Weekend Links 16-17 June, 2018

All night joint, Frank Andrew, 1946, Art Gallery of NSW

I will load more later but I need to run kids around first – G

 

Global Macro, Markets & Investing

 

Americas

 

Asia

 

Europe

 

Oceania

 

…and furthermore…..

Comments

  1. “Until 2016, the US property market was one of the last places to move large amounts of money into the country anonymously, with no questions asked. A shell corporation would be listed as the buyer, and if there was no mortgage involved, cash could simply arrive in the seller’s bank account via money order or wire transfer with no troublesome “know your customer” questions asked.
    In fact, researchers at the New York Fed and the University of Miami found that about a tenth of the dollar volume of housing-market transactions in their sample were such all-cash corporate deals. Until, that is, the Department of the Treasury started to demand title insurance companies identify beneficial owners in certain counties.
    The effect was dramatic:”
    https://ftalphaville.ft.com/2018/06/15/1529035200000/One-in-ten-dollars-of-US-housing-were-anonymous/

    • SchillersMEMBER

      Thanks for the post johnR.
      Does anyone know if Australia has initiated similar disclosure laws for foreign shell company purchases of RE? Or is it simply…no questions asked.

    • Unreal. Of all the arguments presented on how to cope with the issues, not one was to cut back immigration. Talk about ignoring the elephant in the room.

    • StomperMEMBER

      “Won” would not be the word I would use. No Govt money involved and Boring has to provide all the capital.

      A bit like “winning” a Sydney auction!

  2. All right you lot, it’s Saturday… time to run off copies of those articles where the big banks say housing declines are “larger than expected” and “likely to go on for months”… AND HAND THEM OUT AT ALL THE AUCTIONS.

    • There’s no wide scale financial panic to witness yet. Once the media and social cues (BBQ gloating included) are both aligned we’ll see the herd mentality in full flight, but until then it’ll be seen as a momentary speed hump.

  3. truthisfashionable

    Don’t all rush at once.

    New 450m2 land lots priced from $599,000 on sale Saturday 16 June, 2018!
    http://www.celestino.net.au/thegables/residential/for-sale/land-for-sale

    Yes, the area is planning to have a few thousand new lots over the next few years.
    Yes, the website is a .net.au address, but this is property so no worries
    Yes, that is $1331 per square metre of land 62km from the CBD, and
    Yes, there will be the new NorthWest Metro *coming soon, only a 15min drive away on roads already struggling with the current traffic.

    • ErmingtonPlumbing

      I’ve been doing a lot of work these NW areas of Sydney, small jobs on lot of different properties,…lots of interesting stories about the demographic changes going on.

      Was on this one at Riverstone,…the old Italian couple (late70s) have sold off half their property (50 acres) to developers, the old guy got all coy on me when I asked him how much he got for the sale and what he brought it for in the early 80s, but he did inform me they’d come to this property from another smaller farm in the area.
      He must have got 10s of millions and yet he still had that old farmer thriftiness,…getting us to install a 30+ year old Kitchen sink and falling apart bench to his the new shed.
      The old shed and Glass houses are all on the developers land.
      The old shed is being taken apart piece by piece to be shipped to a Quensland farm. The family from Queensland are doing it themselves with the 12 year old daughter 2 stories up lending a hand!

      https://twitter.com/ErmoPlumber/status/1007020007195152384?s=19

  4. Donald Trump is more popular with Republicans than almost any president since WWII with an approval rating of 87 per cent, poll finds … UK Daily Mail

    http://www.dailymail.co.uk/news/article-5847999/Donald-Trump-popular-Republicans-president-Second-World-War.html

    • The President is more popular than JFK and Obama were among Democrats

    • Only George W. Bush whose popularity surged post 9/11 more popular with GOP

    • Most Americans also believe Trump was right to meet with Kim Jong-un … read more via hyperlink above

    • Trump loving Americans are mesmerised by the show and not the plot. You only have to look at the number of Republican representatives “retiring” to know it’s not about the embarrassment of loosing, it the embarrassment of having to defend Trump in years to come.

