Weekend Reading: 15-16 June 2019

Global Macro / Markets / Investing:

Americas:

Europe:

Asia:

Trans-Tasman:

Comments

      • boomengineeringMEMBER

        Tell him
        You snooze you lose.
        Didn’t know he was Stagmals apprentice.

      • “Harry is out can collecting again.”

        Dammit, ‘I Tawt I Taw a Puddy Tat’ Harry the other day snooping through the bins just outside my home. I can see the ‘bin wars’ reality tv coming to thy neighbourhood soon. 2000 cans per day does not seem a major task.

      • haroldusMEMBER

        Well what actually happened was harry, after previously reacquainting himself with nicotine via numerous numbers weakened with spin, threw out the remaining pollutants last Tuesday morning, leaving him with only Taylors Clare Valley Cardonnay and Cab Sauv and Ballantynes and soda, of which he overdosed and fell asleep in front of the iMac.

        Intention tonight: repeat.

    • john6007MEMBER

      Thanks for the info the bike wheels a while back and I did see your typo in your 1st draft comment 🙂

    • RubiconMEMBER

      Yes Boom, apparently they (Stagsie & Harry) are a cartel in the can business. They have the market cornered and set the price not just for cans but also for the contents.
      They have their sights set on bigger things, I heard…… Houses!

  1. john6007MEMBER

    Dominic “Gold has barely gotten out of bed and stretched. Long day ahead.” Yes I’d suggest that will be a quote to remember.

  2. Canada is luring tech talent away from U.S. with fast-track visa – Bloomberg

    The majority of applicants are Indian

    Talent? You mean 45 year old men who are willing to work for $2/hour. Good on Trump for deporting the cheap third world labour.

    • Chortle …. Trump has a long record of using illegal labour in his businesses, not to mention the Mexicans are leaving the U.S. in droves, its the refuges from central America that are fleeing decades of economic thumb screws [contra] machinations pushing north.

      • The article makes no mention of Mexicans. It mentions another nationality.

        Thank goodness most comments on Reddit disagree that Canada is importing “talent”.

        Sample comments:

        My brother is a PhD who works in Machine Learning/Stats and gets paid way more in a relatively rural area in Ohio than he did here in Toronto.

        Hahaha who is this feelgood narrative trying to fool? Almost all of my friends and I left Canada after completing our PhDs, there is a MASSIVE brain-drain heading from there to the USA. And as you might guess it has more to do with money than any other factor

        https://www.reddit.com/r/canada/comments/c057nn/canada_is_luring_tech_talent_away_from_us_with/er3um02/

        Trump and Theresa May are friends of the American/British workers. While globalists such as Jacinda, Sally McManus, and Justin Trudeau keep destroying wages in Australia and Canada.

    • haroldusMEMBER

      And thinking about it, why is the royal family not so vibrant? We saw Dodi 20 years ago, and that’s it.

  3. Might be right time to buy some silver. Anyone able to explain why silver is not following gold of late?

      • boomengineeringMEMBER

        Peachy, that makes sense when you consider that having a constant supply with a ressesion driven reduction of industrial demand should put downward pressure on prices aa opposed to gold.

    • Sensible thinking. Gold/Silver ratio at historical highs and things work in cycles. Silver will wake up once gold gets its skates on. Gold needs to crack the $1350-1370 region and hold above that. Could happen soon or may take a few months, but only a matter of time now.

      • Like any other fiat, it is the faith that weaves the value in it. Commensurate with the faith.
        I wonder why other (atheistic?) value storage never had any major grip in the history of the mankind…

    • I only started stacking silver at the start of this year. I’ve picked up a few 10oz bars here and there, an almost complete set of kookaburra proofs (1990 on) and a fair bit of random 1oz coins/bars. Total spend is around $2.5k

  4. Julian Burnside seems to be missing in action re Adani. If he’s a true green, then why isn’t he out there in the courts with the native title claimants that are opposing it and losing their battle in the courts due to lack of adequate legal representation?

    • Surprised it took 6 months for the next one to surface.

      “We hope that the builders or the people who are responsible for this will be held accountable because it’s had so many issues from day one.
      “I guess defects happen in most apartments but you wouldn’t ever have thought it would come to this.
      “Especially after seeing the fiasco with the Opal Tower in Homebush, you would have never thought something like this would happen in metro Sydney.
      “I hope the owners do all get together collectively to hold the right people accountable for this.”

      Oh my sweet summer child, that’s not how the world works.

      • “We hope that the builders or the people who are responsible for this will be held accountable because it’s had so many issues from day one.”
        Nope.

    • We don’t do flammable cladding here in NSW.
      We do dodgy foundations/reinforcing.

      • Mining BoganMEMBER

        Don’t be so humble. You’ve done both and you should be proud of your achievement.

      • Ronin8317MEMBER

        I believe they will blame it on construction of the apartment next door, because the crack only appeared after construction begin. There were a lot of opposition to the new development, council rejected it, and it ended up in the Land and Environment Court before it was approved.

        The law suit is going to be epic. Insurance company, developer, builder from both apartments is going to hack it out.

      • Ronin, don’t get your hopes up about en roux lawsuit. It’s likely the towers developers and builders wound up their companies once the towers were completed to avoid liability. Looks like the NSW tax payers will be on hook again. Maybe cutting all the building compliance and introducing self certification wasn’t such a money spinning good idea after all.

    • ErmingtonPlumbing

      From yesterday’s Macro Afternoon,
      “I don’t want to downplay the issue in relation to combustible cladding, but I think water penetration issues in buildings are much, much bigger,” Dr Johnston said.
      “It is very widespread. I think you’ve got a crisis in this country.”

      https://www.afr.com/real-estate/residential/cladding-just-the-tip-of-the-iceberg-20190612-p51wrw

      I see examples of if this every week in relatively new builds.
      The solution for one shower Gully leaking onto a car parking spot in the basement on a Job at Castle Hill, was to install a 450×450 copper safe tray underneath the dripping gully and run a 25mm pressure PVC drain down the back wall allowing the water to run across the concrete floor and into a Storm Water grate.
      Not actually to code,…but very creative I thought.
      No one wants to chop up the tiles in the bathroom when the bathroom is only 3 years old!

      Funny thing is I saw the same arrangementin the ceiling space of the Arab bank on the first floor of the Bennelong apartments (the toasters) the tenancy was above the theatre there.
      The slab had extensive micro cracking and whenever rain driven by a South westerly wind fell against the granite cladding exterior, rain water would enter the cavity and penetrate the slab and drip into the ceiling space of this bank.
      Some of the leaks were 8m in from the edge of the building!!!
      I was clearly not the first to investigate these leaks as I discovered a collection of 3 safe trays already up there with little draines (20mm electrical conduits) to carry away the dripping water coming through the slab.
      One was an impressive 1500mm long!
      That was in the early 2000s and as my company at the time had built these buildings and I as a minor works Forman, I got to investigate all kinds of distressing issues in these buildings.
      I have dozens and dozens of anecdotes about the poor quality of construction in these Apartment buildings, right next to the Sydney Opera House, that are amongst the most expensive square metre real-estate in Australia.
      As someone in the trade I can say the quality of construction has become much worse over the 20 years since the completion of those Bennelong apartments.

      Are the libs up for the desperately requirey reform and re-regulation of the construction industry?
      I doubt it.
      Maybe a Stimulus package of remediation will be rolled out to save us from Recession.
      To do it right we’ll have to spend 100 times more dosh than we spent on School halls, Pink bats and one off $800 cheques.

