MacroBusiness Weekend links 20-21 January, 2018

Loading the Jinker, W Lister Lister, 1914 Art Gallery of NSW








Terra Incognita


Commodity & Capital Markets


Global Macro


…and furthermore…


Wreckage, Margot Lewers, 1956, Art Gallery of NSW



  1. This is one of the best “where we are at” interviews on the unfolding climate disaster I have heard in a while. Hat tip to dcotterill who pointed it out to me.

    This is a long podcast, but worth it, featuring Sam Harris interviewing Joe Romm. These are two highly educated guys, and Romm is an expert.

    Download podcast (right click and “Save as…”)

    As Chris Becker said “Risk management of this almost out of control warming has to be the primary policy of any responsible government.”

    There is no bigger issue.

      • DM…

        Whilst I disagree with R2M’s views on social organization AGW is a bigger threat than communism or national socialism. The much talked about temp factor is only a simplistic talking point in reference to the catalytic component of a much larger whole i.e. potable water, infectious disease and invasive species (speed of the migration is a huge concern), geological concerns wrt redistribution of mass and how that plays out, basically entropy increased manifold.

        This is made troublesome by maladaptive human systems and profit motives e.g. for some it means more wealth and more power over everyone else and a likely increase in nationalism. Sadly AGW is not a local issue, hence rank nationalism does nothing to abate it or worse increase regional effects which at the end will spill over.

      • @skippy Yup. One of the best comments ever. Not that I will listen to the podcast as I (can) no longer (bear to) read climate change disaster stuff.

      • mild colonial…

        Its curious that government can be deployed from a command perspective to fight nazis and communists, but, not against something that does not function on a base ideology e.g. it does not threaten the status quo.

    • boomengineeringMEMBER

      Yeborsky, yours truly at The Wall

      • boomengineeringMEMBER
        Swam out round trip 6klms and back to The Wall, met up with some guys spearing Bonito to burlie them up and swimming in the blood and guts waiting for the big fish to come. Said I would be over there as I didn’t want to ruin my pelagic gear on the deep reef. Next minute,”help Booma help”,they were in their boat so I went over and they wanted me to get a rope around the angry 9ft Mako they had speared, then look for the spear they had lost. At least this time I got a lift back to shore unlike last time when they saw a 12 ft Tiger and left me to swim 1 km back.

      • Bloody hell, boom. What do you do for excitement!!!

        I think I’d rather take my chances with a wobbe than a mako. Dreadful mouthful of teeth on the bstards. Keep up the insurance premiums, mate.

      • boomengineeringMEMBER

        Yeb, don’t believe in insurance, Couldn’t believe it when I reached 20 years old, so I’m way ahead anyhow. Also the oldest I ever felt losing my teens.
        People sometimes ask after surfing giant waves, hang gliding, etc, etc what’s the most dangerous thing I’ve done? By far, riding a push bike on Sydney roads. Every time my leg goes over the seat I wonder whether I’ll come home in a box . Afraid of something? yep disease and nursing homes.

      • boomengineeringMEMBER

        Skip, great recruitment tool for insurance and religion, fear of the unknown. Some things are scary but relatively safe as per your San Francisco Bay night swim and others the dichotomy. Hang gliding fits this picture of peacefulness yet one pin out the rest is history.

      • boomengineeringMEMBER

        Skip If memory serves, Bulls could frequent The Bay so balance of fear to actual danger tips toward the former

      • Boom…

        I understand the fear thingy tho not much happens on this orb without someone underwriting it.

      • Relevant StakeholderMEMBER

        Controlling immigration is risk management… how much of our farmland will be affected? our water? production of fertiliser, energy?

        Do you think the world will unite while in a state of survival? How will we defend ourselves?

        Why did Japan go to war? why is China buying half our agricultural industry?

        If the predictions come true… what are we to do? are you hoping for some Hollywood style global response like in Judgement Day?

      • drsmithy, Iran has UBI and their government asks (not forces) the rich to opt out. 2.5 million people have opted out.

        The UBI costs 6% of their GDP.

        Skippy keeps saying “getting UBI = losing rights.” What rights have Iranians and Alaskans lost?

        Wiley Wolf keeps saying he wants Aussies to work for $11 an hour.

        Given that negative gearing and novated leasing are handouts, there should be a cap on handouts for those who claim UBI (which is a handout meant to replace red tape and Centrelink handouts).

      • boomengineeringMEMBER

        Stakeholder, risk is everywhere but should be quoted along with reward. Risk on both sides, ours and China & Japan, our to quality of life theirs to possibility of our sovereign default.. Something I consider, risk life, reward for a few days of euphoria.
        Someone is rewarded by global warming to the risk of others future.

      • Jacob….

        Its not “I” say, its what its original authors envisioned and put to word. Furthermore it contravenes even basic classical notions about social systems and the rights those afford e.g. a UBI does not create socially productive assets as it only puts a floor under those currently owned by you know who.

        I think you get confused by the simple logic that is deployed in selling a UBI, along with the ideology behind it, FYI it has nothing to do with freedom and liberty ™ nor increasing claims too rights or democracy.

      • You’re being sarcastic but accidentally nailed it.

        Please explain how a growing population uses less carbon.

        I think you lot have forgotten fossil fuels are used for almost everything including insulting, plastics and fertiliser.

        Meanwhile all the globes carbon sinks are decimated to make way for more people along with agriculture, mining, and recreation.

        Stop dreaming. Makes me sick reading your BS.

      • You’re just full of it, underlined by your smart ass dig at the most devastating environmental impact of population growth.

      • Ric….

        Population is not synonymous with environmental factors, its what people do and the reasons why….

      • Ric…

        Look a small population in an environment can have the same effect as a large population depending on certain variables, its not all about population but what people do and why.

      • Skippy

        People are greedy and selfish. More people in a western country is entirely correlated to environmental destruction.

      • Ric…

        “People are greedy and selfish.”

        I think your personal bias clouds all other possibilities.

    • You will never ever ever control climate while populating western countries. Fighting the wrong primary problem.

      Greens are an embarrassment.

      • Sorry but conservatives have driven the immigration policy for decades and more so hundreds of years,

        disheveled…. in the past whole towns were raped to increase birth rates….

    • NASA: “the five warmest years on Earth have all occurred since 2010.”


      Clear and present danger, Turnbull, Trump, May all asleep at the wheel.

      • “Older people are naturally more concerned with personal maintenance (failing vision and hearing, failing joints, failing memory). They want to ensure that they have made some lasting contribution to community and extended family. Though there are plenty of elderly activists, on the whole the attitude of the aged toward societal decline tends to be more that of an observer: there is the belief that although the world is going to hell, I personally will be gone by the time that destination is reached. Nevertheless it’s my duty to tell everyone who will listen what I think is happening and why.”

        Old Age and Societal Decline by Richard Heinberg

  2. On Being Bit by a Bull Ant
    (A tone poem by haroldus 2018_01_20)

    That bullant takes my finger.

    I shake and flick.

    He puts it in again and again.

    Click him off! But he nips and grips.

    I pull him off.

    His head stays in me; it hurts.

    I scrape away to avoid a sting.

    But he got me ……..


      • boomengineeringMEMBER

        Haroldus Exposed, the cats out of the bag, you do sleep, Can’t post before 11.50 pm due to your extra early bedtime, so your not a god after, all swimming naked eh.

    • A penalty and punishment on R2M for befouling the weekend links with a non-Haroldus pre-emptive post.

      Be off with you vile climate beast and do not darken the portals of our weekend rejoinders ever again. May the spambot strike you down and let the Bull Ant reign supreme.

    • Disgusting that more 457 visas are given to cooks than chefs! 457 visas should only be given to chefs – upon payment of $50k upfront.

      It makes no sense to have an occupation list – just charge $50k upfront for each work visa.

      “The increase in chefs could reflect genuine growth in employer demand for chefs,” Sherrell writes. “However, it may also reflect employers who previously nominated cooks now nominating chefs as this is a more advantageous occupation for migrants and employers given visa conditions. If the job being performed in the business has not changed, this might be called ‘occupational inflation’, as employers upgrade their occupations to take advantage of more beneficial immigration policy settings.”

      More proof that the ALP should not look at the name of the job the “skilled” immigrant claims to be working in but the income tax he pays to the ATO each year. Is the bugger paying $50k/year income tax to the ATO? If not, bugger off and let an Aussie/Kiwi do the job.

