Weekend Reading: 29-30 April 2017

 

Minos of the Shades, 1952, Jean Bellette, National Gallery of Victoria

 

China

Asia

Europe

United Kingdom

United States

Americas

Terra Specufestorus

Commodities

Capital Markets

Global Macro

…and furthermore…

Leith van Onselen
Latest posts by Leith van Onselen (see all)

Comments

    • Even for Joyce that was off the idiocy scale. He typifies the stupidity and lack of imagination at the core of Australian politics.

    • Only if you want to spend the weekend at home reading through endless pages of bleeding heart socialism.

      It has Unconventional Economist at the top of the page but it reeks of Gunnamatta – a couple of hundred links to pages full of lefty bullshit – nothing more mainstream or informed than The SMH/Age – and some meaningless painting by an artist nobody has ever heard of as the cover picture.

  1. boomengineeringMEMBER

    WTF beat Ermo.
    The Bots are coming, the Bots are coming. That part I designed for the centrifuge is much cheaper to 3D print than to machine a sample for the client to see. Only round the corner as well.
    Coming to you soon, they will be everywhere.

    • ErmingtonPlumbingMEMBER

      No bloody phone reception in ICU at RPA!,…I was all poised to be second, after Gunna, as I walked in.

      Edit. He must have deleted,….dam!,…I would have been first!

    • Footsore,

      Cheers for that. It was an interesting interview and well worth the time.

      Though I am surprised that Steve Keen is still pushing the Jubilee as an application of QE for the People and I don’t understand why he keeps using the term “Helicopter Money”. I think both are real political and economic lemons to be avoided if at all possible.

      The traditional jubilee was possible because for the most part it was the king/ruler (public) writing off debts owed to them not debts owed between subjects. It is one thing to write off a debt owed to oneself quite another to write off the debts owed by one person to a 3rd party. Steve alludes to the complications when he talks about handing out pots of money and trying to force debtors to pay down their debts and not just blow the cash and sorting out which debtor debts should have priority in payment.

      Apart from the terrible optics and that ‘demonising’ the free helicopter money of a jubilee will be completed before 8.00 am on Day 1 – if that has not already been achieved – it ignores that there is a much simpler and fairer solution to the problem of too much private debt.

      And it does not involve a mountain of pork “infrastructure” either. Legitimately needed infrastructure is fine but sadly the pork to needed remains high.

      The government just has to raise the tax free threshold on earned income tax and in doing so produce a larger deficit which is directly monetised by the RBA.

      So that the “OMG that is money printing” crowd remain calm, the RBA would not just give the government the money (though they could do that with a few key strokes). Instead the RBA would ‘buy’ a bond that pays no interest from the government in the amount of the bit of the deficit the government wanted to directly monetise. The RBA doesn’t need the interest so why pay it and it will buy the bond if the government tells it to.

      They should not try and monetise the full deficit straight away as that will panic people. Just a chunk of it and let that be digested and understood after the usual foam and spittle subsides.

      Leave it up to the people who now have more money in their wallets from paying less tax to decide what to do with the money. Those without any debt can choose to spend or save.

      Those with debts can choose whether to pay down their debts and in whatever priority they are compelled by law or contract to do so.

      Will they pay down their debts?

      Yes – and the reason is simple.

      It will not take long before that extra spending power in the wallets of all those people who do not have debts starts to make its presence felt with greater levels of economic activity. As sure as night follows day inflationary pressures will start to grow as the economy heads towards full employment.

      Needless to say the desire to pay down debts will grow as the mortgage rates (which is largely what we are talking about start to rise from the canvas).

      In every successive budget the government can tweak how much of a deficit it will run and how much of it will be directly monetised with a 0% bond sale to the RBA and how much will be monetised indirectly via bond sales in the usual way.

      The other thing that will help mortgage rates rise – and which is equally important – is that the government will direct APRA and the RBA to do two things:

      1. Impose restrictions on the banking sector from borrowing offshore with an effective taxpayer guarantee to support their mortgage operations where existing property is the security. This will cut off the supply of ZIRP/NIRP predatory capital to the local existing property speculator market. (The sale of government bonds and mere transfer of title to assets to foreigners will also be restricted as part of this war on unproductive capital inflows)

      2. Reimpose and start lifting reserve requirements on the local banking sector to force them to hold a greater level of liquid assets against their loan book. This will put upward pressure on mortgage rates as the banks pay more to attract Term Deposits from mum and dad and SMSF – though the extent to which they rise largely depends on how much of the monetised deficits people are stuffing away in term deposits rather than spending. At the very least mortgage rates and term deposit rates will start to adjust with the removal of unproductive and predatory ZIRP capital inflows from our trading rivals.

      Calling any of the above “Helicopter Money” is just nuts as in truth it is nothing more than public money creation being returned to the control of the public.

      What we have now is Private Bankers Pseudo Public Money that is sprayed by the hundreds of billions at asset prices.

      And as noted above a Jubilee also has dreadful optics – the claim that people who are debt free just get a wad of cash from the government sounds dreadful politically but even worse it actually devalues the whole idea of public money created by the public into some sort of freebie. It represents the full faith and credit of the public and should be treated with respect.

      By the way those crashniks who are certain that the world is about to end and there is nothing the bad guys can do to stop it, should start paying very close attention to what Mr Morrison is up to with his bad debt and good debt distinctions. What he is doing is along the path of what I outline above but the reason he is doing it is to keep the current system alive not to fundamentally reform the system of public money.

      It is true that the current system of reliance on monetary policy and private (household debt) is coming to an end but don’t assume that means real reform or economic justice.

      Some mutant form of QE for Debtors is much more likely from the current crop of banker pet economists and pollies like Mr Morrison.

      https://pfh007.com/2015/05/23/bank-watch-qe-for-debtors-is-coming/

      Crikey almost 2 years ago and finally it appears.

      • excellent points 007 – though I tend to agree that as and when it comes it will be in some bastardised version to try and support the current rentiers and awful absurdities of hyper inflated asset prices

      • Good points.

        I’m not across a lot of the MMT stuff so seeing someone like Keen grilled in a manner that is driven by curiosity was great. It was especially refreshing to see someone like him say something along the lines of “My idea (debt jubilee)could be wrong. So I’d like to see a small test run before full implementation.” and that the debt jubilee could never work without wider complimentary reforms. That’s what a lot of people seem to miss about what gets tossed around on this, and other, forums. There is no silver bullet and to criticize an idea solely because it wouldn’t work if applied in isolation is just plain daft.

      • The cost for a taxpayer guarantee for banks should be significant. Perhaps something like 0.3 or 0.5 % equity per day. I would suspect that would unite both management and existing shareholders in avoiding the need for a guarantee.

      • pfhThe government just has to raise the tax free threshold on earned income tax and in doing so produce a larger deficit which is directly monetised by the RBA.

        So that the “OMG that is money printing” crowd remain calm, the RBA would not just give the government the money (though they could do that with a few key strokes). Instead the RBA would ‘buy’ a bond that pays no interest from the government in the amount of the bit of the deficit the government wanted to directly monetise. The RBA doesn’t need the interest so why pay it and it will buy the bond if the government tells it to.”

        In this process you create a few BAD things
        1.In this economy you create an increase in the CADand foreign debt roughly equal to your increased government deficit. So every dollar spent would have to be carefully evaluated in terms of the external account. However this is not politiclly possible. The whole economy is so now skewed to consumption and debt, centred on Sydney and Melbourne,that spending on infrastructure would all be spent in those areas. Any other infrastructure, directed at balancing the effects in the external account, would appear to give no return.
        2. You create an economy of zero i.e. extremely RAT negative interest rates. You have a flood of money pouring out of the government at no cost. Whole heartedly agree with all that. However if you are going to stomp on those inflows you are going to smash consumption, especially Sydney and melbourne, So your government ‘printing’ which IS what you are doing is supposed to make up for the speccy inflows. Again the money circle does not close – as long as you are maintaining consumption you have to have the foreign money pouring in and the debt associated with it.
        EVERYTHING to do with MMT is just thoughtless BS! Any idea that we can just print up money without creating debt of some form is just lacking in any completed logic.
        So again we create an economy with severely negative RAT rates which exacerbates consumption, the CAD and foreign debt. You create double pressure on your foreign debt.

        3. The question of government ever spending wisely raises its head. Why would they? They’d have money for nothing and chicks for free!

      • Flawse,

        Note: The longer tweaked version at pfh007.com is clearer.

        The CAD will not be a problem because the unproductive inflows that are driving an inflated exchange rate and consumption of imports will be wound down to zero. That will put downward pressure on the exchange rate and domestic production will blossom like desert flowers after rain.

        As for negative real interest rates that will not be an issue as the rates will be set by the market. If the government is creating money with an objective of neither inflation or deflation there will be no need for the RBA to fiddle. In fact it would be counter productive. Interest rates would be set between savers and borrowers – with some limits to restrict predatory lending. In other words if few people want to commit their deposits of this public to Term those that do will obtain a higher rate. If everyone likes saving and few like borrowing rates will decline.

        It resolves your concerns about manipulated target rates and massive inflows of unproductive capital.

        This will be a 10 year project of gradually draining the swamp of rot gut unproductive and predatory capital.

        It will be hard but the hardness will be relieved by the vigorous energy of real activity. Like training for a new season of sport the muscles will sting but they will get stronger.

        Sure there will be pollies who continue to offer cheesecake and sugar hits and bank economists who spin yarns about living off foreign debt but politics was never meant to be easy.

        Keep kicking butt Flawse.

  2. Off too work slackers….

    Really dislike fixing others shoddy work, did I say work[?], more like vandalism. Almost twice the man hours to fix it by myself, incentivized behavior compounded by poor quality controls.

    Have a nice day everyone.

    • boomengineeringMEMBER

      Skip you must learn to charge more for that, unless it was done under your control. Most of my work has been rejected by other engineering Co’s so I charge accordingly. Rectification always takes more time.
      Nothing wrong with being a bottom feeder.

      • Now that in itself is job security writ large –
        Axiom: You can always back self-interest.
        Corollary: You can always back others’ stupidity and shoddy work.

      • Subcontractor did not only screw the job, I would describe it as vandalism. Its a bit of a just desert that I was the one that pointed out this jerk way back and banned him from any of my floors. Now I’m fixing his floors whilst being needed to run things at Hutchies job.

        I don’t jack rates up under these circumstances, long term greedy is my motto.

        disheveled… oh well… going in tomorrow it seems… and Monday…. gasp…

      • Mav…. its called Capitalism….

