Weekend Links 6-7 August, 2016


Spring James Gleson 1956 NGV

Spring, James Gleeson, 1956 National Gallery of Victoria





United Kingdom

 United States


 Terra Specufestorus


 Capital Markets

 Global Macro

…and furthermore…



  1. haroldusMEMBER

    hey cricket tragics. am conscious of not capturing the thread, but we are in the process of being reamed by the Lankans.

    I’ve got a page+ of opinion ready to go, but what do you think we need to do?

    As a teaser, I think Warner should be captain.

    Over to you!

    • It’s a national disgrace haroldus someone needs to lose their job! I vote Malcom Turnbull!

    • David Warner can’t be captain. If you were watching the last couple of overs, the bloke played 2 of the most irresponsible shots going, yes they went for 4 but if he had of got out he would have looked very foolish. He ran down the pitch for a slog at 3/10 and then a reverse sweep at 3/14. If he gets out on the reverse sweep he looks so silly. Clearly we have some issues though. Burns and possibly Khawaja need to be replaced. Mitchell Marsh’s batting is not good enough for No. 6, he is a 7 at best (can’t believe I’m wishing for the return of Watson). Our second spinner is a worry and it is time for Zampa to have a go.

    • Well done to the Sri Lankans.
      Warner, Smith and Lyon appear to be the only ones with any grit in this team. Starc is also doing well with the ball but the batsmen are lost. I could have taken a few weeks off work to play for the Australian team, at a quarter of the cost, and we’d be in the same position.
      This song about Getting getting done over by Warner sums it up.

      Jiggery-pokery by The Duckworth Lewis Method

    • Galle, Edgbaston, Trent Bridge…hell even the D/N test in Adelaide last summer. Any semi-difficult pitch or conditions and our batsmen are exposed as hopeless flat track bullies.

      On the plus side Starc and Hazelwood starting to look a cracking opening combo

      • nailed it Q…batting technique and attitude is shot… and has been for a decade now…. tweak and swing/seam murders them. just can’t cope with lateral deviation…don’t know how to leave..
        thank dog I’m a sri lankan thass all…

      • bolstroodMEMBER

        Good coment Q
        The rot can be sheeted home to two things; 1, 20x 20 big bash bullshit.
        2. Flat, batsmen friendly Sheffield Sield pitches.
        and a third observation that the super bats the modern players use are not conducive to playing good spin bowling.
        How to fix things ? Change all the above… yeah.

      • haroldusMEMBER

        Below is what I wrote last night. I am actually a huge fan of Smith. Warner has just won the IPL against Kohli so I think he’s got a good cricketing brain. He’s got mongrel and don’t start on his behaviour. It has improved with his place in the team and look at Kohli’s appalling petulant behaviour. Indians are the worst behaved team in international cricket by far.

        Conversely Smith I think is successful as a domestic captain. I think it’s out of those two anyway.

        Last night’s essay:

        Disclaimer: I prefer my cricketers funny-lookin. Hence I love Warner, Smith and Lyon (who I think is the reincarnation of Edgar Allen Poe)

        So, what to do?

        1) Make Warner captain (and I am a huge fan of smudgy).
        2) Keep Burns?: Dunno who else? Nic Maddinson? Ed Cowan? Burns out with a shit shot 5 overs to go….
        3) Fucking drop Khawaja. He’s a 20 20 player . He looked like inspector Clouseau against the Lankan spinners. In no way is he our test #3. Hundreds only came in one series at home against the Kiwis (which we should have lost anyway). I would far prefer Watto than Uzi (and I know Watto has retired – more on SW later)
        4) Leave Smith 4 or even put him to 5. Remember S Waugh? Smith is probably our most talented and determined domestic cricketer (FC av 56). He has to be there but let him be a batting great, not a great captain. I could be wrong about this as Smith has surprised and reinvented himself before. Note he is almost to 4000 test runs (3937) at almost 60 (59.65). Would it work if Smith learnt how to dig in? I don’t know, that’s not what made him his runs. I have seen him bat without care when everyone else is struggling not to get out every ball. He has sublime reflexes but gets out to stupid shots (or more irritatingly running down the pitch). He is so obsessed with the game his headmaster let him quit school to play grade/state cricket at Year 10.
        5) I think Voges has to go. He has made runs but not gritty under-pressure centuries. Conversely he had a lot more shield runs than anyone else the year he was selected. Is there anyone beating down the door for 4 or 5?
        6) Leave MMarsh. I hope we have seen the last of the SMarsh experiment but Mitchell has a handy knack of winkling out wickets. But he isn’t a batting allrounder, just a slogging bowler. I actually like him in the team.
        7) Neville showed so much gritty promise in England. Who else – Paine???
        8) We would be fucked without Starc. If only the batsmen could back him up.
        9) Hazlewood is bowling well. He is an excellent foil for Starc.
        10) Lyon is my 3rd favourite player. The goat must abide.
        11) Holland/O’Keefe. We are so outclassed. Should have chosen another quick but who?

        Where are our turning pitches? Didn’t the SCG used to take a lot of turn. At least exaggerate the turn on a couple of pitches for the Shield season. Why doesn’t one team be India and just produce raging turners and stack the state side full of the unwanted spinners from WA? And, why is the WACA such a pussy’s pitch now? Although it doesn’t matter anymore does it. The WACA is no more from memory.

        PS this fucking site is sucking all the fun out of the discussion with loading and refresh pain. No wonder less than 100 comments on saturday night.

    • haroldusMEMBER

      7 for 133 fuck me.

      just BLOCK the fucking ball for fuck’s sake. fucking pretend you never saw a reverse sweep. if you are an opener do not get out pulling in the first fucking over. even you davey boy.

      arrgh fuck me it is a capitulation. the fucking game goes for 5 fucking days you arseclowns.

      khawaja out. what the fuck is he doing at 3? he keeps leaving the turning ball because he has no fucking idea what it is doing.
      voges out. marsh down below neville.

      one spinner unless we have a new warne. siddle would have bowled himself onto a steaming puddle of sweat. where’s patto?