    • The Coalition is still bringing in 4000 permanent residents a week and giving them the choice to settle anywhere they choose, i.e. Sydney or Melbourne, with the insane notion that the states will somehow magic up out of thin air with no funding the hospitals, ambulances, schools, trains, buses, ferries, roads and police and fire stations that they will require.

      So, I’m going to go with: ‘No’ the Coalition is not putting the squeeze on anything, except living standards for existing residents.

      • Andrew…

        You have the democracy of money…. not the democracy of citizens….

        disheveled…. might have something to do with the metric of consumers replacing the aforementioned.

      • The Coalition is still bringing in 4000 permanent residents a week and giving them the choice to settle anywhere they choose, i.e. Sydney or Melbourne, with the insane notion that the states will somehow magic up out of thin air with no funding the hospitals, ambulances, schools, trains, buses, ferries, roads and police and fire stations that they will require.

        Ain’t the free market grand ?

      • Calling it like it is. But did he mention and then not address the FTA worker exemptions on labour market testing? Because while some shake outs are happening the Coalition could be rushing to get these changes in, to have something to point to, when everyone starts complaining about what will probably be very obvious FTA labour influx. I guess we’ll see. See if any government can hold office once Chinese work crews get media coverage.

  3. Oh just got back to me. It appears Lisboa is all the rave now. I guess the herd will move to these greener pastures.

  4. A woman is having a baby while holding down a job as it suits her.
    Massive win for humanity.
    Love from a Watermellon xxxooo

      • Yeah… That sort of false biology nonsense put forward by nincompoops, bigots and folks with inferiority complexes was tossed out years ago. It belongs in the bin with creationism, phrenology and homeopathy.

      • You’ve got to admit Gillard did a great job. Have you seen that fantastic misogyny speech that went viral? See the incredible negotiations she did with the miners that led to Australia getting zero?

        Now that’s leadership modern style.

      • Truth is hate speech

        False biology nonsense that is shown across all species in the natural kingdom? You’ve swallowed way too much of the cultural marxist koolaid footsore, big sheep! 😛

      • GunnamattaMEMBER

        Yeah those Krudd and Testostertone types, thats what we need more of.

        100% drop forged alpha psychopath. ‘Ya canna hand a nation a grander nutter’

      • Probably true Gunnamatta but going the other end of the spectrum isn’t the answer either and overwhelmingly that’s what we’ve done. Vote these left idiots out.

      • GunnamattaMEMBER

        and right idiots?

        we just leave them alone do we?

        Eric Abetz, Peter Dutton, Kevin Andrews and the like… we address them?

      • Reckon if Boudicca, Joan of Arc, the pirate queen Grace O’Malley or samurai warrior Tomorrow Gozen were alive, they’d seriously fck you up.

      • C.M.BurnsMEMBER

        i suspect that “Truth is hate speech” is just road-testing some new material before his big appearance on Married at First Sight

      • I’ve got a hunch that ‘Truth is hate speech’ is just ‘Truthspeaker’ who is just one of the Andrews. (MB should sort out the issue with multiple people being able to use the same name.) I know that Andrew is Truthspeaker because I saw the name of the poster change after an initial posting last year. ‘Truth is hate speech’ is very similar in tone and content.

      • Gunnamatta

        Sure address them but that doesn’t mean vote for the country destroying Greens and Labor. They’ve lost the plot.

        What’s wrong with Sutton?

      • Eric Abetz, Peter Dutton, Kevin Andrews and the like… we address them?

        Give me a Jacinda Ardern type vs these muppets above anyday. Instead we have Trumballs doing a bang up job, along with Shorten and the Green’s Richard Di Natale… yeah no thanks… I’ll pick leaders based on their qualities not gender. But it should be based on merit not gender, simply putting a woman in place because she’s a woman is dumb… that’s how you get Gillard types.

        i suspect that “Truth is hate speech” is just road-testing some new material before his big appearance on Married at First Sight

        They sure do know how to pick winners for these shows don’t they?

      • Here’s a tune about that Irish pirate queen (sung by another feisty colleen).

        The funny thing is that those blow-ins who are so dismissive of females in leadership roles most likely have for decades been grovelling before a female (and a foreigner at that) as our head of state.

      • Lol touche Smithy but it’s not feminism or women’s rights I dislike, it’s the spawn of feminism referred to as third and fourth wave feminism…where it has absolutely lost the plot.

      • Since “third-wave feminism” is mostly about examining and criticising the system rather than just the outcomes, and given your comment replying to the one about “questioning work”, you mght have more in common with them than you think.

    • Agreed. Oh to have lived in those times. I suppose you had to cop a life expectancy of 47 and those punters probably about to go off to the trenches in Europe and all that, but to not have been assaulted at every step in public with the sight of fat children glued to phones and their fat mothers plastered with tattoos …

      • The Traveling Wilbur

        Occupational hazard buddy (in your case). Totally sympathetic to your plight btw, but, you should have seen that coming at med school.

        You could always go private? Better class of mobile Petrie dish?

      • @Wilbur: it is the people on the train and at the local Westfield and pool that bug me the most. I don’t mind the appearance of anyone who comes to the ED and private medicine is not all it is cracked up to be, despite the money.

        @Dennis: Fathers are usually not present, but again would have preferred to live back in the past …

      • The Traveling Wilbur

        @d OMG. Welcome to the ‘keep off the lawn club’ of being old I just joined about 3 days ago. Uncanny. Officially ’cause I said similar outloud, and a listener made the ‘lawn’ observation. With my total endorsement as it happens.

        I assumed you meant just work. My bad. Though that does mean you need to stop catching public transport. And buy a Merc. ;P

        @dennis. Go to your local emergency tonight and see who shows up with the kids who get admitted. Expletive deleted.

      • @Wilbur: you definitely hit the nail on the head. I am a card carrying ‘third act man’ and proud of it.

    • boomengineeringMEMBER

      Mild are you in Sydney, at the Rembrandt exhibition Art Gallery NSW at the moment, maybe worth your while and the cafe not bad either, like Nicola she will never lose her guts ( red p )

      • ErmingtonPlumbingMEMBER

        I thought Nicola was a bloke?

        Any way, low swell here, but a nice little Mal wave for a “thick” bloke like me, but I left my 9,6 on the roof of the ute, I couldn’t see the waves from the road.
        I used to surf here several times a week in the early 2000s when I was a Forman at the Sutherland Hospital rebuild,…this is the first time I’ve been back since then.
        Normally I’m Northern Beaches like you Boom.

      • boomengineeringMEMBER

        Ermo I also think Nicola is a bloke but my missus isn’t. I guess opposites attract her eating KFC yesterday and Maca’s this morning before the ferry, avoided it I all even after the bike this morning.
        Good luck to you at the beach but I did have my stink at Shelly Beach Bombie CC last week only one out from there to Forrester’s so can’t complain.

    • ErmingtonPlumbingMEMBER

      Im laying on the sand at wanda, not to hot, waters Devine, beautiful views everywhere,…. and packed to the max farther south, had to park 2 blocks from the beach & walk a km up the beach to find my spot.
      Either way, like that painting, a reminder of why I love Australia.

      • Discussing art because the bubble never pops. I don’t normally mind abstracts and of course want to endorse a female artist but I think this one perhaps not my colours.
        It’s still hot! So, no, not Sidonee. cbr. I’m going to try and make it to the Pipilotti Rist but. Maybe I can fit in the Rembrandt. I know, Rembrandt subjects practically talk and walk off the canvas.
        That kind of bush does seem so rare now, the height of those trees.
        Wanda, what is this wanda?
        Yes I think Nikola is a Serbian-type bloke who celebrates orthodox Christmas in Canberra. this much we know. 🙂

    • Yeah it would be hard to argue with someone who is about 1300 levels less intelligent than you and tries very unsuccessfully to twist your words. That she couldn’t understand how any researcher worth their salt wouldn’t use uni-variate analysis betrayed her superficial understanding of the issues around the pay gap issue. I have studied agreeableness a little bit and Petersen is right, women are more agreeable and it can hamper their pay. I think the feminist movement would be much better served by challenging the assumption that pay and positions of corporate authority are the measures of the successful life. The interview touched on it a little when they talked about CEO’s but the conversation didn’t really develop. I think the feminist movement would be a whole lot happier if they focused on that argument. Unfortunately the women who write and speak about this stuff are more often than not the ones that display the male traits as was said in the interview when Petersen said the interviewer was successful and agreed it was by her displaying male traits.