        I don’t screw others for a one time payday [IBGYBG], rather I understand that my future income is dependent on others i.e. my craftsmanship, presentation [professional], negotiation and conflict resolution skills, broad technical skills to include trade related and legal et al, knowlage about all that goes on about me [what others are doing and why], and how that all relates to getting the job done all whilst doing what I can for others. E.g. my long term greedy is a reference to if – myself – wants to earn income I need to recognize everyone else in the big picture.

        My balance sheet is a bit more far sighted than what I can make today, this week, month, or year.

        Its not like I have not shown the tilers a few things or the young chippies or as the site mgr said today “I’ve gone beyond the call of duty”.

        disheveled… funny how after almost 10 years out of the game the tenders being considered is based on if I’m running the job…. or not….

      • @Mav…

        Quite well aware of the historical aspect, yet that does not mean in my personal use that it imbues me with what your ensuing.

        disheveled…. try putting in context with the rest of my comment please.

    • boomengineeringMEMBER

      Skip Maybe apply economic theory to your work time.
      Client text 8.00 Fri night wanting me to fix the pulse on his welder over W/E the misus said don’t you dare roll over again. Took her advice and didn’t return call, not because she cuts her nose off to spite her face but last time had to hunt him down for payment, A friend warned me off him fortnight before as well. I will succumb but under my terms.
      Watch out burning the candles at both ends, your health is more important.

      • Just have to add I’ve noted more than once that I have multiple degrees, worked for T1 concerns at a high level, including executive w/ board room experience, mixed with the BSDs on a intimate social level, hell was a member of Tattersalls men’s club back in the day, etc….

        So this stuff about applying some theory to stuff is a bit wonky mate, its just not about the numbers eh….

      • boomengineeringMEMBER

        Skip, sorry if I stepped over the mark, I was just concerned for your welfare suggesting Austrian austerity to your work time being more economic to have time off to improve productivity whilst enhancing health..Didn’t intend logomachy, so maybe should have explained myself better.
        My example was I could have worked but wasn’t all about numbers, no dichotomy here.

      • No dramas boomengineering…

        Look I have a solid genetic back ground and yonks of physical experience from the farm to the military, this yob is a cake walk in comparison. That said when stuff needs to be done I’m on it, the rewards of that is sometimes monetary and some times other.

        Nuff said.

        Hay its not so bad at 55 kicking young butt where they have the advantage and have their timing and head space readjusted to a time they have never experienced…. or can comprehend…

        disheveled… then I took the father in law whom is almost ready to cark it to the youngest sons rugby, he said he had a magnificent day.

      • boomengineeringMEMBER

        Skip, forgot to ameliorate with, sometimes the bullet has to be bitten.Contemporaneous situation of taking the misus to Bondi, just finished a dog night walk which led to this stupefaction.

      • Boom the thing – is – he just had a scare and was hospitalized, but it turned out to be a bit of meds, lack of stimulation and drinks out of…. and how that washes. Now it was great to take him out and have a beer with the wife in the stands and then a cheeky rum at the bar area. I bought the first round and then he shouted. I mean what is life without a drink in ones hand and some rugby on a nice Sunday avo, when the grim reaper is so close, not that one has to be silly about it.

        disheveled… all polished off when he spied some orchids on sale at the club and bought them [I payed lol] for the wife, whom was having a respite at home after all the hullabaloo last week.

    • I see that the NSW govt thinks that part of the levy will be offset by cheaper insurance premiums.

      You wonder how they kept a straight face.

      • The levy was always set out as a separate item in the policy so I suppose they will manage to look serious.

        Policy holders will see it vanish from their insurance premium and see it appear on their rate notice (I assume that is where it will pop up).

        Can’t imagine anyone other than a property owner having a policy of house insurance. Hmmm – I must check the contents policy.

        What will be interesting is whether landlords pass it on as they always threaten do when the subject of land tax comes up. As we know all landlord deliberately charge tenants less than the market will bear so they can threaten to raise rents when the government tries some stunt like this.

        Though if they all work together like a team they might be able to pass it on.

        It is a mystery with the Fire union has a problem with it. Why do they care how the government raises the money for their dalmation chew sticks.

        Must be all those battler firepeople just trying to get ahead with their property portfolios.

    • I have had arguments with otherwise sound thinkers who are either too stupid or too blinkered to see that the standby costs of fire services are a service to land. Squirting water on fires – which the brigade will bill the holder for – is a minute fraction of the cost. I have seen estimates that firefighters spend one minute a year on this task, the rest is standby, car accidents and responding to false alarms.
      Elsewhere, the NSW government must be condemned for privatising its land registry.

      • Yes – the current system of an impost on insurance policies was a reminder that once upon a time fire brigades were operated by insurance companies and buildings had plaques so people knew which fire brigade to call.

        Making it a levy against the land makes sense and by reference to the unimproved value for part of the fee is probably okay even though this is probably one issue where by reference to the improved value does make more sense.

        After all most land does not burn and thus is going to be there after the fire.

        But no doubt that would result in very large levies for the likes of Mosman and high rise buildings.

      • But you already have building insurance to cover fire which is based on the improved value.

        It should be based on meterage.

      • Jason,

        The building insurance is to pay for the building not the Fire Brigade. At the moment there is a special levy in those policies that is remitted to the government to help pay for the Fire Brigade.

        Switching the charge from the policy to the land and charging by reference to the unimproved value is interesting as the building is what the Fire Brigade is protecting not the land.

      • Interesting. In this part of Germany, towns smaller than a 5 thousand or so (essentially villages that are just satellite suburbs) all run with volunteer fire brigades dotted around the place and only the big towns and cities have paid brigades. Where I am, whenever there is a fire or car crash, the mobiles ring (and the old air raid siren) and off they go. All supplied with high quality up to date equipment, plenty of training, just not paid to sit around and wait.

      • Lachlan,

        That is really interesting. Small scale community based solutions supported with good resources.

        A bit like their approach to banking. Lots of smal community / trade / industry orientated banks.

      • You can bet your bottom dollar the mobile platform’s got “Death star-wagon” painted on the side.

      • boomengineeringMEMBER

        Ermo, hope it was a plumbing job at ICU not personal,relations, either way our hearts are with you.

    • http://www.themontrealreview.com/2009/Rare-Earth-Metals-North-Korea-New-Trump-Card.php

      And old article (so maybe forgotten by the media) but it’s important to remember there is always a economic motive to any conflict or invasion.
      Summary below.

      “North Korea is sitting on the goldmine. The northern side of the Korean peninsula hosts sizeable deposits of more than 200 different minerals, of which deposits of coal, iron ore, magnesite, gold ore, zinc ore, copper ore, limestone, molybdenum, and graphite are the largest and have the potential for the development of large-scale mines. North Korea is also full of many rare earth metals which are essential in the manufacture of high-tech products and in green technologies, such as wind turbines, solar panels or hybrid cars. South Korea estimates the total value of the North’s mineral deposits at more than $6 trillion USD.”

      The North Korean sabre-rattling could actually be a proxy China vs. USA battle for rare earth minerals that will play a huge role in evolving technologies over the next 20 years. Remember that Elon Musk is one of Trumps advisers, and his company Tesla will need good access to rare earth minerals in order to be a global success.

    • bolstroodMEMBER

      It is worth remembering ,in these uncertain times that if the worst comes , and some nukes get used that it is not the end of the world.
      There have been more than 2000 nuclear explosions since 1945, and at least 4 Reactor core melt downs, but we are still here.

      Not advocating, just saying.

      • GunnamattaMEMBER

        I’m not worrying mate. I am in Geetroit. Nobody would waste a nuke on the place and any fallout isnt likely to make it here. I’ve buried a case of baked beans. After that its just a matter of making sure i have booze and skittles and the reception is OK.

      • Great point.

        You almost do start to question whether just nuking Syria and Iraq and starting again in 30-40 years time once the fallout and radiation levels are down is almost the only way out of this situation now.

      • Have you been to Hiroshima? The museum there is one of the most distressing places I’ve visited. Even though the world would go on for those that the bomb touches they will know suffering I can’t comprehend.

        Someone made a fan clip to a song using doco footage of nuclear tests. Like Kurtz in Heart of Darkness it just leaves me muttering “The horror, the horror…”
        https://youtu.be/MDDHFq-cV0g

      • I’ve been to Hiroshima. Of course it’s terrible what happened, but sometimes you just have to cut off the cancer before it grows terminal.

        I’ll put something to you – the two nuclear explosions ended the world war. The suffering of people all over the planet ended because of two massive bombs went off killing innocent people (that were only a very small % of the total global population).

        If the US went and nuked Syria and Iraq – they wipe the slate clean and cut the cancer of ISIS and Assad off.

        I’m actually convinced the long game here is for Israel to expand their territories to the north, under the guise of ‘rebuilding Syria’….

      • Raglan , take your blinkers off re Iraq and basically everything else nuke this and that. Yoy watch to much mainstream media and believe everything your told. Think for yourself, question authority. Bill Hicks.
        Open your eyes and you shall see. My son.

      • I don’t follow the mainstream media at all.

        You really need to question that we have spent trillions of dollars on two failed wars in Iraq and Afghanistan over the last 15 years.

        If you go back in hindsight – it’s interesting to think what would have happened if the USA nuked Kabul and Baghdad and did a full scale invasion. They could have got away with it at the time when you think about it. China wasn’t yet powerful, and Russia was still rebuilding post USSR collapse.

        History may show that the USA extending our a war effort to last 15 years to ensure economic benefit to military companies was at the cost actually obtaining a resolution.

        If they spent a trillion dollars invading properly, doing some nuking, rebuilding highways, schools, etc. most of the current situation would have been avoided.

        What we have instead is rich corporates in America that profited from the ‘war’ and the situation in the Middle East worse off than when we started.

        Good spend of trillions of dollars right ?!?

      • Ronin8317MEMBER

        Been to the museum in bith Nagazaki and Hiroshima : the one in Nagazaki is better. There is wriiten record showing the Japanese government wasn’t going to surrender due to the bomb : it was the Russian army breaking their promise which made the Japanese surrender. The bomb was a factor, but not a major one.

        If the bomb was dropped in Tokyo, that would be different.

      • Chances are you answered your own question RP:

        “You really need to question that we have spent trillions of dollars on two failed wars in Iraq and Afghanistan over the last 15 years.”

        “What we have instead is rich corporates in America that profited from the ‘war’ and the situation in the Middle East worse off than when we started.”

        Perhaps the outcome which resulted, was the outcome desired by those pulling the strings.