      • I am not a Trump fan but I sure as hell aint Hillary Clinton or Obozo fan. The thing is people can talk all the bulls#$t they want about Trump but you look at the unemployment and the amount of business booming. He is doing a hell of lot better than Bush Jr. and Obozo ever did. Thank god we didnt get Hillary Clinton in office….. Thank the Lord.

  5. TailorTrashMEMBER

    Trumps foreign policy …”we’re America bitch “…………..what’s new in that ?
    Trump triggers talk of Australia going nuclear

    • Its been their trade policy for decades but their foreign policy from 1940s was to maintain alliances to contain Soviet Union and Communism. And in more recent times amending to Russia and China. So US has always been the boss but there was codependence. The small countries get security and trade substantially on US terms. China seens to want to write their own rules and break apart the US club and replace with their own club.

  6. As an Australian /Portuguese dual citizen, I’m thoroughly enjoying the World Cup. Naturally, I would love to see Australia play Portugal as I’d expect Australia would give a very good account of itself.

    • St JacquesMEMBER

      The quality of that game was incredible. Before this I thought Portugal could put a a good fight but had Buckley’s chance of making it all the way. How I’ve changed my mind. Apparently when the Spanish team left the Spanish supporters were standing and giving Portugal and THAT MAN a standing ovation.

      • drsmithyMEMBER

        Great game, though I thought Portugal’s goals were soft.

        Ronaldo’s still a dick.

      • drsmithyMEMBER

        Optus Sport’s streaming, however, is comically bad. Even the ads are choppy.

        Glad all the Socceroos games will be on SBS.

      • St JacquesMEMBER

        Haha. I really stirred up a Real Madrid fanatic in a quiet tavern in northern Spain a few years ago by making fun of Ronaldo while watching a game. but the limitations in my Spanish vernacular limited me. Great fun. Oh, and does Ronaldo really cop it in Spain: “mira pero no me toques!” (look but don’t touch me!) is one I overheard , btw I was told by one Spaniard that he thinks Ron suffers a very deep inferiority complex going back to when he was a poor kid growing up in the Azores which probably explains much of his behaviour. Seems plausible.

        Good effort by Oz team, I’m no soccer tragic, but it seems to me they need to learn how to create opportunities. This French team is the most expensive in the cup….pah…. No chance.

      • St JacquesMEMBER

        Come to think of it, being defensive against France, and then opening up to take more shots against less fancied Denmark and Peru makes good sense in the group stage.

    • Adriatic Metals has got me interested; 64m at 4.6g/t gold, 537g/t silver, 0.9% copper, 7.7% lead, 10.8% zinc, 46% barite!!!
      Just one of them by itself is good, but all 6…. geezus. market cap still less than 50m, fully funded for 2 years and sandfire on its register.

    • It is great to have a taxpayer funded broadcaster and law courts – political parties should also be taxpayer funded.

      Imagine if the law courts were funded by corporates. The judges would never rule against the corporates.

  7. Auction report from Warrandyte.
    14 Winding Way Warrandyte Vic 3113 https://www.realestate.com.au/property-house-vic-warrandyte-128378722

    I got my first look at it today in person before auction and wasn’t very impressed, it just didn’t tick the boxes for me. Quoted range was $740-$820k or so… Opening bid of $800k seemed generous. All baby boomers bidding (3 parties) and it sold at $930k. Wayyy over priced for what it was… Deceased estate I believe. It looks good in photos but practicality wise it just didn’t feel homely or cosey.

    I think it was an exception in this market not the rule and perhaps got a Premium being an Alistair Knox build.

    I could see some water ingress issues and problems with foundations of the studio part. Needed money thrown at it and block didn’t lend itself to building a man cave or workshop easily.

    I wouldn’t spend $700k personally.

    • No accounting for other people’s tastes! Happy to let boomers exhaust themselves at the top of the market if someone has to… better them than FHBs

    • Super Phoenix

      If you add up all the time you spent for “look at a house in person” and multiply the hours by, say $50, how much will it be?

      • I don’t know, couldn’t tell you how many hours I’ve spent looking. But if you’re going to spend the next 30 years in a place you better make sure you like it. Haha

    • If you are after an Alastair Knox mud brick in good order have a look around Eltham or Eltham North or Hurstbridge. All on a train line. If you like the area but want to be closer to town try Montmorency or Briar Hill. Grew up that way. Probably won’t hear the whip birds these days though on a frosty winter morning.

