New Years Links, 1 January 2019

Sunset in a Subduction Zone, James Gleeson, 1986, Art Gallery of NSW

 

Macro & Markets

 

Americas

  

Asia

  

Europa

  

Terra Specufestorus

  

…and furthermore….

 

Comments

      • Is Neoliberalism destroying the world?

        This is a great podcast. 🙂

        If you have not heard it yet, you are missing out. Obligatory listening, IMO.

        Deregulation. Infinite growth. Self-correcting markets. All are hallmarks of neoliberal thinking. But they’re more than just assumptions about the economy. They undergird much of the most influential thinking about governance right now, and dominate political and economic thinking everywhere. The results, according to some, have been disastrous. Investigative journalist Bruce Livesey asks four experts about the rise and rule of neoliberal thought, and what it may mean for societies around the world.

  1. That is some amazing art. My fried brain needs some time to process that

    And best wishes to everyone navigating 2019, I get the feeling it’s gonna be an interesting one

  2. TailorTrashMEMBER

    2019 ….the year we all realise that the certifiers who certify sh1t are the problem ……jeez Straya goes from strength to strength ……

    • Certifiers are the easy target. Government cannot afford to upset builders and developers leading into an election.

    • But you know how the mindset would be around the decisionmaking table……

      Some guy in a suit would observe ‘there is obviously significant demand for this event. Every year we get millions of people who turn up…..’

      and a women in power dress (or maybe its another dude in a suit)…. ‘The rest of the world tunes in to Sydney for New years Eve and we are first so we are giving people who attend this event the chance to share in history…’

      and another dude in a tie ….’We are enabling them massive exposure! This is a once in a year chance to be there at the centre of global focus..’

      first dude in suit ‘A lot of people would pay for that exposure.’

      power dressing woman ‘well they should pay. When you think about it it is amazing that we simply allow people to turn up and be part – for no real contribution to the outlay required to stage the event at all.’

      dude in a tie…. ‘You know. I feel guilty that we are loading this onto the public budget, when its an obvious case of users should pay’

      power dressing woman …’and you wanna know something else. If you charged people for attending the event you could bring in some dress standards and some music regulations, and you could license food vendors and generally raise the tone of things……’

      guy in a suit ‘ tell me about it. Last year I got near next to a crowd of Barnsey loving yobs who were covered in tattoos, and kept urinating on the sapplings.’

      guy in a tie ‘Oh tell me about it. we got a crowd of bloody Fijians playing guitars and singing and clapping hands and generally not paying attention to the festivities we were there for – can you believe it?’

      power dresser ‘Yeah well, If you ticket the event you can sort of price it to get a better quality of person, and make the do nicer for nice people……families. You know. Someone other than heavily tattooed yobs clapping hands and burping and the like’

      • Yeah you’re right.

        I’ve calmed down after listening to some Steel Panther.

        But that black screen still still sets me off.

        But what are we gonna do? Get a refund on the Opal card?

      • Yes, hard to do. It’s a pity governments don’t do their job, you know like still proved services to everyone like they used to instead of outsourcing, then you wouldn’t mind. (Though tourists should still be paying for the pressure in some way, not sure if we capture enough benefit what with most big businesses tax avoidance etc)

      • On Bunnings …hard hats and stop/go signs for the human traffic flow. Oh and you won’t be able to buy sharp objects lol

    • reusachtigeMEMBER

      I’m a bit incoherent too but that’s mainly from racking up off multiple relations mounds! I often wonder for half a second what the poor people are doing.

    • fuck me, fifty five bucks to watch the fireworks, fucking with the view of people near the fee area, was this shit brought to us by the cunts at transurban as a test run before the eventual 99 year lease announcement?

    • The Traveling Wilbur

      Thank you Spambot!

      (no chance of an official time-keeping record declaration for when that comment was originally posted is there? (he says tounge firmly in cheek))

      Happy New Year to you spammy and to all of MB a good cheer!

  3. The Traveling Wilbur

    | The New Daily West Jerusalem Star
    | All the news that’s fit to scribe that the Ceasership lets through to papyrus
    | 0022.12.31
    |
    | 2 copper Octavia
    | English language (heathen) edition

    It is that season of the year again where nothing sensible happens for a while. Let us take the chance to reflect on the last 12 months while the flogging count is low and the administrator has the crucifixes down for a good water blasting. The elephants in this year are from Africa so he’s expecting some stellar results.