        Theory on Iraq from a Major-General in China’s PLA here: http://chinascope.org/archives/6458/76

    • Ah–oh. I bet there will be mass arrest / purge / executions of missile commanders / engineers who prominently embarrassed the “divine state” for the whole world to see.

      Everything is awesome!!!

  3. Regarding the proposed options for the North East Link in Melbourne.

    It’s an absolute no brainer that the North East Link should be the Kangaroo Ground / Lilydale option – for the reasons below:
    – Creates a direct freeway link to the Yarra Valley from both the Airport and also from Ringwood which is great for tourism (international, interstate and day trippers alike).
    – Creates a direct freeway link for the Bayswater Industrial precinct, taking trucks of local roads.
    – Creates an alternative for all trucks in SE Melbourne to access the Hume, Calder, Western without the need to go through tunnels (remember, that placarded loads and fuel tankers can’t go through tunnels, so the original East West Link wouldn’t have solved this problem).
    – Takes significant pressure off Maroondah Highway, Canterbury Road, Dorset Rd and Swansea Rd. Many properties in the outer east have been sub-divded into units and there are more and more cars on the road
    – Removes trucks from Heidelburg and Rosanna Road – significantly improving traffic in these areas. This will be popular with the NIMBY’s around Heidelburg because they get all the benefits of the project without any of the construction disruption. It also keeps the Eastern Freeway reservations intact for any Doncaster rail line that may be built in the future.
    – Removes a significant amount of traffic in the AM and PM peaks from the Warrandyte area
    – Makes employment in the Northern Suburbs (and the airport) more accessible to residents of the eastern suburbs.
    – Uses the land reservation put aside in the 1960’s for the proposed “Healesville Freeway” that features in the Melway’s until the early 00’s. This means the cost to put the freeway through Bayswater, Kilsyth, Mooroolbark and Lilydale is low because limited property acquisitions will be required.
    – The freeway should be made 3 lanes wide (especially the Lilydale to Ringwood portions, 2 lanes isn’t enough).
    – An elevated link road (but not a freeway) should be made across the Yarra flats in Bulleen around Heide that runs up over the Warringal Parklands and River Gum walk to connect with the Greensborough Highway at the Simpson barracks. This could be done as an arterial road as opposed to a freeway.

  4. War on the young heats up

    “Students will be hit with higher fees and cuts to university funding will be scrapped in a contentious revamp of the Abbott government’s higher education package, to be included in the budget.

    The broad outline of the new funding formula, which could see student fees rising by a minimum of 25 per cent, is to be unveiled to vice-chancellors who have been summoned to Canberra on Monday for a briefing.”

    http://www.theaustralian.com.au/national-affairs/education/budget-to-lift-fees-for-university-students-scrap-funding-cuts/news-story/5725169a6df0dfbe5ed0b699b5408be7

    • The more people are in debt – either through Mortgage or Student debt – the more control the elites have over the general population.

      You would think with how many full fee paying international students we have now – that fees for local students should be going down – not up.

      The reality is simply that in the western world – there are too many people going to university. People no longer go to ‘get an professional education’ – but simply to get a start.

      The amount of people I know with Bachelors Degrees on the minimum wage in this country is a sick joke.

      • +1 young folks are being screwed harder and harder. I’ve considered going back to Study again and learn something new, but it’s the amount of debt that comes with it that puts me off. I’m actually thinking if I do a career change to move into something very specialised like vehicle restoration (where you require a high level of skill) and do an apprenticeship where at least you earn as you learn. It might be low wages in the beginning but so is being a student and doing a part time gig.

      • Gavin – I used to want to go and do an MBA to ‘get ahead’.

        I’m only 32 and earning six-figures without it – so I don’t see the point.

        I’ve since parked the idea until I’m at least 40 now.

      • I’ve recently decided to play the managerial game and begin to fail upwards. This is due to needing further letters next to my name to be considered capable of advancement in my field. Not wishing to forego a year of income and accumulate more student debt for no guaranteed result I’m brushing up on my weasel words, updating my wardrobe and getting a respectable haircut.

        The need that many organisations have for these extra letters, in place if in house support and training is something I find disappointing. To me it infers a lack of knowledge and competence among HR and the interchangeable stream of upper management. If they knew their field, not just the ideals of business and people management, they could confidently train and promote in house instead of looking for external justifications to the worth of their co-workers.

        It’s a shame that we live in an educational-industrial complex, but we do. And we are all the poorer for it.

    • ‘“Students haven’t really taken any cuts in recent years. Most students have not contributed anything to budget repair.”’
      What a load of rubbish.

    • Interesting concept – but how does he plan to make all these tunnels without disrupting street level and existing infrastructure?

      Also – the very concept of tunnels might not be possible to great extents in California due to San Andreas Fault line.

  5. From the Evonomics article:
    “Second, the data do not support the notion that a larger government is necessarily detrimental to either freedom or prosperity.  On the contrary, countries with larger government sectors tend to have more personal freedom and higher indicators of education, health, and personal safety”.
    So neoliberalism doesn’t deliver growth or freedom. Libertarianism should be treated as a mental illness.

    On a totally unrelated note, can the resident Trump fan club who barracked for Trump from the safety of their first world keyboards – to draw attention to themselves and because it was fun! – because .. political correctness!, please advise when America has been made great again. Ta.

    • It is soothing to the soul. No talk, no music, no fast edits.

      The first time I watched it I picked the location, FNQ, from the bush. When I had to go up there last year Lady footsore wanted to track him down to meet, and possibly elope with, him. She’s not the only lady I’ve know who feels this way about him.

    • ErmingtonPlumbingMEMBER

      WoW the make your own charcoal, pottery kiln, and tile roof/shed tiles will very useful post apocalyps here in Sydney.
      Dig more than 2 or 300mm below the surface and it’s all clay around here!

      I do hope I’ll be able to find an Internet connection after this apocalyps though,….I have terrible memory retention,…esp when it comes to details. I think the german fellow in this clip could re watch it too,…that is, if hes still alive.

      https://youtu.be/PQF57w9qAZw

      Great song choice.
      🙁

    • I can’t stand these types, makes me want to vote socialist alliance. The desperation to make themselves sound respectable, it’s painful, and just makes it so much worse. Like a mafia guy going to confession. I’d just like to hear someone say yeah I’m a cnt, I know it, and I don’t care.

    • olaf bukowskiMEMBER

      fuck me. over 600 comments on this vile piece of journalism all in favour of the author???. I hate the boomer rhetoric, but the lack of dissonance and basic maths skills is laid bare in the comments is hard not to ignore…

  6. listening to this cunt renovate, the thought of nuclear obliteration suddenly doesn’t seem so bad (http://www.onthehouse.com.au/14303689/59_19-25_queen_st_newtown_nsw_2042)

    worth every cent of $717K. (https://www.realestate.com.au/sold/property-unit-nsw-newtown-124497106)

    ya can tell the fuckin cowboy DIY flippers – they always renovate on weekends, because the other neighbours love that. cunts.

    good luck gettin ya 700/week fucker. (http://www.realestate.com.au/rent/property-unit+apartment-with-1-bedroom-in-newtown,+nsw+2042/list-1?activeSort=price-desc&maxBeds=1)

    lucky it hasn’t occurred to developers to put in apartments from erko through to mascot. or even everleigh.

      • haroldusMEMBER

        Even better, overheard an auction just up the road while I was tidying my squalid unit with the missus (that’s not a euphemism)

        (http://www.realestate.com.au/property-townhouse-nsw-newtown-125095882)

        guess how much? note a townhouse not a semi….

        $1.3M

        How we LOLed, pissed off when we didn’t buy in 2008 when according to haroldus the property expert the bubble’s gonna pop.

        Fuck me this country.

        Crowd appeared 50% mainlanders????, rest mostly young couples, not too many boomers I could make out.

      • Not surprising, it’s a million bucks for a townhouse in average suburbs now.

        I’d love to know how many Sydney buyers are buying the old fashioned way, without inheritances, interest only, or equity.

        Are you allowed to have aircon in the inner west or will the lefties do a pogrom on you?

  7. How much do you get paid by the government to be a “single” mum these days? Seems to be a lot of people doing that to pay the rent for these dogboxes whilst their “flatmate” goes and works.

    • Exactly.

      My ex does this.

      Claims all the single mother benefits while having a new partner live with her.

      The new partners official address is his mothers.

      • @footsore…

        After all the historical data has been unpacked and the ideology behind those that first suggested anything like a UBI, along with the conditions that come with it, why the fuck would you even entertain such a position e.g. a UBI is a corporatist wet dream.

      • @ skippy
        Always happy for you to show up with some evidence and a solid argument instead of your distinct flavour of verbal spaghetti.

        (I predict that the skipster will respond by accusing me of hand waving or saying that the onus is on myself, for it somehow never falls on him. Because, for some reason everybody else in the forum is guilty of every formal and informal fallacy under the sun when they ask skippy to back up his bluster. He might look at this post and declare ad hominem, which would hold if my point wasn’t related to the argument at hand.

        So, go on, blow me away with your historical examples, your real world examples, your references to studies for and against. Your thoughts on why it may be successful in some cultures but not others due to cultural and political norms.

        There’s a lot for you to work with, if you choose. Because it seems that for most people far more knowledgeable than myself, and from a range of different backgrounds and perspectives, UBI is worthy of consideration. Yet, the skipster says nope, nada, not a chance.

        So, wow me with more than just a bad economics version of a first year post modernist deconstruction of power.)

      • Skippy,

        “…Disheveled… I went through all this crap with oo7… don’t act ignorant….”

        What are you going on about?

        I am not a fan of UBI either ……..and guess what ……I got there without your assistance.

        Now you need to get back to answering the question – why do you oppose UBI without your usual ….cause Friedman ate eggs for breakfast I hate eggs too… approach.

        You can copy my reasoning below if you like.

        1. There are more than enough things that need doing for the foreseeable future for all the able bodied people to get paid to do them.

        2. The fewer able bodied people on income support of any kind the better it will be for everyone.

        3. The only reason anyone is talking UBI is because a bunch of bankster flunkies think ‘sweet baby liberty’ is at risk if the asset pumping private banker model of monetary creation and circulation is unplugged and they are very worried that their debt marks will be unable to make their debt serfdom payments so they will tolerate putting the serfs on a bit of QE for Debtors.

        There QED.

      • ErmingtonPlumbingMEMBER

        Watching you 2 guys (Skip and 007) “wrestling it out” all the time, reminds me of my teenage years and curiously watching some of my friends enguage in, sometimes hours long, wrestles and feats of strength against eachother.

        I couldn’t help thinking that homo erotic elements were involved.