    • GunnamattaMEMBER

      She was largely the epitome of what journalism has become (or been brought to). She went emotion first and rationale second, and came a cropper. He was somewhat unusual (for a TV guest but certainly not for a clinical psychologist) in that he stuck firmly with the rationale and had a good memory for what he had or hadnt said and the context in which he had or hadnt said it, and in order to further the emotion she was left with nothing other than to throw accusations at him, which he fended off with ease. A better TV interviewer would have followed through with him on his basic points, gone down the road of some of the implications of them, discussed with him what the negative implications were (and there are plenty) and then bought him back to how to balance out the behaviours and why that would be desirable, and then how various sections of the punterariat (starting with women) may benefit from that. She had half an hour and she could (if she had thought about it) done that easily.

      Peterson makes perfectly valid points. There is a large section of the male community out there for who there is institutionalised bias against. The harder edged feminist lobby often dismiss the economic and socio economic discrimination in abuse of power to focus on the sexual discrimination and the abuse of power dynamic.

      My personal contention is that the socio economic discrimination in the abuse of power and the sexual discrimination in the abuse of power are often one and the same – In the general instance of pay rates for women and men doing the same gig, I have seen the same discrepency in pay rates for agreeable and non agreeable men and they are basically the same as for women.

      And from there the abuses (particularly of women in the workplace – and of actresses by Harvey Weinstein or Burke’s Backyard and the like [which certainly are fairly common in many workplaces] ) are also largely/often a form of economic abuse (insiofar as the abuser knows they have far greater economic power to get away with what they are doing, and that the desperation which makes the abused there for the abusing stems from an economic lack of power). The same abuse dynamic when deployed towards men doesnt become sexual because most of the men in power dont have the sexual attraction to men.

      • This was, ironically, a perfect example of how women actually have an EASIER time than men in climbing the ladder nowadays

        She was intellectually dwarfed by JP to the extent that it was almost like a hysterical child being counselled by its parent

        She has managed to rise to the position of presenter on a national television network yet can’t create an coherent thought on her own, and was unable to grasp any of the explanations presented to her.
        She could only parrot the simplistic slogans she has been indoctrinated with

        Towards the end she seemed to realize how badly she had humiliated herself

      • boomengineeringMEMBER

        Men being barred from making any approaches to women is only nature trying to cull the human race.

      • boomengineeringMEMBER

        In less populace times nature cares nil whether women are raped or not, poliferation of the species is imperitive. In a state of equilibrium the female choses the mate who is supposed to wear the make up.All primitive tribes and animals the male is the make up wearing good looking one, What a sick society we are in accepting the opposite.

  5. I hope the Brisbane clearance rate is as healthy this weekend as it was last weekend! 100% according to Core Logic! 14 sales out of 14 reported! What a result! Boom times! I’m sure awesome things also happened with the 46 unreported, and that the true clearance rate was definitely not 23%.

    • Yeh all bs andrew. When sales go their way they crow. When they hve a crap result…contact agent lol. Thgs v slow here when inflation taken into account

      • Regretfully, only 34 of 136 sold at, prior to, or after auction this week. Apparently this gives a clearance rate of 52%. So even in the world of real estate lobby maths, we’ll be seeing a headline on Monday that Brisbane clearance rates have crashed 48% in a week. Won’t we?

  6. Hay Sweeper found a good one…

    “Wait, so block chain is just an accounting spreadsheet with an automatic refresh rate?”

    disheveled…. rimshot….

    • Yes! – Blockchain is just like a giant holographic spreadsheet with cryptograhically indelible entries. Just like one you can buy from Officeworks. – if they can decide which aisle to put it in when it comes into stock.

      • The rimshot…

        “LOL. Or. is it a Wikipedia where everyone with a “Wiki Wallet” authoring account gets their own copy of the most recent validated “block?” Yeah, that’s real bandwidth and data footprint “efficiency.””

      • Firstly DM “hate” is yours and not my state as an observer.

        Secondly I don’t confuse maths with “I”deology.

        I sure your familiar with:

        Weapons of Math Destruction : How Big Data Increases Inequality and Threatens Democracy
        3.87 (4,259 ratings by Goodreads) – By (author) Cathy O’neil

        Longlisted for the National Book Award – New York Times Bestseller A former Wall Street quant sounds an alarm on the mathematical models that pervade modern life and threaten to rip apart our social fabric. We live in the age of the algorithm. Increasingly, the decisions that affect our lives–where we go to school, whether we get a car loan, how much we pay for health insurance–are being made not by humans, but by mathematical models. In theory, this should lead to greater fairness: Everyone is judged according to the same rules, and bias is eliminated. But as Cathy O’Neil reveals in this urgent and necessary book, the opposite is true. The models being used today are opaque, unregulated, and uncontestable, even when they’re wrong. Most troubling, they reinforce discrimination: If a poor student can’t get a loan because a lending model deems him too risky (by virtue of his zip code), he’s then cut off from the kind of education that could pull him out of poverty, and a vicious spiral ensues. Models are propping up the lucky and punishing the downtrodden, creating a “toxic cocktail for democracy.” Welcome to the dark side of Big Data. Tracing the arc of a person’s life, O’Neil exposes the black box models that shape our future, both as individuals and as a society. These “weapons of math destruction” score teachers and students, sort resumes, grant (or deny) loans, evaluate workers, target voters, set parole, and monitor our health. O’Neil calls on modelers to take more responsibility for their algorithms and on policy makers to regulate their use. But in the end, it’s up to us to become more savvy about the models that govern our lives. This important book empowers us to ask the tough questions, uncover the truth, and demand change.

        Hay DM I have spent a few decades reading both AET and neoclassical opinions, especial wrt the Maths neoclassical use to forward an opinion about the human state [preference for imo]. Its an arduous task I must say, amount of cross referencing and historical base lines is a time consuming endeavor.

        disheveled… look it does not change anything by resorting to putting a thin veneer of maths or physics on spectral evidence, actually is worse, because it diminishes the science aspect.

      • So DM….

        “Why the hatred for Godel, Turing and Church?”

        Can you see how I find your un-quantified method of equating hate to others opinions especially when they are taken out of both context and bastardized to serve a narrow ideological perspective.

        disheveled…. I for one would call this theft on an intellectual level, its a means to forward agenda based on the ideological perception of dead peoples opinions, because the dead cannot be consulted e.g. religion.

      • Skippy – you have no idea about the subtleties of the English language. It is not just black and white. If you can only comprehend the literal, there is a lot in the world you will miss.

        Just out of interest, do you have a sense of humour somewhere in the pouch? Tell us a joke!

    • The blockchain is decentralised trust. Anyone who thinks it’s analogous to a spreadsheet is, at best, mildly retarded.

      • Chris…

        “The blockchain is decentralised trust.”

        I have no means to evaluate such a conclusion, decentralized in what way, considering 4% hold the majority of crypto. Not to mention what you even suggest wrt the term trust i.e. are your basis on this EMH, social psychology, historical precedent, et al.

        To be honest it just seems to be another variant of the libertarian ideology that wants to forward its agenda.

        disheveled… trust is like money… its a time and space problem compounded by environmental factors… you really need to unpack stuff chris…

      • Chris…

        That is about as unsupported as you can get or are you claiming ownership to learning – ????

        disheveled… do you own crypto and what ideological preference does your thinking for you….

      • What’s great about this topic is the boosters are always so measured, sober, thoughtful and well reasoned in their arguments. Kind of like the defenders of Scientology…

      • You need to listen to Jordan Peterson: wealthy alpha male types run the world, some call em psychopaths/sociopaths.. aren’t going to roll over and say “here take the position” ie… take the wealth, take the power:

        Watch what this sheila has to say on the topic of crypto:

    • Original authors? The original authors of the FTTN NBN were the 3 Telstra bosses in 2004 who wanted PM Howard to exempt Telstra from ACCC rules. Even Howard refused to give Telstra a monopoly on broadband. Rudd took that plan of the original authors and made it better.

      So what rights did we lose by getting universal healthcare.

      The LNP want to drug test one group of welfare recipients (Centrelink) but not another (negative gearers, politicians, novated lessees).

      The LNP wanted to put in a GP tax in the absence of UBI – right wing nutcases hate how I can see a GP for free.

      What rights did Alaskans lose by having UBI.

      • Jacob….

        Your still not addressing my concerns or addressing the evidence I point out.

        disheveled… please respond to these and desist with the – feelings – “you” have on the topic.