    Of course it would be wrong to start with anything else other than full praise and a high mark for The United Bank (West’s) run in the Grail this year. With only 4 beheadings​ in the whole season for the team and a late season revival to take the championship, they’re bound to be sandal-ins for a head start on the other teams in next year’s competition.

    Nature’s taken a toll recently with the deserts suffering the longest dry spell in living memory. It’s been about 28 years now since the last recorded down-pour.

    The building boom has come off in the last 18 months and with the recent influx of Sodomites, it’ll be an absolute miracle if there’s anything available in the accommodation space this time next year. Tourists might be forced to sleep in the stables if there’s no room at the inn.

    There’s been quite a lot of ersatz-dialogue on the streets and in the alleys about the changes in the skilled-tradesman visa requirements. The removal of the practical skills test raised eyebrows and beards in Augustine and since then tongues have been wagging with rumors of unqualified fly-by-night unbonded self-serfice company staff taking over a huge slice of the construction industry motza. Industry insiders are unsure what the future holds for an occupation traditionally reliant on tradesmen tested in their abilities to create wooden camels and needles.

    And speaking of construction, it should be noted that the local guild of Pedestal and Artifice-makers (10 cubits or more) has the flammable-padding issue well under control. The senior guild cleric, a Mr Mustapha Pantsonfire was quoted as saying that all of the affected brothels had now been identified and a remediation schedule was being negotiated with the affected slave-owners. As you may remember, controversy arose earlier this year when it was discovered that the padding installed as the flooring of some of Sodom’s finest brothels had been prepared by using parafin to seperate the calf-skin from the carcass, leaving the final product exceptionally vulnerable to ignition from friction. Or discarded butts, a common problem in that region.

    Returning briefly to the weather events, the Honorable Rabbi Goring has been compiling for ’22, the remarkable snowfall of ‘-36 reported over Bethlehem in those times came close to being repeated this December. Fortunately, praise to all the heavenly Gods of weather protection, the passing clouds parted, leaving only a thick residue of ice on the Bedouin tents surrounding the Oasis. The local ice-dealers, blessings be upon them, were quick to clear up the heavenly deposits. Except of course from the holiest of the holy sites, such as The WonderWall, for instance.

    Much debate was had in the last Sennet [sic] meeting of the High Office Rabbis of the region. This year’s focus on establishing peaceful interfaith economic relations, and multiculturalism was, according to the Scribe Runner Mr Mohammed Lee, recognized across the State as a success and likely to solidify the ease of doing business​ within the State’s borders for centuries to come. Next year’s summit can now focus on fiscal connectivity issues, including: a golden-calf standard; a single currency; and removal of border controls. The sticking point holding back negotiations (the requirement for the use of the term “cam3l 3at3r” to be punishable by stoning) has been resolved by a multi-party agreement to loss of youngest child.

    See you in ’23!

  4. So 3 fools are refusing to leave tar Opal tower even though nobody seems to know the reason furry failure!

    • Chances are pretty high I’ll be listening to a bit of Bon Scott-era ACCADACCA, some early Darkness and some Steel Panther.

    • Jackie Lambie will make an appearance on at least 7 reality programmes over the course of the year.

    • – The Stefanovics start their own morning television show from a studio they made in their Mum’s house.
      – Reusa is made leader of the National Party due to his excellent long term record with relations.
      – The LNP somehow does something that makes all the events of the past few years pale in stature and significance.
      – Labor wins the federal election. House prices continue to fall. Somehow the public ends up ignoring the last twelve months and blames the downturn completely on them.
      – The CCP starts to officially vet Labor candidates at the federal election.
      – Having enough with such inconceivable incompetence, minders from vested interests attend public events with LNP politicians and candidates. Their job is to taze them every time they venture from script and try to form an idea for themselves.
      – The Greens, well, it just doesn’t look good for those guys. Hopefully there is a militant Rastafari element that can take power and provide a coherent message that resonates with a broader part of the community. One love, legalise it, be good to Gaia, bring down the greedy businessmen and rent seekers, sound systems and selectors in every school. Fire in Babylon is made part of the curriculum, Queen Elizabeth is removed as our head of state and replaced with Viv Richards.
      – I feel even further removed from pop culture and that racket that kids call music.