      • drsmithyMEMBER

        A UBI would get rid of these sorts of shenanigans.

        Why ? A UBI shouldn’t be a replacement for welfare.

        What’s the level of your UBI going to be set at ? Someone living in the middle of Sydney or someone living in the middle of Moranbah ?

      • Yeah Friedman supported a basic income. Or negative income tax as he put it.
        I think this was because he accepted (unlike the Austrians) that there could be involuntary cyclical unemployment. He got the diagnosis wrong – thinking it could only happen if the libertarian programmed robot at the CB had a meltdown and periodically missed the K rule. But still he was far ahead of the Austrians.
        Going out on a limb.. in some ways a basic income has merit. The best thing to give people is cash. But if.. and only if it is paid for by increased taxation.
        Meaning the welfare state stays. The public goods stay. In fact the public goods are extended; since the private sector continues to screw up at such a rate and add to the list of things it can’t properly finance and produce (now include housing).
        So the question should really be about taxation. And whether the so called progressive side is ready to go out on a limb and campaign for a larger State measured by increased tax (or public ownership)/GDP (total assets). This would mean dropping all the current fads/distractions: MMT, basic income, QE for people, debt jubilee, abolishing fractional reserve banking blah blah blah blah, and returning to the age old question of how to get the rich to pay more tax.

      • @footsore

        Additionally you might like this – https://www.opendemocracy.net/neweconomics/the-ten-graphs-which-show-how-britain-became-a-wholly-owned-subsiduary-of-the-city-of-london-and-what-we-can-do-about-it/

        So were right back to square one: whom supplied the agency which enabled the post 70s economic ideology_and_what methodology was utilized to arrive at it. Seems heaps of neoliberal economists envisioned a UBI w/ some anti democratic conditions, before most were even aware of such musings. Strange how proponents are seemingly unaware of both its history and the fine print.

        disheveled…. I would suggest that size does not scale the way most deductively think [believe]… so one size fits all applications to reduce complexity are woeful in application.

        Off to work, then sons rugby in the avo….

      • Sweeper,

        “….So the question should really be about taxation. And whether the so called progressive side is ready to go out on a limb and campaign for a larger State measured by increased tax (or public ownership)/GDP (total assets). This would mean dropping all the current fads/distractions: MMT, basic income, QE for people, debt jubilee, abolishing fractional reserve banking blah blah blah blah, and returning to the age old question of how to get the rich to pay more tax….”

        Go out on a limb?

        That is all the ‘progressives’ talk about these days (at least those that are not neoliberals in mufti)……turn the clock back and rebuild Big Government hopefully more like Sweden and less like Post WW2 Great Britain.

        You need to subscribe some quality progressive journals as they are looking to a pre 1970 nirvana of state socialism. And they are not talking about Menzies’ Australia either.

        Good luck with that project as you will need it considering the horsepower that the other great centralisers, those in finance capitalism, are bringing to the task.

        I will stick with the “fads and distractions” that remain sceptical of centralised and increasingly globalised solutions run by people who know best.

      • oo7.

        “You need to subscribe some quality progressive journals as they are looking to a pre 1970 nirvana of state socialism.”

        Your true colors are starting to show. Really needs a few links or names to put some teeth into that statement, not to mention that state socialism aka national socialism vs. capitalist social democracy are not even close from an ideological nor system architecture aspect.

        The people that know best are the result of machinations of the education[?] dominate economics and ideological grooming starting post WWII and 70s TINA.

        The thing that sticks out in my experience, over just the last decade, all the Libertarian political operatives at American state level, that I’ve come to know, and punched out, say the same thing….. its an epic sham… the hypocrisy is mind bending… once in the garden it all becomes a bad case of the movie Whoop – Whoop.

        disheveled…. handout sticky mental candy to the unwashed and for those that succeed in delivering for their masters a good reward awaits…. just like Milton and Greenspan… sigh…

      • That’s just red baiting. How do you interpret increasing tax/GDP as state socialism? State socialism means a Stalinist economy. Please point me in the direction of a journal advocating that or how my comment advocates that.
        Return to genuine social democracy is what is suggested. Underpinned by a commitment to increase tax/GDP. Most former social democratic parties are dodging this issue. Pretending to turn their backs on neoliberalism while hanging on to the core neoliberal low tax fetish. Sanders openly said he would tax more and sold it well. But it certainly isn’t commonplace.
        And why does this imply more centralisation? There are a couple of logical fallacies in your comment.
        Anyone who dodges the tax issue has no credibility. Especially if they are advocating monetisation “QE for the people” policies, which really amounts to a tax on the poor. Maybe you don’t realise, but strip away the internet jargon and you are advocating a regressive, undemocratic, CB led technocratic tax on the poor. I am advocating a populist tax on the rich.

      • @Sweeper.

        Yeah the rhetorical gaming the topic with hot button words and phrases is disingenuous at best, hence past friction between us. The expenditure of energy and time just to – deal with it – so one can have an enlightened or intellectual debate or conversation is old ploy by some. Saves from having to actually have an earnest talk_about_things that are uncomfortable for some, especially wrt the past and how its all played out.

        Which IMO is quite interesting that now “after” the GFC the same camps that drove the bus into the ditch now want to put a non democratic or ridged ideological board to administrate soverign currency and then let the free market sparkle pony roam unhindered.

      • drsmithyMEMBER

        Most former social democratic parties are dodging this issue. Pretending to turn their backs on neoliberalism while hanging on to the core neoliberal low tax fetish. Sanders openly said he would tax more and sold it well. But it certainly isn’t commonplace.

        I’d argue for most such parties it is the fear of being consigned to electoral irrelevance, more than any devious underhanded future plans. The neoliberal right has dominated the narrative for the better part of thirty years.

        Maybe – hopefully? – Sanders’s relative success in the USA will give the “real social democrats” a bit more courage to stand up and be counted.

      • @sweeper….

        Upon a second reading I hope the friction_between us_is oo7 and myself is not confused.

      • Smithy,
        I remember when the people-paid-to-tell-us-what-we-think were saying abolishing NG and the CGT discount would be electoral suicide. Then Labor put it on the table and it turns out the 90% don’t actually want housing bubbles.
        You have to ask the question, if the traditional social democratic program is so toxic electorally, then why has the right and fake left gone to such lengths to firstly pretend it’s taboo, then more recently pretend it’s ill-thought out “populism”? Maybe re-nationalisation, higher tax/GDP, re-distribution, re-regulation are in fact popular after all.
        And why wouldn’t they be when the alternative is paying even more money to the private sector toll-booth for an inferior product. We shall see what happens once the Keatingites have been purged. However my read is an old-fashioned social democratic party who grabbed the bull by the horns and owned the old positions – public housing, full employment at all costs, tax the rich, re-nationalisation, maybe even tariffs – and re-claimed the old language would be very popular.

        Skippy,
        I think I know what you mean. The internet jargon gets to me for two reasons. Firstly it’s just old wine in new bottles. Which is annoying for those familiar with the old wine. Secondly as noted it is disingenous and designed to conceal. For example what does abolishing private fiat really mean? It’s proposed as progressive policy. When in reality it’s just a rebadged Austrian proposal to return to free banking.

      • re. the old wine, should say; for those with bitter memories of its toxic taste and effect.

      • drsmithyMEMBER

        I remember when the people-paid-to-tell-us-what-we-think were saying abolishing NG and the CGT discount would be electoral suicide. Then Labor put it on the table and it turns out the 90% don’t actually want housing bubbles.

        Really ? Have we had an election with those as core issues yet ?

        You have to ask the question, if the traditional social democratic program is so toxic electorally, then why has the right and fake left gone to such lengths to firstly pretend it’s taboo, then more recently pretend it’s ill-thought out “populism”? Maybe re-nationalisation, higher tax/GDP, re-distribution, re-regulation are in fact popular after all.

        Per above. They are popular in polling, and supposedly in talking, but that never seems to translate through to the voting booth. Some 2/3 of the population vote first and foremost for Labor or the Coalition.

        From where I stand the social democratic parties in Australia are SAP and the Greens. The former are basically unknown and the latter have been stuck at ca. 10% of the vote for a decade+ and generally experience most of their publicity being criticised for being “loony”.

        Which makes for an interesting contradiction. Allegedly, the majority wants the things that a centre-left party like the Greens want to deliver, but publicly, nobody is prepared to follow through on that desire and instead keep going back to the old parties that abuse them time and time again. My own personal anecdote of this is my parents, who in private conversation claim to be in favour of all the social democratic goodness like strong public schools, public healthcare, taxing the wealthy, job security, etc, but have spent their entire lives voting Liberal and basically get their opinions from The Australian. It boggles my mind every time.

        As I have said before, until the People decide that “political correctness” is less of a threat to them than being unemployed, sick, and living on the streets, nothing will change. Unsurprisingly, the people pushing “political correctness” as the biggest threat to society are the ones busily raping it.

      • @drsmithy….

        Eight People Sipping Wine In Kettering. The final section takes us full throttle into the universe of politics. During the 1990s, in a desperate measure to regain the White House, the Democratic Party enlisted the assistance of Matthew Freud, a public relations expert and the great-grandson of Sigmund. With a determined reliance on focus groups, the party recalibrated their campaigns to fulfill the innermost desires of the American people. Shortly thereafter, Bill Clinton became the 42nd President of the United States.

        Whether these tactics were employed for reasons of nobility or perversion is for viewers to decide. Regardless, The Century of the Self unlocks many essential human truths; chiefly, our vulnerability to influence and our need to be controlled.

        http://topdocumentaryfilms.com/the-century-of-the-self/

      • Two reasons for that:
        1. Inertia
        2. Under the majority preferential system you can’t currently vote for a genuine social democratic government. If there was PR in the House, there would be a real option to elect a social democratic coalition government made up of smaller parties. This would weaken the electoral power of the two neoliberal parties.

      • Meaning the two major parties maintain loyalty by being the default parties of government due to voting system.

      • drsmithyMEMBER

        Under the majority preferential system you can’t currently vote for a genuine social democratic government. If there was PR in the House, there would be a real option to elect a social democratic coalition government made up of smaller parties. This would weaken the electoral power of the two neoliberal parties.

        Well, maybe – look at the Senate…

      • The electoral power of the 2 party duopoly (including running candidates in the Senate) is derived from being a default party of government.

      • Also the look of the Senate has obviously changed noticeably in the past couple of years. And the electorate is only just waking from a 35 yr coma, a bit delirious. Thus Palmer, one nation etc. it will wash through.

      • Agree Sweeper….

        Given enough time and information the electorate can rise to the occasion, that’s the great thing about democracy.

        disheveled…. granted washing off the Bernays sauce is a long shower….