      • Mining BoganMEMBER

        No Ermo, those thing killed people, wasted money and made Gerry Harvey richer. Nobody wants to see Gerry Harvey richer.

        Best to let all these monstrosities collapse and replace them with nice, wholesome worker’s cottages.

      • boomengineeringMEMBER

        Poor quality workmanship everywhere . Woman from Cremorne at my place yesterday wanting me to rectify cocky sht welds and blow holes on all door frames. This should have been done via tig not mig which is more expensive. Hate buildings work but will will look at it no charge o n the way to Sydney Mary’s Cathedral job at the city
        Although I may have killed the Cremorne job with my people skills and history/economic lessons which could be a blessing as she wants to charge to so called tradies for my work which could turn out a nightmare.

      • boomengineeringMEMBER

        Should have read St Mary’s Cathedral ( art studio) damm phone ( whilst at cafe).

      • Perhaps the water penetration issues will solve the combustible cladding problem? The lucky country just gets luckier 😉

      • MountainGuinMEMBER

        Thx Ermo. On the positive side of things, i now feel far less embarrassed about the quality of my own home maintenance and renos.

      • The ACT Government recently issued 17 defect notices on sites in Gungahlin, most were water proofing related. Mrs Nut has a number of clients who specialise in leaking showers and bathroom repairs. Main customers; owners of 3-5 year old units and houses. The ACT Government has been very slow to fix the poor construction quality issues in the ACT, they even had the MBA almost beg them to do something!

    • My partner went on a business trip to Sydney a few weeks ago and stayed in a hotel that had been open for only 6 months. She said she was actually kept awake at night by the intensity and volume of the cracking and creaking noises produced by the building. It was quite upsetting for her.

      I guess there’ll be more of these stories coming up and apartment dwellers will in future have a choice between being crushed or incinerated by their accommodation. Or perhaps made ill by the damp, based on Ermo’s yarn.

      • The upside here is that, if this gains international notoriety then it could spell doom for the foreign property investor market, not to mention domestic. The greedy, shonky property developers will have killed their very own golden goose. I think it’s called poetic justice.

      • Once a Jolly Swagman

        I’ve moved into a new ( under 3 years build) in Western Sydney after (reluctantly) returning from Adelaide for work. The cracks, poor finish and leaks are a sight to behold – as is the noise of screaming Indian children from the next apartment and the smell of Indian cooking in all hallways. Oh and I did I mention the 2 sets of dog boxes going up across the street?

        I am happy to rent, but there is no way I would buy into anything built in the last 25 years or with > 8 units in a block. Better to drop $50-100 K on your own internal renovation in an older red brick job, than on strata and legal fees fixing common property defects in a rapidly slummifying neighbourhood.

        The reality of life for Australian born people in the large cities vs what we thought it would be is appalling. But in the face of that, I think keeping mobile is the best strategy. There is no way I would sink my $$$ or future into the street or neighbourhood in which I am staying now – and that is all it is, not ‘living’.

      • boomengineeringMEMBER

        That cracking creaking noise could have been just steel roof sheets cooling retracting the daylight expansion (hopefully).

    • And this boys and girls is why I only like older buildings…or owner / builder made homes.

      The quality of the new stuff is garbage, sure it looks good in photos and all glossy / white / clean. But once completed and give it a year or 2 and you start to find all the flaws.

      • Given the cost of building now (especially with brick) I almost wonder if these 2 properties are worth asking prices?
        70 Caledonia Street St Andrews Vic 3761 https://www.realestate.com.au/sold/property-house-vic-st+andrews-129548242

        I was interested in this 1 but not at $950k..And this next property seems like good quality. (Double brick).
        https://www.realestate.com.au/property-house-vic-sunbury-131372622

        Both of these are owner / builder homes and offer what I’m looking for, high quality home + garage / workshop space, but both are near $1m price tags and 40+ KMs from Melbourne CBD.

        But it seems to me, why buy junk in the city? Quality of construction isn’t what it used to be..

      • ErmingtonPlumbing

        My 93 year old neighbours house is sure to go on the market within the next few years Gav.
        He built his garage first in the late 40s to live in whilst he spent the next few years owner building his house.
        It hasn’t been refurbished since the 50s but has been kept in good nick.
        I reckon you should hold out on buying Gav and wait for his house to hit the market.
        It’s got a big long garage, Ermo is awesome and best of all we could be neighbours and drink piss every night together.
        I’ll even pretend to like Datsuns.

        Oh and once the kids move out we can knock em down and build some leaky townhouses or a small unit block together.
        Our street will be Zoned for apartments within 15 years for sure.

      • I would love to EP. But the missus wants to go back to Melbourne. Family and all that. Plus her father is getting on in years and slowing down.

        I love Sydney weather, but to be honest I’m really feeling over it too. Expensive, crowded, traffic and too much is being destroyed to erect more apartments.

        I appreciate the effort to pretend you like Datsun’s and maybe I’d even join team red to try and steer them away from their current suicide mission. Shame Albo seems like weak sauce, maybe we could collude on over throwing him and Penny Wong? Haha.

        I’m waiting to see how the next 6 months play out. Everything is still way too expensive and global growth is going negative so I don’t see the need to buy right away.

        Might even rent in Melbourne for the short term. Test living in certain suburbs before committing to them full time.

        It upsets me seeing good quality old homes pulled down for that leaky town house garbage. But hey maybe it’s good for GDP? So that’s always a good thing. To hell with a waste of resources and environmental damage.

      • TheRedEconomistMEMBER

        Hey Ermo and Gav… I think you need to get a room … Actually maybe build a room!!!!

        Some quality discussion gents …. I am pretty sure the defect industry is huge….

        Nothing wrong with some old bricks and mortar.

        A neighbour just did a new rebuild and he want to put a TV on the Bessa Blocks. He needs some massive screw to anchor in a good 20cm to ensure a flat screen does not rip the brick out.

      • boomengineeringMEMBER

        Hey Red, I drilled all the way through the wall and bolted from other side for our flat screen

      • Gavin, interesting anecdote is that it is cheaper to build double brick in WA than brick veneer in NSW

      • New stuff – agreed – not entirely my cup of tea. Clean yes. Convenient yes. Devoid of any character, generic, dull, definitely yes.

        Would rent but not buy.

      • “Mr Ang said he had found lodging through Airbnb while others are have been staying at the nearby Meriton Serviced apartments.”

        Boom, a GDP boost! Next they will be legislating that new towers must be evacuated for one month in every year! Harry is penning the first draft as we speak, Gotti is slurping his approval from under the desk.

    • reusachtigeMEMBER

      What Australia really needs to do is to relax planning laws so people can build their own tin sheds to live in. These could be gathered together in parks etc as they are underutilised spaces. As these new townships grow the people can just tap into the power directly from the power poles. People can be given things to do like collecting up the buckets in the morning and dumping them in underutilised creeks etc. Why we don’t already do this is beyond me as it would help house a lot of life’s losers.

    • proofreadersMEMBER

      @haroldus – but, but remember happy-clappy ScoMo is going to “burn” for all Strayans.

    • proofreadersMEMBER

      Wonder whatever happened to the homeless people that used to squat outside the RBA Sydney ivory tower and were an inconvenient truth to Sydney?

      • There is a Facebook page for these people. They have been moved on, out of sight and out of mind. Problem fixed. How good is Australia?

      • The monetary policy committee introduced “forward guidance” and the homeless disappeared.

