Weekend links 26-27 August 2017

Lagoon, Wimmera, 1943, Sidney Nolan, National Gallery of Victoria

…..will do more as I get time…..

 

Macro & Markets

Europe

Asia

Americas

Terra Specufestorus

…and furthermore…

Comments

  1. The Traveling Wilbur

    First! haroldus won’t be happy… might have gone outside for the day though.

    Avagoodweekend all.

  2. Gold Coast update: Gold Coast publication ‘Friday Flyer’ has gone bust. FF, a newsletter which has been promoting Gold Coast businesses for the last 7 years, has crashed. into voluntary administration, owing unsecured creditors $179,106 and the ATO $33,789.
    FF supported local businesses as the backbone of the Australian economy and the foundations and building blocks of the Gold Coast community.
    The newsletter had a weekly print run of about 160,000 copies.

    Using your spotties at night? AFR rewrite
    Driving at night is difficult. In Nairobi, it’s deadly. Of the 10 countries with the most traffic deaths relative to population, 8 are in Africa and Kenya is among them.
    Gven that most Africans still live where hardly anyone owns a car, how come?
    The main reason is, at night , you cannot see the road because of the dazzle of oncoming cars driving with their headlights, foglights and any other lights they have on full beam.
    So what to do. Everyone has their headlights on full even though it makes life harder for everybody else. So you too drive with all spotties on. The “theory of the full-beam headlights”.
    In Australia, the law is you must use your headlights on low, just as we also know how to queue at the post office. But that behaviour may be a luxury we can still afford but others can’t.
    It helps to explain a lot of dysfunction in African cities in general.

    IN catch 22 Yossarian, an American in Italy in WWII, tells his superior he is not flying any more. “From now on I’m thinking only of me.”
    But, his superior responds, “suppose everyone felt that way?”
    “Then,” says Yossarian, “I’d certainly be a damned fool to feel any other way, wouldn’t I?”

    Yet if everybody could resist the urge to behave selfishly, would everybody would be better off ??
    Hence the full-beam headlights. If most Kenyan drivers dipped their lights, everybody would be able to see. But nobody does it because then they are at a disadvantage.
    Nobody likes paying taxes But it feels much more of an imposition when you know that people far richer than you aren’t bothering.
    So if you’re a politician and everybody else is stealing from the national treasury: you’re an idiot if you don’t get your share.
    Why do people behave this way in some countries and not others? It is about trust.
    In Straya you TRUST that most people will follow the informal social laws that make society work, such as queuing at the post office.
    Politicians who steal are not chastised but re-elected, providing that they redistribute some of the spoils to their voters.
    Shame comes from failing to get the most out of the system, instead of from being a functional part of it. Will we ever get back to driving on low beam, NO. Its all full beam from here.
    Laurie needs a set of Chinese, pushbike quality brightness super bright full beam spotties:
    “I understand that the business is results-driven and I respect the decision of the board to go in another direction”. Laurie Daley.

    • ‘Why do people behave this way in some countries and not others? It is about trust.’ – sorry but i disagree with this.

      Trust is not a thing, but a proxy of a thing. In this case I suspect the ‘trust’ is an derivative of an underlying deeper proxy of memetic and genetic fracture in society. Given that trust can move around based on recent events, possibly even a second derivative. Therefore, maybe an trust === second derivative of underlying memetic and genetic fracture rate, where the first derivative is a delta measuring the rate of fracture (or mono-culture-ization; +/- ive). So trust === delta in rate of change of fracture.

      Hence, limiting memetic and genetic fracture to the maximum bound for any given social tech (democracy for example), is a smart move for a society. Happily, the same logic also provides guidance to the safe amounts of fracture one can introduce into the system. This also gives us a way of out the failure of democracy, it is now a scaling problem, not the end of a way of life, but i digress.

      ‘Why do people behave this way in some countries and not others?’ – because they are comfortable with the low rate of change in the fracture rate of their society. That is, they choose to invest in commons positive behavior because they think it will pay off going forward. Remove this driver, by introducing massive memetic and genetic fracture (3rd world slave labor ftw!), and you will reap the whirlwind. Quoting: https://hotelconcierge.tumblr.com/post/159702160399/the-subprime-directive

      ‘As Hollywood liberalism disappears deeper and deeper into its own fractalizing asshole, those outside its cultural sphere—in America, France, England, and elsewhere—will feel progressively less heard and respected, which will prompt liberalism to bury its head all the more. “How come the white working class uses government programs while railing against handouts?” Because you are the government. They’ll take what they can, but they’ll be damned if they beg for it. “Why are all these hicks voting for authoritarianism?” Exercise some basic cognitive empathy, please. They’re not voting for authoritarianism. They’re voting for fuck you.’

      • Sexism, incompetence, favouritism, poor leadership, poor communication, bullying, petty politics, low standards, patronage, conservatism, outdated technology, gossiping, selfishness, embarrassing behaviour and laziness defines the organisation, a survey of 39 current and recent staff and 12 sporting federations found.
        And where is this, the Strayan Olympic committee. Not even a mention of trust.
        Now T you’re a veteran, dont even start me on the military.

      • So trust === delta in rate of change of fracture
        Interesting Recycled Tolstoy if I’m not mistaken.
        It’s been a while since I last deep dived into the Russian philosophy but that (Trust relates to Rate of Social Change) meme is something I remember. It’s kind of a thought / stepping stone on the way to Absurdism….that’s about where I gave up on Russian Philosophy.

      • @fiswho – i did not know that. Would not surprise me, the thinking that came out of the Russian Revolution was top rate, even if their conclusions were mostly wrong. Not stupid people. Hell, the left’s proficiency at politics was unchallenged for nearly a century since then.

      • @WW – not a veteran. but totally hear you. + many.

        Its sad, isn’t it. We live in possibly the greatest age since the enlightenment, or the renaissance, and we have screwed it up completely. And we have screwed it up by focusing on such petty shite.

      • migtronixMEMBER

        So by that theory trust is a constant that undergoes step changes at inflection points?

      • @mig – no such luck.

        The theory is that governance is a social tech. So, like other tech, it follows a lifecycle. End of each lifecycle is due to scaling problems. So animist cult (sub 25,000) -> patriarchy (sub 100k) -> …. -> modern democracy (sub 20m) etc etc. Obviously these numbers are pulled out of the arse, cause no one understands this stuff really, but the trend line hopefully is obvious.