  5. predictions
    djia 16500
    asx 200 4650
    aud = 71c us
    housing down 10% nationally
    labor government concerned with the major issues…u know like republican ref costing 160mil, 32000 refugees per year, more immigration to try and keep cfmeu in work building more opel towers
    more civil unrest around the world
    brexit…no deal hard brexit, the left goes bonkers

  6. Holy cow! We were supposed to get a referendum on dual citizens in parliament!

    On 24 Nov 1997, Former attorney-general Daryl Williams recommended a referendum be held to change the citizenship issues in the constitution.

    At a press conference late in 1997 month the government announced it was “inclined to put that proposal to a referendum at an appropriate time” to resolve the constitutional issues.

    I have no idea what Ruddock said:

    There was an obvious area of concern – that section 44 of the constitution forbade dual citizens from seeking political office.

    But Ruddock was confident this could be easily dealt with.

    “I consider the government can effectively counter any such concerns by referring to the inherent strength of Australian citizenship, the widespread adoption of similar laws in comparable countries, the discrimination produced by the current law, the absence of problems arising from the existing level of dual citizenships and the ability of affected individuals to ensure they are meeting constitutional requirements.”

    https://www.smh.com.au/politics/federal/john-howard-s-government-opens-way-to-dual-citizenship-and-foreshadows-a-crisis-20181219-p50n5o.html

  7. The Traveling Wilbur

    Australian 2yr Bond just cracked under 1.90. Finally.

    It’s going to be an interesting quarter.

  8. Whilst everyone is focused on the Market [tm] and its dysfunction a much bigger fundamental issue will be having the mother of bad hair days ….

    Economics — and especially mainstream economics — has lost immensely in terms of status and prestige during the last years. Not the least because of its manifest inability to foresee the latest financial and economic crises and its lack of constructive and sustainable policies to take us out of these.

    So how do we put an end to this intellectual cataclysm? How do we re-establish credence and trust in economics as a science?

    Five changes are absolutely decisive.

    https://larspsyll.wordpress.com/2018/12/31/how-to-re-establish%e2%80%8b%e2%80%8b-trust-in-economics-as-a-science/

    • If we were to listen to one of the ‘wise-ones’ here, the only advice to sort *everything* out would be:
      (1) Stop
      (2) annualising,
      (3) ‘tard.

      • Hyper reporting is one of the key aspects which has metastasized due to the whole wonky information meme neoliberal market fundamentalists fronted, not unlike the whole share holder value meme ….

      • Well, that’s a surprise: “he who pays the band, calls the tune”.

        What we got though is not only that, but an entire ‘industry’ geared around denying that is the case.

      • Ino …

        I referenced a book ages ago here on the demand pull relevant to mainstream economics e.g. long periods of time dedicated to investment of time and energy with status and income dependent on clinging to refuted notions. That is compounded by teaching it as a rote study at onset with “young” students, not unlike some poor souls attending some concocted fundamentalist religious school say in the ME to create better fighters for political reasons – we know how that all worked out.

      • Hey, the reptilian brain is the most important organ targeted by your Bernay Sauce… it’s also the place where the ‘animal spirits’ reside… Look ma’! I sound like an economist!

      • Not so old doco on meth in the Midwestern USA… mother in her 40s says you have to be careful or you might have relations with one of your kids…

        Reminds me of monkeys or rats with wires connected to their brains as one specific sector is stimulated endlessly. That does not even get into the chemistry involved with dopamine and behavioral modification or irreparable damage e.g. once its cooked its cooked for good.

    • CanuckDownUnder

      Just avoid relations parties in Sydney high rises, they aren’t built to withstand your furious closing thrusts!

    • I don’t hold out much hope that they’ll work out what is happening seeing they cannot even work out how many floors there are.

      I’ve seen Opal Towers described as a 33 storey building, a 34 storey building, a 37 storey building and now 38 storeys (can only guess that there are several basement levels for car parking and maybe the floors have Chinese numbering).

      • Direct observation seems to be out of the question and if it does occur by time the information reaches the top its probably so distorted due to incentives [CYA – flexian – institutional memory loss, et al] that any decisions based on it would be false at onset.