      • Given a bus ticket to Melbourne perhaps.
        The CBD is seriously feral at the moment.
        – Flinders Street around the station,even Collins Street around the serious money( Gucci) boutiques , are places to tread warily in the middle of the day
        – went into the city about 9.00 am recently; walking through some of the laneways and arcades that are so cute later in the day. Seriously ugly, verbally abused and threatened physical assault, particularly if you accidentally wake people up.
        I’ve worked in areas where you don’t walk down the street by yourself at midday, and Flinders Street particularly is beginning to look like that. Even my large athletic male offspring don’t feel safe there.

      • @JS.
        Not for a moment thinking that what you experienced is not true. But I do think it’s not typical. Most homeless people are very busy trying to keep body and soul together and avoid danger. When I see street people I really, really feel “there but for the grace of god…”etc.
        Perhaps Flinders St is a place where a certain type of homeless goes. The hidden world has hidden rules

    • Probably only need to give them one or two nights accommodation a week or fortnight. When Centerlink clears they can put it straight through the one armed bandit.

      Who thought of this proposal again?

    • haroldusMEMBER

      I want to be buried with the 57 shutins, who are to be ritually garrotted before closing the tomb.

      • Mining BoganMEMBER

        You’re insane.

        There would be years of arguments about how to do the garroting correctly and what size piano wire does the most effective job. You’ll be reincarnated under another name before the first shut-in gets the chop.

      • haroldusMEMBER

        As an aside, when my goal is complete we would literally have achieved our ultimate goal of 58 shutins.

  5. Last Weekend’s comments about Sub-Continentals and Oporto’s had this Lusitanian laughing out loud.

    I was most impressed with your knowledge of The Portuguese Empire.

    After 450 years of overstaying their welcome (Never invite a Portuguese person into your house) The Indians took back Goa in 1961,
    Salazar responded by immediately expelling all Indians from the colonies.

    Corporate Authoritarian’s don’t cluck around.

    Macrobusiness Mea Culpa.

    My initial reply to this topic on Monday was poorly phrased -It read.

    ‘I’ve only just caught up with the Weekend links

    ‘This Lusitanian lost it with the Oporto + Indians discussion.

    You guys are in a class of your own’ ‘

  6. MaryleboneMEMBER

    ‘Game of Mates’ by Callum Murray included in the Kindle Daily Deals on Amazon today for those savvy investors looking to snap up a bargain. Highly recommended even if it’ll make you angry at the state of this two-bit joint.

  7. Love the first link.

    Every time btc goes places the haters roll out the environmental balony about using too much electricity and computing power.

    I remind people to think about how much electricity the global banking system uses, instead.

    • Yeah, it won’t stop people moving to blockchain. But, it might cause people to switch from Bitcoin to alternative crypto such as Ethereum which do the same job with less energy.

      • Blockchain and Crypto trading is somewhat new to me.
        Who are Australia’s top traders and what strategy are they using?

      • @fisho. Not sure if that is really, really dry humor or if a genuine question. I’m going to take the bait, possibly be an idiot and be the one who thinks it’s a genuine question. In that case, I say you are asking the wrong questions.
        I got really interested in blockchain and cryptos a couple of years ago. I found out what they are, how they work and what they can do. My conclusions are:
        A) blockchain is too cumbersome to become a mainstream facilitator of financial transactions (compare ttransactions per second of Visa vs Bitcoin for an example)
        B) Etherium is not just a cryptocurrency per se and may have applications
        C) Governments are completely able to totally shut down cryptocurrencies with an ease that could almost be said to be a whim. Only fearless and influential mafiosi types could withstand the force of state intervention, rendering it a non-mainstream idea.
        That cryptocurrencies still exist and general people can buy them is simply because they have not upset any major state enough yet to get the legislative flamethrowers out.
        Given the above, I decided that the potential advantages of holding wealth in a digital asset that could not be devalued by central banks was less than balanced by the risks that a) it is a hugely bloated technology, both in it’s creation and in its’ use for transactions and b) it could all be vanished at a legislative whim
        What this leaves us with, according to the wisdom of Arthur, is a technology that is ideally suited to conducting underground transfers of wealth. I think this will probably remain so, until the flamethowers are lit.

      • Thanks for the reply it’s a genuine question, Don’t get me wrong I understand it all from a technology perspective but I’ve never really actively traded in this space and I have a friend that wants to get involved in trading working with Grant C****** so I’m just wondering if he really knows what he is doing.
        Personally I find the business is a bit like any pyramid sales setup so paying to leverage someone’s method doesn’t interest me at all others are more pragmatic (making money is making money) and will gladly throw money at a method that has a reasonable chance of success. ….that’s where my question was really heading.

      • @arthur
        https://www.ibm.com/blockchain/solutions/world-wire.

        blockchain so cumbersome and slow, IBM (with IT associations with 97% of the worlds largest banks) built an international settlement platform on it.
        please lets not consider bitcoin as the pinnacle here. also, lightning network will multiply the thru-put.
        iota also is groundbreaking

    • The world was saved from CAGW this week with the untimely demise of Grumpy Cat. Server farms all over the planet being decommissioned.

      • Mining BoganMEMBER

        Grumpy was relatively young. I think there’s a lesson to all the shut-ins. Don’t be grumpy.

        Full on anger is much better for you.

      • Don’t hold it in…violent destructive rage will be your salvation. Grumpiness cause cancer.

    • Stewie GriffinMEMBER

      Boooo to MB – you deleted my epic comment on Facebook coin, BTC and BSV.

      Come next Thursday morning we’ll see whose right.

      • Stewie GriffinMEMBER

        Whatever Teerol – in a way considering it could have been benefit to someone like you, I’m glad they moderated it. Shame that people who might have been interested in some crypto explanation and idle speculation, didn’t get to see it.

        Now crawl back under whatever rock you’ve been hiding before I make you have to fill out another MB account application by reporting you.

      • Be careful grandpa, there’s laws against the kinda stuff you’re into. You’re not Catholic by any chance are u?

      • Stewie GriffinMEMBER

        Meh – is that all you got?

        I like it that you’re a disembodied little gas bag, it suits your personality, that of a queef that has escaped from some diseased hole…. which is probably pretty close to the process by which you were born.

        That little escape of air as your mother pulled out the basting rod and inseminating herself with the by product of a Bukkake circle jerk of a variety of South East Asian men with small wieners and tiny brains.

    • ErmingtonPlumbing

      No Left/Right dichotomy on matters Economic from the ABC.
      Fake left, Culture Waring Shyte is all we get from them these days.
      As much Establishment Toadies as the LNP are both sticking to their scripted Shyte.
      Shyte known to be approved of by Corporate Plutocracy.
      Courtiers who instinctively know ya don’t antagonise organised money if you want to climb the careerist ladder.

    • HadronCollision

      I know a few who have (I prefer the real L’Etape – double up with Marmotte). Good feedback, fun etc
      There’s an article kind of previewing it (google Velonomad L’Etape) based on the timing etc
      Based on my experience doing 3 Etapes (2009-2011) with road closures and the fanfare etc it’d be fun.

      Me, given the cost, timing, your budget, etc, would rather recommend L’Etape or Marmotte or maybe the Flanders or Roubaix gran fondos, or Maratona.

      Actually, Haute Route.

      If time/money prevents a European escapade, Velothon would be rad.

      The TDU gran fondo would be good as you can tie in with TDU, probably a better weather risk too than Etape AU

  8. boomengineeringMEMBER

    Can anyone, Fish included, please explain why last week asking price of 3M was sold at Umina beachfront? Not much price difference to Curl Curl.
    Is it the perceived M2 tunnel link benefits.