  7. Apartment owners face $60,000 cladding blow after court ruling protects builders

    Apartment owners will be slugged up to $60,000 each to fix dangerous cladding, after a court ruled the building watchdog could not force builders to repair apartment blocks once residents are able to move in.

    First thought was that we could soon be seeing forced or discounted sales if apartment owners can’t come up with the required amount. Also, sharing a link like this on through Chinese social media could start an exodus of overseas investors.

    • Someone told me over 80% of such apartments in Melbourne have been built with this flammable cladding… Hold onto your knickers!

      • The association’s chief executive, Erik Adriaanse​, said taxpayers should foot the bill for the construction crisis rather than leave owners to pay tens of thousands of dollars each.

        “It is an unacceptable outcome for owners to have to decide between crippling themselves financially and making their buildings safe apartment buildings,” he said.

        “We’re imploring federal government leaders to pull out the cheque book, and provide some assistance.”

        Yeah that seems fair, I mean it’s not like Apartment owners are using negative gearing to subsidise their investments. Or if the prices go up the capital gains get pocketed privately (profits not shared with tax payers). You know, what’s that saying “Buyer Beware?” these bastards have no concept of Moral Hazard or perhaps they do and that’s the point.

        You can’t have a 1 sided investment bet, otherwise it’s no longer a investment that carries risk and some people need to loose their shirt so important lessons can be learnt. Of course nobody wants to learn any lessons. They want tax payers (young people ) to not only bail them out, but also pay pensions for oldies who live in million dollar homes.. Seems fair.

        • GunnamattaMEMBER

          “We’re imploring federal government leaders to pull out the cheque book, and provide some assistance.”

          Yeah – an audit should be done of which owners are not negatively gearing, and are letting the apartment out or living in the apartment and they should be allowed to write off the additional expense incurred off their taxes.

          Maybe we could let those owners forced to sell off from stamp duty

  8. “The association’s chief executive, Erik Adriaanse​, said taxpayers should foot the bill for the construction crisis rather than leave owners to pay tens of thousands of dollars each…”. This makes my blood boil…why should I have to fork out my tax dollars to subsidise them? These dog boxes are only bought by foreigners to speculate and kept empty. Let them fix it themselves, or let it burn down.

    • The Traveling Wilbur

      Because this is Australia. This place forces taxpayers to subsidise other taxpayers’ daily drives, private schooling costs, magazine subscriptions and costs (unlimited) for advice on minimising the tax they do actually have to pay. Is it really so surprising that ‘tax-payers’ are looking for a bailout on a health and safety issue which wasn’t a problem of their making and is also a genuine risk they were supposed to have been protected against by the State[s]? They’re still whinny losers of course.

      And I didn’t even mention negative gearing.

    • Mining BoganMEMBER

      A Victorian minister was on the wireless a few months ago and his language was hinting at just this, the taxpayer to bail out the specufestors.

      Every effort is being made to soften the public into paying for particularly bad ‘investment’ decisions. As much as I want to see these bozos living on the street it ain’t gonna happen. We’ll be paying for it.

      • Goverment was always going to hang appartment owners out to dry, gotta keep them third party donations flowing to the party coffers.

    • I agree f**k em! People need to take responsibility for their actions. The same sh!t will happen when the crash happens.

  9. Weekend Hymn to the SpamBot

    RedactoBot, RedactoBot!
    Hungering for the endless void
    Spare our words from oblivion
    Cast them not down to the pastebins
    Of Damnation
    Let them not broil in Stygian Pits
    Comingled with the Spam and Phish
    And Trolling Fakes of absurd propositions
    Redact us not, oh Lord of Posts
    That we may rejoice in your Mercy

  10. bolstroodMEMBER

    On the subject of MP’s not doing due diligence on dual citizenship:
    I am an old age pensioner who correctly filled out the Age Pension forms.
    1 pay slip tendered was very small print in the origional,
    Due to the small print Centrelink staff misconstrued it and awarded me a pension rate higher than I should have received.They admitted the mistake was theirs ,and graciously gave me a 50% discount on the sum to be refunded, but none the less pay it back I must, and am doing at $40 per fortnight.
    Our parliamentairians found to be sitting in the house illegally, due to not correctly doing their paperwork, are under no compulsion to repay monies incorrectly received by them.
    WHY NOT ??????????????????????
    They are not a separate species , they live under the same laws they create for all of us.
    I am not calling for them to be into undue hardship, they can pay it back in increments,as I do, but pay it back they must.

    • proofreadersMEMBER

      As I understand it, for the Feds the Department of Finance issues the pollie with a bill for their dues and then the pollie seeks a waiver from the relevant minister, which waivers seem to have a history of being generally granted – you can’t have a pollie doing it tough like quite a number of their great unwashed constituents.

  11. Let’s call pork barrelling for what it is; corruption. Can’t wait for the ANAO report, there’d be plenty of sphincters puckering at the moment with much political pressure being applied to the Auditor General, staffers getting ready to throw public servants the bus, public servants ready to return fire with the documents showing the Minister’s office directed funding dud projects against advice and politicians getting ready to throw everyone under the bus to save their sorry mofo asses. This is going to be so good!!

    “The $1 billion cost of pork barrelling revealed”

  12. C.M.BurnsMEMBER

    Tom Petty’s family have released the autopsy results from the coroner’s report on facebook. It makes for some eye-opening reading:
    It was posted moments before the Los Angeles coroner’s office issued its official findings, which attributed Petty’s death to a “mixed toxicity” of fentanyl, oxycodone, generic Restoril, generic Xanax, generic Celexa, acetyl fentanyl, and despropionyl fentanyl.
    Fentanyl… when you are seriously craving that heroin high and track marks are just so 90s

      • C.M.BurnsMEMBER

        lol ! that codeine ban is a joke and more evidence of the powerplay between the GP and Pharmacists unions (I mean “industry associations”)

        and I think Tom Petty started on the hard stuff and never left it 😉

      • It all started with an environment that that forwarded be all – you – can be and how that translates too – your – wealth.

  13. Is there anything that working less does not solve?

    “When I told people, in the course of writing my book, that I was addressing the biggest challenge of the century, their interest was immediately piqued. Was I writing on terrorism? Climate change? World War III?

    Their disappointment was palpable when I launched into the subject of leisure. “Wouldn’t everybody just be glued to the TV all the time?”

    I was reminded of the dour priests and salesmen of the 19th century who believed that the plebs wouldn’t be able to handle getting the vote, or a decent wage, or, least of all, leisure, and who backed the 70-hour workweek as an efficacious instrument in the fight against liquor. But the irony is that it was precisely in overworked, industrialized cities that more and more people sought refuge in the bottle.

    Now we’re living in a different era, but the story is the same: In overworked countries like Japan, Turkey, and, of course, the United States, people watch an absurd amount of television. Up to five hours a day in the U.S., which adds up to nine years over a lifetime. American children spend half again as much time in front of the TV as they do at school. True leisure, however, is neither a luxury nor a vice. It is as vital to our brains as vitamin C is to our bodies. There’s not a person on earth who on their deathbed thinks, “Had I only put in a few more hours at the office or sat in front of the tube some more.”

    Sure, swimming in a sea of spare time will not be easy. A 21st-century education should prepare people not only for joining the workforce, but also (and more importantly) for life. “Since men will not be tired in their spare time,” the philosopher Bertrand Russell wrote in 1932, “they will not demand only such amusements as are passive and vapid.”

    We can handle the good life, if only we take the time.”

    It makes me think of the song by XTC called ‘Leisure’.
    “They taught me how to work,
    But they can’t teach me how to shirk correctly.”

    • I’m fully subscribed to this idea that spare time would be good for all of society. Lord knows I don’t want full time work if I don’t need it. Having watched a family member die recently just brought home the importance of doing meaningful things in your life. Because when discussing someone’s life if all you can talk about is their career and job title, what’s the point?

    • The Traveling Wilbur

      Seriously, agree.
      But, why is TV time less beneficial leisure time than anything else (e.g. spearing a Mako)?

      Fans of X-files, The Two Ronnies, M*A*S*H, House and Doctor Who wanna know.

      During the commercials of course.

      • I think it’s engagement vs tuning out. TV for the sake of TV and just watching it for something to do as opposed to doing something that you’d find more enriching is the worry.

      • boomengineeringMEMBER

        Wilbur, too true,I’ve often thought people I have considered unmotivated still have their forfilmet in their lives as per having kids, eating, sleeping and working etc. Most importantly just as dead when the time arives.
        .Remember there is no such thing as right or wrong just people’s perception moulded by the societal environment within that time and space.