      • skippy,

        “….Upon a second reading I hope the friction_between us_is oo7 and myself is not confused….”

        LOL

        “…This would mean dropping all the current fads/distractions: MMT, …..”

        Sweeper is talking about you there. Sweeper doesn’t usually like to labour the point but he has little time for your MMT diversions. Which just goes to show that disagreeing with me doesn’t make you right….snort. If it soothes you at all I think MMT is a lot better than Sweeper suggests but what would I know!

        Sweeper?

        “..State socialism means a Stalinist economy…”

        Where is the love ? I offered you Swedish hot tubs or English spotted dick and you go all red square?

        I would go for either over what we have on offer these days but then you know that because I always say if all we can get is a tightly regulated private bank credit creation as public money like we had for a couple of years after WW2 then I will take it. But then we might need to look to Germany and Japan for clues on how to really regulate banking in the national interest.

        Though as you know being a ‘radical’ reformer I will not be happy till their ‘regulated’ credit creation is regulated right out of existence.

        Why?

        Because the public sector can do a much better job of creating public money and progressive taxation. You know that tax the rich stuff that you think you have a monopoly on.

        Though watch what you say about progressive taxation as Skippy went all republican earlier ….quoting Goldman Sachs and all.

        🙂

      • oo7…

        You can’t or won’t defend your austrian axioms and then have the preciosity to go all R. Musgrave on it all… and where did Ralph get most of his monetary chops from – ????? – MMT.

        Skippy…. don’t be a dick oo7….

        PS. same reply to mav is applicable oo7… deal with the context and not the broad brush treatment noob.

      • BTW its confusing talking to someone that is channeling their dog from inside a glass house or what ever that means….

      • Skippy,

        Sweeper has the problem with MMT not me.

        As I keep saying, but you choose to ignore because it does not work with your Milton mania, MMT does a superb job of illustrating how our monetary system operates and by doing so makes the case for fundamental reform.

        I appreciate that you and some other MMT enthusiasts reckon you can bend the dysfunctional private bank asset pumping dominated system back into shape and make it behave but you never make much effort to explain how. Oh that is right MMT is just an operational description ……….

        You could start a blog and explain ! Everyone is doing it.

        “The Top Paddock” is probably free as a name – but move quickly!

        Most of the time you seem determined to argue that reform is impossible…..why? cause……Bernays.

      • Sweeper,

        No I didn’t, I made it quite clear what I was talking about. Sweden or Post WW2 Great Britain ( as the worst case)

        You took the jet ski Fonzi style ….unless of course you think both of those examples are Stalinist.

      • oo7…

        Sweeper is pro social democracy, you are not, when Sweeper wants to discuss monetary reality we can have that discussion – debate.

        Look oo7 you don’t have much information or perspective to offer outside a very narrow topic or view on the whole enchilada, it borders on a fixation, something people like Black call theoclassical economics, you know one of Hudson’s camp.

        Disheveled… I agree with Sweepers perspective wrt your red baiting and inaccurate portrayal just to advance your ideological perspective regardless of the well worn territory which quantifies such categories in sociopolitical discussions.

        PS having read the reply to Sweeper I can only say you said socialist in the national ownership of production and your back peddling about EU variants is not applicable,

      • And now you change the topic to MMT
        state socialism means a centrally planned economy where the state controls the means of production. Taxation would be an irrelevant topic in that context.
        I have never read anyone describe post-war Britain or Sweden as examples of state socialism.
        Then you brought up centralisation. How is that relevant?
        It seemed like red baiting to me. Something which 3d may once have pulled from his bag of tricks.
        But I will give the benefit of the doubt.

      • Sweeper,

        You brought up MMT not me.

        You called it a fad and a distraction.

        What did you mean by that? Tread carefully as Skippy will be watching.

        Red baiting? Give me a break.

        When skippy is not calling me a Friedman fan he claims I am pushing for Stalin. Skippy’s standard ploy is to call centrists he does not agree with either a left wing or right wing extremists or both. You can do better than that.

        I know you and Skippy don’t really like to spell out what you are promoting ( don’t be shy – you came close above) but claiming to be for “social democracy” must actually mean something but BOTH of you now deny it could be the Swedish model (pre 1990s) OR Post War II Great Britain.

        So what are you talking about?

        What does your “social democracy” look like.

        Back to Menzies, back to Chifley, back to Whitlam, back to Fraser?

        Note I am talking to you here as I doubt Skippy even knows who they were.

      • SweeperMEMBER

        I would happily go back to Atlee/Bevan, Chifley, Menzies would also be a huge improvent, Fraser would also be an improvement. Could take or leave Whitlam; too much whiff of fake politics, no economic program, no owning the economic program. I have never tried to hide this.

      • drsmithyMEMBER

        Also the look of the Senate has obviously changed noticeably in the past couple of years.

        To be fair, that’s mostly the result of the DD and half-quotas. 2013 still saw a primary vote of ~67% to the majors.

        Also, the party suddenly shooting to prominence from that – One Nation – is hardly “social democratic”. It’s conservative white nationalism wearing an increasingly withered figleaf of environmentalism, surrounded by conspiracy theorists. You won’t see them disagree with the Coalition very often, especially when they’re not using that disagreement as leverage.

      • oo7….

        Too MMT or not too MMT…. I only acknowledge its state, as well, as the historical backdrop which provides the evidence to support its state and how that squares with how the currant operatives both political and ideological use it. I do not have a intrinsic belief about any of it, facts speak for themselves. As such the line about sweeper watching out is again rhetorical device that has zero gravitas.

        I point out your embracing certain beliefs held by Friedman and posse, not that you are a full fledged member of the Chicago school, tho some times I do wonder. As far as you calling yourself a centrist I guess that depends on the specific sociopolitical time line your referring too, post WWII to this point in time would be Eisenhower. Everything after that has been a relentless ratchet effect drive to the far right e.g. neoliberalism – is – a far right ideological economic totalitarian template.

        I also understand the historical back drop of the last 200 years [prefer the advent of AG as a starting base line, but its a bit much for others] at a Hudson like level [tho some stuff is not spoken in polite company]. This is also fleshed out by my own experience in both the workings and social goings on of the wealthy and powerful.

        “So what are you talking about?

        What does your “social democracy” look like.

        Back to Menzies, back to Chifley, back to Whitlam, back to Fraser?

        Note I am talking to you here as I doubt Skippy even knows who they were.”

        Firstly I know who they are and what was going on during their life times, so now its about what is a “social democracy look like’. Wellie its pretty self explanatory by definition, but sorry I don’t have a time machine to travel too some possible future that has a social democracy and send pack a post card. Nor do I think referring to a past time line as a reference point is a reasonable methodology of establishing how to proceed forward. Too many changes from just an ecological stand point and not to mention AGW, let alone how markets are so intertwined.

        Per EP’s response to myself below thread I would only state that oo7 and myself are in disagreement from a fundamental aspect of what human beings are and from that prospective, how one describes what they do, and why. oo7 camp is trapped in antiquity and largely driven by esoterica, where my stance is open to new information and the reconciliation of updated old information about our species and its activities.

        I’ll say it again oo7 you really don’t want to keep pushing the rhetorical device game with me, because if you do have a broader knowlage base, than just pushing your preferred money crank agenda and limit it because it might open your arguments up for deeper introspection, I won’t be kind.

        Disheveled…. I will be quite clear here that neoclassical is just AET with some woeful bad maths and physics used in a poor attempt to obfuscate the core axioms and priori used to justify their favored sociopolitical template, the one the elites payed them to write imo.

  8. I’ve found it.
    The perfect soundtrack to every nonsense article that the youth of today are good for nothings that deserve every bit of government mandated oppression that comes their way.
    A track that sounds like Phil Spector writing stadium pop.
    Here is Johnny Boy’s ‘You AreThe Generation That Bought More Shoes and You Get What You Deserve’.

    https://youtu.be/dtRWYEemSlY

    (Play it with the volume turned to 11!)

    • wasabinatorMEMBER

      No way will the 0.5% “price crash” of last week be repeated. It was a blip. In fact, THAT was the crash! Now it’s another 5 years of unabated hyperinflation ahead.

      The difference in prices between those two units was no doubt the level of desperation behind the particular laundering operation.

      • You have great wisdom, wasabi. Know the power of the Moron Side. The power to save your portfolio….

      • Nah mate, MB’s commentariat told me at the start of the year that we would see the top by mid-March as those chinese capital controls came in. I was assured of this.

      • @tony – I think the point made by myself and a couple of others on the Chinese crackdown is it will limit the outflows at the lower end of the market (ie in the OTP area). The failure to enact the extradition treaty will have an impact on the higher end, possibly with more money moving into this market as the risks have disappeared there. But the biggest impact of the changes will be exposing the run-ups for what they really are – a local effect brought on by poor government policy combined with ultra-easy credit and extremely low interest rates into which a momentum trading herd was introduced (foreign buyers).

  9. ErmingtonPlumbingMEMBER

    Without a “retaking” of the “left wing parties”,.. by working people, I just don’t see how equitable outcomes can be achieved in our societies.
    The goal should not be to produce some kind of bullshit workers paradise or utopia, but rather to just attempt to deliver some kind of balance to our Democratic and Economic system.