    • ErmingtonPlumbing

      Wow,…3 of my grandmothers sisters lived in Umina.
      We used to holiday there and In Ettalong often through the 1970s
      It always felt like the Western Suburbs on the Beach.
      It still does!
      These high prices might be a “White flight” phenomenon where Young families who can’t afford to live in Sydney buy in the cheaper parts of the Central Coast to raise a family and their Cashed up Boomer parents might be following them to be nearer to their Grand Children,… bidding up the limited supply of “Prestigious” Umina homes.

      Quite a large number of my cohort from High School in West Ryde live there (the Central Coast) now,…mostly farther up the Coast though.

      Funny how the main beach is called “Ocean Beach” Fk all Ocean swell gets into it.
      I have surfed Box head at the entrance to Brisbane waters though and got 1 to 200 metre rides,…all be it on only 3ft waves and me a teenager of less than 75 kgs.
      Woukdogo out there today, even my 9’6 Mal is getting a little short for my 115kgs these days and the Cardiovascular health isn’t good enough when getting stuck in the impact zone either.

      • boomengineeringMEMBER

        tonydd, Ermo’s from the old school when we measured waves from the back not the face so 3 ft could have been 6ft face. In any case I’ve Surfed Marg’s at fifteen metre swell, wave size much bigger (only one out) no problem, but hurt myself at Manly on a 6 inch wave head butting the sand bank. The other thing to consider is some small waves are more powerful,, WA waves are more powerful than East Coast ( some exceptions). Never hurt myself at Deadmans (first one to surf there) but always get hurt at the next break Winkipop (Syd) Which is always quarter the size.

      • boomengineeringMEMBER

        238 The Esplanade. Original price was 3 point something, then 2.9M, under accepted offer atm.

      • boomengineeringMEMBER

        boomengineeringMEMBER
        June 14, 2019 at 10:00 am
        All RE in Aust is still way over priced, Umina is supposed to be on the lower end but that auction I went to few weeks ago sold for 1.2M, No view, house nothing special, WHY?
        If its the tunnel link to M1, then saw it all before at Mandurah, bit of a frenzy when new train line announced but once it was running a while people realized it was still the same place and prices normalized.

        REPLY

  9. Mining BoganMEMBER

    Those 4000 jobs going at Woolies. There’s rumours that staff can reapply for same job for 20% less wage.

    Anyone know anything about this?

      • Mining BoganMEMBER

        I remember that. I was on the other side of the range and could sense the unrest in the air.

    • boomengineeringMEMBER

      That’s what happened to the place the missus used to work when the Indians bought it. Nearly all now on contract and have to work OT without penalties.

    • I think it is everywhere, in some form.
      I ended up in major, well known hospital a few weeks ago, through a busy casualty department.
      All of the nursing staff l listened to were working overtime, every shift, from 1-3 hours a night, just to get through routine patient care.
      They are paid a base salary , with no provision for claiming overtime.
      And the hospital deliberately under staffs the department, and does not call in staff from its own nurse bank when required..
      It’s just this is a good hospital, this is good training, it will look good on your resume etc.
      I am immensely grateful for their care and dedication, but l think that is appalling treatment of highly skilled compassionate individuals. It exploits vulnerable staff and patients for corporate profit.

      • ErmingtonPlumbing

        It’s the LNP way,…always has been.
        As soon as a Labor tries to improve hospitals the media Inc the ABC all howl “How are ya gonna pay for it” and start going on about National and state budgets as though they are identical to household budgets.
        We reap what we are sowing for ourselves.

      • Phillip McCracken

        Victoria introduces labor hire licencing laws today.

        You MUST now use a registered licensed provider – $500k fine for not.

        Providers must submit documentation – so if people are doing consistent unpaid overtime – well, incoming fines.

        It kind of makes you wonder what was going on all this time ?

    • Heard about that and expect more retail exposed companies to follow. No doubt blessed by the LNP. ScuMo’s tax cuts will be more wiped out by a 20% pay cut. Hazard a guess but reckon there’d be a big slice of ScuMo’s “aspirationals” occupying those 4000 jobs.

    • I have a friend who works at Coles. He tells me that the staff at his store are getting squeezed hard because profits are declining.

      Coles treats their workers like utter crap. High prices for consumers and low wages for their workers. This is why I am now doing my shopping at Aldi. I don’t feel like I’m being scammed shopping there.

      • haroldusMEMBER

        And those fn weighing self checkouts (which fn woolies has bought in).

        As a misanthrope, I do enjoy shopping without human interaction.

      • @haroldus

        Maybe try an extended period of Nofap? It does wonders for your desire to interact with other people 😉

  10. Well…. tyres sorted… going to be exxy, but gotta do it! Had enough of those ‘grab a permanent marker pen and draw a pattern’ jokes. Toyos AT2 LT(I know! Lah-dee-dah, money bags!)… should last me 80,000+ km…

    • boomengineeringMEMBER

      Used to regroove the Landy tyres criss cross with an angle grinder, plenty of meat so worked a treat.

      • Always like to have a dig at the baby boomers running a 130k 4wd towing a 150k van saying how proud they were that the best tyres ever (basically plastic tyres that have zero grip) they bought would last 120k kilometers would save them $500 a year unknown to them would kill them because of zero grip

  11. Mining BoganMEMBER

    Another question. The media here has been painting the Hong Kong unrest as being protests by young people. You know, like another umbrella protest or occupy movement. I’m not sure that is the case.

    How’s it being reported in countries with better journalistic integrity?

    • usually the Guardian is a good source for that sort of thing. Also if you feel like hating yourself for being pale male and stale.

    • Ronin8317MEMBER

      In HK, it’s being reported as pure police brutality : anyone they found on the street gets bashed/rubber bullet to the face.

      • Mining BoganMEMBER

        See, this is where things get interesting. The same crimes are happening against the yellow vest movement in France yet media organisations are ignoring it completely.

        Is HK media using the police as a proxy for the future under even stronger Mainland Chinese control?

      • And Taiwanese are also looking closely at how Hong Kong responds to China’s expanding reach. I know one Taiwanese journalist who visited last weekend (and I think he’s there this weekend). One thing, those young HK and Taiwanese remind of how young Australians used to be – politically vocal and not taking s**t from their elders.

        For now, it appears HK’s Chief Executive Carrie Lam has backed down, but as China is known to play the long game we’ll have to see what their next move is..

      • @chrisr
        That’s right. HK is being absorbed through multiple mechanisms. The takeover will continue in other ways, and when the time is right the extradition/sedition/patriotic education (and a whole host of other nasties) will resurface.

        Destruction of HK/Taiwan is in the CCP’s DNA.