        So each form of governance is pretty good for a certain level of genetic and memetic fracture. Genetic is obviously people, memetic is some kind of cultural achievement proxy. Each form of governance has minima / maxima of genetic and memetic “something”. So a society needs a certain minimum genetic % (i.e. race is maybe a proxy, but I don’t think so personally), and a certain minimum memetic %, to use any of the governance types. The % is the fracture, so this would be the first derivative. Also note the maxima would be where the governance model fails cause the fracture is too great or the scale does not work for the governance model (ex. trappist monk governance will not work > ~500 people).

        Trust would be second derivative of fracture possibly, think acceleration for a physical analogy, is what I was trying to say. No idea about the stepiness of the function.The problem of course, is that the human meta-animal has a cosmic fuckton of emergent properties that we don’t come close to understanding. For example, you cannot undo an innovation in social techs. One muppet starts using a new tactic (fake news), everyone has to start using it, or it costs heaps to enforce against it. You cannot un-implement an innovation, you can only adapt.

        The other challenge is, between the meta-animal on the left (universal progressivism) and the meta-animal on the right (wahbabi islam), well, it sucks for everyone else. So the only people looking at this are on weird blogs on the fringes of the internet. Its also very new right, it was only early 201? when the first hedge funds started mapping the twitterverse and using nlp on the contents. It was only when this was first visualised that some of us on the right realised that this was the first visible representation of a human meta-animal. It was insane.

        btw – this was definitely not from Tolstoy.

      • Durkheim called it anomie.
        Hasn’t helped that the former parties of the common good chose to accelerate the process by advocating the TINA fallacy.

      • migtronixMEMBER

        If trust is a second derivative, like acceleration, and delta of fracture appears at such a rate as political organisation, then in between inflection points – complete change in political organisation – the delta is reasonably linear. Ergo the second derivate is a constant that undergoes a step change at point of transformation of political organisation.

        This doesn’t seem very satisfying.

      • migtronixMEMBER

        Great. Let’s move from the observable, empirical, mathematical western traditions of science – to the suggestive, self infatuation and indeterminate traditions of Eastern “philosophy”.

      • sure – it is not very good. but these are just guesses right? the real story is that we can visualize this, even possibly in real time, and analyze it. this has never been possible before, which is why it so exciting.

      • Lool mig…

        As a libertarian you can make no claim to royal science or anything conta the metaphysical…

    • This resonates. In my day job I identify outcomes of programs and the amount of push back I get for talking about trust bugs me. It’s something that is essential but very undervalued in my experience.

    • @ww , there’s 2 T’s on this blog. I’m the one that’s served Queen and Country, nice to know someone remembers. 👍

  3. Ann Pettifor has been kicking it with the Justified Ancients of Mu Mu (KLF)
    https://www.bidolito.co.uk/jams/

    Why Did The K Foundation Burn A Million Quid?

    A Public Hearing, The Black-E, Liverpool, 23rd August 2017

    In the early hours of 23rd August 1994, Jimmy Cauty and Bill Drummond, then operating under the name The K Foundation, burnt £1,000,000 of their own money, in an abandoned boat house on the Isle of Jura. The money was all the cash they had left from their careers in the music industry. The burning was filmed by a man named Gimpo, and written about in the Observer by a journalist named Jim Reid.

    People wanted to know why the K Foundation burnt the money. Cauty and Drummond did not have an adequate answer. Cauty and Drummond felt it was for others to tell them why. Cauty and Drummond signed an agreement to stop trying to explain the burning of the money for a period of 23 years. This was done to provide adequate time for others to tell them why they burnt the money. The agreement took on the name The Twenty Three Year Moratorium, and was backdated to the night of the burning. This moratorium will be complete on 23rd August 2017.

    On the evening of 23rd August 2017 a public hearing is to be held at The Black E in Liverpool, to find out if there is an answer to the question. This public hearing is to be chaired by the artist Tom James. A panel of five people will be brought together, to each explain why they think the K Foundation burnt the money. The panel includes: Jeremy Deller, artist; Ann Pettifor, economist; Tom Hodgkinson, editor of The Idler; Annebella Pollen, art historian; and Clive Martin, journalist.

    Various witnesses to the original burning and subsequent events will be called for testimony. These witnesses include: Gimpo, Jim Reid, Mick Houghton, Chris Brook, Angie Sammons, Craig McLean and John Higgs. Note: neither J Cauty nor B Drummond will be amongst the witnesses, as they have nothing further to add.

    I haven’t seen any of her contribution, but here’s a snippet of John Higgs trying to answer the question.
    https://youtu.be/t-SU0HVHEas

    • The Traveling Wilbur

      LOL misread Craig McLean as Craig McLachlan. Nearly suggested burning him instead of the money!

    • billygoatMEMBER

      @footsore
      My take on KLF & the K foundation is total attention grabbing stunt.
      One hit wonder from my recollection so what better way to enjoy a comeback 23 laters.
      The song was only catchy because of drag queen Tammy Wynette lending her awesome voice and the powerful African backup singers with their funky rhythm’s.
      All the rap crap in the middle likely social programming.
      Drummond is from a super rich family so no biggie to burn the cash – piss take and probably fake cash.
      As for the ’90’s miserable songs – great list illustrating the program of miserable generation.
      What a C$$T is bon? Don’t answer – rhetorical question!
      ONE – everyone singing along to the seemingly most powerful love song ever about relationships and NOT hidden in the lyrics is a song about BREAKING UP, loss, heartache, heartbreak, devastation – buffalo falling to their deaths no less. Words are spells. Music is powerful, just take a look at all the broken relationships formed in 90’s.
      IMO more bulls$$t from music industry

      • That’s exactly what the KLF were mocking, the empty void of the music industry. In fact, there were, and are, mocking culture in general. They were, and are, attention seeking, but it was done to draw attention not just to their joke, but the joke that is the U2s and Def Leopards of the world and the industry that surrounds them.
        The million quid that they burnt seems to be legit. They were originally just going to nail it to some wood and hang it in a gallery and try to sell it for a million quid. But, the gallery wouldn’t show it, so they hatched the idea to burn it.
        Other notable acts include a worst artist of the year award that matched the Turner award.