      • Mystic MedusaMEMBER

        They need to pull off a nimble pivot: turn it into an urban dystopia themed zombie paintball business. Make ‘enter at your own risk’ part of the offering. Sex it up with more hazard lights and scary occult graffiti. Let creatives and anarchists live in there for free, so long as they don’t mind being part of the game. Live-stream it all for $ + have it available for hire as a film location.

      • So it’s not a bad prefab wall (was it made in Japan?)

        “Meanwhile, AAP has reported that structural engineers investigating the building’s cracks believe a prefabricated concrete panel was not inherently faulty. Instead, they think the damage was potentially caused by how it was installed, or possibly by problems in the design or construction of the building itself.”

        https://www.news.com.au/finance/real-estate/buying/opal-tower-apartment-owners-face-uncertain-financial-future/news-story/5f86a2104be86d28f586a81a938e7337

    • Given that the Chinese are a target for the sales, they don’t include certain ‘bad number’ floors, which causes confusion.

    • “NSW Minister for Better Regulation Matt Kean said developers in Sydney who had cut corners should be worried.

      “If you’re a certifier who’s done the wrong thing, I will find you and I will throw the book at you,” he said.

      “I will rub you out of the industry if you’re found to be doing the wrong thing.”

      LOL

      Mind you with all our free trade agreements we can just import more huge quality developers (who won’t phoenix, promise)

      • My mistake: I forgot of their propensity to ‘eat themselves’. Internal scapegoats will be found, dispatched summarily during the repression of the masses. Burning of the Reichstag all over again…

    • The US doesn’t export enough to China for any trade war issues to appear in the Dallas Fed survey. Most likely decline is attributable to domestic factors due to increasing US interest rates/big drop in oil industry investment due to falling oil price (it is the Dallas Tx Fed survey)

      China on the other hand gets an employment and FDI shock as foreign companies pack up and leave.

      The US is winning this trade war bigly.

      • I would suggest its largely energy driven and that has a self life, not to mention heaps of dereg which again has a limited self life and a nasty propensity for going boom.

        PS hollowing out your nation is not a long term viable economic agenda.

      • Concur IP … new networks are emerging and there is always a lag time involved, not to mention trip wires like Brexit or say Warren having a punt.

  9. Going all-in for 2019 predictions:

    AUD 66-68
    RBA cuts
    Frydenberg tables QE
    Housing down 20% from peak
    Andrews resigns as Vic economy goes south towards end of year
    More revelations about high rise buildings
    Big wins for Eurosceptic parties at EU elections
    Hard Brexit goes through but chaos beforehand
    Teresa May dumped after 2nd leadership challenge
    South Africa gets really nasty
    Labor wins fed election but not by as much as forecast
    Shorten honeymoon brief before business as usual and poor newspolls
    Hung parliament in NSW state election with Latham elected
    Yet more Chinese stimulus then turmoil

    If I get two of those right, I’ll settle for that.

    • Disagree with the Eurosceptic parties, the EU is actually fairly united e.g. some grumble in public but no one will leave and defiantly don’t take a kind view of England and its antics.

    • Unemployment to surprise on the upside as Australia’s abnormally large construction workforce starts to shrink.

      • If you look at the % of GDP its all FIRE- Services sector…

        GDP by sector

        Services: 61.1%
        Construction: 8.1%
        Mining: 6.9%
        Manufacturing: 6.0%
        Agriculture: 2.2% (2016)[8]

        Labour force by occupation

        Services: 79.2%
        Construction: 8.8%
        Manufacturing: 7.4%
        Agriculture: 2.7%
        Mining: 1.9% (2016)[8]

        Seriously for all the wailing about the end is nigh, I can’t agree, considering the larger international dramas, hell half Australia’s dramas are because it so removed from them, hence the Oz dollar being so sticky compared to mechanical currency opinions vs capital – human safe haven dynamics.

      • @ skippy
        Construction employment is the largest as a % of the workforce for 100 years. Building apartments. No new apartment projects once this set is done = a lot of construction workers out of a job.

        A whole bunch of those FIRE jobs are about financing and selling apartments. The FIRE workforce will shrink too.

        All of Australia’s economic eggs are in the one basket and unemployment will be coming with the end of the apartment/property construction cycle.

