Weekend Reading: 20-21 May 2017

Global Macro / Markets / Investing:

Americas:

Europe:

Asia:

Trans-Tasman:

 

Comments

    • GunnamattaMEMBER

      Kiss Me, I’m Shitfaced Dropkick Murphys
      https://youtu.be/7Yg8MuaWMT0

      Fields Of Athenry Dropkick Murphys
      https://youtu.be/9Hqy8n3BcqA

      The first time ever I saw your face Johnny Cash
      https://youtu.be/EdSIlVZhsDw

      Fairytale of New York Christy Moore
      https://youtu.be/BgqOJD9Smic

      Summer In Siam The Pogues
      https://youtu.be/66quTi26YLY

      The band played waltzing matilda The Pogues
      https://youtu.be/cZqN1glz4JY

      Knockbacks In Halifax Weddings Parties Anything
      https://youtu.be/oY_ro_ZYibw

      You can’t Fail me Now Joe Henry
      https://youtu.be/sQHUBkG2xgM

      Great Leap Forward Billy Bragg
      https://youtu.be/nZaYEniPaJg

      California Stars Wilco & Billy Bragg
      https://youtu.be/gxzMbAMO73k

      Nelson Mandela AKA The Specials
      https://youtu.be/AgcTvoWjZJU

      Take Me Home Country Roads Toots & The Maytals
      https://youtu.be/lQFKMar4x-w

      Man of Steel Frank Black
      https://youtu.be/rtVVMwUQaR0

      The Long Road Nusrat fateh ali Khan & Eddie Vedder
      https://youtu.be/-b33vOZKcS0

      Wings of an Eagle Russell Morris
      https://youtu.be/5AyFI3mKoQY

      It’s all over now baby blue Marianne Faithfull
      https://youtu.be/24m2vWTK-Rg

      • haroldusMEMBER

        “Nothing can cure the soul but the senses, just as nothing can cure the senses but the soul.”

        Oscar.

      • haroldusMEMBER

        For Gunna, and Ermo (looking at the lyrics….)

        It may have been Camelot for Jack and Jacqueline
        But on the Che Guevara highway filling up with gasoline
        Fidel Castro’s brother spies a rich lady who’s crying
        Over luxury’s disappointment
        So he walks over and he’s trying
        To sympathize with her but he thinks that he should warn her
        That the Third World is just around the corner
        In the Soviet Union a scientist is blinded
        By the resumption of nuclear testing and he is reminded
        That Dr. Robert Oppenheimer’s optimism fell
        At the first hurdle
        In the Cheese Pavilion and the only noise I hear
        Is the sound of someone stacking chairs
        And mopping up spilt beer
        And someone asking questions and basking in the light
        Of the fifteen fame filled minutes of the fanzine writer
        Mixing pop and politics he asks me what the use is
        I offer him embarrassment and my usual excuses
        While looking down the corridor
        Out to where the van is waiting
        I’m looking for the great leap forwards
        Jumble sales are organized
        And pamphlets have been posted
        Even after closing time there’s still parties to be hosted
        You can be active with the activists
        Or sleep in with the sleepers
        While you’re waiting for the great leap forwards
        One leap forward, two leaps back
        Will politics get me the sack?
        Here comes the future and you can’t run from it
        If you’ve got a blacklist I want to be on it
        It’s a mighty long way down rock ‘n roll
        From Top of the Pops to drawing the dole
        If no one seems to understand
        Start your own revolution and cut out the middleman
        In a perfect world we’d all sing in tune
        But this is reality so give me some room
        So join the struggle while you may
        The revolution is just a tee shirt away
        Waiting for the great leap forwards

      • footsoreMEMBER

        I don’t know if it is a popular opinion but I’d put Billy Bragg and Wilco’s collaboration above any of their solo work. Mermaid Avenue is one of those albums where everything just works. A bit like XTC’s work as the fake psychedelic rock band The Dukes of Stratosphear, it’s the outcome of group of talented people just having fun and doing what they do well.
        https://youtu.be/S0D9JyoccOo

      • GunnamattaMEMBER

        @ErmingtonPlumbing

        Cheers brother, compiled with a bottle and a half of Chilean Merlot while editing the podcast with Cameron, and waiting for things to load/normalise compress etc.

        @Footsore

        I thought Mermaid Avenue a magnificent album/CD but I reckon a load of other stuff they have done solo is every bit as good – particularly Billy B whom I have been following since the early 1980s when he played a gig in the rec hall at Deakin University Waurn Ponds (essentially just a shed in the middle of nowehere back then) circa 1983 and some guy who could play didgeridoo just jumped up on stage. Bragg wondered what on earth was going on, and I could see he was about to break off the song he was playing and was looking for security, but he sort of twigged quickly that the guy was just sitting n the stage cross legged and playing, so he kept going with didgeridoo accompaniment. And the next song and the rest of the gig. At the end of the night he asked the crowd for some applause for the guy who had played didgeridoo, and ended up taking him all around Australia on the tour (and making sure he got paid).

      • oliver47MEMBER

        Re- MB Radio: Game of Mates
        Pls provide a download link(s) for those of us w slow connection.

    • boomengineeringMEMBER

      haroldus, nothing can cure the soul but the senses.
      I often ed joked when my mate turned really old (he thought) at 40 , me saying he was getting old and I am getting younger and we would pass each other, him on the way up and me down in age.
      Well I had to have an aged eye sight test to pass my licence and I noticed my photo looked younger than my 10 year previous one. Is that possible or did I pass the test on false pretenses or was it the senses that cured all.

      • One of the few good things that accompany getting older is that your eyesight fails as well

  1. … When is HOUSING HOPE being restored to those living in Australia … as experienced by poor Italian immigrants Carmine (Charlie) and Concetta Picerno in the 1960’s ? …

    Housing affordability: Brisbane families share sacrifices they made to buy their first homes | Susan Johnson | The Courier-Mail

    http://www.couriermail.com.au/news/queensland/housing-affordability-brisbane-families-share-sacrifices-they-made-to-buy-their-first-homes/news-story/ac9b5053089e32fbbe4a9d3a2b116a34

    WHEN Italian migrant Carmine (Charlie) Picerno came to Brisbane in 1969 from a small farm outside Colliano, in the province of Salerno south of Naples, home ownership in Australia was still an achievable dream.

    Picerno, now 83, comes from a long line of agricultural workers and shepherds. His forebears lived off the land, growing their own food, sharing or bartering any excess with fellow farmers. But after the devastation of World War II, Picerno (who had been too young to fight himself) left Salerno ¬in the ’50s – like many other men – to earn money rebuilding a flattened Europe. He worked on projects in Germany and France, sending cash home to his wife Concetta. By 1969, they had a nine-year-old daughter, Maria, and a one-year old baby boy, Gerardo (Gerry), but Picerno hardly saw them. …

    … For an increasing number of Australians, the dream has turned into a nightmare. The typical Australian house now costs 5.6 times the median household income, meaning Australia is one of the world’s least affordable countries, according to a list put out annually by US urban policy consultancy Demographia. Prior to Australia’s property boom in the late 1980s, most Australian cities – including Brisbane – had house-price-to-income ratios of around three or less, which Demographia classes as “affordable”. … read more via hyperlink above …

      • You know that this is just a small part of the grand conspiracy to prop up the housing bubble.

        “When Monis walked into the Lindt cafe in December 2014, he was already on bail for a staggering 43 counts of sexual assault and for being an alleged accessory to murder. Some of those allegations stretched back to 2002, lodged by women he’d preyed on while running a so-called spiritual healing business. The murder charges had been hanging over his head since November 2013, when his then partner Amirah Droudis had been charged with savagely killing Monis’ former wife – a murder the trial judge later found Monis had instigated……

        His bail history was equally troubling. Three times he’d been granted bail in the year prior to the siege, despite police opposition.”

        Translation: We will keep releasing these animals to the streets so if you want to feel safe then pay through the nose for a dogbox in an expensive neighbourhood.

      • Here’s an idea. Want to stop refugees? Stop fucking creating them!!!

        Do you think fucking Iraqis, Syrians, afghanis wanted to leave their ancestral home and come to Australia? Same as the Vietnamese, Congolese, Tamils, Lebanese.

        Stop backing imperial overreach and wars of aggression and the wave of refugees will reverse. Simple as that.

        Goodness me, having to take a break from my morning coffee to type this shit to put these simple minded cunts in their place.

      • “Do you think fucking Iraqis, Syrians, afghanis wanted to leave their ancestral home and come to Australia? Same as the Vietnamese, Congolese, Tamils, Lebanese.”

        Yes, they do. Australia offers better resources and quality of life than their home countries ever have, long before “imperialism” became a factor. The various cults of the Middle East have been killing each other and pushing an ever-increasing population into a desolate wasteland since time immemorial.

        You think the Chinese want to leave their ancestral home and come to Australia? Of course they do. Why? Imperialism? Nope, try again.

      • ErmingtonPlumbingMEMBER

        “Stop backing imperial overreach and wars of aggression and the wave of refugees will reverse. Simple as that.”

        Who is this Imperial Overreach and aggression?

        Not me, or anyone I call friend.

        Your a believer in collective punishment, for the acts of others, are you ,Joel?

      • drsmithyMEMBER

        Problem lies at the source – allowing muslim migrants/refugees.

        Indeed. Consider, for example, other massacres by well known Muslim extremists like Martin Bryant and Julian Knight.

      • drsmithyMEMBER

        Who is this Imperial Overreach and aggression?

        Not me, or anyone I call friend.

        So you haven’t voted Labor in the last 25-odd years ? 😉

      • I know Joel. We should never have invaded Iran. Or Lebanon. Or Syria.
        As for Martin Bryant, Smithy erects another straw man which he beats to death. Well done, Smithy.

      • drsmithyMEMBER

        As for Martin Bryant, Smithy erects another straw man which he beats to death. Well done, Smithy.

        Like I said the other day. I don’t waste much time on reasoned rebuttals to unreasoned arguments.

      • ErmingtonPlumbingMEMBER

        “So you haven’t voted Labor in the last 25-odd years ? ”

        Well if the collective blame is so easily accorded Smithy, then the voters of the west had better demand that “WE” stop pulling our punches and Nuke the lot of them (these enemy’s we have made) whilst we still have the technological advantage and ability to do so.
        Seeing as the solution in your eyes is to sacrifice my childrens safety to appease your demands of collective guilt,…I say fuck you.

      • DarkMatterMEMBER

        “Indeed. Consider, for example, other massacres by well known Muslim extremists like Martin Bryant and Julian Knight.”

        Back to your old tricks with the strawpersons again. Martin Bryant and Julian Knight were mentally ill. Martin Bryant had the intellect of a 12 year old. That is very different to people being weaponised by a nasty brainwashing religion/ideology. You could perhaps argue that Man Monis was mentally ill and was similar to those two – I would not argue the point on that. However, the Massacres and bombings we have seen in Europe can’t be apologised away with that argument. These are organised groups that do the massacres. To get people to commit themselves to certain death requires the establishment of an irrational belief in martyrdom or eternal life (religion). Completely different kettle of fish from the criminally insane. Unless a religion can be criminally insane?!!

        Drsmithy, you really need to stop with these disingenuous and silly arguments. Most people here see through it and it is not clever.

      • drsmithyMEMBER

        Well if the collective blame is so easily accorded Smithy, then the voters of the west had better demand that “WE” stop pulling our punches and Nuke the lot of them (these enemy’s we have made) whilst we still have the technological advantage and ability to do so.
        Seeing as the solution in your eyes is to sacrifice my childrens safety to appease your demands of collective guilt,…I say fuck you.

        I have no idea what “solution” you think I’m proposing, nor where “collective guilt” fits into it.

        My point is that Labor, along with the Coalition, have been enthusiastic supporters of America’s imperial adventures for at least the last 25 years.

      • drsmithyMEMBER

        Back to your old tricks with the strawpersons again. Martin Bryant and Julian Knight were mentally ill. Martin Bryant had the intellect of a 12 year old. That is very different to people being weaponised by a nasty brainwashing religion/ideology. You could perhaps argue that Man Monis was mentally ill and was similar to those two – I would not argue the point on that. However, the Massacres and bombings we have seen in Europe can’t be apologised away with that argument.

        So I’m right, and you agree with me, but I’m still wrong because of something you reckon I believe even though I’ve never said anything like it ?

        “Strawperson” is a word that has an actual meaning. What I said is not one. What you said, is.

        These are organised groups that do the massacres. To get people to commit themselves to certain death requires the establishment of an irrational belief in martyrdom or eternal life (religion). Completely different kettle of fish from the criminally insane. Unless a religion can be criminally insane?!!

        Right. Because you don’t encounter those sort of attitudes anywhere else except religion. *cough*Kamikazes*cough*ANZACS*cough*

        Drsmithy, you really need to stop with these disingenuous and silly arguments. Most people here see through it and it is not clever.

        LOL. From someone using a comically facile argument about suicide attackers only being found in islamreligion as a justification for treating all muslims like extremist jihadis ?