  12. Earlier in the week I encouraged people to read, what I thought was a fairly balanced Washington Post article on the current state of the global Telecommunications Infrastructure market, specifically the article was about Hauwei and highlighted the stupidity of banning Chinese wireless 5G infrastructure equipment providers when there are no US manufactures of competing products. Banning Huawei and ZTE effectively narrowed the market to two European companies (Nokia and Ericson).
    https://www.macrobusiness.com.au/2019/06/huawei-crucified-uk-parliament
    https://www.washingtonpost.com/technology/2019/04/10/us-spat-with-huawei-explained/?noredirect=on

    There are a lot of historical reasons why the Telecommunications Equipment market has narrowed so dramatically in the last 20 years, it all started with the financial collapse the once great American giants of the Telecom space. In the 1980’s and 1990’s AT&T Bell Labs and its off shoots, ruled supreme in this sector and Homdel NJ was ground Zero for Wireless Telecom Infrastructure. But there was plenty of US competition from the likes of Nortel (aka Bell Northern Research or BNR) or the many Startups along Route 75 (aka North Central or Telecom Corridor) not forgetting all the Research Triangle and west coast startups. In short there was absolutely no shortage of Telecom development opportunities in the US right through to year 2000.
    So what happened: how can an industry go from world dominating to non-existent in less than 20 years?
    Think about it, some of these products took almost 10 years to develop yet the entire industry is dead and long buried in less than 20 years. Like wtf happened?
    The point of this ancient history deep dive is that it’s pointless passing highly restrictive laws/ rules when is there is really no competitive alternative to that which you intend to exclude from your network. You also can’t rebuild the industry without understanding what really killed it. Here we have a high tech industry that took over 80 years to develop killed stone dead in less than 20 years WHY? and more to the point what makes you thing you can breath life back into the Telecom corpse just because you’ve now decided that it’s an important “strategic” industry….like what, it wasn’t important or “strategic” 10 years ago when it could have been easily rescued.
    For me it’s akin to demanding that the doctor save the patient after cremation….

      • Yeah maybe but I don’t think Enron is a valid comparison because the collapse of Enron didn’t destroy all the gas and oil Pipelines in the US. The key assets of Enron’s business survived and kept functioning much the same as they did before Enron collapsed, all that really happened (from an industry operations perspective)was that a bunch of imagined wealth and paper profits (financial engineering) got carted off to the industrial incinerators for a fitting end to the whole Enron stupidity.

      • Yep probably true, but there are plenty of reasons (lets just call them Patent laws) why this is not a good idea. Or maybe that’s the real reason that this industry is now “strategic” nothing to do with supporting technology and everything to do with making a bunch of lawyers and Patent trolls super rich.

    • fisho, no one saw the Chinese being a real competitor back in the late 90, early 2000’s. The EU and the US saw globalision only and that is partly why we’re talking about this now. The Chinese have a great advantage now, wage and economy wise, and can manufacture anything at lower cost than anyone so it’s not a level playfield. There is no cheap way back for the west if at all. We’re stuffed, and they will hack us anyway. They have massive capability to hack and take what they want, and in many areas hold all the cards. We lost our soverienty because we’re dumb and sold out with no long term view. Finally, their military are not far behind and maybe even ahead, so when they park nuc subs and carriers off the cost we’ll do what? It’ll be a few more years, but once they have a US size fleet what to do.

      BTW in Melb yesterday I think, a few Melb City Council reps tried to get out a statement in support of the Tiananmen Square people who were killed, but they were told they couldn’t. So the CCP whitewashed it and so have the Melb City Council, and is this the future we want???

      • Yeah yeah nah, by 2000 China was well on there way in the telecoms technology space, by 2004 only the willfully blind couldn’t see where the game was heading.
        it is interesting to look back at all the comments about AT&T at the rime of the split up, lots of predictions of how this would enable Lucent to decouple from Ma Bell and really shine instead it was all just a giant flameout.
        Without the telecoms service revenues the technology development section was just a huge financial anchor, their manufacturing also wasn’t efficient. Sales and marketing was bloated monster that thought that everyone’s dream deal meal should happen at a strip club, stuffing $ bills in a skank’s Gstring ain’t my idea of celebrating success.
        Funny to think back on the dysfunction and how clear it is with the benefit of hindsight.

      • They do have cheap manufacturing but they haven’t matched their competitors in every area. For example, they are rolling out a 14nm semiconductor process this year, while TSMC (Taiwan) is making AMD CPUs in 7nm process, so there is a few generations lag there (meanwhile, Intel has having troubles with 7nm too..).

      • I’m not really up to date with what’s happening in the Chinese Semiconductor industry.
        When I was last involved SMIC had the best Chinese fabs but their quality control was a joke and they were always at least one full technology generation behind TSMC. It was hard for them to make up for quality and technology shortfalls with price alone. Other Chinese fabs were much worse than SMIC for quality and their technology was usually at least one more generation behind SMIC so they have to be real cheap to even get a look in.
        The big problem is that even when the Chinese wafers are dirt cheap, who wants an unreliable supplier with questionable quality when you’re trying to build on a JIT flow? This is why TSMC just rules. Morris understood what he needed to do way back in the early 1990’s, this has made TSMC by far the best fab for Fabless semiconductor companies. It’ll be real hard for any Chinese fab to beat TSMC at this game.

    • Phillip McCracken

      The US is the most radical free market to ever exist and not implode in my opinion – “monopolies tend to destruction”. The point is the US always tries to empower its bohemeths, till they are too big – then they just panic – see the US banks as a great example. But it happens all the time – and this is what happened to the US mobile companies and telephony tech.

      https://www.technologizer.com/2011/03/20/att-buys-t-mobile/

      As far as China is concerned the fight against Huawei is 100% not about their tech, or even the trade war on that front – I am quite close with some of the global heads of CISCO who work with Ericsson etc. They simply could not understand the position being put forward by the US and especially not Australia.

      The UK, Germany – pretty much everyone had looked at the issue and said there was no threat. And spying could be baked into the contract which would allow the entire infrastructure to be forfeited if there was – it was easy to do. The argument regarding software, offshore integration etc was all a side show.

      The single biggest factor facing the west was their ability to maintain their spying on domestic citizens and international operations. Something I fully understand and to a high degree agree with.

      The situation in Australia should simply be one of Huawei installs the system and provides us with the tools we need and if they do any spying of their own then forfeit. Its an adult conversation though and something you simply wont see around here.

      China is now so far ahead in technology its simply not funny – people like those above who are still claiming China just steals tech and haven’t accepted the fact they have actually surpassed the west just leave me depressed – its a sad state of denial.

      Their AI chips and integrated systems are off the charts already. Their costs of manufacturing render the west complete incapable of competing. And the truth is that we will simply be totally left behind – completely – and our only option will be to accept their second rate tech in the future and whatever rules, spying comes attached with it as we will not even have the ability to detect it.

      Their last spy job was a micro-dot on a chip so small it took almost a decade for anyone to notice it.

      Western hubris – all the way to the bank.

      • Interesting take on things, I’m not sure that I agree with your sentiment that China wins.
        China’s Economic model has a fundamental consumption problem that simple hasn’t ever been addressed. For long term success China’s economic growth has to be the result of growth in domestic consumption and wealth accumulation within China. In this sense Capital has to continue to have value and play an important role for both Export markets and Domestic markets without this commitment to capital efficiency China is just accruing Domestic debts to support Export markets, that model has a built in use-by-date and I suspect we’re getting close to that date. An unwinding of the Chinese domestic debt markets will ultimately starve its Export focused industries of working capital …..and than we’ll see what happens.
        All the technology and manufacturing prowess in the world can’t change this one basic economic fact….but it’s also worth thinking for a moment about what happens in Global markets that China dominates like Wireless Telecommunications if Huawei suddenly folds or just can’t fund production because of domestic liquidity problems.
        Interesting times!

        On the issue of spying on another countries communications through built in backdoors it’s real hard to find backdoors if they’re well executed. At a fiber optics level you could include additional wavelengths that are undocumented and intermittent good luck finding them without a tear down of the basic transmitters / receivers even if you do this you’d probably find that it’s documented as some sort of network management / Fault recovery channel . If optic comms on this channel uses some non-standard modulation than all your packet analysis tools would be completely useless I remember reading about a hidden comms channel that used Circular polarization…who is even looking for this.

      • ‘Something I fully understand and to a high degree agree with.’ – Of course you would.

        Riddle me this. Surely you agree that both the US and China have similar capabilities regarding spying on their own citizens, and citizens of other countries generally. I mean, you agree with the policy right?