    • haroldusMEMBER

      PS we faced TWO overs of pace in this match. Boof actually has one of the highest averages of australians in the subcontinent so what’s going on? #1 asian averages is Mike Hussy. Get rid of the fucking brown-nosed gnome and bring in Mr cricket. Hussey shat all over Langer.

      • Sachin is the greatest batsman of all time, if the Australians do not hire him they aren’t utilising the greatest to ever play. (Channeling espncricinfo. Sachin always pops up over there.)

  2. The US economy added 255,000 jobs in July. Wages up 0.3% (3.7% annualised). Labor Force Participation Rate up 0.1. +18k jobs in revisions to the previous two months figures too.

    Surely, the chance of a US interest rate hike just went up.

  3. Some light weekend reading….

    The Reformation in Economics
    A Deconstruction and Reconstruction of Economic Theory

    Applies a perspective rooted in academia but delivered from a professional standpoint

    About the authors

    This book carves the beginnings of a new path in the arguably weary discipline of economics. It combines a variety of perspectives – from the history of ideas to epistemology – in order to try to understand what has gone so wrong with economics and articulate a coherent way forward. This is undertaken through a dual path of deconstruction and reconstruction. Mainstream economics is broken down into many of its key component parts and the history of each of these parts is scrutinized closely. When the flaws are thoroughly understood the author then begins the task of reconstruction. What emerges is not a ‘Grand Unified Theory of Everything’, but rather a provisional map outlining a new terrain for economists to explore. The Reformation in Economics is written in a lively and engaging style that aims less at the formalization of dogma and more at the exploration of ideas. This truly groundbreaking work invites readers to rethink their current understanding of economics as a discipline and is particularly relevant for those interested in economic pluralism and alternative economics.

    Podcast which covers some of the basics


    Disheveled Marsupial…. Sons Rugby calls….

  4. I’m having a whole lot of fun on social media attacking the Greens. What I do is scour anti Hanson comments and send them a message that typically outlines why they’d be better off voting Hanson than Greens. I’m getting great feedback, many converted (they’re fickle kids). This will spread, I told you it would be easy drsmithy. I will single handedly destroy the Greens.

    I’ve written to all the Greens members and asked them to address population growth. Still no replies.

    • Thanks Dick.

      Just so everyone is aware. Spambot is on this morning, and will be throughout the day – this is after a number of approaches have been made about a range of commenters to [email protected] referring to trolling, spurious nonsense, plagiarism and a couple of suggestions we have a comment stalker in our midst. Anything remotely looking like it comes into one of these categories will be spammed.

      Spambot is on a setting of spam first and ask questions later.

      DEB QZ 060816

      • I’m not sure why my post and skips were deleted? What I have said is genuine and one of only two posts today. I do not think it’s fair to be edited because others don’t agree with my views.

        Is that what’s happening?

        You have made a point. I have left the point. If you and/or Skippy want to get involved in an endless slang off session involving name calling or questioning each others intelligence then this isn’t the place

        Please review what was said. That literally didn’t happen by either of us.

        There was a the accusation of myopia, a response, then a follow up accusation of right wing nuttery – this is the sort of endless ‘he said, he said’ rot that clutters up the comment board, which is a disincentive to make an informed comment, and contribute to the discussion. It is being spammed. Any more comment on the rights or wrongs of this will be spammed. DEB QZ 060816

      • I capitalised the “D” to indicate a specific name. I hope I wasn’t confused with a common troll.

      • Spambot….

        Skippy, you exhibit behaviours which have been noted by others, and which you have interacted with me about previously, and you have had the framework within which I will or wont delete comments explained to you. You need to think about why you are posting some of what you post, and what you hope to ‘achieve’ by doing so. Given that you have had this all explained to you, you will understand that anything you post which looks like it is directed at provoking a response from another commenter, which looks like it is a cut and paste from somewhere else, or looks like a nothing statement attached to someone elses comment, will be binned. Any further argument on the conceptual why, how, what, or where your comments arise from will be similarly ditched. Do you feel lucky?

        DEB QZ 060816

    • bolstroodMEMBER

      Hi Rich,
      I find myself in complete agreement with Pauline Hanson’s call for a Royal Commission on the Science of Climate Change. Bring It On.
      The sooner the fog of denialism is torn asunder the better the future for my grand children.
      As for the Greens, they do themselves a huge disservice by descending into Factionalism, it makes them just another political party.

      • Like a bunch of lawyers are in any ean be equiped or disposed to challenge orthodoxy. As to your children, their future will be somewhat of an acquired taste.

    • Snap!! Had to google most of the rules…Then noticed hardly any posts…Then thought..is this a “social” experiment on MB readers? If so..looks like it has worked a treat , going by the low posts today..

  5. Andrew LeesMEMBER

    Does anyone else suspect that the consistent response of megabank to the latest drop in the cash rate smacks of regulatory “advice”? That way the bond differential reduces without juicing the housing market too much, savers get a little more (desperately needed) income, and banks might incrementally improve their liquid assets. Some under the covers sensible policy starting to show up perhaps?

    • If it is what you say, then what you call good policy is the RBA giving the banks a freebie on us. Oh such great policy.

      • Andrew LeesMEMBER

        I guess I see it more that encouraging deposits via a higher rate of return vs overseas capital raising is a good idea. And you think that trying to maintain at least some low risk return for savers in a worsening low interest rate environment isn’t a good idea? In my view reserve bank is being forced by the international market into lowering the cash rate and understands the damage it will cause. I think they are seeking to reduce the damage.

  6. That Greg Jericho who wrote that Guardian cost of living article should be take out and beaten naked with a wet rubber hose for writing that excrement.

    Yeah write an article about cost of living and leave out rapey rents. My god what a loser.

  7. Thanks for a fine set of weekend links @Gunnamatta.

    We have noticed that when you do them they get called Weekend Links and when Unconventional Economist does them they are called Weekend Reading. Should we read something into that?