      • I think 2019 will show just how leveraged Australia is into building, financing, and selling apartments. The construction workforce is at a 100 year high (as a % of the workforce). Declining apartment starts and existing projects finishing will see alot of construction workers progressively lose their jobs in 2019.

    • Yes, South Africa is a risk, my sister who was working in Cape Town (one of the safest areas) spent her time surfing & MTBing, loved it, said she would never leave again, but has picked up on the change in attitude of the (poorer) locals since the talk of forced land appropriation, it was one of the reasons she has just left.

      But I don’t think Brexit will happen.

      • ChristopherJMEMBER

        Yes Zulu, very rich and powerful interests do not want the vote of the people to be realised. I too am expected a rabbit to be produced which scuppers the deal and leaves the voters back where they were, just poorer

      • Brexit has to happen if the UK wants to maintain any shred of democracy. The question was – do you want to leave the EU – not just a little bit of it. What’s next – the government loses an election by a few votes so call another election. That’s 3rd world stuff.

    • “Andrews resigns as Vic economy goes south towards end of year”
      This would make my year. 0% chance though.

  10. Core Logic daily home value index for Sydney shows % change year on year as of 31 Dec 2018 of
    8.88%
    888 LOL

    • Good. The only thing that is going to save Melbourne is this barring what’s left of the kitchen sink being thrown at it.

      • And no one has learned a thing about how the GFC was originated out of America or the actions of some to magnify it ending up in the biggest wealth transfer in modernity.

        Barracking for the elite today are we – ?????

    • Canberra houses down a touch. That’s two down months and one up during the quarter. I can feeeeeel it turning… come on, go you good thing!

    • In Darwin for Christmas/New Years and the property and economic vibe’s not good. Friends and family talk about property sales in their areas copping a 20% or more pasting. They’re also concerned about the “what next” for the Territory, there’s nothing in the pipeline. All up, not good.

  11. NSW Minister for Better Regulation Matt Kean said developers in Sydney who had cut corners should be worried.

    “If you’re a certifier who’s done the wrong thing, I will find you and I will throw the book at you,” he said.

    “I will rub you out of the industry if you’re found to be doing the wrong thing.”

    One of Reuses mates? He would like to rub one out.

    • Hard to believe, MB, that someone doesn’t like ANY of their movies. Of my top ten movies, I reckon four would be from the Coens. Happy New Year, old chap.

      • Mining BoganMEMBER

        Started with Fargo, the greatest movie ever made. Probably a mistake in hindsight although she liked Francis McDormand. Then she wandered in one day when I was watching Miller’s Crossing. Nope. The Big Lewbowski was just weird apparently. Now Joel and Ethan are taboo.

        Some friends are in the amateur acting scene. One of them started doing Fargo Steve Buscemi at the dinner table. Didn’t go over well at all. I have to wait now until I’m alone to get my dirty little Coen fix.

    • Compared to the American reeducation camps in the ME and endless pacification good works ‘ ?????

      Lol what was extraordinary rendition again – ?????

      • Yeah I know I know. I’m just saying they are not really doing themselves any favours and are poking a bear. Crazies only ever focus on one target and pour all their energy into it. Does china really want to compete with America in EVERY aspect ?

      • Seem to be lagging in international military bases and claims about being the worlds police.

        Less we forget China did not force American corps to export mgf to buff executive remuneration, in the name of making stuff cheaper so they would not have to increase wages and via that diminish productivity looting in the name of inflation fighting …..

      • Skippy I don’t disagree with any if that. I just don’t think the terrorist crazies of this world will care for those differences when you piss them off. Just because china does not have the same military bases or claims to never interfere in other countries matters isn’t going to stop them if they feel hard done by china. They’re not going to sieve through historical accuracies to decide who to go after.
        China just seems to be doing things (different things to America, sure)… that feel like will come back to bite them in exactly the same way as it has for the u.s. I am just starting to see a trend there.

      • My argument is simple … China is just asserting its traditional regional influence in the face of all the historical anglophone machinations, as such, the radicalization of religion, not only in the ME to further neocon agendas, but the radicalization of internal religious factions in America, during Bush Jr years, [at least Raygun stymied Pat Robinson for a bit, but the “you know who” set him up as a gate man and now look at it] is what China is actually confronting.