        From Wikipedia,
        “The 1994 K Foundation award was an award given by the K Foundation (Bill Drummond and Jimmy Cauty) to the “worst artist of the year”. The shortlist for the £40,000 K Foundation award was identical to the shortlist for the well-established but controversial £20,000 Turner Prize for the best British contemporary artist. On the evening of 23 November 1993, Rachel Whiteread was presented with the 1993 Turner Prize inside London’s Tate Gallery, and the 1994 K Foundation award on the street outside.”

        It’s all a very serious piss-take, like Chris Morris’ ‘Brass Eye’. Once you get the joke it’s hilarious, but it requires the admission that practically everything else that we consume through the media is an even bigger joke.

      • There are still some good acts around. Funnily enough a lot of them are folks from interstate that have moved here for the music scene. So, even the music scene is a population ponzi that relies on the myth of Melbourne to act as bait to attract the next group of musicians and artists who then reinforce the notion of Melbourne being the art capital of Australia, thus attracting the next group , and on and on and on and on…… (Which I don’t mind as they aren’t as jaded and house obsessed as people who have been here for a few years. Good company can be hard to find.)

        Also, note above that the only band that was better than TISM has reformed, the KLF.

      • St JacquesMEMBER

        Great point, the Ponzi cancer eats and destroys everything it touches. btw TISM is the classic Melbourne spirit before it was fully taken over by the Ponzi and turned into a souless, pretentious Wank Central. Yes, there was a something of a pretension to “culture” in Melbourne going back to the nineteenth century, but it wasn’t pure RE spruik bs it is now. Thanks for the great little vid CB, I was a bit young to remember that, but the spirit of Australia is quickly becoming a very distant and fading memory as it is sold-out to the highest bidder. .

      • St Jacques I agree Melbourne has lost its soul to the property bubble. No longer is it the same nice place to live like the 80s and 90s but it’s become what they love to call a global city and that has destroyed it. Now it’s all about how many units can you fit in a block and what kind of yield with no consideration to how it’s going to alter the cities fabric.

      • Melbourne is not a global city. I would far prefer to live in New York, London (sans the Muslims) and Hong Kong. Melbourne is just a dump chock full of $9/hour Asian males.

      • billygoatMEMBER

        Greg the stop sign – Awesome song.
        In another life I got hauled off the stage at Melbourne Town Hall at a TISM show.
        The bouncers (and likely band) did not appreciate my enthusiasm. Stupid youth.

      • St JacquesMEMBER

        Wot the fuk is a global city ? All I can see that empty boast means is that it’s a major centre of international finance and money laundering, especially through it’s property sector like that dump called London. Fortunately London is an interesting dump with a lot of history, but it’s still a dump. Now they have Brexit the truth about the UK and London is there for all to see, it’s a dump that depends on its legal system to provide services to the rich and corporations wishing to evade their responsibilities elsewhere. It too is flooded with cheap labour and the people are often rude unlike, apparently, say fifty years ago. Global city, yeah, tell me a more “Global City” than Geneva or a well run super-city like Tokyo, and don’t tell me that a dump like London is some great city. It isn’t.. Melbourne, well, it was good place for its own. Less so every day now with the Ponzi in full swing, gutting its real economy and steadily transforming it into a nine dollar an hour Asian shithole.

      • Very true I remember all the wogs at school were into doof doof and big sound systems in their Commodores it was all about bass then came hip hop rnb and that crap I don’t like much… I was never in to Frenzal Rhomb but a friend was.. I always loved The Living End and still do. They have or had a rehearsal studio in Spotswood. Friend of mine lived around the corner.

      • Yeah it was all about cars and doof and all that Fast & Furious type culture. I thought they were useful idiots too.

        But the bogans were a menace. At concerts they often formed a circle at the front and would take it in turns to run to the other side and hopefully run into each other and maybe even have a fight. One guy threw a shoe at the singer and the singer had to veer his head to the side or else he would have copped it in the face.

        Meh. Too many mongs.

      • Ahhhhh memories…..Friends of Rob, jugs of vitamin B, flirty university girls, people who just weren’t that angry back then – I had fun at uni fuck knows how I graduated

      • That was one thing that was worth paying the student union fees for, besides getting food like hot chips and sandwiches for maybe 50 cents less than normal. They had a band every Tuesday I think at lunch. I saw Cartoon, which was a band like Primus except more positive and uplifting, awesome bass lines, and Custard amongst others, the Custard guy had an empty VB carton on his head. 90s bands weren’t as good as the great 80s but still provided a good Australian culture.

      • Taylor Swift is good. She reminds me of Madonna at her peak. Completely in control of her image and her music. Not my cup of chai, but I can see why she is as big as she has become.

      • I actually respect her. She can actually play guitar and sing. Haven’t been able to say that about a female pop star for yonks.

      • billygoatMEMBER

        @ Haroldus, footsore and Owen.
        It will ruin you all if you google Taylor Swift MTF transvestigation.
        Best entertainment on YT. CRAZIES!!
        Better than free to air TV. Better than Netflix – well sometimes!

      • I think I’ll just assume she’s female, and keep an eye out for leftists that want to give tranny operations to 5 year olds, shooters and fishers are in my top 6.

      • billygoatMEMBER

        @Owen
        That’s definitely the safer option. If I were a bloke I wouldn’t want to know either. According to YT Christian crazies Victoria’s $ecret is they were all born with willies. As your average female can’t nail that shape without the willpower required for anorexia & funds for Botox – it makes a lot of sense. Smoke and mirrors and ordinary women look ordinary by comparison to a big mouthed, big toothy smile, long legged, narrow waisted, no hipped, big haired, pumped lipped babe with a great rack (we’ll out of proportion to natural shape) amazon. Check them out with a few years past 40 and it’s a whole other story.They reckon same for big name waif like Ho$$ywood actresses but I reckon it’s a stretch despite photos and film and early career footage of some ‘actresses’ (Sandra bullock) ?? The FTM even funnier.

    • i’ve been to children’s band concerts with my mum (also a music teacher) that sounded like that for 30 minutes

      i tell ya, once your mum starts cracking up it is very difficult to not crack up too

      • Apparently not.