    ….and the paintings – in San Fran we like the paintings. I had never heard of this guy before, is he big in Australia?

    • bolstroodMEMBER

      No artists are big in Australia in these degenerate years, The economic rationalists rule in Australia.
      Gunna’s weekend gallery is the only public art available. Thanks Gunna, from little things ,etc.etc.

    • Macquarie Uni library in the early 90s received a gift from the artist of a number of large works. By the end of my course they were like old somewhat disturbing friends.

    • Australian surrealist exhibition at NGV last year had several of his pieces. Sort of Bosch crossed with War of the Worlds imagery.

    • bolstroodMEMBER

      Thanks for the link footsore. for more info on the Red Neck / poor white trash read Joe Baigent’s “Deer Hunting with Jesus” and “Rainbow Pie.”

    • Good on you for giving it a 2nd bump. But theres no discussion of it.
      Personally I wouldn’t have touched a “Trump” (cuz its not about him rly) article if I didnt become bored.
      I wonder if those points that were made are historically factual. If it is all above board, will the migrant/boomer bashing posters change to focus on class warfare? I don’t have high hopes on that.

      • It was a piece that deserves to be read and thought about.
        As to the historical accuracy, I’m not sure. But, there is a long history with this type of discussion. Henry George has a chapter in his book ‘Social Problems’ book where he talks about the monopolists of his day would refuse slaves because he believes the cost of keeping a slave clothed, fed and sheltered was greater than the minimal wage that people would work for when he was writing. A truly sad thought. The description of the world he was writing about has a lot of similarities with the troubles of the world today. History does just seem to repeat.

      • “This clown civilization is ours. We chose this of our own free will, in our own free democracy, with all the means to legislate intelligently readily at hand. We chose this because it suited a few people to have us do so. They counted on our mental indolence and we freely and obediently conformed. We chose not to think.” – HG

        One has to understand the knowlage level during the period in question and update it. To say – we – chose this of our own free will does not square with currant knowlage. Try the podcast I linked above for perspective.

        Disheveled Marsupial…. be wary of putting “philosophers” on a pedestal.

      • I do agree Skippy. Mr. George, nor anyone else is a God. There is a lot in his work that I disagree with, but I still find the similarities between now and then interesting.

    • St JacquesMEMBER

      Some people here may have got the idea that I like Trump because of my preference for him winning over Clinton, but that is not the case. No, Rather, I see him as a massive spanner in the works of the neoliberal sausage machine as he has promised to tear up the TPP and TTIP. That is why I prefer a Trump victory: Hillary will simply continue the path of increasing corporate enslavement of the West.

      • Trump doesn’t want to get rid of corporate enslavement. He wants to replace it with Trump enslavement.

  8. How long can Turdball keep ignoring a banking sector royal commission that needs to include the regulators. Weak as piss ASIC strikes again:

    “Death in paradise: ASIC asleep to Sunshine Coast Ponzi scheme”

    Accusations have already been levelled at the Australian Securities and Investments Commission over how an unregistered scheme run out of Buderim on the Sunshine Coast could operate for so many years without raising the suspicions of the corporate cop.

    And there are plenty of signs ASIC should have been aware Halgryn was up to something. BusinessDay can reveal Halgryn and his business partners have been investigated time and time again but no action was ever taken against the businessman.


    Shortass should be all over this.

    • All the regulators should be investigated. ASIC, ACCC, RBA and FIRB.

      It’s impossible to see they’d consistently make such woeful decisions without being pushed by political scum. That’s all something for Hanson to push for. It will never happen (not this term) with LNP, Labor and Greens.

      • Storm Financial mark II.
        If (when?) things really go bad in Australia it is the whinging, whining and complaining that is going to do my head in. I’m almost certain that the loudest noises will come from those who showed the least sympathy and empathy for others when they were making out like bandits due to nothing but dumb luck.

      • Some should consider that the great unwashed only play the game, but, don’t have a clue to how it was built, by whom or why.

        Disheveled Marsupial… this is compounded by those that view everything under the sun as an individualistic issue…. except themselves….

      • Agree Footsore it will be the same cohort who tell us they are tired of hearing about unaffordable housing and that Gen Y should just get good jobs and work hard.

        They will be insufferable whiners complaint about no retirement funds after they plowed it all into housing…no diversification because houses only go up!

    • gunna has done a corruption opus for us..
      Shortass staying schtumm is no surprise.
      having alphabet soup regulators to deflect responsibility so Shitstain, Spinbull, et al, can stay on the side lines is so transparent.

  9. Is it due to the ads? The MB pages are very slow to load on my PC while other sites are loading just fine.

    It has been like this for quite a while.

    • I think it is the ads… some where stuck in a loop when inspected in chrome… ad blocker fixed it for me. I think it was the ads with the video player only…

    • I love the dees!
      Boys actually have a pretty good side, after a pretty Sht decade, even jack watts again looked really good. Was drafted to the dees back in the late 80’s yet never played a game due to injury. And yes fk the hawks!!

  10. haroldusMEMBER

    man where is everyone? you’d think some people have a life outside MB.

    has everyone got the shits with the ads?

    • haroldusMEMBER

      lol spam skippy out and you get 78 comments by 2.00am sunday morning.

      skip mostly is TL;DR and superior boomer, but he is not a spammer or troll.

      MB you really need to work out the site. Get rid of ads for locked pages.

      • You don’t want to get rid of people like skippy, he does bring a lot of interesting stuff in.
        It is when a discussion is on carrots and people start talking about bananas, and then upload the complete history of bananas that things get silly.

    • Yes, these stupid ads are killing – I haven’t had time to load anything other than Macro Morning or Macro afternoon these days.

      At this rate, I may have to reconsider extending my subscription.