    • Just launder a few, problem solved. Simples.
      https://www.youtube.com/watch?v=tRM_9aNw8O8

      ‘We’re not racist. Racism only happens TO us.
      That’s how vibrancy works, don’t you know.’

      Africa for Africans.
      China for Chinese.
      India for Indians.
      and so on…
      Australia for… open border wage control and debt sedative servitude.
      Say anything against our pillaging network (that happens to be based on our race/religion cause you aren’t one of us), that is racism too.

      WelfareRus (Australia) we’ll be out of business in no time, subsidising all the networks.

      Ah the word racism, subjugating cowering minds engulfed by the paras-ite networks of the world.
      The war of one networked race/religion/idealogy against its host.
      Multiculturalism is great, except in my race networked country, says the supremacist.
      Its all a bit, anti-pillagingnetwork-ite ish. But hey call it racism to extract the last few dollars and political leverage.
      The word racism, degraded to become camouflage for an army network paras-ite bringing down its host prey.

      Politician for sale says, young Australians listen to the sincerity of my voice when I plan your future…
      https://www.youtube.com/watch?v=-1R7s7SGEfQ

      Identifying networks designing economic terrorism against incumbents is not racism. Mass suicide of displaced citizens is not a new tragedy, casualties of economic guerrilla warfare. The traditional lamppost remedy is circumvented by the need for a police state and ministry for propaganda, aka corporate press.

      Show me the one who shouts racism the loudest to boost the network agenda, and I’ll show you a supremacist.

      • TailorTrashMEMBER

        Haraldus ….dig here .

        The system tonight appears full of gremlins ( CCP Gremlins ?) ……..I give up ….will post that thought later

      • TailorTrashMEMBER

        Try again ……sans gremlins

        My son has lived in the United States for many years now …….he has those real skills that are not required in hair dressing skills shortage Straya
        ……….he was born here but not paid any tax here ………(however he has now fully repaid his HECS debt)
        ….I paid for his private education while making no claims on the welfare system and was never a beneficiary of any budget announcement to help battling families ……so my taxes have to be a smidgin in credit )

        …….so imagine the surprise when I got in the mail last week a brand new unsolicited and unrequested Medicare card in his name ………

        Now this got me thinking ….

        What if all those foreign “students “ to whom Straya hands out citazenship like lollies and who then go back to their own countries to earn their living in non hairdressing opportunities start to return in their old age to claim a pension and health care …..what will that do to our “ import young to solve the aging population problem “ …..

        Seems to me we just might have a lot of unintended consequences to deal with .

      • um yea this has already been discussed here before.
        That IS the plan for many, get passport and return back home, then come back to retire in welfareRus-tralia.

      • TailorTrashMEMBER

        “WelfareRus (Australia) we’ll be out of business in no time, subsidising all the networks.”

        This was meant to be attached to above comment …..

    • Happened before, will happen again. Doubt the CCP gives a toss though. You can’t disagree with the premise of that article. People are going to get sick and tired of being silently invaded at some point.

    • Def coming down the pipeline.
      I think the CCP wouldn’t be adverse to a bit of international anti-Chinese violence.
      It would increase nationalistic sentiment in China to the benefit of the CCP’s political control.

    • Ronin8317MEMBER

      Haiti successfully rebelled against French rule, however the massacre of the French colonists didn’t end well. The French came back with their war ships and forced Haiti to pay 90 million gold franc as reparations, and the country has been poor ever since.

      So a race riot can work in the CCP’s favour.

  8. It turns out that ‘Get Smart’ was a documentary.

    https://www.rollingstone.com/politics/features/embassy-mystery-w521416

    “As revealed by the Church Committee hearings in 1975, and by the declassification of a 1967 “Report on Plots to Assassinate Fidel Castro” ordered by Lyndon Johnson, the list of planned/failed capers include some of the zaniest and wickedest schemes in the annals of the CIA, like plans to:

    ■ Contaminate the air around a radio station that broadcast Castro’s speeches with a “chemical that produces reactions similar to those of lysergic acid (LSD)”

    ■ Poison Castro’s cigars

    ■ Launch a so-called “depilatory” scheme to make Castro’s beard fall off. The scheme, LBJ’s report declared, “progressed as far as procuring the chemical and testing it on animals” (Which animal did they use to test their beard-destroying powers?)