        “Speaking about the meaning of the lyrics, John Oates has stated that while many listeners may assume the lyrics are about a relationship, in reality, the song “is about the music business. That song is really about not being pushed around by big labels, managers, and agents and being told what to do, and being true to yourself creatively.” This was done intentionally, he explained, to universalize the topic of the song into something everyone could relate to and ascribe personal meaning to in their own way. Naming “Maneater” as another example, he revealed that this was a common theme for the group’s songs.”
        https://en.wikipedia.org/wiki/I_Can%27t_Go_for_That_(No_Can_Do)

      • With a little help from their friends, air gap jump technology was definitely US….in this case I’d suspect some of those infamous Chinese controller chips with hidden memory and pre-programmed virus support.
        Makes one wonder if this is the first sign of Unit 61398 /US cooperation

      • Mossad were the entry team but the malware was mostly NSA. The US has entire factories and plants they simulate with all the equipment to write their software against.

        The documentary Zero Days is quite excellent, I would recommend it.

      • The country had a prolonged period of chaos. Are they trying to say it was impossible for plans to get out during that time?

      • I reckon it’s a very clear message to Kim:
        Put a Nuke on one of these and you’ll see it blowup in your backyard..and that’s a promise.
        IMHO Component supply chain uncertainty is NK’s biggest weakness, The rocket has hundreds of mission critical components that they source from shady characters, wouldn’t be hard to insert intentionally flawed components into their supply chain especially at the chip/board level. It’s something that’s almost impossible to detect, the device works perfectly passes all the tests yet mysteriously fails on the launch platform. It’d be a bit like VW scamming the emissions regulators by sensing an emissions test and modifying the cars function except this time you’re sensing that you’re on a real rocket (maybe by sensing launch acceleration) and suddenly the controller malfunctions. It’d take some money but it wouldn’t be hard to do.

    • migtronixMEMBER

      “Israel’s officials have a message for anyone praising the CIA for its sophisticated cyber attack on Iran: It was our baby. The Stuxnet computer worm, described by David Sanger in The New York Times last week as an invention by the Bush administration, was actually developed by Mossad, according to Israeli officials speaking with Haaretz journalist Yossi Melman on condition of anonymity:”

      https://www.theatlantic.com/international/archive/2012/06/israeli-spies-want-credit-stuxnet/327120/

  4. http://www.news.com.au/finance/work/careers/the-top-20-jobs-that-are-most-in-demand-in-australia/news-story/954f4acb405d84ac3a89227d24a2cb8c

    Look at all those skill shortages! Quick let’s import more 457s for hospitality ! Haha maybe hard to fill because they cut penalty rates? Trades are in shortage apparently like panel beating yet they cut funding to Tafe. I’ll bet it’s because being a panel beater these days you just replace everything nobody actually fixes anything anymore. All cars are disposable and their parts along with it. Everything is easily written off too.

    Not to mention dangerous chemicals you need to work with. The other day I discovered you shouldn’t weld something after using brake cleaner on it. Thankfully I have never done that but it can produce phosphene gas… Just 1 example of how careful you need to be!

    • RE was the only topic people talked about for quite a long time before that writer even immigrated here

    • “I mean, is there really nothing else that we can get fired up about in Sydney? I can come up with a long list off the top of my head – Nauru, social inequality, the casual racism and misogyny perpetuated in some Australian mainstream media and around backyard barbecues – I could go on, and I often do, probably to the annoyance of many attending these social occasions.”

      Wow
      I know who’s boring: and it isn’t Sydney

      • migtronixMEMBER

        Sydney isn’t just boring, it’s gay boring! Which means boring as a beige with a lot more sound and makeup…so basically like hell on the underside of Earth

      • That’s it they are both shit boring mongs. They shouldn’t be speaking, but they do. Lots. How to oppress a population? Give all the morons the most confidence.

    • Thanks. That’s one of the best explainers I’ve seen on the topic. I’ll definitely be passing it around.

    • But I honestly can’t tell you why John Maynard Keynes, the father of interventionist macroeconomics and the intellectual avatar of the entire tradition embodied in “Boom Bust Boom,” is never mentioned by name. Have the right-wing attacks on Keynesianism since the Reagan-Thatcher years really rendered him untouchable? I do understand, more or less, why Karl Marx is not mentioned — although it’s time to get over that, for God’s sake. (Thomas Piketty, who isn’t here — no doubt he’s making his own film — got an international bestseller out of a high-caffeine blend of Marx and Keynes, tailored to the world of global consumer capitalism.)

      Similarly, Jones and Kocken offer us only the barest summation of the opposing views represented by neoclassical economics or its supply-side libertarian variations. This movie is designed, I suppose, to reach young people who have already been partway indoctrinated with free-market ideology, but even so that feels like a mistake. In framing the argument about why neoclassical economics is so wrong and so damaging, I think we also need to understand why it’s so seductive. As Irish economist Stephen Kinsella puts it in “Boom Bust Boom,” a theoretical model exploring how markets function in conditions of perfect transparency, equal access to information and universal rationality can be useful in many ways — until you forget that it’s a theoretical model and start confusing it with reality. No human society has ever operated on that basis, and outside the erotic fantasies of Ayn Rand, it’s hard to imagine one that might.

      In any case, Adam Smith and John Stuart Mill also go unmentioned, let alone more recent free-market ideologues like Friedrich Hayek or Milton Friedman. Is it important for the high-school seniors or community-college freshmen who might watch “Boom Bust Boom” to know those names? Maybe not, but their influence has so thoroughly permeated Western politics that even a mainstream Democrat like Hillary Clinton, while nominally representing a more Keynesian view, has to make ritual noises about the supremacy, efficiency and even moral superiority of the market.

      http://www.salon.com/2016/03/09/hillarys_predicament_and_the_history_of_capitalism_former_monty_python_member_explains_it_all/

    • TailorTrashMEMBER

      ,…..as a non economist I really enjoyed that …….pity they did not interview Reusa he would have set them straight ……
      …..” speculation combined with borrowed money is the most toxic combination in capitalism ” …………..never in Straya ……………yeh but ….no but !!

    • Very good. Let’s hope that when shit goes pear shaped here we don’t impose austerity here like Europe did. It clearly doesn’t work.

      • Let’s be honest Gav. If it’s a choice between fucking the older asset-owing cohort or fucking the younger non-asset-owning cohort, we all know who is gonna get it.

  5. http://www.watoday.com.au/wa-news/uber-driver-banned-from-perth-airport-after-public-defecation-20170825-gy40h3.html

    What is it with taxi and Uber drivers and the need to shit in public places? Is it a third world thing? I’ve read about this happening more and more and not sure why? Could you not just Park and walk to a toilet? Do they even wipe afterwards?

