Share on Facebook Share on Twitter Share on Reddit + - William White: It’s 2008 all over again By Houses and Holes in Global Macroat 10:06 am on September 14, 2017 | 22 comments Love William White. View it here. Share on Facebook Share on Twitter Share on Reddit + - YOU MAY ALSO BE INTERESTED INThe Trump boom and bust measuredDXY was soft Friday night: But AUD wasMarkets boom as Trump tax cuts rush aheadDXY firmed overnight: AUD was soft againstGoldman's top trades for 2018 Via Goldman: Our Top Trade recommendationsWhat is the global junk bond sell-off telling us?Readers will know that I track the prices of Comments Wiley Wolf September 14, 2017 at 10:14 am Hot off the press / pascoe of fairfax says he has a liar loan, but he is safe and Myer, the asx 4th most shorted stock announced a further deceases in sales and write down of assets. it is essentially rooted. I think pascoe should change his name to lemming and start running, cos he is doomed. His work isnt that good for him to be kept on, what then>>?? Grace Hopper September 14, 2017 at 10:38 am Amazon just announced that they are not vegan and are in fact omnivores and have no qualms eating small, cute, domestic retails outlets, along with the their big game hunting. In fact I think they said they actually just hunt for sport and often don’t even eat what they kill. Alibaba just laughed at the little fella and said “get a real gun”. . Wiley Wolf September 14, 2017 at 11:10 am YR right, I was looking up some sources of merlin engines yesterday and was surprised in the number of confederate air forces in the USA, A mosquito had just been restored in NZ for paul allen’s private airforce. We are way behind here in all out aggresion, I dont know what is going to happen. but for sure the bet lies with the strong. these snowflakes are in for some heat. HadronCollision September 14, 2017 at 12:17 pm Who is Grace Hopper really I am trying to place the prose and cadence but I am all at sea It’s not skippy izzit? Someone recently banned? Rusty Penny? drsmithyMEMBER September 14, 2017 at 1:32 pm Who is Grace Hopper really I am trying to place the prose and cadence but I am all at sea Someone who changes incarnation about every two weeks (presumably that’s the length of the free trial ?). Previous names have been Edmund Husserl, Johannes Kepler, Carl Gauss, Sophie Germain. Has been posting here for years. Wiley Wolf September 14, 2017 at 2:22 pm hc add these: Azarob, Bento,Boom to Bust,Charlie Chaplin,Counter Fiat,Diogenes the Cynic,Frederick Nietschie, Fredrick Bastiat,Fyodor Dostoyevsky,Geo Fibonacci,George Locust,Gunnamatta,Jobby,Ludwig Wittgenstein, Schnitzelburger ScreenBlatt Slavoj Zizeck, The Grand Warzoo , Zeno of Citium Admiral , Toil and Trouble Curious September 14, 2017 at 4:25 pm And so many of the fake names are high end mathematicians but care taken to include female names. Boring. DingwallMEMBER September 14, 2017 at 10:20 am Thanks HnH…. enjoyed Mr White. Very measured, sounds pragmatic. Let the haircuts begin….. astrolinMEMBER September 14, 2017 at 10:41 am “A greater willingness to look the debt beast in the face and say some of these debts will not be serviced” – interesting. Almost as interesting as watching Angie Lau, who I find very interesting. I wish she would interview me. Rod77 September 14, 2017 at 11:49 am He called the last crisis like a champion. I remember reading the paper he wrote for the BIS screaming about everything and how it would end. No one gave a fck. Curious September 14, 2017 at 9:20 pm Cassandra had the same problem. I think White ( althougb I keep wanting to call him Willard White from ‘Diamonds are Forever ‘) is precisely right in analysing the problem but I am not sure about the solution. Not the same as 1937 but there are echoes. FED chair Yellen knows all about that which is why they are very slow in raising rates. If Yellen is not reappointed it would be a big red flag in my book, as the recovery is too fragile to handle a traditional monetary tightening cycle. footsore September 14, 2017 at 12:15 pm I can’t see any government, including an Australian one, willfully following his advice. To do so would be an implicit admission of incompetence or willful destruction of the society that they were elected to oversee. DominicMEMBER September 14, 2017 at 1:29 pm footsore No government wants to do the right thing because of the implications i.e. severe economic hardship for a time and a sharp revision to people’s ‘wealth’. Which sitting Prime Minister wants that on their CV, or their epitaph? Nope, the can will continue to be kicked down the road and all the wrong policy decisions will be taken along the way i.e. mainly guided by populist sentiment, but eventually the music will stop and the PM of the day will have to wear it. footsore September 14, 2017 at 2:58 pm You’ve got no argument from me. flawseMEMBER September 14, 2017 at 3:29 pm Good summary Dominic. AndrewMEMBER September 14, 2017 at 4:17 pm Makes Keating’s “this is the recession we had to have” look positively heroic. DominicMEMBER September 14, 2017 at 4:54 pm Yes, in retrospect, it does. Pollies rarely do tough decisions anymore — they prefer to spend a paltry $120m (of other people’s money) on non-binding plebiscites to distract from bigger issues. History won’t judge this period or our leaders kindly and rightly so. BubbleyMEMBER September 14, 2017 at 1:24 pm Whoa… did he suggest a Debt Jubilee and that the average worker should be paid less so investors can be paid more? Check out around 3.40 seconds onwards when William White is asked for his solutions to the problem. I thought a strong middle class resulted in a stronger economy over all? meco September 14, 2017 at 2:03 pm No, he actually says that workers should receive a higher share at the expense of investors (3:58) tanmedia September 14, 2017 at 4:31 pm No, he actually says that workers should receive a higher share at the expense of investors (3:58) The Japan model. forgot September 14, 2017 at 7:32 pm @meco This is what he actually said : “I think something has gone seriously wrong in many countries in terms of the mix between wage income, labor income and capital income and I think we should be doing a lot more thinking as is already started in china, about whether wages ought not to be higher at the expense of the income of the people that invested capital in various businesses.” so its ambiguous as to what he is actually suggesting. Simon September 14, 2017 at 1:37 pm His final comment about unintended consequences and the lack of agility by policy makers in that circumstance is a wisdom for the ages.