  11. Site problems? The AdBlock and Ghostery extensions seem to keep it smooth for me on my pc using chrome. I use the Ghostery browswer on my android phone and that takes care of the adverts and trackers. I do sometimes feel a bit guilty on sites that I don’t subscribe to so I’ll whitelist them, but I pay my way on MB so I think it is fair.

  12. Some sites are blocking users with ad blockers due to loss of revenue. I personally haven’t noticed problems with MB due to ads.

  13. So I don’t like watching Olympics stuff, but it was on at dinner this evening and the “Medal Table” was shown with the usual crap about how many medals Australia will win. Well, one thing you should never do in a Chinese restaurant is get the wrong flag for China on your supposed medal tally table. So what does Channel 7 do??? THEY PUT THE FLAG OF CHILE BESIDE THE NAME CHINA ON THEIR STUPID TABLE…… WeChat was humming, swearing in Chinese was heard and questions about why the paper mouse is still breathing were raised.

    • I watched the opening ceremony from Ch7Yahoo … the Chinese athletes were given exactly 30 seconds of air time (due to commercial) and 15 additional seconds after … pretty much same as various Pacific/Caribbean micro-nations. Even demonised Russians were aired for longer (1m10s).

  14. Spambot. … where were you when I was called a dickhead the other day?

    Ps totally accept Ermington’s apology.

    The problem facing Macrobusiness is that the comments get hijacked by the fringe who troll each other.

    Who wants to be a fully paid card carrying member of a group that will call you names and troll you?

    Not many.

    You make a perfectly valid point. There have been a couple of instances of people writing to [email protected] to say exactly that. Spambot isnt always here. When here it operates to this guideline…

    remove any comment which:-

    a. Is deliberately intended to offend another
    b. Is deliberately intended to obfuscate, deceive or appears to be a straight out lie
    c. Makes excessive use of cut and paste from other websites – particularly when a link to that website and synopsis of a sentence or so would suffice. This is also about not ‘hogging’ the comment board.
    d. Is excessively profane
    e. Makes potentially libelous claims or assertions (particularly if they are unsupported – if in doubt suspend the comment and refer
    f. Is essentially irrelevant to the subject matter of the post (for whatever reason – don’t be too pedantic, but do not allow the commentary to become snowed by irrelevance).

    The purpose of this approach is to create an environment where intelligent people can add their thoughts related to the discussion at hand and do so in an environment where they are not intimidated or offended, equally not smothered by materials sourced and taken from elsewhere, and equally where valid and well written points are rendered lesser for being surrounded by inanity, irrelevance, distraction, or abuse.

    Of late there have been instances of of one particular commenter seemingly going through to make ensure that they always comment on another commenters comments, so that the two of them end up having long endless point and counterpoint slagging off sessions which do nothing but fill up the comment board and add absolutely nothing to the value of the comments for other readers.

    There shouldn’t need to be that much focus on moderation for adult commenters.

    • Agreed spambot.

      To be honest, I actually don’t mind a bit of argy bargy within reason.

      So should Macrobusiness – it’s a question of balance. Happy commentators is good business (good marketing).

      Spambot doesnt’t mind a bit of argy bargy, and gets that sometimes people get pissed off and write something in haste which may be offensive. Macrobusiness doesnt mind (too much) a pretty wide ranging discusion on all sorts of stuff – from cricket to movies and gardening, books etc, all of which is informative and people can learn from – not related to any post, particularly on the links posts. But where the line is drawn is where some people seem to want to ‘win’ a discussion to the point where it takes on the look of a psychological phenomena, want to be offensive etc. Generally the mood here is pretty good. It is just that sometimes some people get out of hand. And to get the happy balance back the Spambot starts cleaning. Macrobusiness wants the happy free ranging discussion of happy campers discussing ideas in a positive mood. It isnt just good for business, it is good for everyone’s sanity

      • God I am having visions of Spambot dressed in a tight fitting latex cat suit with a little whip and hot red lips pulled back in a seductive smile as she writes this, damn I really need to lay off the fringe graphic novels. Spank me spambot I have been bad HA HA HA HA HA

      • @OJ
        Mate we’ve talked about this before, you’ve gotta learn to realize when you’re spending too much time in NEAsia, from what I’ve seen the sure sign symptoms are:
        – knowing or even thinking you know the difference between Kinbaku-bi and Shibari
        – begin to find some kinda beauty in yaeba
        – actually begin to ask yourself why you’re not into enjo kosai
        sorry for using the Japanese terms these days I’m forgetting so much of my Mandarin.

      • @CB – LOL at the Japanese terms. Been 6 months now since I was in Osaka and Tokyo, and missing again as I read this. Yeah, I feel the signs, was watching a Felix da Cat music video yesterday and recognising spots in Japan where it had been filmed. Saw quite a bit of the BDSM and “tie” scene in a documentary I watched in Osaka last trip – they take this shit so serious, and the cleaning and other fetishes are hilarious!!!!

      • Felix da Cat music
        Yea tell me about it, I got caught humming XiYangYang in a NYC business meeting, so this Chinese female VC turns and asks me which character is my favorite, easy…Hong Tai Lang (the wolf’s wife) and she’s like Wow, everyone loves Mei yang yang but I’m with you, the real heart of China is it’s strong women …bottom line we won their business, in a really technical area of finance, because I watched way too many hours of Chinese cartoons when my kids were still young.

    • spambot,
      There’s a much easier solution than having to track every comment.. We all know who the trollers are. First offensive comment gets the poster a 10 day ban. Second offensive comment you multiply that by 3, therefore a 30 day ban.. and so on.. 90 days, 270 days.. that will make them think long and hard before trolling other people.

  15. Mining BoganMEMBER

    Looks like the plan is in. ScoMo did an interview with appalling Paul Kelly this morning. Any economic collapse will be blamed on the call for a RC. It’s about confidence see. Oh, and apparently the big four’s integrity is beyond reproach.

    We’re doomed. They know what’s coming, they’re just working out who gets the blame.

    • Doomed? I could see this coming from miles away.

