Links 15 March 2019

Global Macro / Markets / Investing:

Americas:

Europe:

Asia:

Trans-Tasman:

Comments

  1. Former Victorian Greens MP Samantha Dunn quits over party’s ‘toxic’ culture
    https://www.abc.net.au/news/2019-03-14/samantha-dunn-former-greens-mp-resigns-from-party/10902050

    Freedom Foods accused of underpaying, exploiting migrant workers in Shepparton dairy
    https://www.abc.net.au/news/rural/2019-03-14/freedom-foods-accused-of-exploiting-migrant-workers/10900850

    Former Marist Brother Francis William Cable given more jail time for abusing another five boys
    https://www.abc.net.au/news/2019-03-14/francis-william-cable-likely-to-die-in-jail-for-abuse/10900610

    NT WorkSafe review ‘heartbreaking’, says woman whose partner died at work
    https://www.abc.net.au/news/2019-03-14/nt-worksafe-review-heartbreaking-says-tanya-louth/10900198

  2. Senate report slams exploitation as franchisees struggle to recover losses
    https://www.abc.net.au/news/2019-03-14/franchise-senate-report-slams-exploitation/10900582

    Mosquito-borne Barmah Forest virus outbreak hits Tasmania
    https://www.abc.net.au/news/2019-03-14/mosquito-borne-barmah-forest-virus-outbreak-hits-tasmania/10901096

    Man uses mobile phone as shield in alleged bow and arrow attack
    https://www.abc.net.au/news/2019-03-14/man-charged-over-bow-and-arrow-attack-in-nimbin/10900740

    Aftermarket key fobs are cheaper but open more doors than you may realise
    https://www.abc.net.au/news/2019-03-14/aftermarket-key-locks-raise-safety-concerns/10899664

  3. In the middle of refretting a Mexican strat neck.

    Had a few chips on the top fret (22) but apart from that all is sweet.

    Fret slots cleaned, fretboard cleaned with isopropyl alcohol to remove human oil

    Fretting on saturday, and leveling/polishing on sunday.

    This guy charges 380 which is actually quite reasonable, considering the skill needed (I am learning but improving, on my 5th now)

    http://www.guitar-repairs.com.au/repair%20prices.htm

    Complete refret (rosewood) (I use and recommend Jim Dunlop fretwire)

    Remove all frets, resurface fingerboard to straight with correct radius, refret with customer’s choice of fret.

    Level, crown, dress and polish all frets, includes setup, fingerboard recondition and restring – $380

  4. For those that have a condition about inflation and lose sight of everything else ….

    “First, unemployment is always a greater problem than inflation in almost any dimension you want to define it and which are calibrated by metrics that different ideological persuasions agree on – such as lost GDP. There is nothing ideological in the statement that the losses from unemployment dwarf those associated with inflation. Even mainstream textbooks struggle to come up with large estimates of the costs of inflation that they itemise.

    Even our favourite sham-book – Mankiw’s Principles of Economics – notes that “inflation does not in itself reduce people’s purchasing power”. He lists “shoe leather costs” (walking to the bank more often); “menu costs” (changing catalogues); “confusion and inconvenience” (but “difficult to judge” how severe); “inflation-induced tax distortions” (mainly impacting on returns to saving); and “arbitrary redistributions of wealth” (if inflation suddenly changes) but the estimated losses arising are nothing like those attributed to persistent unemployment.

    There has been no credible study that shows that overall the losses from these “costs” amount to millions of dollars of foregone output every day. There is ample evidence that mass unemployment results in huge permanent losses every day in foregone output and income.

    And then if you study the broader literature (health, mental health, sociology, crime, family studies etc) you realise that the macroeconomic losses from unemployment are just the tip of the iceberg. The personal, family and community losses are very large and persist across generations.”

    http://bilbo.economicoutlook.net/blog/?p=10554

      • What so I could experience trade sanctions for not bending the knee to a bunch of neoliberal oligarchs – ????