      • ErmingtonPlumbingMEMBER

        *cough*Kamikazes*cough*

        Well those Japanese pilots did kinda have some Quazi religious beliefs about the precious little Emperor they were dieing for,…a direct descendant of Japans first Emperor, Jimmu (circa 660 BC) who according to Japanese mythology, is a descendant of the sun goddess Amaterasu, through her grandson Ninigi, as well as a descendant of the storm god Susanoo.

        One of nutters committing a murder/suicide happens in all cultures., always has.
        But the indoctrination into an entire historical believe system, that traditionally celebrates and rewards martyrdom is a completely different kettle of fish.

        Bad Ideology deserves to be called out,…and Your “West” Smithy,… has killed millions of IndoChinese too, but we didn’t/haven’t seen waves of Theravada Buddhists suicide murderers causing havoc in the name of “Justifiable” revenge,…a kind of revenge you seem to advocate.

      • drsmithyMEMBER

        a kind of revenge you seem to advocate.

        Pull your fucking head in. I have never advocated anything of the sort.

        For someone so worried about collective punishment being visited on you – despite nobody suggesting anything of the sort – you seem quite OK with visiting it on others.

      • ErmingtonPlumbingMEMBER

        I agree Smithy, that we, as democratic citizens of Australia, have a responsibility to call out the grubby atrocities committed by Our Countries leadership and the leadership of Countries that call us allies.

        But I don’t Extrapolate that out to, some kind of required mandatory self flagellation, where we intentionally expose our own citizenry,.. including our children to increased risks, just because cunts like Howard, Bush and Blair sent us to war and now our children deserve to “Pay” and suffer, as some kind of recompense!

    • TailorTrashMEMBER

      Was watching the news last week and there was a story about a siege somewhere in NSW …and there were our highly militarised police in full
      military cammo gear and armed to the theeth ………..we spend squillions on training and equipping army commandos for counter terrorist operations I don’t know why we need to duplicate this hopefully infrequently needed capability in each state . If the law is the impediment then change the law.
      But maybe those highly militarised police are being prepared for other reasons that are not in the interests of the general population.

      • No coincidence, much Australian policing tactics and equipment have been imported from the USA, this was exemplified by Victorian Police in the ’90s using SWAT teams on those with mental illness acting strangely and shooting them…..

        More recently were the AFP warning the public that they would be goose stepping round the Melbourne CBD profiling and stopping those they did not like the look of…….

        This fits with culture that is authoritarian, paranoid and fearful of e.g. cities which are presented and perceived as dystopian, needing a solution.

    • Getting back to the siege itself…

      We like bagging domainfax, but there’s a good op-ed piece by Jack Waterford on the SMH website calling out AFP bullshit and their cosy relationship with complicit journalists.

  2. John Hewson again! Yes, the job search requirements of Newstart should be removed immediately and the payments should be raised too.

    There are not enough jobs to go around and there is increasing crime. Plus, driverless cars are almost here – which will result in mass unemployment.

      • People have been reporting these things on twitter for a while now and msm just caught up or decided they can’t hide it any longer. but we created these people by destroying their countries.

      • drsmithyMEMBER

        What’s going on in Sweden?

        Nothing ?

        Sometime in the early 2000s, legal definitions and processes around “rape” in Sweden were changed, which resulted in many more individual instances of “rape” being reported.

        The *conviction rate* hasn’t changed. Just the reporting rate. But that’s nowhere near as sensational or “useful” a statistic.

        Pretty sure it was reported earlier this year that subsequent investigations found the “mass sexual assaults at a music festival” thing was largely fabricated.

        As the lads at ADFA demonstrated, broadcasting sexual assaults happens here as well. Technology marches on.

      • I don’t think the Swedish investigation was in any way influenced by the Americans. With all the “leaks” going on I’m certain someone would have leaked something about American influence. He’s just lucky to have Wikileaks as protection, any other person would have been shipped back to Sweden to face the music.I think he’s a scumbag with his relationships with females.

      • Indeed a dead man.
        Beltway does not forget, nor forgives.

        @Azaros
        “I think he’s a scumbag with his relationships with females.”

        Would you care to elaborate?

      • Too bloody right, in future I hope Mr Assange given his profile has the good sense to keep his pants on whist traveling, or if he wants to get his rocks off he goes to a red light district and pays for it. A great deal of time wasting and well meaning publicly donated money has been supporting him, money which should be spent on more worthwhile causes. Wikileaks “to bring important news and information to the public… One of our most important activities is to publish original source material alongside our news stories so readers and historians alike can see evidence of the truth.”
        Be it the left or the right of politics, they will ALL cover their arse in the event of a public scandal and stonewall any investigation when it affects one of their own, so too does wilkileaks.

      • @ Azaros

        so… in your mind it is impossible that there is a, perchance, a setup?
        red district visit does not guarantee impossibility of a rape accusation.

      • drsmithyMEMBER

        so… in your mind it is impossible that there is a, perchance, a setup?

        There is a very small chance what happened to Assange was a setup, and a very large chance what happened to Assange was because he’s a narcissistic arsehole.

        Note that the rape charge was not brought by either of the victims. They just wanted him to have an STI test.

        That aside, his worries about being spirited away to the US are probably not without merit.

      • “There is a very small chance what happened to Assange was a setup, and a very large chance what happened to Assange was because … “

        Can you quantify how much is a “small” chance and how much of “a large chance” is required for a conviction?
        Use of personal bias in convictions is no different from lynch.
        I have belief that he is indeed an narcistic arse but that is not punishable by law. Rape however it is, but needs to be proven without a doubt and that is FYI “a 100% chance”, not “small” or “large”. Swedes had sheetload of time to produce or fabricate evidence… they did not and that is indicative.

        “Note that the rape charge was not brought by either of the victims. They just wanted him to have an STI test.”

        Hence the credible chance that this was:
        1. Beltway demanded this from their vassals
        2. Swedes did it to make a public statement
        3. all of the above

        Note that I do not deny the chance that Assange did what he was accused of.
        I just find it sub-intelligent to convict (or free of accusation) one based on the MSM reports.

      • “I just find it sub-intelligent to convict (or free of accusation) one based on the MSM reports.”

        He has had every opportunity to resolve this issue himself, instead he has left the fire burn. Why?

        Could it be Assange’s whole business/career model is publicity for HIMSELF?
        He’s really done well out of these rape allegations, if the Americans were really after him (unless he’s stupid enough to travel to the USA), do you really think they would try to get him the hard way like this? These rape allegations have actually PROTECTED him and very likely discounted any possible attempt for the Americans to get him.

        Alleged crime, (and I don’t mean cybercrime in this case) really does pay. A very lucky guy!!

      • Not so much a conspiracy, but if you read the text message conversation between to two women once they discovered they’d both been involved with him it’s immediately clear the allegations were completely vindictive.

      • drsmithyMEMBER

        Hence the credible chance that this was:

        You have moved the goalposts from “it was a setup” to “it was a situation taken advantage of”.

      • @ Azaros
        “He has had every opportunity to resolve this issue himself”
        How could he resolve the issues he has with Beltway?

        I will agree that wiki leaks could be a publicity stunt for Asange. What drives Asange in doing what he does is dwarfed by the results of that doing.

        “if the Americans were really after him”
        LOL

        I fail to see the benefit of rape alegations. He literally spent years in house arrest, wasted energy and resources, has his reputation smeared by MSM (read the link by haroldus)… and now has very low life expectancy

        @ smithy

        setups include taking advantage of situations.
        no need for distraction, you know my point well:
        1. until proven guilty, even narcisistic arses are, well, “not guilty” and swedes dropping the case is indicative.
        2. Asange in gaol/dead is a wet dream for many govts thus almost unlimited resources, hence nothing is excluded.

        Here’s what I’m saying:
        “There is a very small chance what happened to Assange was a setup”
        and I do not disagree with:
        “a very large chance what happened to Assange was because he’s a narcissistic arsehole.”

    • In lieu of…. I would note that whilst taking daughter to Uni this morning I saw a new model Q7 w/ racks on top sporting an Uber sticker on the back.

      • drsmithyMEMBER

        Seems every second car I see in Brisbane has an Uber sticker on it.

        I often wonder how much work they do. I know a couple of guys at work signed up but have probably only ever worked a dozen hours over the last year.

      • boomengineeringMEMBER

        Saw the Tesla in the mall today although top of the range at $200k quite impressive.

      • boomengineeringMEMBER

        Skippy,
        Not much of a substitute adventure story but a few years ago I landed a job with Rio Tinto, Oyu Tolgoi Mongolia teaching fitting and machining to the locals. At minus 60 degree’s I thought the may be an experience. Before I had a chance to start packing the dear John letter came explaining the flood of international applicants and they had accepted some Filipino,s instead. Really pissed off but not quite heart broken, simmered down after a while but when the news of the plane I

      • boomengineeringMEMBER

        Skippy,
        Not much of a substitute adventure story but a few years ago I landed a job with Rio Tinto, Oyu Tolgoi Mongolia teaching fitting and machining to the locals. At minus 60 degree’s I thought it may be an experience. Before I had a chance to start packing the dear John letter came explaining the flood of international applicants and they had accepted some Filipino,s instead. Really pissed off but not quite heart broken, simmered down after a while but when the news of

        the plane I was probably to catch MH 370 went missing sentiment instantly turned around.

      • Tesla factory workers reveal pain, injury and stress: ‘Everything feels like the future but us’

        https://www.theguardian.com/technology/2017/may/18/tesla-workers-factory-conditions-elon-musk

        Seems progress does not always reflect wrt humans.

        Disheveled…. yeah been there and done that mate… and now doing it again… can’t help myself I guess… like fixing things… its convoluted…

        PS. conversely

        Audi has a system where the chassis is on a jig that can rotate, workers can stand comfortably w/ work in front of them, as well as ergonomic designed sleds to position heavy or cumbersome parts like dashboards or seats et al.

        Seemingly Tesla factors in humans at the end, sorta a residual tail thingy….

        One can only envision the bemoaning in the C-suite about the need to use humans during stop loss meetings…. I mean these people are not even in their targeted marketing group….

      • Just have to say boom that your the sort that I would like to work with on a project, all political or other things aside.

      • boomengineeringMEMBER

        Thanks, Skip, adhering to, all political and other things (aside) may prove a challenge.

      • For all his ills I think G. Washington’s letter about skilled tradesmen was right… do not imbue ones – beliefs – on too others… in the discharge of them applying hard earned skills in facilitating others visions ™.

        Disheveled…. at least Carnegie took a powder over seas whilst the deed was done…..

      • boomengineeringMEMBER

        Yep poor old George ,that Stuart portrait bears only some resemblance without the smallpox pockmark on his left cheek his chin longer on one side due to his teeth problems, rino horn dentures and podgy body

  3. footsoreMEMBER

    Matt Taibbi’s obituary of Roger Ailes.
    http://www.rollingstone.com/politics/features/taibbi-roger-ailes-was-one-of-the-worst-americans-ever-w483013

    “He is on the short list of people most responsible for modern America’s vicious and bloodthirsty character.

    We are a hate-filled, paranoid, untrusting, book-dumb and bilious people whose chief source of recreation is slinging insults and threats at each other online, and we’re that way in large part because of the hyper-divisive media environment he discovered.

    Ailes was the Christopher Columbus of hate. When the former daytime TV executive and political strategist looked across the American continent, he saw money laying around in giant piles. He knew all that was needed to pick it up was a) the total abandonment of any sense of decency or civic duty in the news business, and b) the factory-like production of news stories that spoke to Americans’ worst fantasies about each other.”

    • great read but did he really influence rest of the MSM to join him for the race to the bottom? look at CNN, WAPO, NYT..
      Anyway, I now know who Alan Jones worships.

    • oh man, you are right – first thought – don’t let Abbott, Dutton, ScoMo anywhere near lemon juice ever again.

      “How could one read that and not think of the loudest members of our political class?” – and the herd that keep voting for them.
      I mean, I understand how masses in south-west, south, west can be manipulated via MSM, Alan Jones etc. But the sophisticated crowd that keep voting Abbott in – these people must be pure evil as I can’t say they are just uniformed or manipulated – they are too smart..

      • As someone who knows a couple of families that rate as “old money” in the eastern suburbs: they are stone cold believers in the class war, and are ardent consumers of resources like Fox News. They have absolutely no doubt that democracy is like a cudgel being used against them to strip them of their wealth.

        Most children are accountants or lawyers whose sole purpose is to help hide the money. They pay little to no taxes (but claim to be the biggest payers while in public) and understand the letter and the limits of law better than anyone you might find at say, MQG. Absolutely everything is gamed and concepts like charity and generosity are for the sucker class.

      • They are much the same as inner city leftists. They want the mass immigration gravy train to keep rolling but don’t want to put up with any downsides like being solely slugged for extra Medicare taxes just because they are the so called rich just because they make 100k which is patently not rich.

        It’s not Abbott it’s the left that is deranged. If you can’t get people onside whilst this brutal neoliberalism is occurring you shouldn’t be in politics, they would be completely purged if there was any justice in the world.

        The Liberals want to turn the place into Singapore or some such, which is a perfectly reasonable idea in these times. I’m not for it but I respect where they are coming from given the harsh realities.