    • When the value of a person is wrapped up in their pay packet and their job position as it seems to be for so many people in modern Australia, the logical conclusion is that they will make more and more sacrifices on the altar of work so that they can live the “successful” life. If we would all work just enough to look after ourselves rather than getting rich, then the whole place would be much more pleasant. Indeed, Harvard did a survey of 1500 millennials and more than 80% of them rated “getting rich” as an important life goal.

      • Mining BoganMEMBER

        Yes, the successful life. Nice things are nice. Suppose that’s why they call them nice things. Doesn’t change anything but.

        Something on Reddit the other day about that. It’s called the Sydney Paradox.
        If everyone owns a BMW, who owns the road?

      • At the end of the day nice things are objects and you can’t take them with you when you die. Nobody escapes death and yet what is important when you’re gone is how you’re remembered, who were your friends and what do they remember about you and what were the good times, adventures and travels you did together?

        How many people will turn up at your funeral to see you off? What interesting stories will be told about your character and achievements?

        If we forget about the money and remember that life is all about experiences and learning and enjoying company of friends and family we will all be better off.

        Slugging away for years to maybe enjoy a few golden years in retirement seems crazy to me.

      • Indeed, Harvard did a survey of 1500 millennials and more than 80% of them rated “getting rich” as an important life goal.

        Probably reflects how much easier it is to lead an enjoyable life if you are “rich”, and how much harder it has become if you are “not rich”.

    • boomengineeringMEMBER

      John Maynard Keynes said something to the effect of, that by the year 2000 people will only be working about 3hrs a week but he didn’t account for mortgagee slavery and abundance of toys to buy.

      • Keynes did not foresee the advent of the think tank and the flows of money by those, that by their wealth, were self nominated to frame reality.

      • boomengineeringMEMBER

        Trying to explain to a psychologist friend with baggage to spare who thought that being poor and
        happy was better than rich and unhappy but he only saw ajacent scenarios. There is four options, poor and unhappy, poor and happy, rich and unhappy, rich and happy Make your own judgment everything comes at a cost.


    I hope they go one step further and cutout banks and mortgage brokers altogether. The problem here is the government guarantee. If it were removed IMO we would already see tiered interest rates where for example the most secure mortgages (LVR 50%) would offer deposit holders a lower rate of around 2% representing something close to a guaranteed return of income, and the deposit rates would keep on rising based on LVR and ability to service the loan. Any losses from defaults to be firstly deducted from interest paid, and any losses exceeding interest paid to be deducted as a negative interest rate.

    Let the banks fail, and let deposit holders of riskier loans lose their money.

    • I’ve been thinking more and more about cryptocurrencies and their potential role in removing banking institutions altogether. Now consider if you could create a platform that allowed people to buy into crypto’s and give out peer to peer loans. Suddenly the use of banks would be considered less relevant?

  15. We should look more closely at what Adam Smith actually believed. (Dude didn’t like rentseeking.)

    “The context of Smith’s intervention in The Wealth of Nations was what he called ‘the mercantile system’. By this Smith meant the network of monopolies that characterised the economic affairs of early modern Europe. Under such arrangements, private companies lobbied governments for the right to operate exclusive trade routes, or to be the only importers or exporters of goods, while closed guilds controlled the flow of products and employment within domestic markets.

    As a result, Smith argued, ordinary people were forced to accept inflated prices for shoddy goods, and their employment was at the mercy of cabals of bosses. Smith saw this as a monstrous affront to liberty, and a pernicious restriction on the capacity of each nation to increase its collective wealth. Yet the mercantile system benefited the merchant elites, who had worked hard to keep it in place. Smith pulled no punches in his assessment of the bosses as working against the interests of the public. As he put it in The Wealth of Nations: ‘People of the same trade seldom meet together, even for merriment and diversion but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.’

    The merchants had spent centuries securing their position of unfair advantage. In particular, they had invented and propagated the doctrine of ‘the balance of trade’, and had succeeded in elevating it into the received wisdom of the age. The basic idea was that each nation’s wealth consisted in the amount of gold that it held. Playing on this idea, the merchants claimed that, in order to get rich, a nation had to export as much, and import as little, as possible, thus maintaining a ‘favourable’ balance. They then presented themselves as servants of the public by offering to run state-backed monopolies that would limit the inflow, and maximise the outflow, of goods, and therefore of gold. But as Smith’s lengthy analysis showed, this was pure hokum: what were needed instead were open trading arrangements, so that productivity could increase generally, and collective wealth would grow for the benefit of all.

    Even worse than this, Smith thought, the merchants were the source of what his friend, the philosopher and historian David Hume, had called ‘jealousy of trade’. This was the phenomenon whereby commerce was turned into an instrument of war, rather than the bond of ‘union and friendship’ between states that it ought properly to be. By playing on jingoistic sentiments, the merchants inflamed aggressive nationalism, and blinded domestic populations to the fact that their true interests lay in forming peaceful trading relationships with their neighbours.”

    • Obviously, this was caused by Mr Putin……..hope they keep paying interest on those treasuries……..21 days is the record in modern times………that was before government employees had such debt loads

    • good. for all of trumps faults his refusal to play ball with the DACA amnesty made him worth supporting. i wish we had a prime minister who was willing to do something, however token, regarding immigration.

      • Immigration is not the factor of dominate economic ideology for the reasons some express nor does supply and demand always equate to wages, see decades of wage stagnation even when productivity and GDP was parabolic.

        disheveled…. rather than scapegoating the poor you might focus your ire upwards….

      • wat

        ‘The problem is neoliberalism, not immigration.’

        High immigration exacerbates problems created be neoliberalism, but that does not mean low immigration eliminates them.

    • It needs to happen. China’s entry into the WTO effectively broke the world economic system.

      Low inflation, low interest rates, low wage growth can all be traced back to China’s system of mercantile subsidised over investment.

      • Um no…. no one forced China to offshore western industry, that pearl was the mainstream western economics at the time, drooling over China’s billion consumers whilst wanking over stock – equity prices….

        disheveled… own goal wing nut…

      • Yeah right, Deng Xiaoping and Chen Yun had nothing to do with designing China’s post-Mao economy, those Asians have been mere putty in the hands of the West. Typical American egocentricity imo.

      • triage…

        You are aware of Western economists assisting the PRC during the period in question, not to mention the markets fashion for offshoring to boost stock price regardless of long lines of information and crapification of product and lest we forget Larry Summers memo.

  16. ‘Swedish PM does not rule out use of army to end gang violence
    STOCKHOLM (Reuters) – Sweden will do whatever it takes, including sending in the army, to end a wave of gang violence that has seen a string of deadly shootings, Prime Minister Stefan Lofven said in Wednesday.

    “People are shot to death in pizza restaurants, people are killed by hand grenades they find on the street,” Sweden Democrat leader Jimmie Akesson said in parliament on Wednesday.
    “This is the new Sweden; the new, exciting dynamic, multicultural paradise that so many here in this assembly … have fought to create for so many years,” he said sarcastically.’

      • T…

        Sweden once had a reputation as some kind of ‘social-democratic model’ with far-reaching public services and social support. But that has been dismantled by two decades of attacks – what the Economist magazine calls a ‘silent revolution’

        The article below was written before the explosive events of the past week in Sweden (see It details the background of a dramatic turnaround in a country once held to be a model of equality and security. The anger of the most disadvantaged in Swedish society, displayed on the streets, has now hit the media world-wide. will carry further updates from Rättvisepartiet Socialisterna (CWI in Sweden).

        Sweden has weathered the crisis and the country is showing that slashing welfare, lowering taxes and imposing caps on government expenditure is working. That is the message from the capitalist press, think-tanks and right-wing governments around the world. The Swedish finance minister, Anders Borg, was even named Europe’s best finance minister by the Financial Times. But Sweden is no exception to the rule. Years of austerity and right-wing policies have seriously undermined the social fabric of society, while Swedish capitalism has become even more imbalanced and unstable.