      Sometimes it is amazing just how long it takes for the 99% to catch up to what is going on….. that is why it is dangerous to short securities too early.

      • Mining BoganMEMBER

        I thought someone might throw me a life buoy though. Instead we get an anvil.

        Hey, I wonder if it’s the same anvil that’s always in the iron ore posts…

      • Patience, my friend. In time, he will seek you out, and when he does, you must bring him before me….. He has grown strong. Only together can we turn him to the Short Side of the Force.

    • GunnamattaMEMBER

      Just looking at that now. He is a cretinous slime of the first order.

      One thing for sure is this. They dont just need to have someone to blame the potential risk on, they need to have something lined up to take the risk which is actually coming. It is on the way, they know it, and the Torynuffs are trying to position themselves to offload blame on something – the call for a royal commission on banking.

      But the other simply fact is this. Any RC on banks is going to turn up a container ship fill of irregularities which are at the core of Australia’s housing bubble economy and at the core of the economic non-performance we already have. And that is why the Royal Commission into Australia’s banks, Australia’s banking regulators, the links between these and the political parties, other administrative regulators and the real estate industry, and the and the implications of this for Australia’s economic future, needs to happen.

      • I have had the view that any tweak to the system at this stage will be blamed for the forthcoming collapse. I agree with reusa and LD that the best course of action now at the policy level is to do nothing.

        RC is just for a shabby show. Heck, they may as well introduce token macroprudential tools and abolish NG at the last minute to aid the collapse so that it can be argued in future that everything could have been fine without such measures. That way, they can make sure that macroprudential tools will be buried for good and that NG will be here to stay.

      • “Any RC on banks is going to turn up a container ship fill of irregularities which are at the core of Australia’s housing bubble economy and at the core of the economic non-performance we already have.”

        And surely that is why we have only a proposed limited inquiry at the moment. Any RC into banking will only come after the collapse has truly started. If it happens before, then the RC will be blamed as the cause of the crash.

      • The more something needs to happen the more confident that it will not happen, at least not until it is too late, and a wast of time and resources.

      • Hi Gunna
        A bit late with comment I know.

        Give or take a few squiggles the Banks simply doing what comes naturally as a result of modern economic theory. The same goes for the RBA Treasury et al. They’re just parroting what they learned at university.
        An RC, to be of any worth whatsoever would need to look at the whole of modern economic theory and how it applies (not!) to the Australian economy. This is all way beyond bloody lawyers!!!!

    • SlowMo has seriously misread public sentiment and sticking up for the banksters is one sure fire way of reinforcing the view that these cockwombles are nothing more than bank bitches.

      • Cockwobble bank bitches are a powerful guild, practitioners of a dark science handed down through generations by pseudo academic think tanks and rewarded with everlasting rents.

    • Until the US Fed starts lifting rates there will be no crash… And when exactly do we think rates will go up? At this pace it will be another 5-10 years minimum. If ever again.

      • GunnamattaMEMBER

        That is where I am drifting to in seeing things.

        I think the slightest global risk the US will back off and the other CBs will print like billyo. Whatever they print is likely for some time to want a home in Australia – mainly on yield differential. The only vehicle for that to come into Australia is bank borrowings and the only reason for banks to borrow is to fund mortgages. The government knows that narrow channel is all that keeps the narrow gap between a plausible economic narrative and an implausible economic narrative and will work at keeping that gap open, because they know that their people (the babybooming well funded pensions set, and real estate spruikers set, and the SMSF tax avoiders set) have the pole position for getting out of the noose when the meltdown does come. Anybody who has ever studied the Eastern front during WW2 has seen it all before – just avoid encirclement and fall back with as much order as possible. If they can get a load of young borrowers of migrants to head into that encirclement they know it buys them time. They know there is no economic rebound and that strategically it is all one way, but they need to keep the masses well exhorted lest these start questioning the narrative of the bunker.

      • Sounds utterly depressing, so by that token probably likely ;). The only way to restore growth to the global economy is to decrease the divide between the Uber wealthy and the middle-class. More prosperity for more folks would allow an economy to grow, but when a small (no tiny) percentage of the world population owns the majority of the wealth (like a game of Monopoly) there is no way to fix things without some kind of reset (or restart the game).

        Problem is nobody wants to admit that, so it will be can-kick and can-kick after can-kick until it’s no longer possible to ignore the obvious. In the interim the elites will continue to keep us divided via whatever propaganda necessary so that we are distracted from what’s really going on. Let’s face is most people have no idea how they are getting screwed or who by, they just know they are getting screwed.

    • Good article from Peter Jennings on the delemma facing the Government on National and State asset sales and national security. Actually, there is no delemma, these fuckwits would sell their grandmother for a dollar and are happy selling all and sundry to Chinese state owned enterprises while protesting about events in the South China Seas.

      “Chinese investment’s good about security first”

      The problem for the Treasurer is that Chinese investment in critical infrastructure here can no longer be welcomed as “business as usual”. China is changing how it behaves internationally and how it deals with countries such as Australia. We can’t afford to be naive about this. How we handle Chinese investment in critical infrastructure needs to be reconsidered. The starting point should be to look at the impact of China’s broader strategic and political activities in the Asia-Pacific. Under the increasingly authoritarian President Xi Jinping, China is becoming more assertive. By ignoring international law Beijing effectively has taken over the South China Sea, which is vital to Australian trade. Next month Chinese and Russian naval forces will stage a large military exercise in the South China Sea. Xi and Russia’s Vladimir Putin are putting more weight on their relationship and winning nationalistic support for their aggressive military actions.

      At Senate committee hearings on December 15 last year senior officials said there was “nothing remarkable” about links between the Communist Party and state-owned enterprises. Treasury officials told the Senate that it was necessary “to look past” such links, “otherwise just about every company coming out of China would be defined as such”.

      This may have been acceptable during the benign years of “peaceful rise”, when China focused on economic growth and followed Deng Xiaoping’s strategy to “hide our capacities and bide our time”.