        This is coming from a middle class liberal area btw. People generally have pretty hard lives and get sick to death of PC and westies trying to blame them for all the worlds ills too.

      • drsmithyMEMBER

        It’s not Abbott it’s the left that is deranged. If you can’t get people onside whilst this brutal neoliberalism is occurring you shouldn’t be in politics, they would be completely purged if there was any justice in the world.

        Won’t happen until the people think neoliberalism is a bigger threat to them than “political correctness”.

        Who is it demonising “political correctness” as the biggest threat to our society ? Oh, yeah, the neoliberal lapdogs.

      • It’s the Smithy types who keep us indoors.
        Martin Bryant and Julian Knight. Nobody ever argued that we didn’t have bad among us. The question is should we import more (Bataclan massacre, Charlie Hebdo, Madrid trains bombings, London Underground bombings, Van Gogh murder, fatwas for the prophet, prison for a Christian MP for blasphemy and canings for gays not too far to our north).
        ADFA guys record their criminal stupidity and we are supposed to draw an equivalence to a whole belief system with a huge bent towards female inferiority (Smithy immediately extrapolates and draws analogies to any female disadvantage in the West to being equivalent to a woman’s lot in the Middle East).
        Most of us can see we live in a fallible society. We can also see that the specious and imbecilic anaologies of the useful idiots like Smithy and they give some of us pause to lending support to anything else the Smithy’s of the world stand for.

      • drsmithyMEMBER

        It’s the Smithy types who keep us indoors.

        No, the people keeping you indoors are the ones peddling fear and want to shut down everything whenever a dog farts.

        The question is should we import more (Bataclan massacre, Charlie Hebdo, Madrid trains bombings, London Underground bombings, Van Gogh murder, fatwas for the prophet, prison for a Christian MP for blasphemy and canings for gays not too far to our north).

        No, we shouldn’t. Who is suggesting we should ?

        ADFA guys record their criminal stupidity and we are supposed to draw an equivalence to a whole belief system with a huge bent towards female inferiority (Smithy immediately extrapolates and draws analogies to any female disadvantage in the West to being equivalent to a woman’s lot in the Middle East).

        LOL. Speaking of straw men…

        Most of us can see we live in a fallible society. We can also see that the specious and imbecilic anaologies of the useful idiots like Smithy and they give some of us pause to lending support to anything else the Smithy’s of the world stand for.

        Yes, well, that’s one reason why everything’s been going to shit for the last few decades. People like you attacking anyone standing up for core values of western society.

      • SweeperMEMBER

        “Who is it demonising “political correctness” as the biggest threat to our society ? Oh, yeah, the neoliberal lapdogs”.

        Absolutely. See Mark Latham. Which has got me scratching my head. Why is he still a committed neoliberal? I mean can he really be holding out for a bank directorship?

      • ErmingtonPlumbingMEMBER

        Won’t happen until the people think neoliberalism is a bigger threat to them than “political correctness”.

        “Political correctness” is loved by the true benificearies of Neoliberalism.
        Its a wonderfull tool (amoungst many) for dividing and breaking the Solidarity of the working class.
        Mark Latham knows this, and wanks on endlessly about “PC issues” to keep the conversation, the fuck away from any kind of discussion that challenges the Neoliberal consensus,…thats what Fox/Sky pay him for.

        That the leadership of the left fall for this strategy, is an indictment of their own aquiesence to the Neoliberal consensus and their turning of representative politics into a Game played by an out of touch Proffessional Class, who in their heart of hearts, loath the working class.

      • Smithy people do think neoliberalism is a bigger threat than PC. Hence why people were mostly pretty happy when Rudd won. Then they quickly learned that what you get with the left is PC and neoliberalism. Maybe a few socialist nips and tucks but not nearly enough to make a real difference.

      • drsmithyMEMBER

        Smithy people do think neoliberalism is a bigger threat than PC.

        Not according to their voting for the last thirty-odd years.

        Hence why people were mostly pretty happy when Rudd won. Then they quickly learned that what you get with the left is PC and neoliberalism. Maybe a few socialist nips and tucks but not nearly enough to make a real difference.

        Maybe if they’d been voting increasing for an actual ‘lefty PC’ party like SAP or the Greens for the last decade or two, you’d have a point. But they’re not.

    • drsmithyMEMBER

      Reminds me of one of my favourite quotes:

      “It has often and confidently been asserted, that man’s origin can never be known: but ignorance more frequently begets confidence than does knowledge: it is those who know little, and not those who know much, who so positively assert that this or that problem will never be solved by science.”

      Charles Darwin.

      • As evidenced by MB and media, alongside with Australian society; not lower educated types but the middle class educated. For example, making groundless arguments based upon expertise from a degree in the past, ability to speak English and their own opinions or biases, like the uneducated informed by mainstream media, not facts or analysis. Laziness and analytical ignorance in favour of their own beliefs and sentiments with dollops of narcissism and false confidence; makes for self gratification but so does religious worship.

    • Tone’s a sheltered workshop man if I’ve ever saw one. He’s been there so long on elevated salary, perks, importance, attention, that he doesn’t realise he’s irrelevant elsewhere.

      Thankfully fairfax (as far as I could see) did something good for once and ignored him totally this time.

      • proofreadersMEMBER

        Mr Delusion 101? His only two really meaningful sound contributions to debate: 1. sh.t happens and 2. immigration needs to be cut and cut hard?

  4. The band played waltzing matilda – The Pogues

    Always reminds me that a Great uncle of mine fought at Gallipoli and survived that horror only to be Court Marshaled by a British military court for showing disrespect to a British officer, who had never seen active duty (He told him that since he had a C#nt for a face so he should just go F#ck himself)…of course the Aussie didn’t really recognize or act on the outcomes of British Court marshals however the British did still control troop movements so he was eventually killed towards the end of the French campaign after surviving many a battle where British commanders made sure he always had a place in the front line action.
    Growing up the family never talked about him, the disgrace of being court marshaled was a stain on the families good name.
    Today I think about his young life destroyed and wonder WHY? Where did the shame for what happened really belong …..it’s sure as shit not with my family.
    But you know what the military records stand to this day, his letters (which my grand mother kept hidden in a biscuit tin) tell a very different story.
    I kinda wish there was a way to rewrite our military history and recognize the bravery of many similar young men who’s reputations were destroyed because their bluntness offended the sensitive ears of our betters. These forgotten souls weren’t old enough to have families of their own, I sometimes wonder if it’s my responsibility to see to it that history gets rewritten.

      • Yeah, that’s kinda my point. The Military records are now being unlocked and are publicly accessible (it’s 100 years ago) but these records tell such a one sided story. Who will tell the tale of a 19 year old country boy who had seen way to many battles and buried way too many friends. In my opinion he had earned the right to tell every British officers exactly what he thought of them. From his telling of the story (in his letters to his sister) his failure to kowtow is what ultimately got him killed, I sometimes wonder how Aussie soldiers will be expected to show respect / deference when the next serious conflict occurs. The way things are going, learning how to properly kowtow will be just the beginning.

    • ErmingtonPlumbingMEMBER

      My Grandfather was dishonorably discharged, whilst in Egypt, before Gallipoli and the European battlefields.
      He later went on to father my Dad. I Don’t what he was discharged for, as he walked out on the family, when Dad was just a young boy, never to be seen or heard of again.
      I suppose my kids and I have this man’s dishonorable character, to thank for our existence!

      On mums side, her Uncle was badly wounded in our WW2 evacuation of Crete,…he would speak to know one of his time during that conflict and refused to take his medals, the family only getting them after he died.

      War is a Cunt of a thing.

      • Diogenes the CynicMEMBER

        War is strange. My grandfather never spoke of it and refused to get his medals. We only found out years later when I was researching his service records.

      • bolstroodMEMBER

        I just finished reading Charles Beans biography, Jesus surely wept.
        Why the soldiers of all sides did not rise up and shoot the fuckers running it I do not know.

      • mild colonialMEMBER

        My dads cousin was a pilot in WWII and shot down but alive in Germany but then illegally killed as a prisoner of war. 60 odd years later the Germans contacted his family, as they worked their way through their records, and invited them over to Germany for a ceremony and i presume a bit of an apology. They went.

      • DarkMatterMEMBER

        Worth a look if you happen to be over there – just a short train trip from London.

        My understanding of the role played by Bletchley Park was not duplicating the german machine, but Turing’s development of a simple computer that could sort through the codes and find one that worked. By the time they got that working, they knew very well how the german machine worked. The final breakthrough was realizing that the german operators were sloppy and always finished messages with Heil Hitler or something similar out of habit. That was enough to reduce the work required by the machine to a few minutes.

        The polish may have been involved with helping understand how the enigma machine worked, but Bletchley Park was a tremendous intelligence operation that enabled a great mathematician to actually build a working prototype of the digital computer.

        The Polish seem to be guilty of a bit of parochial revisionism.

    • StomperMEMBER

      @smart what was his name and do you know where (State and town) where he enlisted?

      I’ll research his history for you – have all the links and resources from having done the same recently.

  5. Australian workers to “suffer” because of the UK’s new immigration pledges. Jesus. I am happy for them. Possibly getting their country back, to a degree. Although no doubt London is permanently rooted. Media still not worth a dime.

    • Had similar ordeal with Origin Energy and Jemena.

      I called numerous times to book someone to replace gas meter that was stuck and they responded with estimates that were on par with industrial usage. Then, when I anounced end of the contract, Jemena send out someone whom replaced the meter and reported it “working as intended and accurate” and that their estimates were actually lower than the actual usage (but Origin will “forgive” me the difference if I paid the rest). To my claims that I had dated images showing stuck counter they said I should have taken them highjacker style “with newspaper in the frame” to prove the dates!

      5 digit bill was overturned to whatever I thought I should pay with help of the ombudsman. I still regret paying any money.

      Complacency Oi-Oi style is what they ride on.
      One needs to look just a bit to see it *everywhere*

      • Jeremy Bentham

        I’ve basically got Origin wrapped around my little finger. They were accusing us of all kinds of rubbish and then came in and cut the gas off. Contacted them and told them they had no right to do that, that we had two small children who needed to be fed, washed, clothes cleaned etc and to restore it.

        Said they would have someone out the next day – 4 days later not done – ombudsman.

        All fixed – it was not our fault, gas back on.

        6 months later they did the exact same thing. Told them I wanted to speak to their most senior staff in the call centre immediately, do not put me onto anyone else – management only. They assured me the gas would be back on that day with a private contractor on their way.

        4 days later no gas. Not our fault. Second time.

        Ombudsman dealt with everything. We ended up getting FREE gas for 12 months – plus a “voucher” for future use and $2,500.00 compensation.

        Yes you read that right.

        I was in TEARS on the phone, my kids could not eat, wash, have clean clothes all because this company was simply trying to rip us off. The Ombudsman went through them like a ton of bricks.

        I ring up now – tell them to pull my account up, and then put me through to a manager. And they do.

        These guys have their corporate strategy straight from Verison in the US. Huge sums to be made from just oppressing the morons – if someone is smart enough to play the system back – just escalate them to standard customer service levels people would normally accept.

        Its really weird.

        Once you are through the front door – everything is roses.

    • @Djenka…

      Origin lost our account of 11 years, we informed them that we had not been billed for a few months, they concocted a bill account out of whole cloth and demanded immediate payment in full. Then whilst they fumbled around trying to sort their accounting system out accredited our account by 5K [which imo we could have cashed out], but again notified them of the error.

      Long story short they said we should get another service provider whilst we sorted it all out [not happy when I cited the fair trading act] and when we did they sent an e-mail to the wife threatening to put a default on her record if payment was not made in full.

      The original fault of – their own making – started right around when they sub contracted the meter reading out to subbies carrying WiFi devices and when a Phd in Victoria [I think] analyzed his bill and found dependencies in power used during a day [at work and having excessive charges for use]. Did a algorithmic program search over a good sample size of his billing history, only to find arbitrary errors in localized time frames which did not correlate to actual use.

      This strongly suggest that the bill was being padded in small dollar amounts during low consumption periods which would not be noticeable unless the consumer did a fine tooth forensic examination of the bill. This is compounded by their use of auto billing algos where customers complaints are facilitated by a revolving door of cheap tele service agents located off shore, where whatever information is on a screen and taken as legal fact [don’t mention they are still beholden to Australian law btw].

      disheveled… this is a minefield where the – code – becomes law unto itself imo…. no human agency to ascribe deed or intent too… just a system glitch thingy….

      • My wife had a similar run-in with the gas company where they unilaterally decided that they hadn’t been billing us correctly for several years and would therefore recalculate the bills going back 3 years.
        In the process of their restatement they basically cancelled all of our discounts for on time payment and had the audacity to try to charge us penalties based on the newly calculated bill and their calculate arrears.
        Fortunately my wife is a good little record keeper so she had all these bills for the 3 years and attempted to reconcile their new calculations with the supposed “meter readings” for the periods. It was a complete fiasco, they threatened us with all manner of legal actions if we didn’t immediately pay the number that they had apparently simply pulled from their ass.
        When we called and tried to match specific meter readings with their records they actually claimed to have accidentally erased all previous records for this account so they couldn’t verify the numbers that I was quoting. Despite their admission of absolutely sloppy records keeping they wanted to be paid, I told them I’d share my records with the judge if they ever decided to take this to court, I ended up needing to get a lawyer to send a Cease and Desist letter threatening them with damages if their actions, or the actions of their agents in any way tarnished my business reputation.