    ■ Put a skin-infecting fungus inside Castro’s skin-diving suit

    ■ Kill Castro with a booby-trapped seashell”

    • Surprised this is even mentioned. Far fetched CIA assassination plots against Nasser and Castro are well known and not their finest hour. Neither was Bay of Pigs. Cold War era … very different to now. Especially now El Dotard has declared the NK nuke threat resolved. Might as well get on the USS Missouri and declare Mission Accomplished. Btw Get Smart was hilarious but very much Cold War era humour.

    • TailorTrashMEMBER

      Nice keatingesque reference there …….old Ben Chiefly never had an Armani double breasted ……….more “off the peg” at Gowings or Grace brothers I dare say ……

    • Meh. It’s just a pile of wood on a small patch of grass. I’m happy to let someone else buy it for a million.

    • Checking out the Domain stats for Sydney. House median listed as $1.285m, and apartments $960k. The combined average (not median) is $772k. It has already been documented that the top end of the market has dried up contributing to falling average prices. However, IMO for average prices to have fallen so far below median suggesting something more. Perhaps more Domain numberwang. Or perhaps something a little more serious such as lack of credit availability for the top end of the slave’s market ($700k-$900k).

      http://digitalfinanceanalytics.com/blog/auction-results-16-june-2018/

      • Interesting.

        I’m gonna assume plenty of “price withheld” results – ie all the lowball ones.

        Other good news – Canberra into the 50s for the first time in years – 57%.

  9. Music time.

    Jim O’Rourke is really floating my boat. He just writes good tracks. Rocking, but not too rocking. Laid back without being boring. Mature, but not quite dad rock. It just sits in a sweet spot.
    https://youtu.be/C8sEMag7LsY

    • the game is not over yet.
      Housing crashes, the banks crash. They need to keep it going.

    • It’s definitely not over yet, the populace still desperately ‘want’ an investment property just some can’t get their hands on the money they need. The proper crash everyones waiting for will come when these same people will be sh$t scared to borrow cos they and everyone they know will be on the brink of unemployment. Confidence is still extremely high out there atm. You guys need more patience unfortunately, will be sideways movement for a while I think.

      • I agree, I think it’s going to be a slow decline over the next 12 months. Just need a global trigger and boom liquidity will go dry.

      • It will take some sort of shock to bring it undone. A Chinese debt crisis or some sort perhaps.

  10. I’m in pub, waiting for a band to play. The soccer is on. A question comes to mind. How can the soccer be as boring as a Bill Shorten press conference while having 22 people playing the victim in a manner that is below even Michaelia Cash?

    • First game and no one wants a card, injury, nervous, isn’t tournament ready, gaming the referee for any advantage…

      The nearest equivalent to football players are senior public servants. Masquerading as global titans but really just beige mediocrities who pay for engagement consultancies to do deliver the advice.

  11. Cyclone Ranger

    The thing is I didn’t recognise it for what it was immediately as it wasn’t my wife’s shade.

    • mild colonialMEMBER

      Absolutely. Barnaby can’t keep himself out of the limelight, going stir crazy at home and he gets heaps of paid bloody coverage. Warner should spend the entire year asking questions about standards across the rest of Australian life.

  12. Hugh PavletichMEMBER

    … NEW ZEALAND LABOUR ON HOUSING AFFORDABILITY – 2007 …

    … SLOW PROGRESS IS BEING MADE … REFER UPDATED http://www.PerformanceUrbanPlanning.org … in case you are wondering why I’m sometimes accused of being repetitious and boring by the slow learners …

    Developers decry Affordable Housing Bill – New Zealand Landlords.co.nz

    https://www.landlords.co.nz/article/3090/developers-decry-affordable-housing-bill

    Tuesday 18 December 2007 (within a year Labour was on the Opposition benches)

    The Affordable Housing: Enabling Territorial Authorities Bill introduced to Parliament this week has been slammed by property developers.