  16. “gBut at the same time, it has done a lot to show that Melbourne is just that, an inclusive, cosmopolitan and exciting hub where adults are treated as such yet can remain young at heart and party on their own terms.

    Or, as my friend Penny describes it, “Melbourne deserves its reputation as the most livable city as it treats its citizens as grown-ups. In Sydney, I feel like I’m a naughty child and the city has become one big creche.””

    What a load of twaddle

    • Which part did you think was Twaddle? Australia in general is a Nanny state with an active no fun police presence in just about every sense.
      This article made me laugh a couple of weeks back when I read it.

      After spending 7 years living in Europe and going out drinking in many parts, bars, clubs to all sorts of times and being able to acquire booze at almost any hour. I just think Sydney has became “too safe” for it’s own good.

      I have had much more fun in parts of Africa, Europe, Asia, even in New York (where you’d think fun was over-regulated). But Sydney? Nope. I recall being at a bar in St Kilda with my cousins and my female cousin was a bit drunk (but not falling over or anything) some bounce comes up and goes right you lot, after you finish your drinks you need to leave… I was visiting from Dublin and I couldn’t believe it.. I was shocked that we were being booted and nobody had fallen over drunk or started an argument, the bouncer had just decided 1 of our party was too drunk and we were to leave…

      This was Christmas day, we had a big family lunch / dinner a couple of drinks and then hit a the local bars.

      But it’s not just drinking that is being overly regulated, speed limits and camera’s everywhere, insane parking rules in Sydney (rear to kerb only parking), no alcohol in public (at a park for example), fines for camping in the wrong spot, not allowed to take your dog to certain beaches, or certain parks/reserves, as a car enthusiast modifications are virtually outlawed to the point where you can’t change anything without Engineers approval, if I wanted to build a Porsche 550 Spyder replica I couldn’t get it approved due to all the ADRs I’d have to jump through, not to mention all the retarded building codes to comply with…

      We are so over-regulated in all walks of life and red-taped up to our noses it makes you wonder how anything is actually done here? I haven’t even started on what a small business has to go through to get off the ground…

      • That’s the twaddle, that Melbourne is somehow less nanny and more cosmopolitan! Try that shit anywhere but crown and watch the bouncers fuck your shit up

      • Agree, and Crown is the worst thing that has happened to Melbourne in my opinion. What a cess pit shit hole of a place. An Irish friend said to me, Q. What the difference between Australian and Yogurt? A. If you leave Yogurt in the sun for long enough it will develop it’s own culture.

        Places like Crown Casino and the pokies in pubs etc.. have destroyed whatever great pub culture this country had in the 80’s. We used to have all these great rock bands and live music back then. Now? Nothing… Or it’s very rare to find.

        Fitzroy is the new St Kilda in my opinion, but even that’s become too expensive and a bit pretentious now. That’s another thing I hate here, these Bouncers telling you, you can’t come in because your not wearing the right T-Shirt and Shoes. I’ve NEVER had that issue anywhere else in the world. London, NY, SFO, Dublin, Cape Town, Jo’Burg, Bangkok, Phuket, lots of cities in Europe too many to list really…

        Wanker Bouncers and Nanny State laws, I’m over it to be honest. That’s why I don’t really go out drinking here anymore. Not to mention the $300 cab fare to get home. It’s simply not worth it.

      • Why is that not a surprise? I thought Governments had learnt how dumb those kind of agreements were? Like the Guinness 9000 year lease (although not valid anymore)..

        Originally leased in 1759 to Arthur Guinness at IR£45 (Irish pounds) per year for 9,000 years, St. James’s Gate has been the home of Guinness ever since. It became the largest brewery in Ireland in 1838, and the largest in the world by 1886, with an annual output of 1.2 million barrels.

      • @Dennis he would I’m sure. He used to like stirring the pot a bit. Being half Irish I couldn’t really take a stab back ?

  17. Inclusive, cosmopolitan, exciting hubs!

    And people wonder whether anyone will buy those skyboxes. With their proximity to those hubs they will be excellent investments.

    I forgot honey voiced !

    I am putting down my plastic cup of warm summer wine and flying south.

    • I don’t believe a single word of that was anything other than prose passing as factoid. You probably can 3 places playing live music but you’d have to trek between St Kilda, Richmond and Fitzroy

      • But it plays wonderfully to preconceptions.

        Its a bit like how before the lock out laws Sydney’s streets were supposedly full of jolly beret wearing folk wandering around after midnight wittily discussing whether to eat a peach and not a bunch of turkeys pumped full of caffeine, grog, speed and too many sessions of free weights with delusions of WWF grandeur.

        Having said that the laws are a bit over the top.

        Recently attended a Sunday arvo classical musical event – held in a church – and they could not serve glasses of wine afterwards because it was within the temperance zone and the full wrist band security detail was required.

  18. https://www.theguardian.com/australia-news/2016/aug/07/terrorism-raids-arrested-man-believed-to-be-a-member-of-reclaim-australia

    What actually is really going on in Australia? How much of a backlash is there against migrants and foreigners in Australia in the real world (not just on the internet)? How serious do you think this is going to get? Are we a lot less ‘harmonious’ a society than before?

    I left Australia in 99, and will be moving back next year so I’m very curious. And yeah, referencing the Chinese government ‘harmonious society’ campaign (a good little bit of social control if ever there was any).

    • Don’t believe the hype, we’re an inclusive, cosmopolitan, exciting hub. Well, except for Sydney ?

      • Sydney just needs more honey voiced vocalists, acoustic ensembles with facial hair and more skyboxes! 🙂

    • Popcod,

      Those most concerned about the issue – on both sides – generally don’t live in the parts of our cities that are most diverse. One of the mysteries of 1990s Hanson was that Ipswich was about as anglo as anyone could ask for – perhaps it has changed but possibly not. Recently I saw some class photos for a very inner west Sydney primary school. The suburb was very diverse just 30 years ago. Now almost exclusively anglo as a result of gentrification. In both locations the issue is hot but largely theoretical.