        But given the vast differences between the US and China, in their political systems, culture, way of doing business etc, does it not strike you as odd that both the US and China came up with the exact same solution?

        What are the chances? Two completely different systems, diametrically opposed systems even, some might say. And they come up with the exact same system? Really?

        Why do you think that is the case?
        Option A: China/Huawei stole most of the tech, and has limited ability to come up with anything.
        Option B: China and the US are more like each other than either would like to admit, and if either one falls, so does the other, due to the nature of interconnected systems.

      • @T the extreme similarity between US and Chinese Telecoms systems is the direct result of the traditional development path for Telecoms equipment. Basically network equipment makers built equipment to the specifications provided by network operators. China was late to the party so they naturally leveraged several generations worth of knowhow embodied in the US telecom network specifications.
        Personally I hate the we’re smart they’re stupid meme (or the equally silly we’re innovative they’re just copiers
        These days the best Telecom engineers want to work at the best companies and it’s hard to argue that Huawei isn’t head and shoulders above the European competition when it comes to winning in the market and metrics like Revenue growth. Growth is indirectly what drives stock options / bonuses values and options / bonuses is how development engineers get paid what they’re really worth. It’s why nobody want’s to work for a dying ex-leader all you get is a salary ….it’s not possible to live comfortably on a development engineers salary alone.

      • @fisho – exactly. Option A is the incorrect answer. But if Option B is the correct answer, don’t we have a bigger problem?

      • “we produce bare circuit boards only in the U.K. for all of our aerospace and defense companies and have no visibility or access to the design data nor drawings for the boards. All that is supplied from any customer is manufacturing data.”

        how do you make a pcb without giving term the design? Even assuming nobody has ever screwed up & sent the component list etc it wouldn’t take a genius to work out the basics for 90% of them given footprint & layout. As for passwords protection 😂 when you have unfettered network access.

      • I do get a laugh out of many of these Make America great again memes that rely on China to provide critical components.
        As I said above the best Fab in the world (for fabless semiconductor manufactures) is TSMC (no doubt about it) Now exactly how far is Taiwan for Mainland China…an evasion of Taiwan would be the obvious first step in any bigger picture Global conflict escalation case. So how safe would all those products made in Taiwan be if the sabers started really rattling.

      • fisho, all the modem SoC’s I worked on were fabed at TMSC. I wasn’t in the system eng group, but the physical layer software guys like me had to work with them on the spec and try and find problems in registers, digital filters, and make sure all the 3GPP aspects were in the chip and would function correctly with the latest #GPP Release that we were supporting. We had very few issues with TMSC; I heard from the systems guys they had huge respect for them. Expensive to spin so you had to be super thorough. Regarding what you say, we did start to worry about what would happen if something happened. I’m not sure what happened as I was gone when they started to look at it seriously. Those decisions were made at the board level and not at the engineering level, but I know they were concerned. I looked subsequently to see where all the fab are as you just can dupicate a TMSC in a few years. From what I saw Intel on the modem side were the closest wrt to work on 7nm SoC’s. IMO, the situation the US and the west finds itself in is going to hard to recover from if at all..it’s huge given all the issues I’ve been involved with on the handset side. I know Apple is taking steps, and they are now starting to follow up on the Intel modem side that they brought from Infineon, and building iPhones etc outside of China. Prices will go up, and things like closing iTunes for a sub model to pay for it…probably more changes as well.

        https://en.wikipedia.org/wiki/List_of_semiconductor_fabrication_plants

      • I’m not sure what modern Intel processes are like but in by gone times Intel did a great job of optimizing their digital switching Transistor behavior but as for Linear operation regions (well they weren’t linear) Intel had all sorts of issues trying to do Integrated Analog and Integrated RF and their processes are typically very complex (read expensive to produce) when compared with the equivalent TSMC node. the old Chartered (now Global) fabs were the next best if you couldn’t get allocation at TSMC.

      • fisho, what you say is true, and from 1999 Intel tried with takeovers of other SoC companies around the San Diego area, and it didn’t work, go to the current Apple/Intel deal, if it goes through, which I think it will, they have hired many people, are being hired/have been hired, and they will make it work better than the Intel group every were able to it seems. I personally know many of these engineers and am relatively confident they’ll suceed, but as you know you literally burn cash doing this type of SoC development and it’s even harder with 5G modems. Over 20 years I’ve seen many try and fail.The number of issues that require huge funds get switched off as the boards panic. Not only that, they often didn’t have the best people working on it, or as I saw, the ability to bring every profession together on the SoC design to get the job done. It like being a Borg when you’re in these projects else it’s fails. Well that’s been my experience.

      • @Afund
        What’s the typical SOC phase noise/jitter spec on these 5G modem LO’s?
        From my experience the PLL’s for these LO’s are one of the hardest circuits to get right

      • @Afund
        What’s the typical SOC phase noise/jitter spec on these 5G modem LO’s?
        From my experience the PLL’s for these LO’s are one of the hardest circuits to get right

      • @fisho … I don’t know, but if you want to know I can find out. The last modem I worked on was 4G LTE and I wrote code for Layer 1. As part of debug process we’d get into the RF drivers to find/fix our problems, but there was a separate RF diriver team, and a DSP team (the debugging process was so complex we’d have to cover RF drivers and DSP to find issues – some embedded task holding on the an interrupt or as it’s all deterministic at these levels just holding too long as you’s see both). The PLL/TCXO specs were in the data sheets for the modem but defined by the systems group. So it was there, but we assumed it was correct. At my level the TCXO registers were of concern, but we verified them in the chip bringup process (this was about a four to six month complete process) when the phone was on a say 30cm square PCB with all the connectors for Logic State Analysers, the RAT test equipment, usuall HP, but Anritsu and others. I have a Communications Engineering degree so I understand the RF specs, but I wasn’t designing the components for the SoC. The A bench I shared had maybe 50m of equipment on it. I miss that work, but it was intense and not much personal time if you had any chance of getting the new modem going. Huge combined effort over months and then getting it to a phone in the shops via field trials with the networks; the amount of RF and protocol layer logging was huge and another huge effort to debug certain PS or RF issues. We supported that work, but the mobile handset guys did the logging, and called us in if there were problems. In my first job I worked for a company that did it all.

  13. AFRs Matthew Cranston prefers to blame women in the workforce for the ‘unexpected’ unemployment problem
    https://www.afr.com/news/economy/the-rba-s-women-problem-20190614-p51wez

    Absolutely appalling, especially without even asking the question of ‘why are so many women with young children now feeling compelled to work’.

    Meanwhile the immigration (+education+housing+”tech startup”) ponzi scheme continues to limp along for the time being.

  14. Apologies for re-posting and it is a bit dry ( a dead dingos donger has a higher moisture content) but the Bank of England has published another paper on what banks do.

    https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2018/banks-are-not-intermediaries-of-loanable-funds-facts-theory-and-evidence

    Abstract
    In the loanable funds model, banks are modelled as resource-trading intermediaries that receive deposits of physical resources from savers before lending them to borrowers. In the financing model, banks are modelled as financial intermediaries whose loans are funded by ex-nihilo creation of ledger-entry deposits that facilitate payments among nonbanks. The financing model predicts larger and faster changes in bank lending and greater real effects of financial shocks. Aggregate bank balance sheets exhibit very high volatility, as predicted by financing models. Alternative explanations of volatility in physical savings, net securities purchases or asset valuations have almost no support in the data.