        The old Swedish model is no more. Instead, Sweden has become a model of neo-liberalism. It has had a more rapid liberalisation than any other advanced economy in the world, in terms of privatisation and deregulation. This was the conclusion of the American think-tank, The Heritage Foundation, last year. – snip

        Neoliberalism, managerialism and the reconfiguring of social work in Sweden and the United Kingdom
        Show all authors
        Elizabeth Harlow, Elisabeth Berg, Jim Barry, …
        First Published June 25, 2012 Research Article


        This article considers some of the ways in which neoliberalism, through the processes of managerialism, has impacted on the occupation of social work in Sweden and the UK. It is argued that there are similar implications in both countries, through the managerial drive for increased performance in economy, efficiency and effectiveness, but also in the development of evidence based practice. Whilst the key focus of the article is on similarities between these two countries, differences are also noted. There is also recognition of the way in which resistance to the reconfiguration of social work is taking shape

        A rather highly placed commenter [job] at NC SwedishLex decamped over a discussion about Sweden’s trifle with neoliberalism, to wit, we will try what ever it takes to survive.

        disheveled…. please note the date of the articles.

      • Skip – not left, just out of their frickin’ minds when it comes to social justice related issues.

        Yet systemically discriminating against people because according to imaginary friends their non-hetero sex is icky and immoral, is a perfectly reasonable opinion, right ?

    • You guys are racist.

      Just because they are nordic ubermensch, doesn’t mean they don’t have social problems.

      They need more diversity, to enliven their boring monoculture.

    • The Swedes did have the best tourist promotion of all time;

      Mønti Pythøn ik den Hølie Gräilen Røtern nik Akten Di Wik Alsø wik Alsø alsø wik Wi nøt trei a høliday in Sweden this yër? See the løveli lakes The wøndërful telephøne system And mäni interesting furry animals The characters and incidents portrayed and the names used are fictitious and any similarity to the names, characters, or history of any person is entirely accidental and unintentional. Signed RICHARD M. NIXON Including the majestik møøse A Møøse once bit my sister… No realli! She was Karving her initials on the møøse with the sharpened end of an interspace tøøthbrush given her by Svenge – her brother-in-law – an Oslo dentist and star of many Norwegian møvies: “The Høt Hands of an Oslo Dentist”, “Fillings of Passion”, “The Huge Mølars of Horst Nordfink”… We apologise for the fault in the subtitles. Those responsible have been sacked. Mynd you, møøse bites Kan be pretti nasti… We apologise again for the fault in the subtitles. Those responsible for sacking the people who have just been sacked have been sacked. Møøse trained by YUTTE HERMSGERVØRDENBRØTBØRDA Special Møøse Effects OLAF PROT Møøse Costumes SIGGI CHURCHILLMøøse Choreographed by HORST PROT III Miss Taylor’s Møøses by HENGST DOUGLAS-HOME Møøse trained to mix concrete and sign complicated insurance forms by JURGEN WIGG Møøses’ noses wiped by BJØRN IRKESTØM-SLATER WALKER Large møøse on the left hand side of the screen in the third scene from the end, given a thorough grounding in Latin, French and “O” Level Geography by BO BENN Suggestive poses for the Møøse suggested by VIC ROTTER Antler-care by LIV THATCHER The directors of the firm hired to continue the credits after the other people had been sacked, wish it to be known that they have just been sacked. The credits have been completed in an entirely different style at great expense and at the last minute. Executive Producer JOHN GOLDSTONE & “RALPH” The Wonder Llama Producer MARK FORSTATER Assisted By EARL J. LLAMA MIKE Q. LLAMA III SY LLAMA MERLE Z. LLAMA IX Directed By 40 SPECIALLY TRAINED ECUADORIAN MOUNTAIN LLAMAS 6 VENEZUELAN RED LLAMAS 142 MEXICAN WHOOPING LLAMAS 14 NORTH CHILEAN GUANACOS (CLOSELY RELATED TO THE LLAMA) REG LLAMA OF BRIXTON 76000 BATTERY LLAMAS FROM “LLAMA-FRESH” FARMS LTD. NEAR PARAGUAY and TERRY GILLIAM & TERRY JONES

  17. TailorTrashMEMBER

    Nice to see Joe Hockey has got himself a better job and can now afford to let his Hunters Hill home go for $8 million …………I’m sure a mandarin speaking agent
    will get the job ….Onya Joe !!

    • Commies like you should be lashed for disrespect to people that have used the market to make themselves better off than you…..

      • TailorTrashMEMBER

        Onya skipp …………..
        Joe would make a nice Edwardian ………married well into money and estate wealth …………and if “tony titles “ were allowed to stand would no doubt be Sir Joe by now.

        I’m not a total commie but I rather liked the old Straya where the “average joe“ had more of a chance and was more than happy to give the other bloke a chance too .

        The new Straya is on Show with this JOE ……Our Ambassador to Washington whose house can be bought by a Chinese General ……..getitintaya straya !

      • The Traveling Wilbur

        @TT agree 100%. But. The average Joe these days can get their fair share of the sauce bottle by (havin to) prostituting themselves on Facebook / YouTube / et al.

        But screw everyone else is still the main side effect of that. Unfortunately.

        Q: was Australia ever a one for all place, it isn’t now. Was that just a comfortable fairytale we tell each other in the hope of remembering​ better days?

      • TT…

        The romantic period was the result of building and industry w/ a side of resource, tax and regulatory arb with it emerging markets ended that joy ride. Wal-Martification morphing into consolodation [Munger LBO] and exchange antics gives way to Amazon, Uber, Sharing – Gig economy….

        disheveled…. reasonable job security and wages that are reflective of productivity put a floor under it all. Once that was gone substitutes had to be found e.g. out side capital.

    • No, its not Jock Hockey selling “his” house.

      It’s his wife, Melissa Babbage, who would have paid for it.

      So who would you think is the leaner or lifter in the Hockey and Babbage household?

    • Isn’t it brilliant – once they started lying about the clearance rates, now they can’t stop. And so it becomes more ridiculous every day. But to actually provide the real clearance rates now is suicide, so they opt of the less painful death by a thousand cuts strategy.

      Good plan FIRE folks – bonuses for management all around this year again!

  18. Boring anecdote time.

    I took Monday off so I could spend some time tidying up. I pretty much worked through Christmas apart from the public holidays. But my missus said we should tidy up next week and go on holiday this week.

    Anyway long story short is I am writing this from the 3rd floor of Jenolan House. Sitting in the dark.

    We got here at 3.30 and went on a tour of the Chifley cave.

    Missus and daughter are asleep and I’m typing in the dark in the room.

    Was about 33 degrees outside, but cold enough inside the cave for condensation near the entrances.

    No 457s here, all look like local kids, but I’m not brave enough to ask if they live on site (so I don’t look like a predator)

    Actually, i recommend it. Compared to Sydney, reasonable prices. I hate going to restaurants but the dining room was OK.

    I pretended I was Oscar Wilde and buggered a porter.

    • We only have a double bed. Missus and daughter have monopolised both sides.

      Someone’s gonna get pushed over in an hour or so.

    • The Traveling Wilbur

      No better place to ponder the natural wonders of Australia than suspended 45m down the face of a mountainside in the Blue Mountains. One of the better days of my life.

      And the view from there is pretty epic too.

    • @harold: no such thing as a boring anecdote on MB. I love them all. That is a nice part of Australia. I went down that way once on a weekend break from a stint at Bathurst Hospital.

      Anyhoo, I must say that I am jealous of all who get a proper Christmas – January break period in their line of work.

      I have been working through (got Christmas day itself off – first time in 5 years) and it is not exactly the slow season anymore (summer used to be a bit better than winter, but now with the population explosion and the number of tools who like to celebrate by going on ice benders it is 365 days a year full on).

      Any more anecdotes for my vicarious living would be much appreciated.

      • You have more than 1 Dad? Might explain a few things actually. No mother around to teach you compassion and the softer skills in life..

    • Yes, it was a rare treat. Some solid points about the rotting effect of ultra long term low interest rates. Sadly I don’t see much of the wisdom rubbing off on the RBA.

      • proofreadersMEMBER

        Nah – not in the interests of IP specufestors at the RBA other than to repress interest rates.

    • Well now that the CBA is not willing to facilitate such transactions, it has to go through the next weakest link…

    • Veeeerrrrry interesting. In context, the median reported household income in Fairfield is only $813/wk… how could their community possibly afford to lose that sort of money (he said, incredulously)? Could it have something to do with the fact that, despite having an unemployment rate twice the state average, 80.8% of working-age people in the LGA are engaged in the workforce, with an occupational mix suggestive of a high rate of self-employment?

  19. boomengineeringMEMBER

    Hey Yeb, just back from pre dawn dive,very quiet except for some large morwongs of no interest. At least no swell to shred the blue camo wettie getting dumped against the rocks. Would have offered half King but only one this summer (global warming? ).