    From above links.
    https://theconversation.com/the-labour-party-must-embrace-a-hard-socialist-brexit-to-stand-a-chance-of-winning-the-general-election-76479

    From another article,

    Left’s case for Brexit
    The left’s case against the EU was frequently articulated by Tony Benn, a Labour minister in the 1960s and 1970s. At an Oxford Union debate in 2013, a year before he died, Benn observed:
    The way that Europe has developed is that the bankers and multi-national corporations have got very powerful positions and, if you come in on their terms, they will tell you what you can and can’t do – and that is unacceptable.
    My view about the European Union has always been, not that I am hostile to foreigners but that I’m in favour of democracy. … I think they are building an empire there.
    Nearly 40 years earlier, in 1975, during a similar referendum on leaving what was then called the EEC, Benn pointed out that what was at stake was Britain’s parliamentary democracy. It alone “offered us the prospect of peaceful change; reduced the risk of civil strife; and bound us together by creating a national framework of consent for all the laws under which we were governed.”
    His warning about “civil strife” now sounds eerily prophetic: the referendum campaign descended into the ugliest public political feuding in living memory.
    For Bennites and the progressive left, internationalism is a vital component of the collective struggle for the rights of workers and the poor. The stronger workers are everywhere, they less easily they can be exploited by the rich through divide-and-rule policies.
    Globalisation, on the other hand, is premised on a different and very narrow kind of internationalism: one that protects the rights of the super-rich to drive down wages and workers’ rights by demanding the free movement of labor, while giving this economic elite the freedom to hide away their own profits in remote tax-havens.
    Globalisation, in other words, switched the battlefield of the class struggle from the nation state to the whole globe. It allowed the trans-national economic elite to stride the world taking advantage of every loophole they could find in the weakest nations’ laws and forcing other nations to follow suit. Meanwhile, the working and middle classes found themselves defenseless, largely trapped in their national and regional ghettoes, and turned against each other in a global free market.
    Corbyn played safe
    Corbyn could not say any of this because the Labour parliamentary party is still stuffed with Blairites who fervently support the EU and are desperate to oust him. Had he come out for Brexit, they would have had the perfect excuse to launch a coup. (Now, paradoxically, the Blairites have found a pretext to stab him in the back over the Remain camp’s failure.)
    Instead Corbyn headed for what he thought would be the safe, middle ground: the UK must stay in the EU but try to reform it from within.
    That was a doubly tragic mistake.
    First, it meant there was no prominent figure making a progressive case for Brexit. Many ordinary voters know deep in their hearts that there is something profoundly wrong with the neoliberal consensus and global economic order, but it has been left to the far right to offer them a lens through which to interpret their lived experience. By stepping aside, Corbyn and the real left allowed Johnson and Farage to forge the little Englander case for Brexit unchallenged.
    Second, voters are ever more distrustful of politicians. Cameron and Corbyn’s failure to be candid about their views on Europe only underscored the reasons to assume the worst about the political class. In a choice between the uncomfortable and perfunctory posturing of the Remain leaders and the passionate conviction of Johnson and Farage, people preferred fervour.
    Compromised politics
    This is a much wider phenomenon. Corbyn’s appeasement of the Blairites is another example of the deeply tainted, lesser-evilism politics that requires Bernie Sanders to tell his supporters to vote for Hillary Clinton, warmonger-in-chief to the military-industrial complex, to stop a loud-mouth billionaire thug, Donald Trump.
    Increasingly, people are sick of these endless compromises that perpetuate and intensify, rather than end, inequality and injustice. They simply don’t know what levers are left to them to change the ugly reality in front of them.
    The result is an increasingly febrile and polarised politics. Outcomes are much less certain, whether it is Corbyn becoming Labour leader, Sanders chasing Clinton all the way to the Democratic convention, or Trump being on the cusp of becoming US president.
    The old order is breaking down because it is so thoroughly discredited, and those who run it – a political and economic elite – are distrusted and despised like never before. The EU is very much part of the old order.

    http://jfjfp.com/?p=84387

    If your sick of “The lefts” vacuous obsession with Virtue signaling Identity politics or pissed off at their Leaders and Apparichiks aquiesence to the Neoliberal consensus,….then I implore you to join the Labor Party and take the fucking thing over!
    Help put them back on track.
    There is not that many of them running the show,…it wouldn’t take that many, to stear them back in the right direction.

    Come on its time to join up!

    https://membership.nswlabor.org.au/Join/form

    Come on, do it for Thomas.

    https://youtu.be/38JNg210L24

    Or Michael

    https://youtu.be/mH8FWrbzxEs

    Or just simply for the survival of those you love.

    https://youtu.be/ljaXy1t0I44

    We gota keep that instutional power in check,…regardless of its stripe.
    Time to step up boys,..and gals.

  10. These fuckwits are a bigger threat to Australia than North Korea could ever hope to be!

    “Cory Bernardi warns against power of government at Friedman Liberty Conference”

    Senator Cory Bernardi, the Liberal Party defector who founded the Australian Conservatives, has told a Trump-tinged political conference in Sydney that conservatives and libertarians are united in an ongoing moral battle against the federal government, which he said was the most pressing danger to the freedom of Australians.

    http://www.smh.com.au/federal-politics/political-news/cory-bernardi-warns-against-power-of-government-at-friedman-liberty-conference-20170429-gvvf6z.html

    • ErmingtonPlumbingMEMBER

      Hello,

      Please allow me to introduce myself.
      My name is Cory and I am a Federal politician from Adelaide and I am a conservative. As you can see from this picture, I am reading a book.
      This is not just any old book.
      Neither is it a book written by liberal do-gooders or left-wing terrorists or Islamist Muslims. In fact, it is my book that I have just had published and contains lots of thoughts I have, which are all conservative thoughts.
      Most of my thoughts are about things that the political left would rather I didn’t think about. This is one of the reasons why the left hate me so much.
      For example, in my book I write about a thought I once had in which I thought through something that made perfect sense. As a matter of fact, it was pure common sense.
      Common sense is a corner-stone of conservative thinking — which is exactly why the political left hate conservatives such as myself.
      In England, the conservative government of the day invented the ‘House of Commons’, where only common sense was allowed. An architect, Sir Christopher Wren, designed the ‘Houses of Parliament’ to go with the ‘Commons’.
      This is why the political left hate people such as myself.
      I am so passionate about common sense I have created a movement which I urge you to donate large amounts of cash. It is called the Campaign for Common Sense and its purpose is to propagate the use of common sense and to promote healthy life-styles based around the ideals of common sense in a conservative world.
      The more you donate the more the political left will hate me (and you).
      My aim in life is to defend all those important things that made our great nation of ours so great — normal families that don’t have any homosexuals or communists, economic freedom from world-wide jewry, and traditional values that the lefties want to dismantle and replace with a communistic state that uses brainwashing as a tool for recruiting new members and promoting fornication and abortions.

      Common sense and banning fluoride from our water supplies will ultimately defeat the political left. That’s why they hate me so much.
      Common sense made me what I am today and it is also is why I am the founder and chairman of the Conservative Leadership Foundation. The CLF is non-secular and not politically aligned; however, to join us it is advisable that you are over 18, a conservative, despise the political left and generally dislike non-whites no matter what their colour, creed or religion.
      One last point to consider: if God had intended us to fornicate he would have made us fornicators.
      I am not a fornicator and neither is my good friend Dr Wim Wenders from the ‘Aryan Truncheon’ movement of Holland. I mention this because Wim and I share many common sense ideas: interracial-marriage should be outlawed for non-whites and non-christians; jewish people should be allowed only $50 cash on their person at any one time, and single parents should be chemically castrated at birth — theirs, not their children.
      Although, come to think of it ….
      Wim and I also share a passion for healthy living through physical exercise and clean thoughts.
      Here is a photograph of me with a six pack and a healthy posture that all Christians should aspire to:

      Notice, also, that I am facing the right.
      All good people (no matter what the shade of white they are) should be facing the right — it’s the common sense thing to do!
      Thank you and good night.
      Cory

      • I would never have expected Cory Bernardi and Nick Cave to have a friend in common but there’s nowt so queer as folk, I suppose (but definitely no queer folk).

    • ErmingtonPlumbingMEMBER

      “Madame Butterfly?”,…Surley not a reference to a larger than usual or protruding Labia minora?
      Those proffessional swimming costumes are very thin I suppose.

      • Ermo,

        Did you buy an oyster lease recently and have gobbling the stock? When Skippy and I cause your mind to wander to the Southern Hemisphere and our issues make you think about tissues it is time to take stock. And not the oysters!

      • Cue “Laying Pipe” — Pornosonic.

        Also, Ermo, you owe me a good coffee, you dirty pipe laying bastard! The original one went out my nose and all over the coffee table.

        @Haroldus: come on man. After that post of yours about the weekend DIY cowboy flipper filled with (well deserved invectives), you’re being unnecessarily prude… ?

    • Art Deco? It looks like a ’60’s housing commission block of flats I lived next to a long time back. If only those folks had known what stylish digs they were living in!

    • It’s hideous, lol… This country has absolutely lost it’s mind with regard to property. Absolutely. It’s a bigger threat to it’s survival than anything North Korea holds.

    • For real? Damn, I had the feeling that eventually a day would come when a single Sydney house fetches a price tag higher than the whole of SLX, but not this soon….

    • Yep absolutely crazy. Can’t believe the stupidity.

      No way should this listing have gone for anything less than 95 mill.

      Someone has a lot of explaining to do to their clients.

    • Mining BoganMEMBER

      Geez, who has the energy for that? Full time job just juggling things.

      Hey wait! A strong commitment to delusional fantasy. Had to speak to Swan. His first name isn’t Kevin by any chance?

    • Well, to be fair, fake everything is now pretty much embraced by most Australians. That woman works for Good Weekend as a writer who produces glossy fantasies of how great everything is. She got a fake relationship that was effectively exactly the same as the syrupy tales of luxurious weekenders in the treetops her readers lap up.

      Part of the problem is that we have been so conditioned to media bullshit that hardly anyone can spot a fake anymore. That photo of the bogged 4wd and the caption “My day’ and “shower time” should have set of the BS detector. Blokes with 4wds – people in the bush – don’t talk like that. Played like a fiddle she was. Still, she probably had quite a good time, and the guy isn’t doing too badly either. No mortgage, no nine-to-five – he doesn’t care. And he has several attractive women on the go! A conman living the high life, on the edge of the law, exploiting the gullible and the foolish. Almost like a Real Estate agent.

      Of course, there is always the possibility that Stephanie Wood actually made all this up. It does seem a little too good to be true as far as con jobs go. See? Everything is fake, including possibly, stories about fakes.

      • Good points. I’m not really a fan of people who lie, but wasn’t overly sympathetic to her either to be frank as the whole undertone was ‘I thought he owned Sydney property, therefore I was going to be set for my twilight years’. The cheating seemed to be an aside. I do feel sorry for his kids. Anyway makes me glad to be living a comparatively boring life.

      • I am curious. In the article one of her colleagues suggested google stalking him and she said no. Woman (IMHO) don’t work like that – they would have been all over it – or at least the friend would have done it. My guess is that the story may have started out based on facts but then got spun into a perfect Good Weekend yarn. But, hey, I am a cynic.

      • Bit harsh. Any encounter with a polished narcissist shows the same patterns and she had emotional ‘sunk capital’ in the person, unlike you, reading it disinterestedly.

    • No extradition treaty?
      https://goo.gl/6pGB4C
      I dare say that’s the last anyone here will see of her.
      I wish I could have the luxury of two passports, one passport from a country which is difficult to get extradited from for bankruptcy or financial crimes such as loan fraud

    • It’s in QLD? Underquoting?

      I dunno the market is odd at the moment, people want to get out as fast as people want to get in. 😀

    • Aaaah, Kenmore… I know that area… looks like it’s close to the main thoroughfare. Very noisy area that roundabout. Also behind the Kenmore village Shopping Centre.