      In the parts of the cities where there is a lot more diversity and recent migration people tend to just get on with getting by.

      The mid – outer suburban shopping mall is the great Aussie melting pot and people are rubbing shoulders mostly with respect.

      • Good to hear. I remember my mother talking about the start of her primary teaching career in inner Melbourne in the late 60’s. Large class sizes of above above 30 kids and the class rooms full of young ‘skips’ and Italian/Greek/European kids. She largely said the same thing. Of course there were tensions with that wave of migration, but no major incidents as far as I am aware. Hopefully that will continue this time round.

  19. Okay podcast listeners, what are some good ones I should be listening to? I currently regularly listen to MacroVoices (has become my favourite) and The Disciplined Investor, and sometimes things like Security Now!, WTF and Planet Money. I did listen to a couple of episodes of Devils and Details (Business Insider) recently which was not bad (thanks Stomper). Of course I listen to the MB podcasts when they are available.

    I have in the past checked out a few of Leo Laporte’s other podcasts, plus the Linux Action Show, The Little Dum Dum Club, I Love Green Guide Letters, This American Life etc but none are ‘must listens’ right now. My favourite ever podcast – back in the day – was Get This. Tony Martin is great.

    I’m looking for things that are interesting, so that could be almost anything, but if the above is anything to go by I’m mostly interested in topical financial/macro things, some tech and/or comedy. So if there are some good ones that I haven’t listed, please let me know and I’ll check ’em out. Cheers.

    • GunnamattaMEMBER

      Actually on that very subject I was thinking of organising a podcast with some regular and informed commenters here – I was thinking maybe Pfh007, China-Bob, and Original John or flawse or migtronix maybe – under the genral theme of ‘Macrobusiness peanut gallery’ for a sort of half hour chat each weekend on what the major issues of the week are, what is the perception of the world around (in different locales of Australia) and mix and match political perceptions – without aggravating the spambot situation and getting into a slanging match.

      A sort of unedited half hour chat on the running issues of the week – hook up n skype and see what happens – no names or real identities. I havent run it past HnH UE or CB but it may be of interest – any thoughts?

      • Mate I’d love a weekly half hour of just you giving the media some, dissecting whatever BS seemed most pertinent for the week. This week could be the Banks RC BSathon.

      • There is definitely some potential there, could be really informative/thought-provoking. If you do it I will listen, 100%.

      • @Gunna Thanks for the call out but I’m not sure live Audio is my style, afraid I’ve largely forgotten my assertive oratory training, these days I’m the guy that sits in the corner of the business meetings listening to everyone and everything…silence doesn’t make for good radio but it sure helps to sort the contenders from the pretenders. Sorry but I guess I’m turning Japanese. BTW I’d suggest you consider adding Janet to the list, she adds a bit of opinion diversity and a little less blokeyness.

      • “d suggest you consider adding Janet”

        I second J, plus kiwi accent! I dunno about flawse, poor guy could have a aneurysm if rates keep dropping! Bwaahaahaahaa

      • Briefly and Stephen Morris. If you could get them together we may have a new Clarke and Dawe.

      • Please add Reusa to the list, we need some kind of contrarian opinion around here in this bearish echo chamber on the Australian Economy called MB.

        MOAR reasons to invest in Aussie Real Estate and we need to hear about all the good looking people and the fabulous relations they are having after investing in property like the clever kids. Maybe also ask Nathan Birch in for his opinion and he can tell us about the latest luxury car he has bought.

      • Thanks for inclusion on list Gunna. Second Reusa and Janet too. Anyone that good looking needs to be heard, especially given he has been so right for so long.

    • Checkout the YouTube link I posted near the top. I found it when looking for more stuff on Epictetus. The playlists you want are Famous Greeks and Famous Romans. It is a college professor delivering half hour lectures. You can convert them to audio with the listen to YouTube site. The task is a bit tedious but the quality of content is higher than a lot of the podcasts I’ve come across. I also second the Dan Carlin suggestion.
      If you are interested in Stoicism A A Long has written a good book on Epictetus.
      I was lucky enough to hear him speak on Zeno of Citium recently. Definitely worth your time.

      • Cheers, I’ll check it out. One other option might be to just get a playlist going and record the audio with Audacity, provided the playlist didn’t fail for some reason I could leave it for hours (or overnight I guess) and then chop up the audio into more manageable bites later. Still a bit of a tedious task.

    • If you are interested in Info Security (I’d call that tech), try Risky Biz. Highly entertaining and informative from an Aussie podcaster with guest interviews.

      • Thanks, I will have a listen. I do have some interest in info sec but there’s a good chance it will go above my head. I’ve got a copy of Black Hat Python to read here and I’ve installed Kali in VirtualBox but I haven’t gotten any further yet…one day!

    • PS. The BBC 4 radio show ‘In Our Time’ is also a very rich source of good discussions on ideas and people. Melvyn Bragg and a few guests get together to explore the topic. It has been running for years so there is no shortage of things to explore and find out about.

      • Well if you’re happy to upload the files to somewhere, I have plenty of room on my Dropbox account. I can create a shared folder there and give you access, I’d just need an email address. If that sounds okay, message me at [email protected] and I’ll set it up. If anyone else wants copies they can also email me and I can give them read access to the shared folder.

  20. GunnamattaMEMBER

    What should be reported

    Scott Morrison says bank royal commission a ‘whinge’ that undermines confidence


    Treasurer says truth is a weapon of mass destruction for Australian banks

    Treasurer Scott Morrison has accused Labor’s Bill Shorten of undermining confidence in the banking system by continuing to call for a Royal Commission into the sector.

    Treasurer Scott Morrison has accused Australia’s banking system of being so feeble and averse to examination that the slightest thought of looking at what it does could bring the lot crashing down

    He said international leaders had quizzed Kelly O’Dwyer on the strength of Australia’s banking system when she was at an International Monetary Fund meeting earlier in the year after the opposition had called for the inquiry.