      • boomengineeringMEMBER

        Ermo you nailed it again, a couple of grey hairs on my feeble sideburns have ruined my chance of living in my seventies greyless

    • Moreton Island is known for its wrecks at Tangalooma. Some say its good diving
      If you went this deep you would have to stage your ascent.
      “The agent said property values at Tangalooma had plummeted in recent years.
      “When they first came out, they were over $1 million — and they should be over $1 million — but at the moment I know people who are going to sell for $500,000 [and] $600,000 and probably less than that.”
      One owner who spoke to ABC News bought two blocks of land in 2003 for about $540,000.
      The lots were sold last August for $50,000.”
      WW where we are heading everyone is going to need how to read dive tables

      • Yeowch!! Man, that kind of a loss just made it impossible for me to work with the chainsaw for the rest of the afternoon. I can no longer bend at the waist, as it‘s poking me in the sternum!

        “Really worth 1 mil, but selling for less” … then I put it to you that they are not worth 1 mil Ba-hahahaha!

        I reckon we should re-write the old adage “only when the tide goes out you’ll see who’s swimming naked ” to “only when the tide goes out you’ll see who’s beached solidly

  20. Auction rates looks to point to really poor season comes Feb. From memory, this time last year rates were through the roof (if some can confirm please as I am going of my memory that is not great) due to low stocks. This time around domain shows very poor clearance rates even with only 26 listings foe Sydney and 34 for Melbourne.
    Clear sign buyers are not around. They must have moved to Portugal.

    • I heard Chinese were buying up in Thailand now? Bangkok in particular.. who knows? But let’s hope the market continues to sh1t the bed….

      • yeah read that too but it will not be long before Chinese move their attention to Portugal. Lisbon is becoming very popular and in world of social media I think the herd will move on the Portuguese market sooner rather than later. As long as they (Chinese) deem us a boring and not attractive I think we should see sharp declines in prices. Especially if Chinese become sellers in order to release funds to buy elsewhere.
        Only thing that will make them keep their properties here is the rock solid guarantee that their properties and they themselves will not be extradited back to China. If Australia sings extradition treaty mood will change real fast. Hence why I anticipate some serious pressure from China – we pushed our luck too far when we started to accept cash no questions asked when buying RE.

      • What’s so hot about Lisbon? I was there a few years ago. I didn’t get much of a vibe from it? But a friend of mine moved there and bought a house by the water and seems to enjoy life. Works for himself in online advertising.

        I should probably go back in Summer.

        Meanwhile, Gateway Credit Union’s recent Mortgage holders Sentiment Report revealed that 56 per cent of respondents who are paying off a mortgage or have done so in the past found their home loan to be a lifestyle-limiting burden.

        Hehe bunch of lemmings… Lifestyle limiting burden. 😁

      • boomengineeringMEMBER

        What’s so hot about Portugal?? BIG waves my nephew is always there selling his Sunova Surfboards

    • Nikola,
      Auction on 1st weekend of Feb will be the most interesting to watch,IMHO.
      Most likely, MSM is going to do a 180 overnight as they realise they can get ‘eye balls’ taking about the ‘crash’. The pitch will be very feverish, hoping that RBA, politicians or Chinese will somehow help everyone out if they scream enough.
      But the horse has already bolted on 30th June 2017.

      My old comments:

    • Compare the pair:

      “there is a certain number of men although not many, who are perfectly willing to sacrifice virtually all of their life to the pursuit of a high end career. These are men that are very intelligent, they’re usually very, very conscientious, very driven, very high energy, very healthy and very willing to work 70-80 hour weeks non stop, specialised in one thing to get to the top. To get to the top of any organisation is an incredibly competitive enterprise and the men you are are competing with are simply not going to role over and say please take the position. It is all our warfare” – Jordan Peterson

      “When it comes to “Us” and “Them” the most important division is not between races or sexes or religions or sexual orientations.
      When it comes to “Us” and “Them” the most important division is between:
      a) the vast majority of human beings who are content to get on with life; and
      b) the small minority of aggressively narcissistic, machiavellian psychopaths (and their sycophant followers) who have an insatiable drive to dominate and control other people and to appropriate a disproportionate share of resources.” – Stephen Morris

      According to Jordan, these men are “driven and very, very conscientious. Definition of conscientious: of governed by conscience; controlled by or done according to one’s inner sense of what is right; principled

      According to Sephen Morris they are machiavellian, on their way the top of the hierarchy they will push more honest more competent people off the ladder until they dominate. Their warped pathology filters down the pyramid. Religion is a classic example. It was created by psychopaths.

    • Oh dear.

      “if companies modified their behavior and became more “feminine” they would be successful….If someone wants to start a company and make it more “feminine” and “compassionate” and caring in its overall orientation towards its workers and marketplace then that is a perfectly reasonable experiment to run. There is no evidence those traits predict success in the workplace – Jordan Peterson.

      FCUK ME!!

      “compassionate” and caring in its overall orientation towards its workers:
      When men got sick and tired of being sent down a mine to die, they collectivized to be able to fight to get basic work rights such as Safety and a minimum wage. I had no fucking idea how “feminine” these men were. Remember how the mining overlords organised the police force to shoot at the protesters and workers during the Eureka stockade? Sound like a bunch of very, very conscientious old top hat chaps. Hey remember how children were sent down the mines. Better eyesight, highly nimble.

      Jordan Peterson vs VeganGains

      “His emotional needs interfere with his ability to reason. He has to distort the meaning of truth to mean whatever he wants it to mean. Jordan has this tendancy to change the definitions of things to suit his own needs.”

      Jordan Peterson, is just another Milton Friedman. He uses his intellect as a weapon (Friedman did the same thing to win arguments against young inexperienced students who would challenge his logic). He uses it as a weapon not to help people, but to protect existing power structures and help them dominate, he protects the very interests who are in the business of oppressing the men he claims to help.

      Since Gunna is a huge fan of Marx and his work, I wonder what he thinks of Jordan’s disdain of Karl Marx?

      Oh, hey Ermie, since you are a union member, does that mean you are channeling your feminine side? – Sarc.

      • GunnamattaMEMBER

        Since Gunna is a huge fan of Marx and his work, I wonder what he thinks of Jordan’s disdain of Karl Marx?

        I am not such a huge fan of Marx that I think he isnt questionable or that I think he is/was infallible.
        I am not such a huge fan of Peterson that I think he isnt questionable or that I think he is/was infallible.

        Peterson is a clinical psychologist, Marx a sociologist/economist

        I dont think Marx is necessarily right/applicable in every instance in todays world. I dont think Peterson is necessarily right/applicable in every instance in todays world.

  21. For the cyclists, I’ve had a set of these punctre proof tyres for over 1000kms and am happy with them.

    Just don’t get them if you are chasing speed, as they are sluggish compared to pneumatic tyres.

    I resorted to them because I was continuously blowing out punctre resistant tyres due to riding by construction sites and picking up sharp little gifts left behind on the road.

    • boomengineeringMEMBER

      It’s an epidemic some caused by pot holes and obstacles. Once the outside tyre is nicked then every tube will open up there. Only option is to renew the outside Was riding track singles on the road for years but new ones today are inferior.

      • boomengineeringMEMBER

        He may want try the new technology peumatic,instead of ultra thin they found 25mm wide with lower pressures rolls over bumps instead of up and down meaning you go forward without wasting up & down movement in the process. I’ve had them for a couple of years more comfortable as well

      • I haven’t found the ride to be any firmer than the Marathons I was running beforehand. I also don’t ride in the gutter, it was tradies dropping stuff into the bike lane, as well as the occasional smashed bottle.

        Another bonus is no pump or puncture kit required. I even took the bike traveling for a bit. Ride to the airport, broke it down, rebuilt upon landing and then ride off. No pump required. Neat, neat, neat.

        They’re not for everyone, but I’d get them again.

      • boomengineeringMEMBER

        Footsore, thanks for the feedback, will consider it for the workshop run around bike. The 25mm rims alleviate the deformation of the tyre under weight reverting back when away from the road as the wheel turns that the thin rims do. This constant deformation and return wastes a lot of energy that the wider rims don’t experience.

      • Relevant StakeholderMEMBER

        Half the time bike lanes = gutter with a dash of paint.

        I shouldn’t have commented… I’ll probably get a puncture this week.