    I just don’t get it, a local community rag said the same was happening in a lane in Sydney where taxi drivers were going down the lane to take a dump..

  6. Went for a drive to the shops this morning, man those little realestate agent signs were on every single corner telling me there was some open home here or there. Can we ban them? If you can’t find an address on google, then maybe you shouldn’t be buying a house…

    • Inner West Sydney there must be a fight for street corner real estate to put those up. I always love it when the agents have their photo on them. Like we care what they look like?

      What’s worse is the mail brochures constantly flooding my mail box. It’s bad enough we have to endure unaffordable housing we get reminders of how silly prices are in our mail on a daily basis. I often think it must be a mistake to come home and find a mail box not full of leaflets. Should start a get up petition to ban advertising mail.

      It’s the same reason most people stopped having landlines. You would just get telemarketing calls. Man I haven’t got 1 of those in a long time and I can’t say miss it.

      • Even the dubiously optimistic Domain put the Sydney clearance rate below 70% for the second week running.
        Mrs PSI and I went for drinks at a pretentious place in the Inner West during the week. Nobody was talking about property. It’s become socially toxic.

      • I called it before and I was wrong.. but I do have to say signs of slowing down in the southwest are all over the place. There are 6 townhouses with signs for lease for about 5 weeks now and there are all empty. Brand new on the way to glenfield train station. 3 houses inside 100m from where I rent are for sale in the sixth week and still no sign to be sold (no under offer sign on the online adds).
        Still too early to call it but I think people reached their limits and simply refuse to pay the astronomical prices.

      • @Nikola I too refuse to call it again and be wrong. I think Steve Keen learnt that lesson the first time he had to walk up Kosciuszko however my mum is planning to sell in October this year and is in a desperate rush. She thinks the market is done. I have been saying it for years, but now she really believes it, right when I’m thinking it’s not going to happen for another 2-3 years. So I dunno? But it does look like it’s cooling, thing is, is it just quiet before the Summer time boom? Or will it stay flat leading up to the end of the year again? Hard to know..

      • I’m not calling a crash either. But there’s a weariness about. Perhaps it’s just the end of Winter and we’ll all perk up when Spring hits in earnest.

      • 1 broadbent ave Middleton grange was going on auction today. I did not have time to attend but I just past the property now and there is no sticker saying deposit taken, sold etc.. also not even listed on the domain list.. on real estate dot com also says contact agent and not advertised as auction.
        God bows what real clearance rates are..

    • TheRedEconomistMEMBER

      I hear you Bzunica…

      I pretty sure you live up my way.

      One mob in postcode 2153 put 7 or 8 small signs on a intersection if they have a listing just off a main road. Seven Hills road resembles a slalom skiing course. If I am on my bike next time and I see them…. I doubt many will standing.

      I don’t think there is any regulation on these.. but if they seem overboard .. I suggest taking a photo and complaining to your local council.

      I have successfully had nearly 10 oversized real estate signs removed around Baulko over the last 5 years.

      The latest was two x 4 sq metre signs that appeared on the development next to the Bull and Bush on Seven Hills Rd. Hills council rule is maximum 2.5sq metre for a residential listing.

      My complaints have led to the local coucil sending a letter to all local agents reminding them if he rule. The 2 big signs recently removed were put up by the developer who have a few empty units since they could not sell them by the look. A week after lodging my complaint the two signs were removed and replaced by one legal sign. A small victory.

      My suggestion is complain first and it you still see them remove and put them all together or point in different directions. That is unless I have been out practicing my slalom skills😀

    • innocent bystander

      it’s aimed at the impulse buy.
      I went out for a carton of milk and bought a house! woohoo!!
      that makes 5 this year 🙂

      • TailorTrashMEMBER

        Yes …..the Chinese with the pop up marketing booth in the local shopping centre to sell “Pearl Heaven Hornsby ” seem to be a bit less frequent too ……….pick up an apartment with the milk and bread ………….jeez are we that silly in Straya ?

      • Seriously those anecdotes of just passing by and bought a house are total BS if you ask me. You gotta have finance for fuck’s sake. It’s total hype on the part of Domain etc..

  7. Mining BoganMEMBER

    Jebus! Wallabies up 17-0!

    Wonder what it’ll be after I get home from a party I’m off to. Thinking I should wear my old supporters jersey. There will be many maoris there so best not to I suppose…

      • I thought it was an epic match and the wallabies have nothing to be ashamed of…. FFS they took the all blacks right to the wall as noone has in a long time. The looks on the all blacks faces in the second half showed that they were actually scared of losing at home of all places and probably would have needed security to leave the stadium.

        How many other teams, in how long, have been able to march down the field and score against them – repetitively.

        Hell if they just controlled the last kick they would have won.

        Disheveled…. I’m excited about a new era coming to the game, bring it on I say….

      • migtronixMEMBER

        Fark listening to skip on rugby is even worse than on economics. Seppos… Shouldn’t you be observing shabbat?

      • Wellie fan boyz… it used to be an amateur sports thingy and then it got the market treatment aka compromised e.g profit incentivized.

        Disheveled… the next thing you know you’ll call it a socialist game….

      • Union boys are mates with that bandana wearing butt head domainfax writer Fitz. They are simply not Australian. You should all be deported to nz or France.

  8. A-fucken-men. Wonder if Mrdak will have a job on Monday.

    “Infrastructure boss Mike Mrdak lashes Prime Minister and Cabinet and prime ministers’ offices”

    The boss of the Department of Infrastructure has delivered a blunt assessment of some of Canberra’s most powerful public servants and political staffers, calling out central agencies as dollar-driven policy killers.

    In a speech to the Institute of Public Administration in Canberra this week, Mike Mrdak said sending reform proposals to Parliament House or the Department of the Prime Minister and Cabinet early was a sure way to have good policy ideas killed off, arguing line agencies were better placed to deliver development through constructive relationships and cooperation.

    http://www.canberratimes.com.au/national/public-service/infrastructure-boss-mike-mrdak-lashes-prime-minister-and-cabinet-and-prime-ministers-offices-20170825-gy486x.html

      • Skip the end results of their actions is strengthening the fascism we have now. These are the same retards calling people who simply want to reduce immigration nazis. Thus annihilating any chance for compromise.

        Maybe Mav got triggered by the street shitters.