      One question though, where are the obligatory “pictures out the window” and “pictures of the place from outside”? Kinda makes you go “Hmmmmmm!”

    • Yeah, this one has dodgy written all over it. Check it out on google maps – it appears to be a tiny strip of land that follows the road. Maximum width is 25m from the actual edge of the road. Definitely a weird block. Also, too many photos in the ad, and they have had a furniture stylist in there. That usually means the view from the windows has been photoshopped as well.

      Very dodgy!

      • drsmithyMEMBER

        I know the area pretty well, it won’t be that kind of dodgy.

        What I’m pretty sure has happened is the original big block was probably 1 Bielby Rd, and was battleaxed into the two smaller ones at the front, which became 1 and 1A Bielby Rd, with the larger block that remained renumbered 41 Cedarleigh Rd (look at street view to see where the driveway comes out – the new property boundaries aren’t in Google maps).

        Per Ino above, I suspect most of that big block isn’t usable, either steeply sloping or bushland you aren’t allowed to touch, so while it’s ~3,600m^2 on paper, in reality it’s maybe 800m^2 actually usable. Or the real views out the windows and off the deck are into someone else’s living room, thus defeating the purpose of having a big block.

        Anyway, we’re going to try and have a look before the open house on Saturday since it’s potentially just what we’re after and we missed out on the last one by waiting a few days.

  11. Lately, there seems to have been a lot of talk on MB about the imminent bursting of the bubble, but nobody else, at least in Melbourne seems to have any inkling of any such ideas:
    https://www.domain.com.au/news/unliveable-newport-dump-sells-for-more-than-1-million-at-auction-20170429-gvv9e8/
    ‘When the price inevitably edged to a seven-digit figure, Mr Fitzpatrick told the crowd that $1 million used to be a lot of money, but was now within the “domain of first-home buyers”.’

    So $1 million seems to be now the starter price.

    • innocent bystanderMEMBER

      nor in lots of parts of Perth it seems.
      was at a Home Open yesterday and agent said market was quite schizoid. Stuff selling for good money to cash buyers (my obs too). Other stuff not selling at all. Obviously some think it is the bottom of the market here in Perth.

      • From my experience in the stock market, a global bottom (as opposed to temporary local minima) in a stock is characterized by a prolong period of inaction – i.e., stable prices with very low volumes over many months. I am not saying the same will hold for the real estate market, but something to keep in mind.

        Actually, I have been waiting for the hard-core bears on the MB site to capitulate en masse – which would be a good sign that the bottom is in. Hasn’t happened, unfortunately.

    • Prospective buyers and neighbours covered their noses with their scarves and hands to avoid a waft of the foul stench that filled this unliveable — but heritage protected — Newport house.

      After paying that much for such a dump, I wonder if it might accidentally catch on fire?

      When a man opened the bidding in Newport at $700,000, Jas Stephens auctioneer Terry Fitzpatrick told him he was “two years too late”.

      Dead set wanker…. I so can’t wait for a vendor bid on $1M in a couple of years and to yell out, mate you’re a couple of years too late!

      When the price inevitably edged to a seven-digit figure, Mr Fitzpatrick told the crowd that $1 million used to be a lot of money, but was now within the “domain of first-home buyers”.

      He’s right it used to be a lot of money, and it still is. :D. I don’t know many first home buyers with $200k deposits and who can afford to spend $50k p/year in Interest Payments alone. Do you?

      A few bids later, a young girl on her bicycle exclaimed “$1,005,000!”, as if she, too, acknowledged that it was a lot of money.

      The young girl was like “are these people absolutely bat shit insane?”.

      Can someone put a fork in this madness already? FFS. It’s beyond silly now…

  12. Ray Hadley pulls the plug on Dyldam.
    This Sydney developer has been on the nose for years. The only thing that matters for a property developer is to keep paying the banks who in turn will finance the next project, next on the list for payment would be key suppliers like concrete and reo. Everyone else like smaller subbies can get stuffed.
    http://www.smh.com.au/nsw/ray-hadley-axes-major-sponsor-dyldam-after-subcontractors-complain-about-companys-collapse-20170428-gvus62.html

  13. I’ve got a question for all the Real Estate bears that hang around this site.
    Given that democracy is fundamentally a process through which the majority figures out what’s best for themselves (the majority) how do the “Don’t Buy Now” (minority) crowd expect to ever be rewarded for their patience?
    In any logical majority controlled system the Minority will get F’ed on the way up AND F’ed again on the way down. There’s no intent or malice here it’s just the way of the world, some might say the Herd protecting itself.

    So I’ll put the question simply: Under what circumstances will you profit from waiting to buy?
    Please keep in mind the nature of lending institutions and the decisions they will make to reduce their exposure to a particular asset class if the market enters a significant down swing.

    • Under what circumstances will you profit from waiting to buy?

      Profit? Really none. What you will do is avoid the losses that others will suffer. Go and re-read the recent ABC coverage on the punters in Perth who are struggling post mining boom with slashed earnings and multiple IP’s being sold out from under them by the banks. The feeling of relief you get not being in their shoes is the only reward on offer.

      • Actually, one could profit handsomely from mobilizing one’s idle capital to blue chip shares and/or shorting the likes of Home Capital group.

      • Silly me, I’d forgotten that the Majority of Aussie live in Perth, or maybe it’s those Perth buyers (investors) who forgot to always go with the majority.

      • Perth is different. Perth relies on real industries for its prosperity. Sydney and melbourne rely on screwing the rest of Australia. Syd/Melb/Canberra axis will ALWAYS be the winners!

      • Sorry to disagree flawse, but Perth is just another population Ponzi like the other capitals. Just because it has temporarly served as a residence for many workers in the recent mining boom expansion doesn’t mean much at all. Many who helped build the mines and associated infrastructure are going back home to Sydney, Melbourne, Adelaide and Brisbane, and taking their money with them, which is why Perth is feeling a deflated. The only essential difference between these ponzis is their size, and the location of the FIRE businesses within. Melbourne actually still produces a hell of a lot more real stuff than Perth (for now!) but of course is over double the population. Best way to think about it is to forget the state borders. The thing about all these ponzis is they tend to concerntrate the national wealth abd economic activity and there is a hierarchy of concentration that becomes accentuated with time, which makes a total monkey of those idiots who think you can decentralise the Ponzi without killing it. When China Bob was talking about his “housing Australia dollar” he should have been speaking about the housing Sydney dollar, because its the safest housing “currency”. But just aggregate them all in your mind and forget the state borders, there all representative of the same FIRE disease.

      • Perth produces squat diddly on its own behalf, and unlike Victoria’s agricultural produce and what’s left of it’s manufacturing,which do largely go out via the Port of Melbourne the mineral wealth of WA goes out via Hedland and Dampier, so it’s not even useful for that.

    • You have great wisdom, Smart….. you do not yet realize your importance. You have only begun to discover your power. Join me, and I will complete your training. With our combined strength, we can end this destructive conflict on the MB site and bring order to the market.

      Patience, my friend. In time, the bears will seek *you* out, and when they do, you must bring them before me. They have grown strong. Only together can we turn them to the Moron Side of the Force.

    • Baruch Spinoza

      Smart – due to the length, breadth, and depth of the bubble, with the almost hyperbolic shouts of nepotism and bubble – there will be no bail out. Its literally impossible. Will not happen – that is purely your wishful thinking.

      Further, there will be no bail out, simply because the sheer scale of the problem is far too big – it would indebt the entire nation ten times more than anything which has occurred in Greece, Spain or the United States. The mere thought of it is ludicrous.

      Banks will absolutely lend in the downturn – our economy depends on it, it simply would not function without it – so if the bansk are refusing to lend then the government will simply step in and start lending – so the idea that there will not be any lending is fanciful, risible shit. They just WONT lend on speculative mortgages. They wont lend on poor valuations – which will simply drive prices down further. When a government lender says to a prospective buyer who is asking for $500k for their previously purchased $million home, tell them you will offer them $200k. When the seller realises this is the government lending and the governments evaluation they will no choice but to sell and their bank will take their hair cut.

      So what will happen ? How will I profit ? Most people who have bought in the last ten years- at least – and still hold their debt are going to be in financial trouble. Million dollar homes in Melbourne are probably worth little more than a couple of hundred grand – if that. And the “overshoot” will make things worse.

      There will be no rebound, there will be no resuge, and there will be no new bubble. Prices will simply stagnate for years like they always have, if not go backwards. So I will profit by not having paid a million dollars for a home worth $200k.

      The maths are that simple – right there is my profit – I will not be in debt for the rest of my life – like most people who have bought in the last decade will be – if they can even keep their homes – and most wont be able to. They will owe a debt till they die, on a house they will never own or even live in.

      Its a pretty bloody simple equation once you understand the reality, truth and maths of the situation.

      People like you just believe real estate is this magical wealth machine and fail to comprehend just how staggering the bill is. There is ALWAYS a bill – always.

      The cost of our “real estate wealth” stands at well over $1 trillion dollars. And as SOON as there is any price correction we will have to pay that back with a crashing currency, exploding interest rates and a devastated employment rate – all operating in a positive feed back loop escalating the carnage further blowing out that trillion.

      Its sheer lunacy to think otherwise – and yet people like yourself think you have it all sorted – you have literally – no idea what is happening, and what is coming down the pipeline.

      .

      • I don’t fundamentally disagree with you Baruch. However my bet will be they are going to print…wildly!!!! By ‘they’ I mean the Fed, BOE, ECB RBA etc. Possibly today’s nominal prices may look cheap in the years to come. I feel you are presuming the Central bankers will try to do the right thing at some stage. My 50 years of watching and studying these morons tells me you are wrong…then again…place your bets!

      • @Flawse

        But how are they going to put that money in circulation? Wages aren’t moving anywhere as long as the unemployment/underemployment is what it is… And what exactly industries do we still have – that are of any relevance whatsoever?!

        If they’re going to print and give it to the banks (i.e. a la Europe/US) that’s going to work just like it did in the other places… that is – not at all!

        Sooo…. How? You can’t inflate your way out of this morass! The supports are simply not there anymore! You can’t give it to the people – $900 in your bank account, as that will do nothing to the prices; you can’t give it to the banks because no one else will see it ever again… so how?

        Not trying to be difficult – just wondering sincerely how…

    • “Under what circumstances will you profit from waiting to buy?”

      Are you a Ferengi?