      • I’m lucky in that where I live they have made the effort to make it cycling friendly, and that there are enough bikes on the road so that car drivers are conscious of them. But I know the types of, ahem, bike lanes that you are referring to. I don’t miss them at all.

      • I couldn’t say. I read one review of them where the cyclist trained with them and then switched the racing wheels onto the bike on race day. They thought the gain in not having to worry about punctures when out on training rides was worth the loss of speed on those rides. If they were worried about speed, on with the good wheelset.

    • Just another general comment for context. I ride a nice steel framed tourer. The frame may soak up a lot of the vibrations that would come through a stiff carbon fibre or alloy road bike.

    • The Donald goes to war in the USA, the joint shuts down.
      Are there any Patriots in the Oz Gov ,the media, today?
      Can Australia survive another round of failed ideologies driven Governments?

      Donald Trump, is America’s first wartime president in the Culture War against the Left.
      During wartime, things like “dignity” and “collegiality” aren’t the essential qualities one looks for in their warriors. Trump is fighting.
      And what’s particularly delicious is that, like Patton standing over the battlefield as his tanks obliterated Rommel’s, he’s shouting, “You magnificent bastards, I read your book!” “I broke your code” That is just the icing on the cake, but it’s wonderful to see that not only is Trump fighting and winning, he’s defeating the Left using their own tactics.
      Trump’s tweets are doing what Alinsky suggested his followers do.
      First, instead of going after “the fake media” Trump isolated CNN. He made it personal.
      Then, just as Alinsky suggests, he employs ridicule “the most powerful weapon of all.”
      Trump’s tweets have put CNN in an untenable – unwinnable position.
      So CNN and the media in general can either “go high” and begin to honestly and accurately report the news or they can double-down on their usual tactics and hope to defeat Trump with twice their hysteria and demagoguery.
      The problem for the media is, it is nothing but the incessant use of fake news (read: propaganda) that keeps the Left alive. This is war. And Trump fights for America!
      Who do we have in Australia??

      • Donald Trump, is America’s first wartime president in the Culture War against the Left.


        That would have been at *least* Reagan.

      • The Traveling Wilbur

        Bush Senior?

        Debatable to omit. Maybe.

        But did you forget LBJ? Really?

      • “Who do we have in Australia??”
        small parties who don’t care about winning but holding balance of power by winning all voters who have intelligence to see through the Libs and Labour and know One Nation is not the answer. I think Sustainable Australia deserves a go and will have my vote – just to be clean I did join SA.
        I am sure there are other small parties out there. Can’t expect MSM to give any of these parties any oxygen so you my friend have to look for them. MSM only covers Libs, Labour and the Greens. They also cover NZ and ON so people can say we don’t have an alternative.

      • Try Rick Perlstein’s ‘The Invisible Bridge which traces Nixon’s fall and Reagan’s rise along with the new right which puts the US cultural wars through its evolution and political dimension and the social turmoil which was the catalyst: ERA, Roe v Wade, new Hollywood… . What Trump says has antecedents in Reagan and his supporters in the 70s, and Perlstein’s very long and thorough book covers it.

      • Shallow answers guys, here read this and learn something

        Trump working for the little guy ?

        Where’s my Bender “laugh even harder” GIF ?

  22. F**k this country. This is the sh!thole country trump was talking about. In the last few months I’ve had my car brazenly broken in to and damaged and now my bicycle has just been stolen from my secure underground garage, 2 locks cut loose.
    I have travelled the world and by far the crime here is much worse than many places I’ve visited and is reaching that of the USA. In Tokyo, women leave their mobile phone and purse unattended to secure a table in a busy starbucks or similar cafe or restaurant and nobody will go near it, similar in hong kong, taiwan and Singapore too.
    I am in my late 20s and my home town has become a shi!hole and is not the same place I grew up in. Imagine the crime in a recession? F**k Australia and the politicians running the joint, Make Australia Great Again!

    • Cobber those sneaky little theiving bstards need to have their man-oranges removed from their dacks and strewn over the nearest council bikepath to be used as speedhumps. Strewth. Not on mate, totally impossible situation confronting you there about how to protect your own when your castle is shared with others. Should be easier to get a one-eyed snake up a dunny than a locked bicycle out of a secure basement. Building management should be transported.

      Best of luck finding the dole bludging handout squirrels and taking them for a bit of a ride round the other bits of your basement with no CCTV.

    • Know IdeaMEMBER

      Sigh. I do feel for you.

      My interim solution, adopted after a series of break ins and which will remain in force until the inequality issues is addressed, is to own less stuff that someone would wish to steal. That is, provide less temption for others to break the law).

      Oh yes: and change neighbourhoods. There is nothing quite so attractive as running away.

    • Sorry I’ve vented my frustration but Melbourne and Australia in general today is far from the city I grew up in which is very sad. But anyway I’m not the only one frustrated by the increased crime.

    • I dunno, living in Ireland my bike got stolen and my car… My partner’s bike also got stolen from the side of our house far from anyone being able to view it. During their recession but it was common knowledge bikes would get stolen. Had to get the best D style lock I could buy.

      The best solution was buying a POS bike that nobody would want to steal. I could leave it anywhere. Sometimes it’s hard to own nice things.

    • Racist? Your nuts. I never mentioned race, but crime from all people including new migrants and bogan aussies like myself is out of control because the government does not care about crime whether its petty or rape or murder. If you have no assets to your name you get away with anything. In asia in particular, all crime is treated seriously and Japan with all those densely crushed people is the safest place I’ve ever been to. Go live in some shitty utopia like Cali or something you might be happier Haroldus

      And I do have a shit bike it was 300 dollar reid cycles bike.

      • “a shit bike it was 300 dollar reid cycles bike”
        That is a Ferrari compared to a $79 K-mart bike with straight front forks.
        You really don’t know what a sh!t bike is.

  23. Who says white collar crime doesn’t pay…..

    A former army member arrested in Serbia in a major drugs investigation ran a business with his alleged co-accused that went bust with $11.5 million in debts and accusations of illegal conduct.

    The company, Mass Steel, collapsed with $11.5 million in debts. A liquidator later said that Arnold’s conduct as the company’s director was so questionable that he should be investigated in the Federal Court and banned from directorships for five years. He was accused of trading while insolvent, engaging in “phoenix” activity and shifting assets to a network of his own companies to avoid paying tax and other liabilities like workers’ entitlements. It appears that no action was taken in the Federal Court.

    On a smaller scale…..

    $1million fraud = 250 hours community service.

    My favorite charlatans…..

    The former chief financial officer of ABC Learning Centres, James Black, has escaped a maximum possible penalty of a five year jail term and fines of up to $22,000, after being let-off with an 18 month suspended sentence and $2000 fine.

    In one of the biggest corporate collapses in Australia’s history the Queensland-based ASX-listed childcare provider ABC Learning went bust in November 2008, with creditors in four countries claiming a total of $2.7 billion.

    ABC Learning: ASIC probe ends; founder Eddie Groves exits bankruptcy

    The corporate watchdog has ended its probe into the collapse of failed childcare company ABC Learning Centres, founded by enigmatic former multimillionaire Eddy Groves.

    ASIC said the Commonwealth director of public prosecutions believes there is no reasonable prospect of a conviction for any more criminal charges in the long-running corporate saga.

    That means neither Mr Groves, nor his ex-wife and co-founder Le Neve, will face criminal charges over the collapse of the business.

    In 2012, charges of breaching his duties as a company director were dropped against Mr Groves after ABC Learning’s former chief executive in Australia, Martin Kemp, was found not guilty on similar charges.

    Mr Groves exited bankruptcy earlier this month.

    • Always thought it interesting that in the early 2000’s Enron, Tyco, Worldcom and others had the book thrown at them and management did time. But after the 2007/8 liar loan/derivative/fed driven/credit excess world meltdown – nothing but silence as the authorities dipped their hands into grannies purse to compensate the guilty.

    • Regards the first story; At Solutions 4 Steel, he manufactured steel in China and supplied it to high-profile construction projects including the Sydney International Airport, Royal North Shore Hospital’s community health building, the University of Wollongong and two private schools on Sydney’s north shore, Ravenswood School for Girls and Wenona.

      Probably provided flammable cladding that tax payers now have to fix….

      • Blimey. A bloke would want to stick a pretty tough little braincell-chillibin-protector on his strip-loggin’ before venturing in too far into those structural monstrosities!

        Crikey. Less fun than a pair of mating possums in your gumboots.