Weekend links June 15-16


ScreenHunter_01 Apr. 02 06.19

Global Macro/Markets:

North America:

  • Fed Likely to Push Back on Market Expectations of Rate Increase – WSJ
  • Weekly initial unemployment claims continue to trend lower.  – Calculated Risk
  • Retail Sales increased 0.6% in May – Calculated Risk
  • State budgets are on the mend – Washington Post
  • IMF bearish on US economic recovery – FT


  • Why am I defending a public broadcaster (ERT) that banned me, and which I always considred problematic? – Yanis Varoufakis
  • Turkish PM steps back from confrontation – FT
  • That Tucker letter – BoE
  • Iceland EU bid is over, commission told – EuoObserver
  • Berlin Ready To Stop EU Resolution Authority In Court – Mninews


  • China debt auction failure raises liquidity fears – FT , Bloomberg
  • Singapore Censures 20 Banks for Attempts to Rig Benchmark Rates – Bloomberg


  • Caucus in crisis as Julia Gillard loses protection of the AWU – TheOz
  • Financial jobs go as GFC ripples reach Australia – AFR
  • Denis Napthine enticed by ‘Gonski lotto’ – TheOz
  • Secret email trail reveals Newcrest briefing – AFR
  • UBS hit by losses after systems fail – AFR
  • Shadows lengthen for Clive Palmer, sunshine billionaire who would be PM – TheOz
  • The soft underbelly of the regulator – BusinessDay
  • Budget black hole is here again. Terry McCrann


  • The astounding athletics of quadcopters – TED If you love automated control then this is for you !
  • Why those aquatic mammals don’t need scuba – BBC
  • If you’re a stressed dad then .. well read this Salon
  • U.S. Agencies Said to Swap Data With Thousands of Firms – Bloomberg
  • Secret Trade Agreements Threaten to Undo Our Last Shreds of Food Safety – Alternet


      • General Disarray

        If you think wireless makes the NBN redundant then you really have no idea what you’re commenting on.

    • drsmithyMEMBER

      Yet more evidence that our hardwire NBN will become a very costly and quickly redundant whim;
      Wireless is never going to make fibre optic connectivity redundant. Heck, cutting-edge wireless barely makes decades-old copper-based connectivity redundant.

      Meanwhile, countries and entities that deployed FTTN years ago, are going back and extending it with FTTH.

      • GD,
        Your comments as usual are a pixel waste.


        If the US Govt has put it’s weight behind wireless technology, which in turn will generate more research and innovation in that space from private organisations, then my point is why would the Australian Govt fund hardwire with all it’s physical costs to overcome? Show the CBA or any kind of rigid analysis justifying such an expensive public funded choice. Where is the critically reviewed business case if the NBN is such a commercial money spinner?

        Notwithstanding the value for money of the NBN massive spend, like most of this Govt’s policies, it is a massive execution fail- with cost overruns ,take up rates and technical/physical impediments creating this white elephant.

        So now it’s not a matter of just whether we get value for money on the enormous spend, it also becomes very questionable that our Govt is backing the wrong technology.

      • drsmithyMEMBER

        Your comments as usual are a pixel waste.

        Irony, thy name is GSM.

        If the US Govt has put it’s weight behind wireless technology, which in turn will generate more research and innovation in that space from private organisations, then my point is why would the Australian Govt fund hardwire with all it’s physical costs to overcome?
        Do you really want to make the claim that the “US Govt” is not funding wired communication technologies ?

        I do find it rather amusing, however, that you’re using a report on how important better high-speed communications are to the economy, to try and argue why we shouldn’t invest in them. Bravo !

  1. Canadian mortgage insurer in capable hands.


    “Canada’s housing agency, which insures C$563 billion of mortgages, named former Bank of New York Mellon Corp. Chief Executive Officer Robert Kelly chairman last month amid government pressure to upgrade management. He joins a board that includes a partner in a plumbing company and the former solicitor of a town in rural Nova Scotia.

    Canada Mortgage & Housing Corp. has been told by the government to behave more like a commercial financial institution. In response, CMHC is ensuring its directors know as much about balance sheets as home improvement.”

  2. Mark O’Connor makes some good points


    – Current Aus pop growth rate bizarrely at 1.7%, Indonesia at 1.2% and trying to reduce it
    – AUS current trajectory 40 mill by 2050
    – birth rate is just about right
    – Powerful business lobbies drive pop policy
    – Humanitarian intake is not the problem
    – Top per capita GDP lists are dominated by small ecomomies < 10mil particularly the Scandinavian countries

    • 1. And some straight out ignorant crap like..
      “and the young are actually the most expensive in the population,” he said.
      2. The birth rate has been below replacement fertility since the mid 70’s
      3. Back of envelope – to get to 40 million from our 23 million, we will need to add 17 million over 28 years, or approx 607, 142 per year. Now lets say we have a natural growth (2013 to 2035) as 2.5 million (2013 at 150k, 2104 at 145k, 2035 at 50k etc to 2050) that means we would need to add 14.5 million net immigrants or approx 518K per year. Yep, not going to happen! What politics is this actually about? It certainly is not about reality or even possibility!
      4. The latest UN 2012 most accurate population projection for Oz is 40 million by 2100, not 2050!
      5. the only country to report that we have 1.7% population growth is OZ. The UN, World Bank, CIA etc do not count our temp visa holders(her over 12 mths), as we do against OECD advice.

      • The Patrician

        Better get a bigger envelope willy…and maybe a calculator

        Compounding growth is a wonderful thing

    • USA
      “Through 2022, the aging of the population will cause spending on the major health care programs and Social Security to rise significantly,” the CBO wrote. Aging “remains the more important factor” in cost growth for several decades.”

      “In its annual report last month, the Social Security and Medicare Boards of Trustees projected the Social Security disability trust fund will be depleted in 2016, while the main Social Security trust fund — old age and survivor’s benefits — would last until 2035. The Medicare Hospital Insurance trust fund is estimated to have sufficient funds to cover its obligations until 2026, the trustees said. Combined, the old age and disability funds face a depletion date of 2033.”

  3. The article about Brazil’s reserves shrinking as the value of the Real plummets is interesting reading considering it was only a few months ago that the Brazilians were worried about the Real heading to the moon and they imposed capital controls to limit ‘hot inflows’.


    How times change and so quickly.

    There may be a message in there for other commodity based economies.

    In any event, it is more evidence that countries needs to question the assumption that ‘free trade’ in capital is an unquestioned good thing.

    For all the talk about preserving a manufacturing base or the capacity to produce a food supply domestically, the maintenance of a domestic capacity to generate capital is of fundamental importance.

    The fruits of excessive reliance on the savings habits of foreigners are there for all to see.

    The sale to foreign interests of our assets and wealth generating capacity and claims on our future income.