      • “…threatening to put a default on her record if payment was not made in full.”

        this is where most will fold.
        The ordeal of wrong blacklisting and everything that stems from it defeats most people
        I was at the brink of that but my common spiteful side prevailed.

  6. footsoreMEMBER

    With all of the excitement and anticipation around Twin Peaks I thought I’d link to an album that I think perfectly compliments the cool and weird mood of the show.
    https://youtu.be/06HcFuiHWZ4
    It’s a Japanese lounge album that just floats along in that surreal space that Lynch’s best work resides in.

    • haroldusMEMBER

      Doesn’t look like it. Only these.

      Among the clients lured by Plutus’ pitch were government departments and agencies including the National Blood Authority, which had a contract with Plutus from December 2016 to February 26 of this year.

      Employees who complained about not being paid after the ATO froze the company’s bank accounts on April 27 came from a raft of state and federal government departments, including the justice department, Transport for NSW, Defence, Foreign Affairs and Trade, Social Services and Border Protection.

      (http://www.smh.com.au/nsw/a-bit-too-flashy-plutus-payrolls-image-problem-20170519-gw8ibp.html)

      What I want to know is, who directed these departments to use this company, and was it tendered?

      • Presumably Platypus was selling their services cheap (in order to get business in the door). If that’s the case, then it isn’t surprising that cash strapped govt departments take on the cheapest provider.

      • GunnamattaMEMBER

        Maybe they have used them for contractors, but Defence, HumanServices and ATO have kept their pay functions internal

      • Plutus operated at the ‘individual contractor’ end of the market. How contracting normally works with Government… There are ‘panels’ where service suppliers go through basic vetting. Contract companies on the panel will be asked to tender candidates for jobs. Selection is by a small committee using some mix of suitability and price. The candidates must either have their own companies or go through a payroll company. The ATO won’t allow them to have their own company – it gets struck down – so most are forced through payroll companies. The contracting company then signs with the payroll company. The payroll company signs with the contractor. So normally there’s no direct connection between Department and payroll company. For larger contracts a Tier 1 company is lead. That’s why some of the trapped contractors were working for companies like Fujitsu or HP – through the same sort of arrangement. Some individuals might go to a Department direct. Plutus was on the panel. They wouldn’t sell contractors direct, but they could provision payroll on request.
        Plutus grew through several strategies. Word of mouth on charges was a primary one. Agencies were paid a ‘referral fee’ (absolutely not a kick back) for contractors that used Plutus. They had a very active social media presence and kept on top of issues until the end.

    • QuentinMEMBER

      Reading some of the reports about it and it being questionable whether it can be claimed back;

      “Some money is suspected of being sent offshore and laundered through an unwitting property development company based in Sydney’s eastern suburbs.”

      Well there is another case for anti-money laundering in real estate!

      • Butbutbut – that may lead to housing prices falls for everyone… and that’s double-plus ungood, no?

    • Ronin8317MEMBER

      Look up Plutus on the Whirlpool forum. IT contractors cannot receive theur pay directly : they need to nominate a payroll company to get paid. Most charge 2.5%, Plutus charges nothing : now we know why.

  7. Help Obi Wan Kenobi (Loosely related to the Picketty blog) Assume ECB, BOJ, FED All effectively lend to to tier 1 investment banks $1 trillion at 0.5% pa. Then Tier 1 investment banks hold back 50% of the $1T as cash (or buy their Governments bonds, about the same thing), only to lend the other $ 1/2T to Asia, Eastern Europe, Aussi, Africa (AEAA) by lendinging it to their own domicile corporates at 1% who lend intra group to AEAA, does that mean that the ECB, BOJ, FED are gouging AEAA as to all the 0.5% on 1T and will the gouge ramp up as inflation linked bond/lending rates follow inflation and kill us all (AEAA) dead. At least could this question get into the media, as hello….. If only 10% of the funds flowed out to us we wouldn’t care but it is much much more. Thanks Picketty.

  8. drsmithyMEMBER

    Has Australia really bungled its $36 billion high-speed internet rollout?

    Peddling the “Australia is big and sparsely populated” line when explaining why the NBN has turned out badly should immediately make anyone suspicious of the author’s intentions.

    Yes, Australia is big, but it’s also mostly empty. Something like 80% of the population live in ten cities. We are one of the most urbanised countries on the planet.

    Nobody should be surprised that a Government full of people who think infrastructure like the NBN shouldn’t even exist, failed to deliver it.

  9. haroldusMEMBER

    In a moment of genius while raging at the Adani shenanigans on the radio I had a brilliant idea.

    All Adani needs to do to be universally loved north of the border is SPONSOR THE MAROONS!!!!!!!!!!!!!

    You know it makes sense.

    • oo7….

      But doesn’t the whole thing boil down to lenders not wanting to take a principle write down due to budget reflections w/ a side of wonky ideological buggery. This is all acerbated by currency theory’s which again boil down to ideological rigidity and not functional accounting in the long term vs. short.

      disheveled…. yes I know were divided by soft and hard….

      • skippy,

        Not really… the private lenders had all been bailed out by their head franchisor who was now seeking to discipline and bring to heel the Greek public and political process. Technocratic unaccountable aka independent modern central banking in all its glory.

        But leaving that all to one side, it is a great, darkly humorous and engaging read and a sobering one that every Australian should reflect on as our private banks and increasingly the public sector sell IOUs offshore at a great rate.

        Those lenders will not tolerate being short changed. We may find some of the theoretical monetary sovereign options available to Australia are taken off the table. Perhaps not formally but simply because our leaders ‘understand’ what is and is not acceptable to their global partners.

      • I disagree oo7…

        Stoopid loans were made during the height of the “free market” frenzy which is a cornucopia of errors that culminated in risk being hived off onto the public. Now in Greece’s case you have Goldman’s financial antics that allowed Greece via the Maastricht treaty [poor due diligence on that] into the single market and a plethora of internal dynamics that Greece owns i.e. poor taxation controls, nepotism in the public sphere, some bottle neck economic dramas, imported tax avoidance dramas, and more importantly some histrionics about being a loose cannon wrt geopolitical aspects.

        disheveled…. I wish you could desist with the dramas is all currency related shtick….

      • Skippy,

        What are you disagreeing about?

        That Goldman stuff is well known but completely irrelevant to what Yanis was dealing with in 2015. By the time Syriza was elected the French and Germany banks had been bailed out by their governments and ultimately the ECB.

        The issue is how the public institutions of Europe handled the Greek situation not that the vampire squid was involved 15 years earlier. Once the Greek debts were owed to Europe there should have been plenty of options for a rational and sensible outcome but none were taken.

        In any event this issue has little to do with my general concerns about the incoherence and dysfunctionality of a monetary model where private banks are licensed to do what a democratically elected government can do with ease.

        But feel free to explain why your preferred private bank centric monetary model is again not to blame.

        You need to read the book or at least watch the interview. At least then you are more likely to make relevant comments rather than irrevelant references to the vampire squid’s involvement in getting Greece into the Euro.

      • Skippy,

        HPM?

        Lol – I had some guy on twitter storm off in huff when I asked him what he was talking about specifically.

        When you start talking about “High Powered Money” it is hard to take you seriously. HPM is a meaningless expression. What is High Powered about it? What does it do? Where does it exist?

        Who makes it and how is it made?

        Point me to some (any?) documents issued by the RBA where they discuss this HPM of yours.

        http://www.rba.gov.au/publications/bulletin/1999/mar/pdf/bu-0399-2.pdf

        Here I even did the search for you – zero hits!

        http://search.rba.gov.au/search?q=High+Powered&btnG=&client=RBA4&proxystylesheet=RBA4&sort=date%3AD%3AL%3Ad1&wc=200&wc_mc=1&oe=UTF-8&ie=UTF-8&ud=1&exclude_apps=1&site=RBA-all

        But almost 5000 for exchange settlement!

        http://search.rba.gov.au/search?q=Exchange+Settlement&btnG=&client=RBA4&proxystylesheet=RBA4&sort=date%3AD%3AL%3Ad1&wc=200&wc_mc=1&oe=UTF-8&ie=UTF-8&ud=1&exclude_apps=1&site=RBA-all

        Cutting and pasting Op-Eds is not an argument it is just lazy.

        As far as I can tell HPM in the Australian context is nothing more than the entries made in private bank ES accounts by the RBA to reflect purchases of government securities. Entries which are made to ensure the target rate is maintained on interbank lending.

        Nothing very High Powered about that!

        Guess what the rest of the ES balances consist of?

    • Jake GittesMEMBER

      And Mark Blyth has done a good job in his Austerity as to why and how the Germans outplayed the Greeks and the rest of Europe. Varoufakis ought to have known better and that he was never going to succeed.

      • “…Varoufakis ought to have known better and that he was never going to succeed…”

        He seems to have known exactly what they were up against. Again I recommend read the book and/or watch the interview.

      • SweeperMEMBER

        Spot on. He should have known better. And if he didn’t then he was incompetent. Either way I’m not reading his book.

      • “…Either way I’m not reading his book….”

        Good idea that will leave more time for you to leaf through the collected works of John Stone once more and recall fondly Australia before the fall.

    • SweeperMEMBER

      Varoufakis was too naive and publicity hungry. And he didn’t understand politics. He’s approach was wrong from the start. Not having a fall back plan for a parallel currency when the ECB shut down the Greek banks was incredible incompetence. the whole thing was incompetent. This is how he should have acted:
      – don’t embarrass the European Commission. Don’t piss them off. Agree with everything they say in public. Don’t lecture them about macro. They hold all the cards.
      – from day zero completely close the capital account. No Euro leaves Greece except for imports after delivery. Enforce it by banning large currency withdrawals and deposit flight.
      – when the trade balance is in surplus and parallel currency setup, default on Greek law bonds, put all Euros in custody of the Greek central bank and move over to parallel currency.
      – after that tell the Troika to get stuffed and nationalise the banks. Above all (to give the new currency credibility) don’t let any Euro leave the country except on the trade account & ensure the trade balance stays in surplus

      • Sweeper,

        Read the book and then you are less likely to sound silly repeating ‘stuff’ you read in some op-ed. Your ‘killer’ points are addressed in the book in detail – particular setting a parallel payments system.

        You may still want to criticise the approach taken but at least you will be less likely to repeat troika talking points.

        For what is worth I agree with you that Grexit was the best option but the Greek people were not keen on that idea.

      • SweeperMEMBER

        Why would I read the book its just going to be an effort to justify incompetence. As far as I know no op ed has pointed out how important it was to stop Euros leaving the country as soon as they were elected. Can you point to one?
        Once they did that all bets were off because 1) they were reliant on the ECB and 2) they didn’t have a reserve to back a new currency even if they had plans to set one up (and they didn’t that was all just after the fact crap).

      • Sweeper,

        Why would you bother to read anything that might challenge your current position?

        Dunno! Silly me.

      • Good grief sweeper they had no comprehension of the beast that is the payment system, the thought that they could go mobile without significant market saturation was absurd. Such their bargaining power was crap.

      • SweeperMEMBER

        Does Varoufakis explain why he allowed Euro’s to leave Greece from the minute they were elected? If he does, does he blame the Troika?
        His incompetence has set radical politics back decades.
        How do you even interpret the Greek crisis in terms of your private fiat thesis anyway. Why didn’t Varoufakis just solve the Euro shortage by instructing the banks to lend a heap and magically create a heap of private fiat? Wouldn’t be because a) they can’t and b) “private fiat” are really just worthless promises in the absence of real money. Who would have thought.

      • oo7….

        David Icke comes to mind…. its a genre I guess…

        on’t you thing you time is better served with the ilk of Ikey

      • SweeperMEMBER

        Why did he run for office and make all the promises Skippy? If anyone should have understood the architecture and what was required it should have been him. Now he just pins the whole thing on the Troika
        The thought you could go mobile when you’ve allowed over $30B Euro to leave the country was absurd. And is a pathetic attempt to hide incompetence.

      • @sweeper….

        So many parallels until you utter – real money – sigh….

        PS. Sweeper information arb

      • SweeperMEMBER

        By real money I mean the States money I don’t mean commodity money. The concept of private fiat is absurd as the State has exclusive fiat power, banks have no fiat power and therefore their money (such as it is) is totally derivative.

      • SweeperMEMBER

        In some ways yes. Banks money is a promise to pay the States money on demand and the buyer can reject it. State’s money comes with zero promises (except 2% inflation which isn’t really on the books anyway) and the buyer cannot reject it, they can only sell it.

      • Sweeper…

        Do we agree on the source of the 2% – natural – rate and all that portends.

      • SweeperMEMBER

        The 2% thing wasn’t really invented by economists. It came from the business community. Economists are probably the least concerned group in the community (genuine economists not ideologues) when it comes to inflation (provided it’s stable). At high levels supposedly there is a shoe leather cost but it is mainly an irrational fear which the rich have asked economists to justify.