        Who knows how many actual Stalinist commies are in antifa. They are not shy about flying hammer and sickle flags.

        So yeah I would say they are just as bad, depending on what you’d prefer, Stalinist Russia or Nazi Germany.

      • What gav anti fascists are as bad as proto fascists – ????

        If only it was as simple as that, it’s clearly not and antifa are anything but anti fascism, in fact they wish to install a world with it’s very own kind of fascism. There is no chance of having a reasonable discussion, with those on the far left. I’m not into white supremacy either, in fact I hate it. But I see the current goings on and all it’s doing is driving a wedge between society at large and bringing out the extremism on both sides.

        It looks like the Rebel Media is falling apart anyway..
        https://www.youtube.com/watch?v=jotrJR4r5Gs

        But I agree with Gavin in that the far left want to dismantle society as it is and watch it burn and there should be room for preserving some tradition and conservatism. We can’t simply throw everything out and watch it burn.

      • I thought the video made it clear that the antifa was not helping the cause and somewhat hypocritical about free speech . So I didn’t have anything to add. I just hope the white supremacists here have the courage to identify themselves as such.

      • I have no dog in the hunt wrt anifta or the so called alt-rht, but I disagree with the framing about anifta as being some fascist totalitarian mob. Especially considering the alt-rhts long love affair with corporatism, Hayek, Friedman [including AnCap David], et al, and the foundation to [L]libertarianism.

        “Yet despite its failure to stop Hitler in 1933 and veritable dismantling in subsequent years, Germany’s socialist labor movement and its decidedly progressive traditions outlived Hitler in the factories of its industrial cities, and began gathering up the fragments as soon as open political activity became possible. As historian Gareth Dale describes:

        Of all sectors of the population, it was industrial workers in the major towns that showed the greatest immunity to Nazism. Many trade unionists and socialists were able to maintain their traditions and beliefs, at least in some form, through the Nazi era. A courageous minority, including some 150,000 Communists, took part in illegal resistance. Wider layers avoided danger but were able to keep labour movement values and memories alive amongst groups of friends, in workplaces and on housing estates.”

        ————-

        “Antifas were further hindered by the decision by the Allies, particularly the United States and Britain, to cooperate with what remained of the Nazi regime below its most executive levels. Antifas seeking to imprison local Nazi leaders or purge municipal bureaucracies were often stopped by occupying authorities who preferred to integrate functionaries of the old state into new, ostensibly democratic institutions.”

        https://www.jacobinmag.com/2017/05/antifascist-movements-hitler-nazis-kpd-spd-germany-cold-war

        Look I don’t support any mob that does a ranoid like mental vapor lock about anything, especially when the topic is framed in markets fix everything and when they don’t is because of some leftie meddling… FFS post WWII its been a relentless march to the right, more commons privatized, common pool resources, IP’s in perpetuity, money as a vote, increased corruption in all levels of society, user pays or pay to play, rational agent models – maximizing utility in a macro model of reality, no such animal as fraud, self-regulation / deregulation, fiduciary duty [lulz], crapification of everything [cheap shit], stuff imbues people with its traits, ~~~~~~~~~~~~

        Disheveled…. I would offer that antifa is actually blow back against the alt-rht and their “betters” endless endless social experiment, considering the results and all….

      • Mav….

        “thought the video made it clear that the antifa was not helping the cause and somewhat hypocritical about free speech”

        I think the “free speech” thingy confuses some e.g. no such thing i.e. you have protected speech and unprotected speech, as such the trope of free speech [ideological buzz word] gets some peoples heads screwed on backwards. Mills specifically categorized speech, it was not a – free for all – where say heavens gates sorts could defend their activities with free speech.

      • Can’t disagree with any of that Skip. As I said in the beginning before I finished watching the video both sides have their nutters.

        I did see how they framed Lauren Souther and Gavin Macguiness and those with conservative view points as being alt right or even white supremicists at least that is how it appears to be framed. Which I definitely don’t agree with they are being tarred with the same brush which is BS in my opinion.

        But i can dig out videos of people trying to ask questions at an Antica Rally and all you hear is you’re a racist / white supremicists etc.. and nobody will answer simple questions.

      • Gav…

        The drama is one is promoting – hate – under the guise of being a victim, yet these same people promote and advocate the diminishment of others until they crack a fat about getting the same treatment. They helped [albeit in ignorance] forward the neoliberal agenda and now have their panty’s in a bunch when the marry go round comes to them. Its a massive case of ideological buyers remorse post facto.

        disheveled…. everyone has a big fat chip on their shoulder and due to information arb [thanks Bernays] the unwashed will go each other whilst the miscreants keep getting richer… sigh…

      • Haha skip either you have changed or have I? Through your enlightenment perhaps? But for once I feel like I’ve understood everything you’ve written. 😁 I mean that in a nice way also.

        Also I should say I’m in total agreement.

        Excuse my typos above god damn auto errect 😀

      • Skip don’t put words in my mouth. You seem to think this is all 1 sided it’s clearly not.

      • Watching now, but Antifa are just as bad… Crazy on both sides.

        This sort of slavish belief in Faux News “balance” – and Trump plays to it masterfully – is one of the major reasons we’re so fucked.

    • TailorTrashMEMBER

      …..tighten up the need to understand English ( our language ) to get an Australian education and our wonderful ” export ” business collapses ..

      Solution …….Lecturers who only speak mandarin on 457 visas …….and we fix the property market in WA at same time …….problem solved …..simple ….

      • I live near Curtin and this year is the first time I have seen for lease signs around my neighborhood. It’s still little Beijing at the Waterford shopping centre though. McGowen did well to cancel the 457 program over here when the economy sucks balls at the moment. Guess it’s not worth studying in Oz if there is no sweet road to PR, but we all knew that..

    • Thanks for posting this, I really appreciate it. Here is my contribution:
      https://medium.com/@DaleBeran/utopia-lost-7be0603716a4

      “But note the more important parallel: the problem the Constitution had done so much to eradicate — that of wealthy leaders enriching themselves further at the expense of the people — has only now, two hundred thirty years later, reasserted itself as US democracy is swallowed whole not, as the clause feared, by feudal aristocrats, but by their reincarnation as capitalist oligarchs who build faux Louis XVI–style luxury towers.”