    By Andrea Milner

    (Labour) Housing Minister Maryan Street says the Bill is designed to stimulate the provision of more affordable housing for first homebuyers and low-income families in the rental market.

    However Christchurch-based developer Hugh Pavletich, co-author of the Annual Demographia International Housing Affordability Survey, slammed the initiative as “by far the worst I have seen by any politician in the western world in recent years”. … read more via hyperlink above …

    … Nationals (Conservative) then leader (now Sir) John Key had a reasonable idea what needed to be done too …

    John Key on Housing Reform 2007 – YouTube

    https://www.youtube.com/watch?v=cWPgoAI1cLE

    … as he explained to the contractors around the time too ..

    Key: Speech to New Zealand Contractors Federation – 21 August 2007 | Scoop News

    http://www.scoop.co.nz/stories/PA0708/S00336.htm

    … concluding …

    … Conclusion

    Over the past few years a consensus has developed in New Zealand. We are facing a severe home affordability and ownership crisis. The crisis has reached dangerous levels in recent years and looks set to get worse.

    This is an issue that should concern all New Zealanders. It threatens a fundamental part of our culture, it threatens our communities and, ultimately, it threatens our economy.

    The good news is that we can turn the situation around. We can deal with the fundamental issues driving the home affordability crisis. Not just with rinky-dink schemes, but with sound long-term solutions to an issue that has long-term implications for New Zealand’s economy and society.

    National has a plan for doing this and we will be resolute in our commitment to the goal of ensuring more young Kiwis can aspire to buy their own home.

    It’s a worthy goal and one I hope you will support us in achieving. Thank-you.

    … It is well past time just to implement the simple structural changes required.

    … Hasn’t the talking gone on long enough ?

    • John Key ( right wing polly who I voted for) did have the right idea about what to do about ‘The Problem’, as he did with his ‘You don’t get out of debt by borrowing more money’ line, but as is now obvious to all and sundry, he was schooled in ‘this is the way it will be Bucko!’ by far more persuasive forces than his electorate. Chance are, Jacinda Ardern ( left wing polly who I voted for!) has had exactly the same talk.
      Remember back in the 80’s when we banned US nuclear ships from our ports and we got “Let them in! Or we’ll blow your currency out of the water” as a result? It took courage to maintain that stance, and decades to get over the punishment. ANZUS disappeared as a result, and it’s debatable whether it ever came back…. Once bitten, twice shy.
      ergo: It’s not John or Jacinda’s fault……look what happened to Greece.

      • Janet … as always … thank you.

        I voted the same way.

        Housing failure sure is trashing Kiwi politicians.

        Governments lose elections … Oppositions don’t win them !

      • One in five Kiwis say they will never buy a home – Susan Edmunds | Stuff.co.nz

        https://i.stuff.co.nz/business/104695849/one-in-five-kiwis-say-they-will-never-buy-a-home

        Natasha and Mark Paddison have wanted to buy a house for the past seven years. But the Whangarei couple say it’s just getting harder. … read more via hyperlink above …
        .
        .
        Auckland MÄori Housing Summit to focus on development opportunities | Voxy.co.nz

        http://www.voxy.co.nz/national/5/309160

        … extract …

        … Hon Phil Twyford acknowledged the seriousness of the housing crisis for Auckland MÄori with the home ownership rate among Māori now tracking below 30%. … read more via hyperlink above …
        .
        .
        Is the Maori Auckland homeownership rate / trend acceptable ?

      • Thanks Janet. I never knew what the trigger was for those tougher years although I’ve heard many a Kiwi talking about how things were…… I don’t know that they knew either, they just knew that at that time it was better to come here & get away from it.

      • Bank of England wants ‘folk wisdom’ to break group think … UK Telegraph
        … incorporating superb video – Haldane speech …

        https://www.telegraph.co.uk/business/2018/06/16/bank-england-wants-folk-wisdom-break-group-think/

        Fears that central bankers operate in a bubble and are out of touch with the real economy have prompted the Bank of England to seek more “folk wisdom” from ordinary people.