      • Varoufakis in my opinion is too much of a media pop star with a lot of expertise and opinions that are presented and attractive to media. Issue is that he like others focus upon recent past but ignore the long term from generations ago when unsustainable pension benefits and etatism set Greece on the trajectory to where it is now.

        It’s not just Greece but many European nations and the UK has no asset means test, have not reformed their pension systems​, like Labor did in Oz 1980s; fiscal car crashes in slow motion… yet ignored by most economists, politicians and media in preference to the status quo of the moment. Helped by the fact that now in Europe pensioners dominate electorates, especially non urban where the real fight is aka gerrymandering.

      • Sweeper…

        I disagree with your premise, economists did [monetarists] forward the quasi 2% gold standard.

      • Lmmao… Sweeper…

        I whole hardheartedly concur and then sum’…. creative writing face man for the elites like Greenspan is a better quantifier.

        Disheveled… whilst we might disagree on some things, you have by begrudging respect for your intellectualism, you better my world as such.

      • Sweeper,

        “….Does Varoufakis explain why he allowed Euro’s to leave Greece from the minute they were elected? …”

        That will just have to be one of those things you will never know the answer to. Fortunately, that will be no barrier to your holding forth on the subject. Such bliss.

      • Sweeper,

        “…As far as I know no op ed has pointed out how important it was to stop Euros leaving the country as soon as they were elected. Can you point to one?…”

        LOL

        If only THEY realised that a run on the banks might be a problem! Brilliant!

        Any more insights that you reckon never occurred to anyone?

        Just as well you are not interested in reading the book – the shock might be too much.

      • SweeperMEMBER

        Which would be why Varoufakis allowed it to happen for six months.. while he was doing media and riding his bike and such. Yep

      • Skippy,

        “…I have absolutely no idea what this sentence means or how it is applicable to the topic at hand, ..”

        You continue to refuse to refer to Australian monetary institutions and terminology.

        If I was talking to a bunch of Americans and insisted on talking about the RBA, APRA and Exchange Settlement accounts I would not be surprised if they requested, in the interests of clarity, that I framed my arguments using US institutions and terminology.

        Gosh I might even use voodoo terminology like High Powered Money even though you are still dodging an explanation of what the “High Powered” bit refers to.

        It sounds like a reference to the ‘base’ of the money multiplier concept but who knows! It could mean anything.

        Hmmm, when Sweeper refers to bank created money as ‘derivative’ money is this “Low Powered Money”? After all if there is High Powered Money it implies there is “Low Powered Money” out there too.

      • oo7….

        Its quite clear that you belong in the group of Brown and Musgrave…. good luck with that.

    • Jake GittesMEMBER

      Despite being outwitted YV’s books will be worth reading because he is an insightful analyst and that will reveal further the intractable madness that Europeans entered; though not for the first time in history, and perhaps less catastrophic than the Thirty Years War. Even allowing Varoufakis some leeway over the probability of his mission succeeding, he and his then PM presented the notion that they could achieve what they set to do, and that was an error, fundamentally so and impossible given the forces and the means arrayed against him in Berlin and Brussels, which were evident at the time. Now he is sharing his experience, and leveraging it to assist Brexit and make good money on the speaking circuit, by telling people what they have known, or should have known since September 1992. He is not a charlatan and maybe his media attention and book will make it more obvious but that will not remove or modify the German hegemony. Or not for some long time.

      • SweeperMEMBER

        It wasn’t an error. The problem was Varoufakis didn’t understand politics. He honestly thought he could roll up to the European commission and get concessions via clever macro argument. It was incredible naivety. And it forced Tsipras to accept an even worse bailout. Absent the threat of war, a debtor country has options. If they are willing to collectively and temporarily suffer a loss of wealth in order to move in to trade surplus they can then go down the path of “currency reform” and renege. But they have to be in a position where they are accumulating foreign exchange because the new currency will not be accepted in offshore markets. Greece could have been in this position except for Varoufakis’ incompetence.

      • Sweeper,

        LOL!

        Such armchair fantasies.

        “…He honestly thought he could roll up to the European commission and get concessions via clever macro argument…”

        How would you know what he ‘honestly thought’ when you refuse to read his account? You have a strange understanding of ‘honest’.

        What clever macro argument are you referring to? You mean the argument that extend and pretend with austerity was lunacy? Would damage Europe and the whole Euro project?

        Clever? Sounds like commonsense.

        “….It was incredible naivety. And it forced Tsipras to accept an even worse bailout. ..”

        So says Sweeper. Even worse? Than what? What was this better deal that Sweeper reckons was on the table?

        “…Absent the threat of war, a debtor country has options. If they are willing to collectively and temporarily suffer a loss of wealth in order to move in to trade surplus they can then go down the path of “currency reform” and renege…”

        Talk about naive. Options? You mean GREXIT don’t you?. You reckon Greece should have just walked out of the Eurozone on the night that Syriza was elected, nationalised the banks, frozen accounts and started printing Drachma. So you really don’t think there was a better deal on offer after all.

        Plus you seem to be forgetting that Syriza were not elected on a Grexit platform.

        “….But they have to be in a position where they are accumulating foreign exchange because the new currency will not be accepted in offshore markets. Greece could have been in this position except for Varoufakis’ incompetence…”

        Could have been? How ? You reckon Syriza could have built this better position from opposition? How does a party in opposition build foreign exchange reserves?

        One of the distinctive features of left wing failure over the last 50 years is the enthusiasm for blaming everyone but the enemy.

        Of course the left side of politics did not always fail… sometimes they just adopt the policies they once opposed like Keating did. But mostly they just resort to magical thinking and coulda-been-champions revisionism.

      • SweeperMEMBER

        “How would you know what he ‘honestly thought’ when you refuse to read his account? You have a strange understanding of ‘honest’”

        I’m not going to read his book because I wouldn’t believe it. He has too much to lose to tell the truth. Which is that he got caught up in an opportunity to exercise his ego on a global stage. Yes the real story would be a double tragedy.

        “Talk about naive. Options? You mean GREXIT don’t you?. You reckon Greece should have just walked out of the Eurozone on the night that Syriza was elected, nationalised the banks, frozen accounts and started printing Drachma. So you really don’t think there was a better deal on offer after all”.

        No they should have strung the Troika along for a bit and lined their ducks up. That means blocking all Euro’s leaving Greece from day 1 except for necessary imports, and working on the new currency.
        In public they should have just played the game. What was gained by Varoufakis’ smart ass attitude? It just created resentment. So stupid. But good career move.
        When push came to shove (as it was always going to) they then should have rolled out the new currency. The Greek public basically voted for it in the referendum anyway. Set an exchange rate with Euro to ensure a positive trade balance and avoid hyperinflation, explain to the public that they voted for the temporary loss in wealth. Mandate a wage freeze in the new currency.

        “Could have been? How ? You reckon Syriza could have built this better position from opposition? How does a party in opposition build foreign exchange reserves?”

        What they had to do was ignore all past obligations (since they were insolvent) and focus on getting into a position where they weren’t reliant on external financing. eg. eliminate the trade deficit. Once they did that they could then address the fiscal problem via depreciation.

        “One of the distinctive features of left wing failure over the last 50 years is the enthusiasm for blaming everyone but the enemy.”

        A collaborator is the enemy.

      • Sweeper,

        “..No they should have strung the Troika along for a bit and lined their ducks up. That means blocking all Euro’s leaving Greece from day 1 except for necessary imports, and working on the new currency…”

        String the Troika along for a bit? By not answering the phone? By selling off more assets faster, sacking more workers?

        Or by doing what they did do – chasing Greek tax cheats, corporate crooks and cutting waste etc so that it was clear they were addressing the “lazy Greek” memes spread by the Troika.

        You might explain your ‘stringing along’ strategy by reference to the actual time line but that would require knowing what the time line actually was. I suspect your ball of string would have lasted about 24 hours ….. at best.

        Working on a new currency? Yanis says Jamie Galbraith was working on an alternative payments system for months with a small team in the office next door so they would have an option.

        Guess what!

        They kept that secret for bleeding obvious reasons and those who signed a new extend and pretend agreement now prefer not to dwell on such points. In case the bleeding obvious is not obvious enough I will spell it out.

        The Greeks did NOT want to leave (you don’t seem to understand this critical point) and if there was even a hint they were preparing to leave, the Troika would have shut the banks and forced them out in an instant. In the end they shut the banks when they realised the ‘extend and pretend’ group in Syriza had the numbers and there was no risk of further Greek resistance.

        But of course if Sweeper was Yanis everything would have been different.

        There is not much point continuing this exchange as Sweeper has all the ‘facts’ required by Sweeper’s preferred pre-existing biases and everyone else reading this exchange can watch the interview linked above or even read the book and decide for themselves whether there was more to the Greek Crisis than they thought.

        It’s the motorbike riding that really did it for you isn’t it? As far as I know Yanis never managed a rock and roll band, so that is a plus.

      • I think walking in with a pop gun [smart phone app] without sufficient market penetration or coverage was a tell.

        oo7 you can also checkout naked capitalism write up along with the comments, whilst Yanis philosophical and economic positions were on good ground they failed because they did not understand the payment system or understood the ramifications that shocks to it could create.

        disheveled…. put back the fight against neoliberalism by a decade or so…

      • Skippy,

        As much as I enjoy the speculations at NC as to what Yanis should have done, could have done and might have done the issue above is that Sweeper refuses to engage or read the published account of the guy who was there or even watch the video with Swedish TV.

        By all means rip apart Yanis’s explanation and point out the flaws or fibs in his account but to just ignore it completely and defiantly as Sweeper does IS the issue.

        Let me know when the good folk at NC shred Yanis’s book so I can gain the benefit of their generally insightful commentary.

        I found the extra information about what was going on behind closed doors – particularly within Syriza – interesting and sobering.

      • oo7…

        I have pointed out back in the past that your lack of expertise [ignorance] in daily payment systems operations is / amounts too an argument from ignorance. I tried to suggest that you talk to Clive over at NC or at least read his input on this matter and inform yourself. This is exactly how Yanis team actually – increased – the suffering of the Greek people and prolonged it.

        Which imo is kinda strange as your making the same argument that you accuse Sweeper of – now.

      • Skippy,

        While I do try to read your links (which is much more than you have ever done for mine – how are you going finding discussion of HPM on the RBA website?) I don’t recall the one you are referring to.

        Give me your Greek-Yanis ‘payment systems’ link again and I will give it a read so I can have it in mind as I finish Yanis’s book.

        I assume the point of it is that a better understanding of ‘payment systems’ on the part of Yanis would have led to a better result?

      • Skippy,

        Thanks for the link.

        I think you need to direct Sweeper to this article as he is the one who reckons a new currency would have been easy.

        Yanis understood all of these issues which is why he did not want GREXIT along with most Greeks.

        What he and Jamie Galbraith were working on was quite different. It may not have worked well and he certainly did not want to deploy Plan X but the important point is that he was well across the complexity of leaving the Eurozone.

      • ErmingtonPlumbingMEMBER

        Great thread guys,…very impressed with 007s and Skips civility toward one and other,…such a nice change,…although you did kinda call 007 ignorant in one posting Skip, but I didn’t think it came across to harshly.

        Being a bit of a fan boy of Yanis and Sweeper, I have been a little saddened of the criticisms of one of them, but answering criticism is one of the best pathways to learning I suppose.

      • @EP…

        Ignorance is a state of / or level of knowlage and not a reflection of ability, thought some are want to embrace the self inflicted sort.

        Mainstream economics has not had an operational theory of money for decades, it only eschews to it, which is compounded by mainly catering to a narrow sociopolitical / ideological template for society at large. All failure is easily hand waved away by stating non free market agency screwing with things.

        This is compounded by a complete lack of political realities as well as endemic corruption and a complete refusal to deal with how our species actually functions and why, since time immemorial. This is where oo7 and I diverge, right from the beginning of his camps core axioms.

        This is where I point out Philip Mirowski works –

        Phillip Mirowski challenged the left to directly attack and defeat the neoliberal belief that markets are information processors that can know more than any person could ever know and solve problems no computer could ever solve. [Prof. Philip Mirowski keynote for ‘Life and Debt’ conference https://www.youtube.com/watch?v=I7ewn29w-9I ]

        To put some more flesh on that quagmire I suggest reading the post and comment thread below: http://www.nakedcapitalism.com/2017/05/hayek-neoclassicals-meet-information-theory-fail.html

        I would also point out oo7 refusal to defend his Austrian AET foundations, this is a quasi faith based attitude. –

        “I can’t follow Hayek and I can’t follow Jason Smith. The first quote above sounds like a “faith based” theory of economics as difficult to characterize as it is to refute. The second quote throws out Jason Smith’s argument with a combination of faith based economics and a rejection of the basis for Smith’s argument — as “scientistically minded.” – JG

        To put it another way neoclassical is basically AET at the end of the day, they just used scientism in its most absurd form to give their ideological preferences gravitas.