      • Agroman,

        MMT is not about money printing and inflation.

        Sure it may sound that way but that is just your mind playing tricks.

        Most people would swap neoliberalism for a Cuban style govt and hyperinflation in a heartbeat.

        It is a proven electoral winner!

        But who needs elections anyway. Those neoliberals only use them to justify their feudalism.

      • FDR or Eisenhower policies are not commie socialist hyper inflation we’ll all starve conditions … it just means the market is not suitable for everything.

  5. https://www.theguardian.com/business/grogonomics/2019/mar/14/cant-afford-to-buy-a-house-dont-blame-population-growth

    Don’t blame population growth – I’ve been instructed by my open boarder overloads to say this..Does anybody take this bloke seriously anymore. Unfortuantely there are going to be a heap of guardian luvvies who now will be even harder to convince about lowering immigration – although some of the comments do show some sense.

    PS – whoever linked to the Tradie Mayhem facebook page yesterday – thanks. I think i’ve found my new favourite passtime

  6. https://www.seattletimes.com/business/737-max-crashes-make-it-the-most-troubled-airliner-debut-in-modern-aviation/

    Boeing used to be the Great American

    A symbol of its Military and Industrial Preeminence

    Think of Swarming B-17’s obliterating Hamburg,

    B-52s over Hanoi

    Everybody knows what a 747 is

    Some say the 737 Max debacle was Boeing losing focus because it was developed at the same time of globally complex supply chains and outsourcing of B787 component manufacturing

    I say it’s due to the financialisation fetish,

    Where ‘shareholder value’ trump’s everything

    Especially Engineering and safety .

    • Southwest, which uses the 737 Max planes, said it had received no reports of issues with the MCAS system. American Airlines said it reviewed data for more than 14,000 flights since the Lion Air crash in Indonesia and has “not seen a single anomaly related to the MCAS.”

    • Or a blind faith in automation using very few sensors.

      Tesla’s “autopilot” used to consist of a single camera! (and it could not tell the difference between an overhead freeway sign and the side of a lorry)

      Just let pilots fly the aircraft and get the sensors to beep at the pilots if they think the aircraft is stalling. Instead of letting the sensors control the aircraft.

  7. The e-book is not yet available but the sample chapter is a generous 65 pages out of 600+.

    https://www.macmillanihe.com/resources/sample-chapters/9781137610669_sample.pdf

    “..This book presents a comprehensive, university level study course in Macroeconomics from a Modern Monetary Theory (MMT) perspective.
    Our approach is grounded in the operations of real world institutions, and our approach clearly identifies the policymaking capacity of central governments. The pedagogy thus starts by putting the currency-issuing govern- ment at the forefront.
    We want students to understand how a modern monetary system operates, how the government and non- government sectors interact, how the central bank and the banks interact, how the labour market works, how trade and capital flows impact on economic outcomes and much more.
    Students will appreciate what the capacities of a currency-issuing government are and how fiscal and mon- etary policy can be used purposefully to enhance the well-being of the nation.
    Unlike earlier pluralist approaches to macroeconomics in which the teaching sequence begins with an exposi- tion of the standard mainstream macroeconomics (dominated by the New Keynesian approach) and only then qualifies that conceptual structure and framing with some ‘real world’ criticisms and quibbles, we feel students are better informed if we build the narrative from the ground up, based on an understanding of how the mon- etary system actually operates. In adopting that approach, we are informed by our view that the mainstream macroeconomic approach does not provide coherent knowledge upon which to understand those real world monetary operations…”

    • We believe that students who are taught in the mainstream tradition are introduced to concepts and explanations of how the monetary system operates which are simply incorrect when applied to the real world.
      The consequences of these major Flawse of reasoning have, at times, been devastating.

      WW wrap up:
      20% of the population own most of the money
      It suits them to keep the balance of the population under debt management.
      EOS

      • WW ….