        Andy Haldane, the Bank’s chief economist, said policymakers too often fall into groupthink by relying on spreadsheets, London economists and business leaders. From the autumn, ¬officials will run regional focus groups with members of the public to hear ¬directly from ordinary people. … view & read more via hyperlink above …
        .
        .
        Inaugural New Zealand IPSOS Survey …

        UPDATE – New (IPSOS) survey reveals housing, poverty and healthcare most concern New Zealanders – NZ Herald

        https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12047092
        .
        .
        … No doubt the Reserve Bank of New Zealand (and other local and central public institutions) will be following the Bank of England lead, by regularly communicating with lower income families and their community groups in Auckland …

        Auckland MÄori Housing Summit to focus on development opportunities | Voxy.co.nz

        http://www.voxy.co.nz/national/5/309160

        … extract …

        … Hon Phil Twyford acknowledged the seriousness of the housing crisis for Auckland MÄori with the home ownership rate among MÄori now tracking below 30%. The Minister highlighted the impact this has on intergenerational wealth and resources, reducing opportunities to accumulate wealth to pass on to the next generation. This creates critical long-term impacts that must be addressed. … read more via hyperlink above …

    • Pepe Escobar? Really? And why not some John Pilger or Ambrose Evans-Pritchard as well? All are skilled at their craft but you’d be a fool to take any of their pontifications at face value imo.

      • …you’d be a fool to take any of their pontifications at face value imo.

        Indeed,
        also one would be certified idiot to reject learning from that 'face value' and seek knowledge from their perspective

  13. Was just watching “The Morning Show” on Channel 7 (well it was on in the background) and there was a segment on the new push to have migrants having a basic grasp of the English language. One commentator said it was a good idea that encourages integration. The other said it was “racist”.
    Can someone please explain how having that requirement would be racist?

    • Integration and assimilation are often not distinguished by common plebes.
      Ironically, full-on assimilation into pre-existing bogan culture (Sydney ‘westies’) is confused for non-integration.

      Anyway, desisting in watching the morning, evening or any other infoadvertainment shows may lead to broader perspective… or opposite is guaranteed.

    • People recall the abuse of the language test under the White Australia Policy before 1970s. People with good English and other languages but for whatever reason viewed undesireable would be given the language test in a language that they did not speak to allow them to be officially rejected for failing the language test.

  14. “The median house price in greater Sydney is more than $1.15 million. If the borrower managed to scrape together a 20 per cent deposit and also stamp duty, they would still need an annual income of more than $186,000 to service the loan, without mortgage stress at a loan rate of 4.5 per cent or more than $232,000 to service the loan at 6.5 per cent.”

    https://www.theage.com.au/money/borrowing/the-most-affordable-suburbs-for-first-home-buyers-20180614-p4zlde.html

    Yep, that sounds sustainable…

    • Just because you live in Sydney doesn’t mean you belong there. What we are seeing is the rezoning of real estate away from geographical location to social and economic strata. Sydney and Melbourne are no longer part of Australia. They belong to a global strata of elites who regard $1m as more or less beer money.

      The flood of immigrants fits this model in the short term, because the immigrants are effectively flushing out the deplorables who believe they have social and cultural rights of abode in these global cities – people like MB commenters who are the poor relations who turn up at Christmas and everyone holds their nose and hopes they leave.

      For the elites like Lucy Turnbull and cohort, immigration gives them a cheap supply of acrylic paints to create their splendid artwork of urban sprawl. A Brett Whiteley in the Sydney Basin made of colourful splashes of multicultures of all shapes and sizes.
      Some people keep Tropical Fish, Lucy wants a multi-culti ant farm. Who are we to limit her dreams?

      • I agree that this time is different. A Sydney 1/4 acre block will never revert to 4 times a Sydney blue-collar income.

      • Blue collar workers were being squeezed out of the eastern Subs by late 90’s & FIRE types were becoming more prevalent – Just my anecdata experience of it.

    • The global elites plan to stuff first world countries with third world immigrants is starting to show a few cracks. I really wonder what their plan was with doing this? Do they really not see how it is ruining their own countries? Or are they sufficiently sheltered away in their elite enclaves?