        See Scientism – Scientism is the view that only scientific claims are meaningful. It is often widely abused as a term to refer to science and attitudes associated with science, and its primary use these days is as a pejorative.[1]

        The non-pejorative, and therefore boring, sense of the term denotes the “methods and attitudes typical of or attributed to the natural scientist.”[2][3] This meaning is rarely seen in the wild.

        The pejorative sense, in which it is a general-purpose snarl word, is the one you will see in action.[4] This usage seems to date to Friedrich von Hayek’s 1943 essay “Scientism and the Study of Society.”[5] Because the mad scientists are prowling the streets! – http://rationalwiki.org/wiki/Scientism

        This is what makes the fracas between the two so entertaining, as both are cutout of the same original whole cloth ex nihilo, yet have dramas about how the dogs breakfast is served up to the great unwashed.

        disheveled… Sweeper and I are more in the same camp, tho I have yet to see Sweepers critique of MMT or PK.

      • Skippy,

        “..I would also point out oo7 refusal to defend his Austrian AET foundations…”

        That is because it is your projection.

        Just because someone reckons the private bank centric monetary model is broken and requires fundamental reform does not make them an Austrian.

        Considering you like tossing around commodity money, loanable funds derived terminology like HPM it is a bit rich calling me the Austrian.

      • oo7…

        I still maintain that Yanis exploits not only failed, but increased and prolonged the suffering of those he claimed to fight for, regardless of intent.

        disheveled…. it is to that you have to square with reality and not some lofty canned philosophical musings….

      • oo7…

        I never projected anything, its source is your own comments.

        HPM is a reference to law, how you mangle that into commodity money or loanable funds is beyond me.

        disheveled… do be a good lad and retort or provide your acumen wrt the comment above… it would be refreshing intellectual change…

      • Skippy,

        “..HPM is a reference to law, how you mangle that into commodity money or loanable funds is beyond me…”

        Reference to law? What on earth are you talking about? What Law?

        Point me to one bit of Australian law that refers to HPM.

        Funny how the RBA manages to never mention HPM once.

        You avoided responding to my queries regarding HPM earlier. That seems to be because you have no idea what it means.

        There is a reason for that – it is a meaningless and confused expression.

      • DarkMatterMEMBER

        “Phillip Mirowski challenged the left to directly attack and defeat the neoliberal belief that markets are information processors that can know more than any person could ever know and solve problems no computer could ever solve.”

        This idea of omniscient markets is deeply, deeply flawed. It is probably one of the silliest idea ever advanced. In fact, it is fairly easy to demonstrate that in a complex system like the financial system, the ability to predict future states is effectively zero. The reason can be illustrated by observing that the system has a huge amount of state, and each element that holds that state (like individual investors) is a complex entity (brain) which is influenced by decades of memory. Any attempt to predict the exact nature of a transition to an adjacent state would involve computations exceeding the capacity of our universe.

        https://www.maths.unsw.edu.au/seminars/2016-10/primes-complexity-and-computation-how-big-number-theory-resolves-goldbach

        The basis of the belief in the “market as a computer” really resolves down to a quaint 19th century belief in linear systems, Newtonian physics and the theory of simple harmonic motion. The idea of “cycles’ in economics is a good example. Cycles are usually thought of as orbits, pendulums, mass-spring systems and vibrations. Everyone thinks they are a natural occurance, so they will appear in economics. Not so. In a complex system it is actually almost impossible for simple harmonic motion to occur, since that requires the orderly transfer of some immutable parameter to another – like kinetic energy to potential energy in a pendulum. It is always characterised by a pair of sinusoids phase shifted by 90 degrees. I would be interested if someone could show me an example of this from economics. Complex systems like economies tend to be chaotic and subject to random events, so what you do see is periods of relative stability with transitions to different gross states – state transitions. State transitions that form loops are possible, however they are not harmonic. Harmonic motion (like pendulums) is characterized by a correlation forwards and backwards in time of 1. That is, given the state of a pendulum and knowing it’s characteristics (mass, length and G), you can predict the state forwards and backwards in time with a correlation of 1.

        Complex systems like economies, climate etc. don’t work like that. The locus of change is dependent on very complex nonlinear subsystems (brains). Each micro decision is so complex that it injects a small amount of randomness into the process that is unobservable (see Big Number Theory above). The integral of these bits of randomness result in a correlation that falls to zero away from the current state. That means that even if we see patterns in complex systems, there is no way to predict them in the future, unless their non occurance violates a very basic law like the conservation of matter and energy.

        I strongly suspect that economists in many cases confuse imagined harmonic signals with noise and this is a big problem. Natural complex systems that follow the model where the correlation falls away on the time axis as a bell curve (as mentioned above) end up looking like Perlin Noise. Everything in nature seems to look like Perlin Noise. Perlin noise is like the non correlating version of the Fourier series. An example of Perlin noise is the sum of noise functions of ever decreasing period, where period is the width of the bell curve of decreasing correlation. Each noise function is made by assigning a random number at regular intervals, then joining them by a smooth curve. What you get is a smooth but irregular curve. Your brain will try and see regular patterns in this – it is what we are hardwired to do. See the problem?

        If you are an economist and want to test this, all you need is Excel. Create a set of random numbers at regular intervals, and get Excel to draw a smooth curve between them. Look at the curve and see if you see a pattern?

      • oo7…

        Are you arguing that corporate junk bonds are on par with government issued treasuries.

        disheveled…. still avoiding the grist of the comment above whilst myopically focusing on the – one – thing that your selling….

      • “Markets are information processors that can know more than any person could ever know and solve problems no computer could ever solve.”

        Markets’ power to create problems has certainly been confirmed – Darth Vader

      • Skippy

        “..Are you arguing that corporate junk bonds are on par with government issued treasuries..”

        What on earth are you on about now?

        Of course I don’t think a govt security is the same as a security issued by a non bank private organisation.

        Oh I see …….you still don’t understand what…..at law…..a licensed bank or ADI actually is, do you?

        Or how they are different to any other individual or organisation that issues IOUs.

        You still think that ‘shadow banks’ are actually banks and therefore a junk bond is no different to a licenced bank creating a loan.

        That may explain why you toss around terms like HPM without any apparent understanding what the “High Powered” bit of HPM refers to and why it makes no sense to talk about HPM ……if you understand the problem with the fractional reserve /loanable funds model.

        Here you go – read up on someone rabbiting on about HPM. Do you understand now why I suggest you stop using that terminology?

        https://www.quora.com/What-is-high-powered-money-How-can-it-be-used-as-a-regulatory-mechanism-by-the-RBI

        Pro Tip:

        Start reading RBA reference papers and applicable legislation so you understand the operational structure of the Australian monetary system and the actual terminology that is used. The papers I linked on Exchange Settlement accounts are an excellent starting point.

      • oo7…

        The term HPM is well worn territory in economic circles – M1 or base money – The Monetary Base and the Money Supply

        The monetary base (aka “high-powered money”) is defined as:

        Monetary Base = Reserve balances + vault cash + cash in circulation

        In its widest meaning, “in circulation” means any Federal Reserve Notes (FRNs) outside the Federal Reserve banks and any Treasury-issued cash outside Treasury. Economists prefer to use a narrower definition. Cash in circulation is any currency outside vaults of private banks (“vault cash”), of the Treasury, and of the Fed—what is held by “the public.”

        Technically, cash means currency and coins. The Fed and Treasury use the word “currency” to mean paper money only. Currency in circulation includes mostly FRNs, but also some Treasury currency (United States notes, silver certificates) and national bank notes (issued prior to the creation of the Fed in 1913) that the Treasury still agrees to take at face value in payments of dues. The distinction between coins and currency is mostly statistical and does not have any analytical power. Post 15 shows that the material of which something is made is irrelevant to determine if it is a monetary instrument. This series uses the word cash and currency interchangeably.

        To simplify, the U.S. monetary base can be reduced to:

        Monetary base = L1 + L2

        That is the monetary base is the sum of reserve balances and FRNs held by other entities than the Fed and the Treasury.

        http://neweconomicperspectives.org/2016/01/money-banking-part-3.html

      • Skippy,

        At last we make some progress.

        It would be nice if you expressed that definition using Australian institutions but I guess American exceptionalism/ cultural cringe is a hard habit to kick.

        So you are talking about the monetary base when you talk about “High Powered” Money.

        What does Monetary Base mean? A base for banking lending? Oh there is that loanable funds thinking again. Sounds like the High Powered rose by another name.

        “…Monetary Base = Reserve balances + vault cash + cash in circulation..”

        Okay now let’s explore that equation a bit.

        We can ignore the vault cash and cash in circulation as we know that the Reserve Bank manufactures that and sells that to the banks. And we know that the RBA debits their exchange settlement accounts to reflect their purchases of cash, which using your ‘foreign lingo’ means a reduction in their reserve balances.

        So that just leaves us to work out how a bank achieves the credit balances in its ES account so it can buy currency for its ATM machines.

        One way is to accept cheques drawn on a loan account at another bank as when they do that the RBA credits their ES account.

        Fancy that!

        A cheque drawn on a loan account (which is nothing more than internal bank accounting entries) can result in another bank buying fresh notes from the RBA to stock their ATM.

        That sounds like the conversion of private bank IOUs into cold hard cash. For Sweeper’s benefit – as he does not understand this process – this means that a bank cannot create money directly but it can convert another banks IOU into cold hard cash. As long as they work together and expand their loan books evenly they can all make hay.

        The magic / alchemy of our Central Banking system converting private bank IOUs into cold hard cash is such a beautiful thing.

        Let’s pause for a moment and reflect on all the unproductive asset pumping a predatory lending decisions that create those private bank IOUs. I think the banks call it doing God’s work.

        But wait there is another way!

        A bank can also sell a govt security to the RBA and get a nice fat credit to its ES account.

        Gosh those banks are so lucky they can buy govt securities from the AOFM to sell to the RBA!

        Hmmm but how do they pay for those govt securities?

        With their ES balances of course!

        But as ES balances result from bank credit creation and RBA security purchases, that means they are buying govt securities with a mix of private bank IOUs and the proceeds of past RBA purchases of government securities sold to the RBA.

        There is no other way they build the ES balances necessary to buy government securities other than by their loan creation activities and selling govt securities to the RBA.

        And you try and tell me that this monetary model has NOTHING to do with the mutant expansion of the FIRE sector and their determination to preserve this model by manipulating politics with fat donations and revolving door for staff an ex pollies.

        It IS a model with rent seeking, private interest over public interest and failure baked in.

        A barbaric relic of 19th Century economics and dripping with commodity money / loanable funds concepts like Base Money and High Powered Money.

      • “It would be nice if you expressed that definition using Australian institutions but I guess American exceptionalism/ cultural cringe is a hard habit to kick.”

        I have absolutely no idea what this sentence means or how it is applicable to the topic at hand, seems like some vulgar attempt to frame the topic in some emotive nationalistic manner w/o even dealing with the specifics. MMT is not an “American” anything, its just a unpacking of the autonomous monetary sovereign system, w/imo does not has anything to do with Australia, American or otherwise.

        As far as the rest of your diatribe I suggest you refer to the decades of neoliberalism effects across a broad scope of economic policies and the result of that, too include, how the government runs its monetary operations and how the private sector is allowed to operate. The FIRE sector template was baked in the neoclassical oven, how long have neoclassical’s been running the CBs or other government institutions, let alone the dominance in the private sector.

        I mean we had the monetarists and then the quasi monetarists, not to mention G. Stevens [shezz].

        Anywho here you go – https://www.scribd.com/document/181929219/The-Nature-of-Money

        or

        The Financial system and the Economy – http://neweconomicperspectives.org/money-banking

        Disheveled…. you know the same UMKC [NEP] that Hudson is affiliated with….

      • SweeperMEMBER

        “A cheque drawn on a loan account (which is nothing more than internal bank accounting entries) can result in another bank buying fresh notes from the RBA to stock their ATM.

        That sounds like the conversion of private bank IOUs into cold hard cash. For Sweeper’s benefit – as he does not understand this process – this means that a bank cannot create money directly but it can convert another banks IOU into cold hard cash. As long as they work together and expand their loan books evenly they can all make hay”

        Give me a break. You describe this stuff in such a convoluted way I’m not even sure what I’m not mean’t to get.
        Whats a “loan account” anyway? Do you mean a deposit? What would a deposit issued by a narrow bank which only buys safe securities on the secondary market and holds bank reserves be called? A “securities account”. You are mish mashing the two largely unrelated sides of a commercial banks balance sheet into a non-existent product. Look at any banks balance sheet and you won’t see any “loan accounts”. And total deposits never ties back to total loans either fyi.

        “But as ES balances result from bank credit creation and RBA security purchases, that means they are buying govt securities with a mix of private bank IOUs and the proceeds of past RBA purchases of government securities sold to the RBA.

        There is no other way they build the ES balances necessary to buy government securities other than by their loan creation activities and selling govt securities to the RBA”.