        Prior to the GFC only a few understood the schematics to the whole wonky quaint financial architecture post Born, even then the shadow sector is a bit like crypto and quite opaque, topping that all off is the once per view of big C-corps during the cold war became a cottage industry for anyone with more than just a few bob rolling around after paying weekly bills.

        Yet none of this broaches the question of why so many humans went Social Darwin with the advent of neoliberalism, you know like humans are not equal and some social paradigms might favor lower bound altruism or anti social behavior when some set up the enviroment not unlike Pavlov.

    • noticed that, got a nice theory to expalin it? Think i heard INsta is down too which may explain Reusa’s avatar disappearing.

      • interested party

        all connected…..

        Social media platforms are cia back doors to monitor and shape society. They have been sprung, and now attempting to cover tracks. Xbox outage was the start of it last year when they were outed as the platform ( along with gmail accounts to bypass FOI and official restrictions…(now discovered and being investigated) (((watch this space…huge)))…) that obama/clinton/et al were using as an back-channel to oust trump. Xbox outage was attempt to purge evidence…failed if info is accurate. Scraped and saved beforehand by NSA. Proof will surface soon I believe. FB et al outages similar I think. Apparently, some of the tools that wikileaks dumped in the vault7 drop have been implemented by bad actors to surveil society, and even with app removal and a hard reset, the surveil capability remains with digital hardware. Tangled web of shlt.

        https://en.wikipedia.org/wiki/DARPA_LifeLog
        Darpa > LifeLog > FB
        Key players transferred across from darpa > FB.

      • interested party

        from wikipedia link….
        Define ‘Lifelog’ [DARPA].
        “an ontology-based (sub)system that captures, stores, and makes accessible the flow of one person’s experience in and interactions with the world in order to support a broad spectrum of associates/assistants and other system capabilities”. The objective of the LifeLog concept was “to be able to trace the ‘threads’ of an individual’s life in terms of events, states, and relationships”, and it has the ability to “take in all of a subject’s experience, from phone numbers dialed and e-mail messages viewed to every breath taken, step made and place gone”.

        Define ‘FB’.
        The Facebook service can be accessed from devices with Internet connectivity, such as personal computers, tablets and smartphones. After registering, users can create a customized profile revealing information about themselves. Users can post text, photos and multimedia of their own devising and share it with other users as “friends”. Users can use various embedded apps, and receive notifications of their friends’ activities. Users may join common-interest groups.
        Compare & Contrast.
        DARPA senior employees > FB?
        DARPA TERMINATES PROGRAM FEB 4, 2004.
        FB FOUNDED FEB 4, 2004.
        DARPA = FB

      • interested party

        sorry JohnR….filling your box….but folk need to know this stuff I reckon.

        Logical thinking.
        Did DARPA complete build/code (tax-payer funded) ‘LifeLog’ program?
        After completion, was there fear the public wouldn’t accept the adoption if known it was DoD/CIA backed?
        Do you believe people would join a platform knowing it was under the control of the CIA and FED GOV?
        No.
        How do you lure the masses into entering all their personal info and private messages (i.e. their LIFE LOG) onto a new platform?
        Do you make it cool?
        How did FB ‘supposedly’ start and launch?
        Ivy league only?
        Develop a trend and/or following?
        How do you keep the project running w/o ‘public’ taxpayer funds? [DoD reported LifeLog was TERMINATED to Congress/Senate OS]
        Define ‘Black Budget’.
        Did HWOOD push?
        Do people follow the ‘stars’?
        Competitors systematically attacked (myspace) to prevent comp?
        THE LARGEST ‘COLLECTIVE’ SOCIAL MEDIA PLATFORM IN THE WORLD (BILLIONS LOGGED) IS OWNED AND OPERATED (COVERTLY) BY THE CENTRAL INTELLIGENCE AGENCY OF THE UNITED STATES OF AMERICA.
        The More You Know.

      • Ignorance … then some dog pile into yield – “irresponsible not to speculate” [Noonan] – vs a reasonable share of productivity … then some will bang on about price stability …