      • In Germany in the last 2-3 months there have been scandals around refugees (govt dept clearing some) , criminal incidents, housing problems becoming more obvious and consequently the subject has become more anxious. For some context, a hit 2016 film ‘Willkommen bei den Hartmans’ was about a refugee bringing a dysfunctional German family together. The movie’s theme was all about tolerance and integration.

    • With the death of the China fantasy, I think we are going to go through a process of waking average Australians up about the CCP and its intentions. It will be an interesting process with plenty of scope to get ugly.

    • GunnamattaMEMBER

      With the death of the China fantasy

      ….and thats about it. Its broadly akin to a 19 year old thinking they are going to have an affair with a buxom supermodel – at some point it needs to evolve into recognising is is a relationship with an entity with good and bad sides, which will change over time. Thats what Australia needs to move towards with its thoughts on China. It is no longer the endless fellatio and ear nibbles with a quick squeeze, it is expectations, commitments and joint responsibilities. Coming to grasp any of these (both of ourselves and of China – but we could easily say the same of India within a few years) involves comprehending our strategic sense of self and priorities and thinking about Chinas strategic sense of self and priorities, and respecting both ourselves and the Chinese with a coherent and articulated response.

      Are we moving in with them – will they expect us to cook and clean up and do it their way, and will they expect us to like their friends? Are we allowed to fart around the house, or around our house when they are there?

      • We decided 60 years ago we really did not care much about our country. We started to only care about our own self-indulgence. THe process accelerated over time. NOw we’re broke, sold out, and still wanting our ‘entitlement’ to live way beyond our means while not actually working.
        This has nothing to do with China or its policies. It is all our decision. We are still not willing to face our problems square on. Hence all the stupid side issues that MSM have made sure now divide our country – irreparably.
        MB needs to read Deep T.

      • “it is expectations, commitments and joint responsibilities”
        No it isn’t.
        It is subjugation as a tributary state. It is that simple.

    • Wouldn’t be many phase III’s left that hadn’t been wrapped around a tree or light pole. 😉 But a million…. jeez, I feel like a pleb. So much money sloshing around. Where the hell did it all come from?

      • Money comes from equity mate. All that undeserved asset inflation going to boomers who own multiple investment properties subsidised via tax payers and negative gearing.

    • haroldusMEMBER

      I remember seeing a goat at 80k and I thought that was expensive.

      Course it was quite a few years ago now.

      • Vintage guinea pigs are a savvy investment too… bit cheaper but you can flip a lot more as they do breed. About $5K for a nice long haired silver silkie with virile breeding plumage (has a lot in common with Reusa come to think of it).

    • Mining BoganMEMBER

      You know what’s in a bubble too? Old footy jerseys. No tricking. Bloody ridiculous old bloody footy jerseys. I’ve got a few I wear around in the garden or running on a cold day. Had one on at the origin game and a bloke reckoned it would be worth a bit. I checked. One sold for $500! You used to pick them up for ten bucks on ebay. Saw an old Australian one like I just throw on under the motorbike jacket sell for $200. Stupidity. They’re one step away from rags.

      The whole stupid country is a stupid bubble. And no, mine aren’t for sale.

      • Unbelievable!

        (I was joking about the guinea pigs but I reckon the footy jumpers thing is real. Not sure about the goat).

      • Cyclone Ranger

        It’s haroldus. I’m sure there was a goat involved. And probably a real one too.

        Must have been feeding it truffles though to go through 80k on it.

        Unless the goat is a ewephemism of course.

      • ‘The whole stupid country is a stupid bubble.’
        Maybe you used that as a throwaway line but it is a simple real truth. You better be careful saying it though. HnH will come down hard mate. MB thesis – it’s only housing!!

    • Who pays 3.5 big ones for a bloody terrace???? My god, we have gone so far off the rails that we might as well be on mars.

      • Cash buyer too.. I don’t get it. Can’t see more than $800k worth of value in a terrace like that.

    • Cyclone Ranger

      No, but it could have been one of our other brethren, Hardon Collider.

      And​ the comments can’t find … shock. How do those people find the IQ points to remember to breath? It’s like mig after a 3 day ice bender. All of them.

      • Shirley you meant “Hardon Colluder”?

        Also – it’s Zero F*ckin Hedge! What did you expect?!! Sheesh dude – here, have my tinfoil pith-helmet!