        Now I understand the whole dumbed down persecution complex that surrounds it, yet its not like China set the ball rolling. I mean there is good reason Japan back in the day punted the Jesuits and Priests attempting to diminish traditional authority so they could get the foreign absentee investor treatment.

        Persoanly China’s biggest issue is fighting FIRE with FIRE and its propensity to create large social distortions fat tails and is ultimately a race to the bottom e.g. not good for humans or the planet.

      • Yeah… that freedom and liberty [tm] meme the neoliberals like to rock too …. sigh … ever consider how it scales in reality … see the amount of billion squillionaires sucking up all the productivity and concentrating wealth ….

      • Xi & the CCP cannot have anyone who might one day not follow their rules, same for most of the Pakistani religious leaders, so a confrontation is guaranteed as China needs that corridor, come the war.

      • @skippy
        I see all that changing in the very near future. Why else is the PLAN setting up overseas bases and developing its marine corps if not to fight foreign wars?

        As for religion, the CCP destroys all which could act as an alternate centre of power. It is absolutist and totalitarian in this regard. This drives its behaviour, not only in respect of religious organisations but ANY independent civil society body is ruthlessly persecuted.

      • Gramus and cee …

        Don’t you two think its a bit passé at this time to level global domination on others, all things considered, economic, military, and ideological. Not to mention the only time anglophone vulture capitalists treated the commoners nicely was during the cold war.

        You two just seem to conveniently over look a lot of near term history and building an equal military force to counter such aggressiveness is not synonymous with global domination. But then again that whole Hayekian fear thing sure did a number on so many heads, sort alike Mao, end result was capitalism, where many anglophones became just the opposite of what was preached.

      • I hear competition is a good thing or some say …. but beware of those that start banging on about precious bodily fluids being corrupted …

    • The CCP has been busy co-opting local elites in Muslim countries with united front tactics/corruption. They have been very effective at buying their silence. Elites in Iran, Saudi, the Stans have all been progressively bought by the CCP in recent years.

      I’d be surprised if there is meaningful pushback. Hell, 1 million Muslims are in re-education camps right now and no Muslim country has done squat.

      If the Chinese money disappears then it could be a different story, but for now. Money talks.

      • Yeah and I bet the recent lack of money through overspending in these countries has made it easier to buy their silence, they need it.
        Still, that’s the thing about crazies through, you can only buy rational people at the end of the day. They’ll trip on o e eventually that cares more about the “greater sacrifice”.
        When I say crazy, I don’t mean the non elite either.
        I mean Osama bin Laden was actually pretty wealthy, net worth was in 10s of mill from his dad, attended elite schools and was university educated, guess the civil eng degree helped him plan for the impact of his evil plans. At some point you’re going to trip on one of these that doesn’t want the Chinese around, the money be damned.
        It may not be today or tomorrow, but over time, this is going to lead to the same place.

    • The city’s fragile architecture, frequent floods and need for security have seen council costs soar

      An unlimited amount.

      • Yes, like a little carbon pollution the world can cope, a few rich tourists, no problem for cities, but when they come in such huge numbers governments should be limiting them & the only way is a big fat tourist tax. Much as I would hate to pay it myself.

    • This comment BTL is so gloriously bleak it deserves to be reproduced:
      Anne Turner
      1 HOUR AGO
      China putting GPS trackers on all children’ school uniforms which is really training them for being tracked 24/7. Cameras in every street with Face Recognition being sold as a way to prevent crime but is really the first step in controlling the 1.4 billion from ever rebelling against the government. When the 30 million plus Chinese males ,who are in excess of the available women of same age, become unhappy at not being provided with women to do the housework, provide s3x and look after their parents. any unrest will be put down via these measures. The other choice the Chinese government has for these men is to start a war over resources like sea and land and have them eliminated via bombs and thus have a win/win outcome. The driverless car is nothing quite as threatening to world peace as the above is going to be. Will technology be able to provide a way to stop any world war destroying the environment and the whole human race ?

      • Yet America does the same through meta data and government corporatist melding … it just gets the freedom and liberty PR wrapper.

        The idea that America is some virtuous holier than thou country after all the ME rubbish, GFC, political corruption [not to mention Washington Consensus (cough neoliberalism)], and spectator democracy is a joke, not that it makes China one by comparison, but it does not make it the ev’bal empire either.