    Sweeper has already opened and shut the case but it may be of interest for a weekend read considering the excitable way everyone is now talking about RBA QE.

    https://www.macrobusiness.com.au/2019/06/links-14-june-2019/#comment-3369247

    • DominicMEMBER

      To my knowledge the BoE is the only CB that openly admits that money is lent into existence. No surprise that most others prefer to keep it a secret. As the late, great Henry Ford once said:

      “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

      The good news is that this fiat money system is not long for this world — 30yr US rates have already broken out from their long-term (40yr) down trend. That spells almost certain doom for the monetary system.

      • Dominic,

        Quite a few are now openly discussed how most money is created by bank lending. Even the RBA.

        https://theglass-pyramid.com/2018/09/22/rba-watch-money-money-money/

        Some (not many) are even talking about the need to address the defect in the model. Which is that a monetary model that is a state / private cartel has corruption and dysfunction baked in. It is no surprise that it evolved into the “independently” regulated scam we see now where it is operated primarily in the interests of the private banks.

        The solution is straightforward.

        Public money should be just that. Created, destroyed and administered by the public administration of the political system where it is located.

        End the privileged status of the credit issued by licensed private organisations (aka ADIs or banks). Private bank credit will no longer have a fixed 1 to 1 exchange rate with money issued by the Central Bank.

        But to keep the public money on its toes the use of private monetary systems (private bank credit) or foreign public money should be permitted so people can vote with their monetary feet.

        Most people have multiple accounts.

        Why not have a

        RBA account for deposits of AUD.
        An account denominated in $US
        An account denominated in Westpac “Kangaroos”
        An account in gold backed Dinars issued by Quatar (if Quatar does not introduce something like this somebody else will. China and Russia are possibles)
        Wallets with cybercurrencies if they rock your boat.

        You can move money between them as you see fit or as their respective currencies perform.

        The public authorities might even (from time to time) permit you to pay your taxes in foreign currency if they see a public need for public reserves of foreign currency.

      • ChristopherJMEMBER

        thank you Dominic. Unfortunately, our Treasurer is talking in London about the importance of the budget surplus – austerity for those who need some public money spent on them or given to them. The significance of movements in the 30 y mortgages?

      • @Tonydd
        This is actually worthy of a small book – especially with graphs, additional information and sources, so my explanation is going to look more like a synopsis. Here we go:

        In 1971 Richard Nixon took the global currency system off the gold standard. What followed was a period of high inflation for many of the world’s industrialised nations as the currencies in which people and companies were being paid was now backed by nothing of any value — economically, that period was a dog’s breakfast (worth reading some of the history). I actually spoke to a 76yr old the other day who recounted what it was like — many people were ‘prepping’ for the end of times, stock-piling non-perishable goods, long life foods, valuable coins etc. (I can’t recall my own parents doing similar so not everyone was in a state of panic). Then Paul Volcker became Fed Chairman in ’79 and he decided he needed to tame inflation or the US Dollar was toast. He raised cash rates to 20% and sent the US economy spiralling into a recession — but it was fairly brief and most of the distortions and malinvestment were cleansed fairly quickly. In addition, debt levels (household, govt and corporate) were pretty low so high rates were burdensome but manageable.

        From the peak in 1981 rates began a long march lower — a 40yr bond bull market. This is best depicted in chart form — there are plenty on the net. In brief, you can see all the economic cycles in a long-term chart, characterised by lower highs and lower lows in rates and through every cycle, like a ratchet, debt levels went higher … and higher … and higher (improving debt serviceability etc), till finally as the GFC unfolded, cash rates hit zero and 10yr rates bottomed at around 1.50%.

        The response to the GFC was for central banks (globally) to print something like $22 trillion of currency to buy up financial assets, keeping the financial system solvent and drive savings out of low yielding cash accounts into riskier assets like stocks, HY bonds, property etc all in the name of ‘igniting animal spirits’ and getting the economy moving again. Pre-GFC global debt levels ~$140 trillion … global debt levels today ~$250 trillion. Staggering numbers. The bottom line is that the world does not have the economic assets (collectively) to pay back a lot of that debt and at even slightly higher interest rates wouldn’t be able to service it.

        My point about the 30yr Treasury bond is that yields have (from a technical perspective) now broken out of their 40yr down-trend and begun the slow journey northwards — a new phase of the cycle. $250 trillion of global debt and a future of higher rates? That is a train-wreck right there — a spectacular one. Bear in mind that the US is running massive deficits already and we are still in the midst of an economic expansion — what will these deficits looks like when the inevitable recession arrives? That’s hundreds of billions of dollars of brand new Govt debt spewing into the market every year and someone has to soak it up. So what do monetary authorities do, faced with this grim reality? The only thing they can do, which is to print masses of new money and buy up the all the sovereign debt they have to in order to keep a lid on rates — rates simply cannot be allowed to rise materially or a massive wave of debt deflation will unfold, an economic catastrophe for absolute certain that will threaten to take down the entire financial system. But it won’t stop at Govt bonds it will include stocks and corporate bonds and other risk assets like mortgage backed securities. In short, highly inflationary policies will be deployed in order to stave off a deflationary crisis. The sheer scale will be tremendous. (QE, MMT, UBI, you name it ….).

        The turn in the interest rate cycle heralds a new era of inflation as far as I’m concerned — it takes time for psychology to shift, but it will do. The deflationary forces of technological advance and globalisation (exporting jobs) have largely dissipated and we are seeing the globalisation trend reverse and protectionism becoming the order of the day (Brexit, America First, tariffs etc). It’s like a re-run of the lead-up to the Great Depression (end of credit cycle plus tariffs).

        Ben Bernanke was quoted some years ago as saying that central bankers had tamed inflation for good (no credit went to the effects of globalisation and technology) and this comment probably informs the (deluded) views of most policymakers. They are complacent, arrogant and in for a rude shock, IMO.

        Bear in mind that the above thesis is only relevant to those who think you cannot print vast amounts of money without consequences. There are plenty of people out there, including in academia, who believe the authorities can abuse the currency endlessly without too many ill effects — and they will continue to sleep well at night. I don’t buy it and I don’t believe that the laws of economics can be repealed — tampered with but not altered for good. To my mind there will come a point, in the next few years, when policymakers in the major economies (G7, G20 etc) will realise that the gig is up, convene a meeting somewhere and announce a new monetary system. What that will look like I don’t know but it will almost certainly have restore true value to the ultimately worthless paper in circulation right now.

      • @pfh
        agree but not with “foreign public money should be permitted so people can vote with their monetary feet.” This could be used by an aggressive nation eg China as a weapon, couldn’t it?

      • Zulu,

        It would be up to the government if they allowed it and that would depend on whether they have a need for various foreign currencies.

        I doubt it would be of much interest to most taxpayers.

    • DominicMEMBER

      If you are suggesting that there should be competition between what constitutes legal tender then I am definitely on your page as that is one powerful way to keep a lid on egregious abuses, however, countries are not stupid and in order to keep the system from disintegrating they have, on occasion gotten together to coordinate policy (Plaza and Shanghai Accords) and I’m fairly certain we’ll see more of it in the coming years as the system threatens to break up.

      • Plaza unleashed the C/RE speculation frenzy along with a cornucopia of other anti social ills.

        BTW Volcker jacked IR because the anti taxers took that tool off the table after Vietnam inflation set in, oil was and had noting to do with gold anything.

        Yet at the end day labour took the brunt of all of it ….

      • Actually skippy, the 2nd oil crisis in the late ’70s had everything to do with the dollar’s value and dollar’s value had everything to do with the fact that it was no longer backed by gold.