      • Bloody Star Trek nerds haha. My mum and step dad watched Star Trek for years. So it’s rubbed off on me. I was just watching a video on Youtube yesterday of 7 of 9. 1 comment on the video was like 7 of 9? More like 10 out of 10. haha. As a 16/17 year old boy Jeri Ryan was on my bucket list.

    • The lesson from the last election was that the majority don’t want a housing bubble. The bears have numbers on their side.
      The maths are very simple. Roughly 1/3 rent, 1/3 owner occupy, 1/3 are investors.
      The 1/3 renters are short housing; so obviously they want lower prices.
      The 1/3 speculators are long housing; so they want the bubble to continue
      The 1/3 owner occupiers are perfectly hedged. They have no position in housing as the PV of imputed rental income is always exactly equal to the PV of imputed rental expense.
      However the owner occupiers children are more likely to be in renter bracket, which creates a natural coalition between the 1/3 renters, 1/3 owner occupiers.
      And it is this 2/3 coalition which keeps appearing in the polls as against the housing bubble, wanting NG abolished etc. So the speculators better hope policy isn’t democratic.

      • An investor sometimes/often owns more than house, but a renter practically never rents more than one house. Indeed, sometimes renters share houses, so there’s presumably more renters than investors. For a while now, we’ve been technically at a point where there the investors have been out numbered, but we’ve only just got to the point where home ownership has fallen to such an extent that the fig leaf that policies to prop up home values are popular (one of 3d1k’s favourite trolling topics) no longer covers what it’s supposed to hide.

    • Given that democracy is fundamentally a process through which the majority figures out what’s best for themselves

      Well, according to the last HILDA report 2017 will be the year that home owners will be a minority of voters for the first time since the sixties, so according to your logic, this should be the year that democracy crushes house prices.

    • Sorry guys, I got a bit distracted Sunday afternoon when the replies came in.
      It was a lovely afternoon so I went Mountain Biking with my son, we started out on some easy climbs and decided to take on a Black Diamond run and to really go-for-it. It was a great idea until it wasn’t!
      It’ll be a while before we can try this run again.
      The part that pisses my wife off is that it’s always my son that ends up in the hospital even though I’m almost 60 and an old fart that’s way past my athletic peak, despite this I ride the downhills faster and take jumps harder….Personally I think we’re just breading a generation of softies they don’t have the reflexes and muscle memory to instinctively know what to do when they’re riding at the limit and shit happens.

      wit respect to the question: I fond the replies interesting although there does seem to be some denial built in to many of the replies, Something like I wont let myself be F’ed on the way down because that would be immoral…kinda like the way you didn’t let yourself get F’ed on the way up (would be my only reply). A Bitch is always a Bitch especially if she’s on her knees and praying for a different outcome.
      Sorry guys but that’;s how I see it.

    • Aw gee thanks Fairfax, mention it after it’s 10 years too late and after you vilified and dehumanised the hell out of anyone who was against it in the first place. I would agree with them on one thing, free market solutions are probably better than inane big government tinkering. Build to the moon. Good luck not going the way of channel 10 though.

    • I had an interesting chat the other week with a guy who just spent three years in China eyeballing potential high net worth visa purchasers. Lots of interest, but the numbers drop back when part of the deal is letting the Chinese government do an audit to see how they got their 5 million and what ever else they have tucked away.

    • If there is 1 thing a cockroach hates, it’s bright lights being shone on them. They will scurry and hide in the deepest darkest crevices and not come out until it’s dark again. Although these plutocrats love to flash their wealth and opulence in a semi-discreet manner… As soon as these misdeeds become public knowledge and interest the pressure will build. It must… I sincerely hope the populace demands change here, London, wherever. It must be stopped…

    • Another tax payer benefit for property investors while cutting education, what a country. Credit where it is due, that is the most sense I have heard from Sarah Hanson-Young.

      • Yep, for the first time ever, I agree with Sarah Hanson-Young: “We have to bring the pressure down, not just give people more money to go straight into the hands of property investors.”

      • one of the very few times I re-tweeted her tweet in support rather than as joke of the day.

    • I love the part where the state’s healthcare pension plan lent them $2 billion to stay afloat – total coincidence that the president and CEO of the pension is also a director of the bank.

      The free market!

    • Campervan’s still rolling out the ‘thousands of jobs’ lie while Labor can finally see the writing on the wall.

  14. The real face of the EU by AEP no less, a conservative insider, who espoused a lot of nonsense about Russia for years (probably regretting that now)… To paraphrase the famous dictum of Henry Ford, you can have any ideology you want in the eurozone, provided it is Right-wing. Scary what really happened with Greece, and why there can never be a deal with the EU on Brexit. Unsettling account that raises disturbing questions about Europe’s monetary union (http://www.telegraph.co.uk/business/2017/04/29/unsettling-account-raises-disturbing-questions-europes-monetary/).

    I cannot imagine a situation where a whole continent of developed Western countries forego basically all democratic rights – but this is basically what we now have. An EU parliament that is unable to initiate any piece of legislation – only vote on what is put in front of them by faceless grey men. And if they don’t vote the “right” way – threats of force are implemented, until you toe the line. You don’t vote in leaders, bureaucracy, legislation, ideas – basically anything… and yet the European youth embrace this as normal and befitting of a new generation???

    What the fuck did we fight the Second World War for???

    • “What the fuck did we fight the Second World War for???” – technically Germany was forced into a war. We went into the war in order to ensure the elites get their free money. But off course we thought we were fighting fascism or something..

    • Greece has not gone away, and will obviously implode. It is being asphyxiated, slowly. But Italy is the real debt time bomb that will blow up the euro with its coming elections – 5Star to win. I’m short the euro longer term, its the only option and the easiest trade I can imagine. As for France, I expect Macron, the child king (muppet) to win next week, but we’ll see Le Pen in 2022 (100%) as his presidency goes limper than Hollands. Galloway described him as a minor minister in the worst French Govt since WWII. The French will see this within weeks of his win.

    • haha this needs more promotion, every Chinese bought house in the Inner West should be reported.. Just because… I reckon 5/10 times it will be correct. 😀

    • ErmingtonPlumbingMEMBER

      You to Skip.

      I really enjoyed your banter with 007 and Sweper in this weekends links.
      Keep it up brother.

      What Sweper has to say and the positions he seems to take, really resonate with me,…as does with much of what you call out.
      But Im reserving my opinion on where I stand as to your and 007s, (to me) esoteric argument. Gota put the head down and read some hard texts and get my head around some economic and philosophical concepts I suppose.

      You both seem to want to advocate for something “better”,…gota be able to find some Solidarity there,.. eh?

      • To shorten the time and load just reconcile the core axioms and priori the Austrians and neoclassicals use to derive their opinions from.

        Disheveled… you can go check out the up thread again imo….

      • drsmithyMEMBER

        Skip’s argument is that it’s a tool-user problem, we need to create better people so they aren’t tempted to abuse the tools.

        PFH’s is that we can’t fix the people (some %age will always be psychopaths/useful idiots/ignorant/opportunistic) so we should try and improve the tools to make them harder to exploit.

        At least that’s what I’ve been able to divine. PFH’s position is obviously easier to understand because he goes to lengths to explain it in an easily digestible fashion.

      • drsmithy …..you have no idea about what your talking about…

        oo7 is forwarding a ridged ideological perspective of which his camp attempts to use money as a corner stone to force everyone to obey their dicta e.g. when Austrians talk about money you have to square that with their entire metaphysical framework. And as Sweeper notes its always the same old wine recanted into a new bottle – for sale.

        Yes it is a tool user problem because oo7 camps dicta ignores corruption, in fact, in his camps metaphysical view there is no such animal as corruption – fraud, because its natural ™ and whom wants to screw with dawgs gifts. This is compounded by all the social and individual psychology that completely refutes this perspective. Bill Black covers this quite well imo.

        Just the basics drsmithy…. AET and neoclassical don’t give a rats ass about distribution vectors and how that plays out in the “long run” where PK does use that information to discern how – society – is functioning in the “long run”.

        disheveled…. good grief dude you cant make objects moral or ethical and by that humans…. still bemused about your old pro Uber days…. the unpacking of that shite show must be a blow to your assumed views on how economic stuff works…

      • drsmithyMEMBER

        you have no idea about what your talking about…

        Now there’s some irony. Case in point:

        good grief dude you cant make objects moral or ethical and by that humans…. still bemused about your old pro Uber days…. the unpacking of that shite show must be a blow to your assumed views on how economic stuff works…

        I wasn’t “pro Uber”, I was “anti taxi monopolies”.

        Almost everything you accuse pfh007 of being, is not apparent from what he actually writes. And since you refuse to ever show your working…

      • I’ve unpacked most of this long ago and not compelled to do it ad infinitum, tax on my time, not to mention an old ploy by some to incessantly muddy the waters.

        “I wasn’t “pro Uber”, I was “anti taxi monopolies”.”

        I think the common thread was anti government cartels, but semantics eh.

        I also posted numerous links to retorts of AMI’s proposal, additional pointing out that it is a complete change in the monetary system, where MMT can do everything they – say – their proposal can, right now. Biggest whopper is how this proposal stops the corrupt from abusing the system anymore than the currant one.

        Dear dawg whom do you think let the corporatist off the leash, privatized the commons, enabled all the endemic corruption and fraud, ended the anti trust laws, all whilst receiving their funding from the very same sorts.

        disheveled…. smithy until you cant talk about the core axioms and the historical back drop to AET et al its not a granular perspective, – sounds right stuff – deductively arrived at aside.

      • @drsmithy….

        John Zelnicker
        May 1, 2017 at 3:33 pm

        @Kris Alman – Because it exposes the lie that the government “can’t afford” the programs and services that provide support for those in need; i.e., the Social Safety Net (as weak as it is in the US), and to promote the general welfare of the entire population of our country; e.g., by instituting Medicare-for-All.

        Once its value has been initially established by the sovereign by requiring this particular “money-thing” (dollars in the US, pounds in the UK) to be used to liquidate tax obligations, the tax system can be used to promote such things as tax fairness, e.g. eliminating FICA since it is not necessary to fund Social Security, and to severely tax high income and wealth so they can’t be used to distort and control our political system.

        Right now the vast majority of the tax code exists to reward certain activities and to hinder others. In the end, that’s really what all the deductions, credits, fees, etc., are about. Special interests have been successful in getting Congress to mold the tax code to their benefit.

        http://www.nakedcapitalism.com/2017/05/taxes-parable-turning-litter-money.html

        disheveled…. you don’t have a money problem, you have a bargaining – negotiation problem due to neoliberalism’s dominance since the 70s, infesting every public nook and cranny, to the point of writing laws for themselves.