        Maybe if America fixed its own internal dramas then I might have an ethical platform to criticize others, till then fat fingering others to distract from it is bad form and the kinda PR that got the ME wars rolling in the first place.

      • Genius, win-win solution… Blow the excess boys us in the interests of the “Great rejuvenation of the Chinese Nation”

      • Historical perspective please chaps … otherwise come might confuse it as rank ideological zealotry w/ a side of ethnic blinkers.

    • Welcome to 2019…2009 we got QE to save our collective bacon ( or not!) (and from the comments) “If I recall correctly, 1939 and 1949 were not very good either. As for 1959, we got Macmillan, oh dear. Then in 1979 Mrs Thatcher. 1919 according to the history was one of major botches. And as for 1929………”

      • Bur we got MacMillan in 1957, not 1959 and he did a good job in trying circumstances, so not sure what the oh dear is about. Not sure also what was not good about 1949

    • My god, you look at those joints and think people were paying $2M plus for most of them. What on earth has infected the brains of people in this country? I’m just dumbfounded.

      • TailorTrashMEMBER

        …another million to make livable …….you need to be a some nice dosh in Sydney to be able to afford a 3 million home / mortgage

      • I don’t get it either. Just another reason to leave Sydney, it will make you poor for life trying to keep up with these maniacs.

    • it is largely a scam as few people are paying the standing offer. Lower standing offers will also increase prices for those on non-standing offers as customers paing the higher standing offer were subsidising those who were shopping around for discounts.

      Can’t get in the way of a good story though.

  12. China faces industrial slump as ‘credit crunch’ deepens in Asia … UK Telegraph

    https://www.telegraph.co.uk/business/2018/12/31/china-faces-industrial-slump-credit-crunch-deepens-asia/?icid=registration_eng_nba158433_personalised

    China is sliding into a manufacturing recession as a wave of bond defaults sweep through the corporate sector, signalling yet further trouble for the battered global economy.

    The official PMI survey for December slumped below the boom-bust line to 49.4. New export orders slid to crisis levels of 46.6 last seen in the depths of the Chinese currency scare of 2015.

    “The worst is yet to come,” said the Japanese bank Nomura. An autumn boost from Chinese exporters is fading: they have already front-loaded shipments to the US to beat a possible jump in tariffs by the Trump administration.

    The Japanese bank warned in its 2019 outlook that China is leading much of east Asia into a ‘credit crunch’ as global liquidity drains away, with property slumps and outright deflation in several countries over the next few months…. Read more via hyperlink above …
    .
    .
    Reprint AFR … China’s credit crunch is a red light to global economy, as Nomura issues warning

    https://www.afr.com/news/world/asia/chinas-credit-crunch-is-a-red-light-to-global-economy-as-nomura-issues-warning-20190101-h19l9r
    .
    .
    China bond defaults tripled in 2018 – the case of one property developer shows why | South China Morning Post

    https://www.scmp.com/economy/china-economy/article/2180122/china-bond-defaults-tripled-2018-case-one-property-developer

    • Economists have been calling a China crash since it opened up going on 30 odd years now. The last ten years though you have to wonder when the stupid building things to nowhere will eventually catch up to them. Going to cause a hell of a global recession methinks.

      • Jesus christ skip. Can you NOT turn every damn thing into something about the united states. Better yet, stop replying to my comments.

      • point being .. your observations re Hugh’s post are spot on ….. deep shyte on the way

        PS – re Skip … also spot on …

      • My point being is the hypocrisy to call China a threat to the world considering how America has been run for some decades and the results. I wish it wasne’t so but it does not change anything and won’t play the PR white – black hat game. I mean its like some around here have never heard of neocons and their agenda or something, massive subsidies to the prison slave labour complex, increasing costs of crapified health care, endemic looting and control fruads in public and private institutions, serious concerns about the voting process, and privatization – monetization of every aspect of life, along with increased surveillance of the population, does everyone remember the extraordinary powers granted and the loss of freedoms due to the never ending existential terrorist threat ….