      • The 2000 election kinda puts things into perspective wrt the term democracy, whilst the Trump thingy is like some of those reinforcing electro shock social psychology tests.

        disheveled…. yes stuff can induce a self reinforcing loop…

    • The man from Crumlin, which is where my father grew up in Dublin. Rough neighbourhood back then, still a little bit now. He’s make an excellent traveller 😀

    • he’ll score points on the left. after all, awareness is the magic elixir of the gods which can fix everything right.

      • Stan made some pro democracy and pro free-speech comments in that article. Lefties will label him as a Nazi.

    • More Antifa like fuck wits who want to destroy the fabric of this country. It’s ok to hate whites these days. The worst ones are the whites who hate themselves.

  9. A bit more property related porn. There was a graphic earlier this week showing Chinese interest in Sydney has really waned (due to the punitive foreign investor taxes, i.e. the rise from 4% to 8%).

    If we combine this with the fact Chinese authorities are seeking to clamp down on foreign investment in real estate from their citizens; it says:

    A. Money is less likely to go abroad for real estate
    B. Even if it does, it’s less likely to go to Australia (particularly Sydney).

    If you combine that with the domestic picture (banks beating up investors with rate hikes), wage growth not keeping up with the cost of living, you’ve got to think the market is going to be face a real test. In fact, if it weren’t for the level of immigration I’d be saying a correction is imminent.

    • Clearance rates were low this weekend. I think immigration plays a part but it depends on the type of immigrant are they wealthy or working class? If they are the former they will buy, if the latter prices are out of reach..
      I recall an uber ride with an Indian who had been here in Sydney for 10 years. He moaned about how the Chinese are pricing is all out. He said too many from China were coming here. I found it a bit ironic but hey I didn’t disagree either.

      Our governments are so detached from what the average on the street punter is experiencing it’s little wonder they won’t make changes for our benefit. Instead more of the same old to look after their big business mates.

    • Lot of cash transactions.. somehow it appears Chinese manage to get their money out. They are paying high interest for sue but they don’t seem to mind it. And once they bring the cash into the country it appears no one is asking any questions when they transact on a real estate deal with cash as if buying box of matches.

  10. migtronixMEMBER

    This is the second time I’ve seen them run this bullshit

    “Financial abuse of elderly parents on the rise as housing becomes more unaffordable”

    Seems to me we’ve moved to another phase of the bubble – say goodbye to the nice easy China buyer that never existed (thanks Q&A) – and meet your new source of bubble fuel! Parents sell so kids can buy. What. A. Ponzi.

    https://www.domain.com.au/news/financial-abuse-of-elderly-parents-on-the-rise-as-housing-becomes-more-unaffordable-20170827-gy33zq/

    • Media abuse. One of the main products of the internet. The internet is a piece of shit. Just another idiot box.

    • I look forward to the domain article where it outlines domain’s role in making housing unaffordable.

    • Selfish young people again, first it was our avocado entitlement now we’re trying to get our parents to downsize and realise gainz bro!

      Incidentally my mum wants to sell her house and downsize into an inner city place she bought years ago as an investment property. I actually don’t want her to sell it and just rent it out. I told her I’d rent it as it has a double garage and is a good location for raising kids etc..

      But she is hell bent on selling and wants to use proceeds to help the 4 of us kids out. I said look it doesn’t matter if you sell now or after the crash as prices are all relative to each other anyway.

      Anyway she’s still in a rush to sell this year.. so we will see what happens. I personally get sentimental about such things like family home and don’t really think money can replace it.

      When my grandparents died they left a factory on City Road in Melbourne and a really nice old mansion my Great Grandfather built in Malvern behind.

      The warehouse would be worth $20M+ now in captial city zoned city road. I would have sectioned it off and built myself a warehouse based apartment in it. Would have been amazing.

      The place in Malvern was built in the 1920s but was run down. Had its own Tennis Court and studio + 4 car garage. I still remember how amazing the garage was, it’s such a shame the block was levelled to put 4 houses in there.

      To this day it makes me feel sad. So for me money doesn’t matter so much as the sentimental value and I’d rather pass these properties into the next generation than sell them. Especially with the way things are going, everyone will be forced into dog boxes. Some of my best memories of being a kid were playing in the factory. Used to rollerblade around it was huge! Or in Malvern used to play in that huge yard and explore the mansion (it was divided into 3 apartments by that stage).

      I worry kids won’t get that kind of thing anymore.

      • migtronixMEMBER

        Malvern is just another giant shithole now anyway, it doesn’t matter. Who wants to be stuck on High St behind 4 trams for an hour just to get to Prahran?

        As for City Road? It’s evil from one end to the other! Just disgusting.

  11. migtronixMEMBER

    bitstamp: $ 4339.97
    coinbase: $ 4336.3
    kraken: $ 4353.51

    Average: $ 4343.26

    That’s most compressed spreads I’ve seen in months. Something is up

    • A pure guess, but is it an effect of SegWit going live two days ago? The first >1MB block was mined yesterday. larger blocks = more transactions per block = less backlog/lag = less spread

      The spread between exchanges was sometimes huge. Great for arbitrage if you could ride out the roller coaster price fluctuations between blocks.

      • migtronixMEMBER

        Every time I see spreads collapse I end up buying soon after. I’ll buy again at 3300

  12. How to spot a mania? Easy, when a 100% welfare recipient writes in for advice on starting a property investment portfolio.
    F. ME!

    ‘NATALIE ASKS: I’m a 41-year-old single mum stuck on Centrelink benefits. I cannot work for health reasons, but I love (and have always loved) houses!

    I am cashflow poor but have a good amount of equity in my home and want to work towards having two or three properties to support myself and provide for my future.

    I have found a few cheap, positively geared properties I could buy with the equity, but once their value reaches $250,000 my benefits would be cut. Any advice on how to get out of this cycle?

    BAREFOOT REPLIES: I love that you want to get off the welfare cycle … but you’ll be replacing it with a debt cycle.

    Now, even though you have equity in your home, and you’re planning on buying cash flow-positive investments, the banks are bound by responsible lending laws to take your income into account.

    And if you’re on Centrelink, you don’t have enough income.

    My view? If you’re smart enough to hunt down positively geared investments, then you should be able to turn your talents to doing paid work in some capacity. And working is the only sure-fire way to escape the welfare cycle. You’ve got this!’

    http://www.heraldsun.com.au/business/barefoot-investor/barefoot-investor-bitcoinfever-fuels-flock-to-digital-goldmine/news-story/84e613879ae2b220a499d2bc03d6017b

    • Wow, if solipsistic unearned entitlement were a power source she could bid for enterprise income to solve Australia’s energy woes.