        That is just so wrong and arse about. And I’ve made this point to you before as well.
        Please look at the RBA’s balance sheet as at last Wednesday
        http://www.rba.gov.au/statistics/frequency/stmt-liabilities-assets.html

        The Exchange Settlement balances are just bank reserves. They are solely a liability of the RBA. That means the RBA has 100% control over the qty of Exchange Settlement balances since they are the sole issuer. Only the RBA can create and destroy them. They don’t result from bank credit creation, they solely result from CB monetary policy decisions and fine-tuning operations. Fine-tuning operations is just CB speak for changes to bank reserves & currency in order to hit the intermediate target, monetary policy being changes in the target.
        Just do yourself a favour and drop all the jargon and look at the RBA’s balance sheet and ask yourself: If currency and bank reserves are solely a liability of the RBA and only the RBA can issue them, how does it make any sense to talk of commercial banks creating currency and bank reserves?

      • Sweeper,

        Welcome back, thought you must be off doing a bit of reading on the Greek crisis in search of facts to support your armchair speculations. But that is probably too much to expect.

        By the way there is an interesting section in the book talking specifically about your brilliant capital control solution. Seems that everyone thought of that option AND thought it was a dud idea.

        But then Finance Minister Sweeper would have been busy printing up drachma, avoiding Schaubel’s calls and ignoring his party’s election platform in any event. Such are the luxuries of armchair generals.

        I provided a link to an RBA paper re Exchange Settlement accounts. You should read it as you seem to be missing the significance of the word ‘settlement’.

        Here is a tip – it has to do with transactions between banks.

        Are you trying to say that the ES balances do NOT reflect the presentation of cheques drawn on accounts in other banks?

        Here is a another simple question – what effect does the purchase of currency from the RBA have on a Banks ES account balance? Up or down?

        By the way no confusion on loan accounts / deposits. You can call them whatever you like – it doesn’t change their nature – they simply record the amount that the bank has agreed to honour in exchange for the loan agreement. In other words an IOU.

        2nd By the way – Skippy is interested in finding out more about your views on MMT.

        Don’t leave us on the edge of our seats now.

      • SweeperMEMBER

        Yes banks use bank reserves to settle with one another. And in other news…
        Which has what to do with what to do with your patently wrong assertion that banks create ES balances via credit creation?
        “Are you trying to say that the ES balances do NOT reflect the presentation of cheques drawn on accounts in other banks?”
        Could you put that in accounting/banking English so I can actually understand it.
        on the Greek thing; if Varoufakis thought it was no biggie to have tens of billions of Euro fleeing Greece then he was even more incompetent than I thought. And if it was no biggie then why did they end up imposing them (way to late) just before the referendum.

      • Sweeper,

        Re: Greek Crisis – Read the book and you might find out.

        Plus then you can make specific comments rather than sweeping sweeper statements.

        Oh sorry that’s right you don’t read books by people you don’t like.

        You are still struggling with ES account transactions? How do banks pay the RBA for their currency purchases? You must have been typing softly as I missed your answer.

        You have not actually said much beyond keep claiming you don’t understand what I mean. You never seem to understand the points you don’t wish to acknowledge.

        It is all Greek to Sweeper?

        By the way you missed this

        Skippy is interested in finding out more about your views on MMT.

        Don’t leave us on the edge of our seats now.

      • SweeperMEMBER

        I’ve addressed your points. Notably your incorrect assertion that banks create ES balances by lending. And why the fixation with ES balances? They are just bank reserves. I honestly don’t know what you mean when you said they reflect the presentation of cheques. They are used to settle with other banks. If someone writes a cheque to a payee in another bank. The drawers bank is obligated to transfer bank reserves to the payees bank. Why do you consider this so significant?
        On currency. I can imagine a scenario (and it has happened) where new currency gets injected into the banking system without any movement in bank reserves. How? via an OMP. The CB can OMP with currency no different to bank reserves. Actually they can theoretically do it direct to the public. Alternatively if the banking system as a whole expects leakage into currency they will usually swap bank reserves for currency.

      • oo7….

        Sweeper has retorted the same basic fallacies your peddling ad infinitum, pointed out the amateurish actions of Yanis, yet you keep trying to spin the whole thing around concocting new terminology and rehashing the same narrative with rhetorical spin. And you wounder why I popped on you back in the day… sigh…

        Your constant banging on about IOUs leaves a smell of barter theory underlining the whole thing, I don’t know for sure because of your constant game theory application in discussions.

        Look I understand that half of Greece’s dramas are of its own making and then acerbated by EU – law – which means write downs, which mean budget dramas for EU members. That’s on top of the poor due diligence pre GFC in extending loans to PIIGS, so what economic mechanism allowed all of that. At the end of the day all the gnashing of teeth and hair pulling over banks completely ignores the fundamental aspect of endemic corruption in both the private and public sector.

        Disheveled… you seem to thing we have a banking / money problem, I think the problem is more fundamental.

      • Sweeper,

        “..I’ve addressed your points…”

        No you haven’t but you never do so I am hardly going to lose any sleep on that front. Watching you duck and weave and dodge is more than enough.

        Skippy,

        You still haven’t addressed what “High Powered” means in HPM but I guess you are still chewing it over and trying to decide whether you are willing to admit that it is a loanable funds / money multiplier concept.

        It is unfortunate, that Sweeper is so very shy talking about MMT as I feel that might be an area we might find some common ground. You might want to reflect on why Sweeper is so very shy before you rush in and offer your praise so freely. You may find there is a sting in the Sweeper’s tail.

        As for Greece and Yanis I can only recommend again that the pair of your expand your information sources beyond some Op-Ed columns and your prejudices.

        The e-book edition is pretty cheap and you can always start with the free sample that Amazon makes available.

        https://www.amazon.com/Adults-Room-Battle-Europes-Establishment-ebook/dp/B01ICK4IWK

      • oo7….

        Your read a book – congratulations – !!!! – by Yanis himself no less. Sorry but I’ll take a much broader and contextulized view of things over a much longer time line.

        Sweeper and MMT… out with it oo7…. whats holding you back.

        disheveled…. Whether Sweeper thinks MMT is a Joke or not at least we agree that AMI jargon and clutching at straws is absurd.

      • Skippy,

        “…Your read a book – congratulations – !!!! – by Yanis himself no less. Sorry but I’ll take a much broader and contextulized view of things over a much longer time line…”

        I see, just another “lion of the left” who, like Sweeper, prefers the half baked speculations of people who were not there and the character assassinations of the Troika.

        A shame really as you would most likely enjoy the book once you forgot that I recommended it and stopped cheering on Wolfgang Schauble as the man who stopped Yanis.

        I guess you will come around when NC reviews and gives it a thumbs up and puts it on your approved reading list.

        Not that you would ever admit that.

        Any other books you don’t want to read?

    • Yeah from stupidity. How on earth could so many smart people designing that thing not have taken into account the effects of climate change and warming??? Esp when they know that polar regions are warming faster than anywhere else on the planet. Not to mention that they didn’t put it in an area cold enough.

      • Let me help you to know the subtlety of the Force…. Popcod, if one is to understand the great mystery, one must study all its aspects, not just the dogmatic narrow view of the elite. If you wish to become a complete and wise leader, you must embrace… a larger view of the Force. Be careful of the elite, Popcod. Let me show you the true nature of the Force. Only through me can you achieve a power greater than any elite! Learn to know the Moron Side of the Force, and you will be able to save your portfolio from certain death…..

        This episode is symptomatic of the sorry state of modern science and technology. They are so specialized that its left hand does not know or care what its right hand is dong, so to speak.

        Don’t you often see trees planted next to footpaths in our suburbs directly beneath power lines? You would think someone involved in the urban planning would know that trees tend to grow? Not so.

    • TailorTrashMEMBER

      “Conducting your own research is key but don’t forget to ask the experts. Agents are entrenched in the market and brimming with a wealth of information. Start by tracking down the agents that specialise in your suburb and gain insights.”

      ……ok ….so Ms Powell is a “group data scientist “……………but she really does need to get out more ………

    • Was talking to a family member in Darwin this morning who’s looking to buy, said you can knock 8 to 10% off the asking price and still have room to negotiate. Not good up there.

  10. Anyone notice that many of the virtual currencies have started to take off over the last few months?

    https://coinmarketcap.com

    Both the value but more interestingly the volume traded has gone crazy in the last couple of weeks especially. I haven’t found anything on the web as to why or who? I’m wondering if some company has pointed their HFT algorithms at the full crypto currency market.

    For instance bytecoin has 24hour volume traded of 50million USD. It has a market cap of 300million USD. A very well coordinated pump and dump scam maybe?

    https://coinmarketcap.com/currencies/bytecoin-bcn/

    Thoughts anyone?

    • It’s been the same thing every couple of years. Pump and dumps by insolvent exchanges who are trying to make themselves whole and/or attract that sweet, sweet VC money before anyone notices. Last time it was mtgox, this time it’s bitfinex and poloniex.

    • It does, great, just what we need, more CO2 intensive fuels. Seriously at this stage in the game how can people think that figuring out how to extract this type of fossil fuel is a good idea? We need to figure out how to cap that stuff deep undersea and make sure it doesn’t escape in a warming world. I feel sorry for your daughter.

  11. JonathanMEMBER

    Anecdote time. On holiday in Cairns for a few days and up early to get supplies for the un-awoken household. Nipped in for a coffee at a great place on the Palm Cove beach front. Like a scene from the Big Short was sat next to a boomer aged women who works as a beautician and had bought 5 units unseen in Brisbane over the past few years. It was very clear to her that the calculations relied on capital gain only rather than on going return. If negative gearing was ended she said it would no longer add up and she would be forced to sell and was comfortable with this (unaware that many others could be in the same situation at the same time). Highly leveraged as well judging by some comments.
    I wonder how many others like this are out there? When this all crashes it is going to hit hard.

    • [email protected]MEMBER

      good

    • “If negative gearing was ended she said it would no longer add up and she would be forced to sell ”

      Luckily for her the ALPs policy would grandfather her existing holdings.

    • If you weren’t spending all your money on fancy holidays and expensive coffees you too could be experiencing her joys of property investment, maybe even literally!

    • footsoreMEMBER

      Ouch. Did you overhear whether or not she’s chipping away at the principal?
      If she’s using her equity to holiday I hope she’s getting some nice weather up there.

    • “If negative gearing was ended she said it would no longer add up and she would be forced to sell and was comfortable with this”

      LOLOLOL!! I cannot recall when I last read a sentence in which “forced” and “comfortable” happily coexisted.

    • It inspires me that business came together to defeat the growing tide of communism at that time! Hopefully Trump will dismantle all regulation so that corporations are free to maximise profits.

      • As the concentration of wealth and property proceeds into ever smaller number of hands one has to consider the ramifications for corporations… I fear they could be in peril…

      • First you get the money, then you get the power, then you get the women…and then you get the pitchforks.

      • Sorry mate, we forgot that archaisms like that have lost all meaning on you. I mean, the new Australian vocabulary is centred around real-estate investment: “flippin’”, “negative gearing”, “capital gains”, “reno”, “renter scum” … and so on..

        Again – sorry – we won’t bother your beautyship with these archaic concepts which were so thoroughly disproved by the wonderful and thriving investor class of which you are part of.

      • TailorTrashMEMBER

        It’s reassuring that This commonwealth is in the safe hands of Lord Protector Reusa and the investor class ……..

      • GunnamattaMEMBER

        Huh?

        Is this a left or right issue? or are you just here to toss shit about.

        What are you suggesting? – that the right (lets not start with Thatcher era UK or the Bush family) didnt mind a bit of bribery to go with their arms sales?

        The simple fact of the matter is that all arms sales are accompanied by a big dollop of corruption.

      • jeremy and other trumpers are just sad and in denial cause trump was supposed to be different and the hero of the anti neoliberal agenda. and that all his flaws pre-election was “worth it” cause he was going to drain the swamp

        turns out he was a con artist and they’re having a hard time digesting that information

      • Pence in a bait-and-switch for Trump in another massive win for the deep state.
        Galling that his first trip is to Saudi.

      • Jeremy Bentham

        @Gunna lmfao.

        Here I am pointing out the ludicrous nature of the left in relation to Trump – and you perfectly epitomise the problem.

        I’m about as far left as they come – and the problem is absurdist reactionaries on BOTH SIDES – which is what I am pointing out. Your emotive visceral inversion is nothing more nothing less than a perfect example.

        You have literally repeated my point verbatim – and just “blown up” over it.

        Hilarious.

        .

    • Plus it helps to create more refugees that we can bash in order to win another election. The most oppressive regime in the world but all msm is obsessed with bringing Assad down. A despotic leader, true, but under his family all religions prospered. Just to remind everyone that majority of the Sunni in Aleppo did not join the “rebels” until our beloved “rebels” took over the city. Even the msm in the early days was astounded why this was happening.
      Also, Australia sells weapons to Saudi Arabia too. Now for those not agreeing with Joel’s comments further up consider this.

