases praising the move.”

    As it is in so many issues with this Govt, Unions are at the heart of many policy and strategic manouvres. Unions run our Nation.

      • I’m not seeking credibility from you.

        OTOH, quoting AGW alarmist claptrap day after day destroyed your credibility ages ago.

          • Boffin’s who happen to make a living from scaring the wits out of the populace and duping Govt’s into funding them. Their hysteria rises as more and more funding dries up.

            Global temps haven’t advanced beyond normal fluctuations in decades. The Global climate has changed for millenia and is quite likely to do so for a several more. The AGW models, despite hundreds of millions of taxpayer dollars in funding have a near perfect score of failed predictions.

            R2M, this is not the epic problem you keep promoting it to be.

          • GSM, do you mind if I sit back a little? Because your breath is very bad.

            (Reuters) – Global warming may have caused extreme events such as a 2011 drought in the United States and a 2003 heatwave in Europe by slowing vast, wave-like weather flows in the northern hemisphere, scientists said on Tuesday

            Reuters link

          • R2M,

            I draw your attention to the word “MAY” in your comment. MAY; the distortion tool of the alarmists.

            Therefore, MAY confirms also the possibility that;

            “Global warming may (NOT) have caused extreme events such as a 2011 drought in the United States……”

            That smell is actually from the brown steaming pile you post here day in and day out.

          • Sorry, forgot you know nothing about science. FYI, scientists always use the word “may” unless there is total certainty, which is rare in most areas of science, and especially climatology.

        • I agree, your argument relies on semantics and innuendo.

          Next post though you may want to try an adult response rather than sling slurs and insults.

  4. Mods, can we please do something about Revert2Mean and his penchant for turning every blog into a bickering match about climate change. Maybe limit him to one or two links on climate change a week?

    His MO seems to be to stick random climate change links into random blogs and then scream abuse at anyone who doesn’t go along with his tiresome hobby-horse.

    It has become very irratating.

    • Let me guess, you’re posting from a dynamic Testra IP, or an overseas IP courtesy the anonymizing browser Tor?

      Figures. It’s the same modus operandi we’ve seen with other disruptive posters. 🙄

  5. Thanks Revert. I for one like to be reminded that we live live on a planet with limited resources. Most economists have ignored that
    reality. I don’t want you to be banned though, so maybe don’t hammer it home too much! Cheers

  6. Yeah har har har Michael, ’cause the world’s resources have got nothing to do with economics right,/sarc