    • That has to be satire right? I’m on welfare and can’t work but I want to be a landlord which is work in itself. Unless of course you don’t plan to fix anything and expect tenants to just put up with whatever falls apart etc..

      • Was wondering if it’s a gee up as I can’t see the source and am just going off the quote. Poe’s law maybe.

    • Mining BoganMEMBER

      Abbott, Rudd and Robb. Good company the little crook keeps. Doubtful that you could put forward three names that have done as much damage to Australia as that lot. Can we send them packing as well?

      • migtronixMEMBER

        Typical Straya – open the doors to corruption wide and then wonder people walk through. Wonder if Abbott was drunk when he took the gold rolex…

    • Mining BoganMEMBER

      It’s refugees this week. Welfare last week. Terror would be due next week. Then back to refugees.

      Policy and governing is to be avoided at all costs.

      • nah we had terror before the first refugees so it will be gender war next week. i have it on good authority its on why gal gadot was an inappropriate choice for wonder woman because she has a husband + two children and so incites cis-norm oppression.

      • The Traveling Wilbur

        @T

        LOL. Too true. Only a question of time until Hanson appears in the senate wearing a weight belt, high heeled boots, amulets, crown and a low cut bodice.

      • Mining BoganMEMBER

        Exactly. Unicorns.

        Must not mention the massive amounts of crime and corruption going on under the watchful eye of the most pointless PM in our history. Welfare, terror, refugees. No, wrong order. Welfare, refugees, terror.

        In really crime and corruption ridden weeks we get all three in a single story package.*waves at Rupes and ABC *

        A bit of unions-BOO and communists thrown in as well and then we can all continue on merrily copping it in the arse.

    • Good article could have been written by MB, shame none of that would ever happen under the current mob. It’s what the people would like though!

    • I remember going to a Swan’s game in Sydney back in 2005 couldn’t believe how eye watering the prices were. For food, tickets, beer, sausages etc.. That was over 10 years ago. I haven’t been back, then again I’m not in the AFL really…

    • The players just become property spivs anyway.

      I kind of want Manly to win the nrl, but that’s only to spite others who care. Not because I do.

    • Asians don’t give a hoot about these sports. Given that’s who we’re importing, and who is reproducing, its no surprise attendance is down. The selective schools in Melbourne cannot field football teams either.

      • Yep, same things happening in North Canberra, cultural dilution and it’s not only sports it affects.

    • The Traveling Wilbur

      Mate. They were full when I poured them for you (and your 15 mates still in the stands at the time). Mate.

    • AFL General Admission prices aren’t too bad, it the cost of feeding the kids and a couple of bevies for mum and dad that kills.

  13. migtronixMEMBER

    “A proposal by Estonia’s agency in charge of “e-residency” applications (more on this later) has suggested raising money by selling “estcoins” to the public.

    The wealth could then be managed via a public-private partnership; a chunk might be poured into venture capital to support domestic start-ups. Holders of estcoins would have a stake in the fund and a say in how it is run. The tokens might then become a viable currency, so the thinking goes, paying for goods and services in a euro-zone country.

    This seems like a bid to add financial firepower to a tiny economy whose capital markets are under-developed and eclipsed by loans from foreign banks. More than 90% of the Estonian market is controlled by foreign firms like Swedbank, SEB and Nordea, according to investment bank Redgate Capital.”

    Constipated Fruitnuts – or whatever skip calls it

    https://www.bloomberg.com/gadfly/amp/articles/2017-08-25/forget-oil-future-sovereign-wealth-funds-run-on-bitcoin

  14. St JacquesMEMBER

    Top Institutions and Economists Now Say Globalization Increases Inequality
    http://www.washingtonsblog.com/2017/08/globalization-increases-inequality-destabilizes-economies-political-systems.html

    And for all the pain and increasing social disruption mentioned here, the result has been:

    “Yet despite all this activity and enthusiasm, hardly any of the promised returns from globalization have materialized, and what was until recently a taboo topic inside multinationals — to wit, should we reconsider, even rein in, our global growth strategy? — has become an urgent, if still hushed, discussion.”

    Surprise, surprise…only for globalists.

  15. @ Gavin and migtronix , fuck boys … get a life. With all respect. I’d hate to be out with you 2 and a 8 ball under your belt. I need a rest after reading only 1/4 of your comments. 😅

    • The Traveling Wilbur

      While the behavioral assessment is logically infallible the conclusion is aberrant and open​ to disagreement. The only valid course of action I can support is an increase in ‘input’ and output. Crash or crash through boys. Love your work.

      You can always sleep on Monday.

    • Hear, hear! Easy to misconstrue the intent of this site at times as the opposing forces battle it out over who wins each thread. As a member, I referred it to a mate, an actual qualified economist (retired, self funded), who, after a time, decided to give it a miss. I will probably stay on when my sub expires due to the quality of the articles although it may be a close run thing – there is a danger that the message has been the same for a long time, whether you accept it or not. Huge egos dominate the comments on a frequent basis, most of which amount to nothing more than gibberish and should probably be on some other kind of forum – philosophy or toe-wrestling, perhaps.

      The last bout I gave to migtronix over the dosjeveled one on points – nothing more than a chortle in it.

      • Sadly you left our any means to evaluate how you arrive at your conclusions yeborsky… the only thing dominate in the last 50ish years has been main stream economics… everything else is just a derivative of it… including mig…

      • Wellie mig needs it to be translated into something he can grasp, sorta like when studying primitive tribes thingy…

        disheveled… I might add that most here don’t even understand basic linguistics or whence they came. Had to take even H&H to task over the stoopid free rider meme. FFS.

      • The Traveling Wilbur

        Look, if you’re going to bring facts and evidence into this debate… well… just be careful… who knows where that might lead?

        PS I think the general gist of this site might have more to do with the bloggers than the commenters. I for one will be happy to stop talking shit when Mr HnH stops drawing it on Mr Abbott’s head in images for posts. : ))

    • Weekend comments are a yawn. Most of these guys do need to get a life outside of Aldi and littering Macrobusiness with boring anecdotes, music memorabilia and pseudo intellectual ripostes.