  12. TailorTrashMEMBER

    Expect Sarah Hanson Young to turn up the volume on indignation …….I mean what is wrong with people on Australian taxpayer handouts going back to the countries they fled from as “refugees ” for a holiday?………..http://ab.co/2qGi7Qz

    • GunnamattaMEMBER

      is there any reference anywhere to the numbers of ‘refugees’ who have gone for a holiday back to the country they claim they are in danger in? any data? (serious question, I heard this being mentioned this week and was wondering if it was an Uncle Rupert style refugee bashing thing or, on the other hand, just the sort of rort that some would be stupid enough to swing. I tend to the view if they have applied for refugee status here and have gone on holidays back to the land which has made them refugees then they should be booted)

      • TailorTrashMEMBER

        Well there was a “representative of the Iranian community ” getting good coverage on this issue last week ……and I have heard first hand of Sri Lankens who arrived as refugees going back on holiday ………but like all things it may be blowen up a bit but am sure some could be found … and of those 50k boat arrivals under labours weeping in parliament policies a few would have been economic refugees and should not be taking benifits that should go to those who are genuine and in need of help……….but you are not really allowed to have such thoughts these days …….even economic refugees should be allowed in according to some.

    • StomperMEMBER

      I have a very good friend who is an Iranian refugee. She fled from religeous persecution having been arrested and beaten by the morality police for not having 100% of hair covered. Not being muslim leads to all sorts of persecution.
      Her mother and father and friends remain in Iran and have little hope of escape and survive by pretending to be muslim.
      She has been fortunate enough to return to Iran on a couple of occasions, despite the risks , because she wants to see her parents.
      Its no holiday and there is always the risk of arrest.
      Is she a genuine refugee – you bet she is.

      • Even better point. Having read your comment I remember I used to work with about 25 Assyrians who are all Christians and who were in similar situation in Iraq. Not as bad as Iran but still they were heavily discriminated and strangled to get decent jobs etc.. I guess I rushed agreeing with gunna but again if people do go back to their country on holiday that should be investigated.
        I also remember one of these guys telling me that they used to sneak into Iraq illegally via Syria.

  13. I will just put it out there.

    WTF happened in North Ryde???
    http://sqmresearch.com.au/graph_vacancy.php?postcode=north+ryde&t=1
    From a pure technical perspective, this is reaching to higher-highs….. go long “rent reductions” (if renter) otherwise Sell, Sell, Sell

    From another angle: http://sqmresearch.com.au/weekly-rents.php?postcode=North+ryde&t=1

    lower-lows!…. 🙂

    Gavin, maybe you can find a place with a nice backyard for less than $600 @ North Ryde in couple of months time. 🙂

    • macrofishMEMBER

      I used to work around that way before moving to Melbourne, shit ton of building been happening on all the unused land that was floating around.

      • ErmingtonPlumbingMEMBER

        Mmm,…I blame the “Royal Shores Estate”
        The property development on the banks of the Parramatta River (Ermington flats) @ the site of the old Naval stores,…next to the old tip,…the one they turned into park lands, due to the unsuitablity of that land to be used for residential construction.

        A blurb from their site,

        “Royal Shores is not your ordinary address, destined to become one of the most unique and recognisable waterfront communities on the shores of Sydney Harbour. Royal Shores will be a place where everyday becomes an adventure. Explore the waterways of Sydney Harbour by Boat, Ferry or Kayak.”

        Just try not to roll over your Kayak in this part of “Sydney Harbour” as I’m not really sure they’ve got out all the dioxins and chromium out of the river mud, from the near by refinery and other nearby industry,…at least the former Union Carbide site is down river,…that’s where they made agent orange isn’t it?

        Anyone Spruiking this development will tell you the ferry to Circular Quay will be picking up from there any day now,… you’d wanna hope so, because it’s a prick of a walk up a very steep hill to the Ermo shops to catch the bus anywhere.

        The completion and release of these properties, and the expected “Premium” for a new build is the reason for that spike,…there has also been frenzied knock down rebuilds of duplexs all over the suburb, rapidly thinning out, vinal cladd fibro shitters like mine, also adding to supply.

        Wait until the Put Put development hits the market,… just recently shut down and a hording put up the length of Victoria rd, from Wharf rd to the brethren church on Hughes avenue.
        They are redeveloping the whole block down to Hope St, eventually taking out Phyzer and all the other industry with in that block.

        The later planned expansion down to the river will take out GlaxoSmithKline and Eli Lilly amongst other employing industry there,…probably looking at 20 story plus down there,… like on the other side of the river,…it’s ridiculous.
        That rental vacancy spike will be 4 or 5 times higher when they get finished,…if they get finished that is.

        This “Royal Shores” development was supposed to be completed over a decade earlier, but a stagnant market had it sitting idle for a long time before Developers put their money back in.

        http://payce.com.au/projects/ermington/

        http://ausvisionholding.com.au/portfolio/royal-shores/

      • TailorTrashMEMBER

        Ermo …….took my kids to a few birthday parties at that Put Put …………so now appartments ….sad
        …..was one at Pymble too ….but spotted it under development the other day …..looks like appartments ….sad …….Visited nursery at St Ives I used to frequent ……found it abandoned and overgrown ……big for sale sign …”prime development site ” …….appartments of course …..sad

        …….when all we have is soulless appartments what will Sydney be worth ?…………very sad indeed !

      • EP having recently learnt about land contamination I’d be worried about those areas of the Parramatta river also. I was looking at a Factory in Melbourne which would cost at estimate $200k+ to rip up the old concrete and deal with the soil beneath (provided no additional issues are found).

        Part of me still thinks it’s worth it, given the way land values are right now but the other part is just thinking, sit back and wait…

        RE: Agent Orange pretty sure that was made in Rhodes which is why the whole area of high density residential and not low density (nobody should have a backyard because if you grow stuff in the dirt you’ll probably get cancer). 😀 So everyone is built on a slab of concrete.

    • Isn’t North Ryde a Chinese speculators wet dream of a suburb? I’m still not sure what’s so special about it myself, but I’ll keep an eye on it.

      • ErmingtonPlumbingMEMBER

        Rents are even cheaper in Ermo Gav.
        If ya move in, you can join my branch of the Labor party,…we meet at the Brush Park Bowlo and beers before, during and after meeting are enjoyed.
        What are ya waiting for!?

      • I’m still part of the Affordable Housing Party of Australia, get Labor to do something about the high immigration rates we have and I’ll vote for them next election, provided they go through with negative gearing and half capital gains tax reform and do something about land banking etc..!

        Only problem being that far out is I cycle into work, it’s just a bit too far… I normally come in from Five Dock/Concord area.

      • ErmingtonPlumbingMEMBER

        Be in both parties Gav,…but maybe, just don’t tell em.
        Who you vote for on election Day is your business brother.

        As for Ermo being to far out to cycle to work,…you just need to get one of these tredlys,

        https://youtu.be/zEdETIjfngo

        6mins in this fellow hits the Traffic. I can’t tell where he is more of a menace, on the road or on the bike track,… someones dog is gonna get killed by this guy.

        Either way,…bones heal, Chicks dig scars and Glory is forever.

      • It’s geographically the most central part of Sydney. Lots of big tech companies there like Microsoft, Macquarie uni is there, I went to the Macquarie centre shopping mall not long ago, probably 50-70% Chinese. It’s not a terribly nice area but nice enough.

      • @EP – That Stealth bicycle is impressive, he’s a bit nuts on it like you say. Not much protective gear. Wonder what they cost? Any idea where he’s cycling? It’s parts of Sydney (I think?) I just don’t recognise them. Surprised a cop hasn’t picked him up on it yet.

    • Now this typifies the spoilt expectations of local Australians. Dude, wake up to the real world. I charge $600/wk per Chinaman family living in my one bedders. Per family! You got no chance loser!!

      • TailorTrashMEMBER

        Maaaaate !! ……..you know how the new Straya works …..you are in to it …seriously , you should found a political party …..you really could help mum and dad strayans get further ahead …….and become lifters not leaners ……… Reusa’s Investment Party, Australia….R.I.P STRAYA ….maaaaate …winner !!!

      • Reusa, you have not asked me my budget? (tch tch, not good… u r losing your touch!)
        Second, you have not asked me if I was a chinaman with lots of “good money” that will help ppl like you get more lovings up the backside ..oops anyside. (tch tch… not good… your fellow infestors will disown you if you lose your touch!)

      • Also Reusa, pretty sure Virus owns an investment property and takes advantage of negative gearing, whilst renting a place to live in. Best of both worlds.

  14. Now we’re talking:

    http://www.telegraph.co.uk/news/2017/05/17/middle-class-pensioners-lose-benefits-tory-plan-fund-social/

    The second part of the funding plan is to charge pensioners with assets of more than £100,000 for domiciliary care. For the first time, the value of pensioners’ homes will be taken into account when they are means-tested for care visits, meaning far more people will have to pay towards the cost.

    At present around 870,000 people in the UK receive care visits in their homes, some of which is already privately funded. Mrs May will also emphasise her new policy of allowing all pensioners to keep assets of at least £100,000, rather than the current limit of £23,250, and legislating to ensure that nobody is forced out of their home to pay for their care.

    • A lot of people in England saw this coming already. Every man and his dog has put their house in trust to their children. The gov. over there must have shown the cloven hoof already in some way. Of course here no one would trust their children in this way or they would be sleeping under a bridge in short order.

      • footsoreMEMBER

        However could the UK get around this shifting and hiding of assets? Perhaps a land value tax would be of assistance. And before someone says that the old person may be tossed out of their home for not paying it, if they’ve transferred it to their children, as nyleta suggests is common, then they have no one to blame but their landlord for not meeting their obligations.

        Unfortunately, at first they’d probably have to excuse the landed gentry, just to make it palatable. We couldn’t have someone whose wealth came from dropping out a particularly well bred lady actually contribute back to the community. That’s just not British.

  15. I’m sure Queenslanders will be really fucken happy to know their government can’t reduce an increase in the cost of car registration because it would leave a $300m hole in its upcoming budget while contemplating giving Adani a $350m royalty holiday. I see a lot of unemployed Labor parliamentarians at the next election wondering how could have this happened, what went wrong? Pretty fucken obvious.

    http://www.news.com.au/national/breaking-news/no-relief-for-motorists-in-qld-budget/news-story/b2efbc4b08883c331d73caa7a6649b82

  16. Transurban to get paid if trucks use NorthConnex motorway, and if they don’t
    http://www.smh.com.au/nsw/transurban-to-get-paid-if-trucks-use-northconnex-motorway-and-if-they-dont-20170521-gw9r20.html

    Anyone seen Transurban’s idea of art? These guys (including Scotty the Yank from Lend Lease) have too much money to play with.
    http://www.2gb.com/podcast/sculptures-by-the-m2/
    https://www.transurban.com.au/m2-motorscapes-project

    Quote “Transurban CEO Scott Charlton says the art installation will be seen by more than 100,000 motorists daily and will complement the significant bushland regeneration work also planned for the site. Together with Landcare Australia, the Hills M2 Motorway will increase the ecological value of the land through creek improvement works and extensive replanting with local natives.”

    • I think a more appropriate “motorscape sculpture” as they call it, would be a forest of dicks… Because no mater which road you take, one will spring up your ass.

      • haha, no matter what you get screwed, it’s just the size of the dick that varies! Perhaps it could be walls of different shaped Dildo’s? It wouldn’t cost much either as you can just get those stick on versions with the suction cup base.

        If anyone has a minor run in on the motor way, just pull 1 off the wall and fix the dent at the side of the road.
        https://www.youtube.com/watch?v=BLSilQgDvkA

  17. TailorTrashMEMBER

    Watching the popular Sunday night television ….
    ………that Sainsbury girl seems to elicit the same sort of indignation that our Schapelle did ………how dare those nasty foreign people arrest and put in an over crowded slum jail one of our sweet young fair maidens who did not realise that her luggage was mysteriously seven kilos heaviour than when she left home …….I mean ….everyone knows she was an innocent abroad …..and Strayan to boot …………so she could only be an innocent …….!!! How could this possibly be allowed to happen ?

    • That cool channel 9 sunday night tv is actually nowhere near as good as the channel 7 one that is letting us know how privileged we are to have lots of pretty chinamen ladies buying up all our property!! I can’t wait to have relations with them all…

  18. Near me. Something going on.
    About 6 months ago there was a huge sticker across the billboard out the front of this site saying all had been 100% old.
    The big spruike 6 months ago was all the sales material was in Korean, as there is a big Korean church next door.
    Now they are advertising the development again at the local shopping malls such as Carlingford with Chinese speaking sales people.
    I suspect the developer does not have the cash to begin and the bank is not forthcoming as they once were with credit as demolition of the existing structure has not begun and mobilization and preliminary works has not yet begun.
    Each apartment is for sale for a bit over $1 million, 50 apartments that’s $50 million, yet the developers own site says construction cost is $20 million!
    http://mingtian.com.au/project/
    http://www.homehound.com.au/listing/for-sale/nsw/sydney-region/parramatta-sydney-region/north-rocks-parramatta-sydney-region/lot-30221-north-rocks-road-north-rocks-nsw-2151/

    The big new Dyldam development across the road from Bunnings down at Northmead that has a indoor heated pool and ducted air conditioning has some public housing tenants in it according to a local RE I spoke to a few months ago.
    http://www1.pia.com.au/rental/projectdetail/?id=56&rental=1

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