    • China is even worse than here. Unless you are in the party with good contacts or lucky enough to be in the right place at the right time 20 years ago, trying to get ahead as a normal serf in China is as bad as trying to live in Sydney on uber wages. Things aren’t cheap in China these days and the pay even at good companies is terrible considering living costs. My mate is working with one of the major appliance manufacturers there, and the guy who’s the manager for what he’s doing is on 200K yuan. Has to travel to international expos 2-3 times a year, out of his own pocket, and maybe 6 months later gets reimbursed. And this is a pretty big market player. The incompetence is also outstanding, but when you pay peanuts…

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  14. ErmingtonPlumbingMEMBER

    An interesting piece,

    https://www.abc.net.au/news/2018-05-01/subculture-icon-peppa-pig-blocked-on-chinese-video-app/9713458

    An icon for dejected millennials?

    Cyber policy analyst at the Australian Strategic Policy Centre, Fergus Ryan, said while the Peppa Pig ban appears “pretty weird at first glance” it makes sense in the context of China’s ever-expanding censorship regime.

    “There’s a top-down call from the authorities in China for there to be more positive energy in online content,” he said.

    Peppa Pig with a cigar, sunglasses on a fake tattoo
    PHOTO A fake tattoo showing Peppa Pig dressed as a “gangster” posted on Chinese social media.
    WEIBO

    “This is something that [Chinese President] Xi Jinping himself talks about, and it’s sort of a way of exhorting the young people in China to in a positive way support the development of the country.”

    However there has been a grassroots level push-back to that directive in the form of “sang” culture, which directly translates as “funeral” culture and refers to a feeling of dejection and social marginalisation.

    “[Sang] is this cultural phenomenon where young people who have grown up with high expectations are sort of hitting reality, and are being disappointed with their prospects,” Mr Ryan said.

    “So they are expressing this disappointment in this tongue in cheek way, and it’s this kind of ironic sense of defeatism … It’s this sort of rebellion from China’s 380 million-odd millennials against this intense pressure to succeed.”

    Mr Ryan said Peppa Pig was not the first cartoon character to fall victim to Chinese internet censorship.

    Netflix’s Bojack Horseman was supposed to be available on a Chinese streaming site last year, but was pulled from the platform shortly after its debut.

    “The character of Bojack Horseman has this sort of self-loathing cynicism attached to him, and so it sort of fed into this grassroots subculture,”

    Dictatorships not only lack a sence of humor,…but fear it in the population.

    • “[Sang] is this cultural phenomenon where young people who have grown up with high expectations are sort of hitting reality, and are being disappointed with their prospects,” Mr Ryan said.”

      The youth of Australia call it “getting fvcked over by baby boomers and politicians at the temple of greed”

      To add, you have to wonder how long the censorship can continue. So many travel now and see the world outside of china, but do they pay attention I wonder?

      • My link above from the ABC talks about this “Sang” culture also. Funny we don’t have a word for it here. But I think Smashed Avocado on toast is a good example of where it has permeated out the sides in our own way.

        Or when Joe Hockey said, get a good job that pays good money… Haha.

      • I think the smashed avo on toast thing was probably the zenith of the greedy pr1cks trying to goad the younger into buying their assets from them. Seems to have had the opposite effect in that mills seem to be thinking “stuff it, i’m gonna have fun, screw home ownership” To a certain extent anyway.

        Weirdly enough, reading greaterfool, the canucks seem to have had their own avo on toast period. I wonder who copied who? We are certainly copying each other down the road to hell with debt, immigration and screwing young people out of a future. That’s why I have said previously it’s too freakishly similar that this is happening around various western countries. Those pr1cks at Davos probably sorted this out over schnapps and cigars 15 years ago.

    • Probably more to do with most retailers offering 24 months free credit. Everyone seems to be offering cheap credit these days. I’ve commented on Leiths articles before if this is tracked but gotten no response. I don’t know what data it might be in, but i’d imagine the figures aren’t small considering the credit binge we have been on for the last ten years.

      • Martin North’s data suggests the debt machine is working overtime still as debt levels continue to rise. So not sure who’s data makes sense anymore.

    • Credit debt consolidated into personal loans and home equity on lower rates. If you have a credit card and always pay it off each month do you really benefit from it when a bank issue visa debit or master card debit cards linked to a savings account will do the same thing? Rethink that next time the annual credit card fee comes up, or if you forget to pay off the monthly balance for the first time in a year. after pay works with the debit style cards, so that makes the debts somewhat less transparent. That said the banks certainly take those providers into account.