    He said International leaders from money printing getting a yield in Australia they couldnt get elsewhere were wondering how long the Australian golden goose would continue to give them some golden eggs in recent meetings with Kelly O’Dwyer, as they were too polite to ask if Ms O’Dwyer had bullshitted the Australian public about foreigners buying Australian houses illegally for a number of years, while she was party to doing nothing about it, and wondering exactly how that sort of economy could work

    Banks are under fire after ignoring calls from Prime Minister Malcolm Turnbull to pass on the full rate cut last week. The government announced that banking chief executives will be compelled to front the House of Representatives Economics Committee annually to explain their rate-setting policies.

    Banks have been given the full lettuce leaf this week after deciding their profits were of greater importance than stimulating domestic demand, especially seeing as that demand has been smothered in debt they have been happily and profitably selling for a number of years, and they don’t hold out much hope for it from here. The government announced that bankers have been asked to provide a sacrificial ridiculee for an impotent parliamentary meow down later in the month

    Mr Morrison said the first public hearing could be as soon as when parliament returns next month.

    Mr Morrison said the first public performance would be timed to get maximum exposure on the news cycle and would be sponsored by the Real estate Institute of Australia, and be opened by a contestant from ‘Australia’s got talent’

    Mr Morrison said the call for the Royal Commission was reckless and a “populist whinge”.

    Mr Morrison said the “populist whinge” driving calls for a Royal Commission reflected nothing more than a lot of people having legitimate questions to ask about the behaviour of the banks, and the role of the banks in an economy which is behaving increasingly as though someone has put sugar into the petrol tank. He added that ‘Just because there are more people who want a banking scalp than don’t doesn’t mean we just do it because they are a majority, because that majority doesn’t control the finance or the democracy of this nation, and the politico-housing lobby which doesn’t want a banking Royal Commission does control the economy. So the population will just have to suck it up’ .

    “The banking and financial system which everyone knows is a pillar of the strength of our economy. Now he is playing reckless political games with one of the core pillars of our economy which underpins people’s jobs, the profits of businesses and their growth into the future.

    “The banking and financial system which everyone knows is the biggest parasite sucking on the Australian economic body, is very very strong and powerful. Now a clear majority is recklessly trying to influence politics, and if they don’t cut it out we are prepared to use the lot of them, their jobs, their earnings and their children’s futures, as a human shield to protect our rent seeking positions.

    “I think there is the great risk that if the opposition continues to engage in this recklessness that the only product of that approach could be to undermine confidence in the banking and financial system,” he told Sky News. Mr Morrison said the banks could be called as soon as next month.

    “I think there is the great risk that if people of Australia continue to engage in this recklessness then the banks – which go to great effort to bullshit everyday Australians, as well as offshore capital markets about what they do with the funds they borrow there to nail the Australian dollar to the roof – will find themselves having to explain things to a lot of people whom they would rather not go anywhere near without being in a position of having a signed contract imposing costs on anyone wanting information, and this could affect morale of banking and real estate identities.’ he told Sky News. Mr Morrison said the banks could be called as soon as they have negotiated the public ridicule provisions with their PR teams.

    “We can have the banks in before the House of Representatives committee after the parliament returns. We can implement the financial systems inquiry now and [Labor] can vote for them in the parliament,” he said.

    We could have a very large stage with some skimpily attired young women cavorting provocatively in front of flame throwers. We can have some trained seals, a dancing elephant, and we can have a flypast from the RAAF. We can have pretty much anything as long as we accept we can’t have meaningful questions being asked of the banks in an arena where peoples bonuses may be allowed into the light of day, or where this is related to the living experiences of ordinary Australians – that would be just ‘distasteful’ and we are told would contravene the privacy of the individuals affected’

    Mr Morrison also attacked Labor for not having laid out terms of reference for a potential inquiry. Labor have said they would do this with the assistance of the Attorney General’s Department when in office.

    Mr Morrison also attacked those calling for a Royal Commission for not providing the questions they want answered in advance – this would enable the politico-housing complex to reduce the cost of providing answers in advance and obviate the need for the banking sector to provide sacrificial identities who can think plausibly enough on their feet to avoid impairing the public’s impression of an intelligently run banking system’

  21. More on my favorite topic: Current account and Capital Account imbalances.
    Look in any Economics Textbook and you’ll find explanations of the relationship between the Current Account and the Capital Account
    such as:

    The balance of payments always balances.

    Goods, services, and resources traded internationally are paid for; thus every movement of products is offset by a balancing movement of money or some other financial asset.
    If a U.S. retailer imports $1 million of Japanese televisions, there is a corresponding or balancing movement of money to the Japanese producer.
    A surplus in the Current account is by definition offset by a deficit in the Capital account.
    Another way to think of this is that if we export goods and services, then we import financial assets of the foreigners who purchased those goods and services.
    Similarly, a deficit in the Current account must be offset by a surplus in the Capital account.

    OK straight forward stuff, nothing complex nothing to get caught up on BUT what happens if these two accounts do not balance?
    Might seem like a ridiculous question, because the answer in the definition…..hmmm trouble is I’m finding discrepancies, large discrepancies, and I’m bothered by this nagging thought that Derivatives are not properly included in this definition.
    I’m certain those with a classic Economics education will simply say @#$% Derivatives! they’re just not that significant. Frankly I’m a numbers guy so if I only have 3 choices then what’s not in Bin A or Bin B must therefore be in Bin C. Suggesting that all the errors I’m finding must be in this Derivatives Account,

    I get the feeling the world of international finance has out grown the 19th century accounting concepts that underly these Current/Capital account models and is making complete fools of those countries that didn’t get the memo.

    • Kinda hard for some to evaluate a system when they don’t even have a functioning model of it, seems existential philosophic musings cover everything.

      Disheveled Marsupial…. which is made even more curious when only a hand full of people understood Derivatives pre GFC, currently scratching heads about the shadow sector…..