        You have something of value that two people want. The first person offers you gold in exchange. The second offers you a worthless bit of paper. Who do you transact with?

        I rest my case.

      • Sorry old chum but gold never managed to negate the effects of market purists and doctrinaires or the 1908 or great depression would have never occurred. Not that Hudson unpacks Charles de Gaulle’s actions WRT gold at the point in time, seems your post facto approach reconciled by monetarist optics can only lead to one conclusion regardless of histrionics.

        Again how does the value get put into the gold or how does the gold imbue moral agency on its users.

      • The evidence on transactions in various scenarios WRT gold does not support your argument, again its highly conditioned E.g. in big down turns or stressful conditions people resort to all kinds of arrangements, sex, food, et al, and gold only brings a fraction of its previous price.

        But then again were going to disagree right from the stand point of barter as a baseline to all human activity and how that reflects on the human condition.

      • Dominic,

        “If you are suggesting that there should be competition between what constitutes legal tender then I am definitely on your page as that is one powerful way to keep a lid on egregious abuses, ‘

        Yes that is my position. End the public private monetary cartel and instead have public and private options. I think public money can be well run but I think that is more likely if people have more choice. With electronic payments everywhere why shouldnt a store accept payment in whatever money they choose even if they must always offer AUD as an option.

      • DominicMEMBER

        Skippy
        There are those who understand ‘money’ and those who don’t. If you can’t even understand (or don’t want to understand) a basic concept like how gold confers value on (otherwise) worthless bits of paper then there is nothing more to discuss. I understand there are those who take a hard ideological stance against gold (the market’s choice as medium of exchange for thousands of years) and that is their choice. These same people tend to be Statists in make-up because they can’t bear the idea that the market might take precedence over the State, all the while ignoring the fact that the free market is, in fact, a voting machine and highly efficient one at that. Certainly, those who truly support democracy would support the concept of free markets.

        You mention de Gaulle and the fact that he called the Yanks out for over-printing the dollar — well, that explains quite plainly how the gold standard works: it holds people to account and prevents egregious debauchery of the currency. And let’s be quite clear here: debauchery of the currency is straight-up theft from a country’s citizens and any other holders of that currency. If you understand that then you have no business even debating the subject.

      • DominicMEMBER

        Barter can continue freely and needn’t involve an exchange of money (or gold). Gold is merely a vehicle – a store of value that can be used ‘in lieu’. If someone has a sheep that they’d like to exchange for 20 chickens and I’d like that sheep but don’t have 20 chickens handy I can offer gold instead and the sheep seller is then free to take the gold and locate a chicken seller and transact accordingly. By accepting the gold the sheep seller actually has something more valuable than 20 chickens — he has ‘optionality’ as well i.e. he may decide that, after further thought, he only wants 10 chickens and spends the balance of the gold on something else (or indeed saves it for a rainy day). Now, paper money may perform the same function but gold cannot be produced from then air whereas paper money can and that confers a lower value on it.

  15. Be of good cheer chaps, The Corelogic daily figures are all red today except for Adelaide YoY which is at +0.05%, aka a gnat’s c0ck above zero.

    There’s a good chance we’ll see all red across the major property markets in the next week or so. Perhaps tomorrow, if allah is merciful. Well, if allah existed.

  16. ErmingtonPlumbing

    “Next Wednesday, Donald Trump will award the Presidential Medal of Freedom to the arch-conservative economist Art Laffer.”

    Wonder if the supposedly “Left leaning” ABC will do a lament piece on this Cnt or just go with their usual culture war Shyte of renaming geographical
    Land marks with Aboriginal names.

    “The Laffer curve has done immense damage to the US economy in the 40 years since its inception. It also ignores a fundamental reality: tax cuts for the rich don’t work.

    Each and every time state or federal governments have tested Laffer’s trickle-down theory, deficits balloon, rich folks hoard their wealth at the top, and average Americans suffer.

    The greatest periods of growth in our country, such as the 1950s and 1990s, have coincided with decisions to raise taxes on wealthy individuals and corporations.

    If we want to return to those periods of prosperity, instead of letting inequality continue to rise unchecked, we must demand our elected leaders acknowledge that trickle-down economic policies don’t work.”

    https://www.theguardian.com/commentisfree/2019/jun/12/why-are-we-still-pretending-trickle-down-economics-work

    • “…culture war Shyte of renaming geographical Land marks with Aboriginal names.”

      EP,

      A common theme in the comments section here is the fear of a loss of identity from outside influences. When some effort is put into rectifying some of the terrible wrongs that were done and it is suddenly culture war shyte. It reads that for many of the posters here history is written by the victor is only legitimate if the victors are those we are double plus good happy with.

      It also doesn’t assist with promoting intelligent debate, which many posters bemoan is missing but are doing their best to prevent from taking place. Start thinking before labeling everything that doesn’t float your boat virtue signalling culture war nonsense. Doing so means that when empty virtue signalling culture warn nonsense does actually appear a criticism of it has less value. Or avoid using empty phrases like that altogether and criticize the content of the piece instead of throwing the mud of the day and hoping that it sticks.

      If you are really interested in the topic of place names here’s some info on how places are named across Australia.
      https://www.icsm.gov.au/what-we-do/permanent-committee-place-names

      • ErmingtonPlumbing

        How is changing the Name of Mount Kosciuszko,
        “rectifying some of the terrible wrongs that were done”
        It doesn’t and yet the ABC rolls out these identity politics stories one after another.
        Setting Black against white,
        Heto against Homo,
        Men against women,
        Young against old.
        Etc etc.
        Just relentless post modernist, narcissistic, intersectional, hierarchy of victimhood garbage.
        The Plutocrats are laughing their arses of at our pathetic lack of Solidarity.
        The sad irony is that these virtue signalling elitest at the ABC couldn’t give 2 Fks for the plight of Australia’s working class and Poor,….and that includes the Vast Vast majority of indigenous Australians.
        These posers are as much an enemy of our working class as Murdoch is.
        Their Economic roll being to keep the plebs the Fk out of the way serious Economic Decision making.
        The ABC has turned into a Fking Circus.

      • The landscape was their written word. By separating them from their land and destroying their language it was akin to mass book burning and a destruction of a culture. That’s why place names are important. The renaming project is also an acknowledgement that history doesn’t begin when a colonist says that it does. As I noted above these are themes that are running through comments posted by people who are concerned by outside influence into the Australia they grew up with and know.

      • Phillip McCracken

        People virtue signal, like yourself primarily because it empowers them. People have very little, to zero control and power over their lives today and everyone seeks it where ever they can find it. Its a simple fact with no room for debate. Sure everyone masquerades their attempts at garnering authority and respect with the gossamer facade of utilitarian objective analysis, ethical imperatives or the very bottom of the barrel ‘basic human morality’.

        The truth is people simply refuse to have these, your, basic beliefs and attitudes questioned in any manner – as though there were prima facie, apriori indisputable facts. They are not. They are nothing less than people attempting to be acknowledged by the wider community for sounding virtuous and displaying the most commonly accepted social fashion of the time.

        No one goes out and starts wearing a top hat out of nowhere, nor flares, nor feather bowers, nor greasing their hair, or dusting their horse hair wigs – its all about doing whatever we can to “fit in”. So it is with posturing like dandys on the promenade, tutting at drinkers like the Temperance movement, advocating burkas, all public displays of morality, like yours, are about trying to gain acceptance and fitting in.
        Moreover, and an even more powerful evolutionary trait is the condemnation, ostracisation and vilification of those who do not fit in, who question, who refuse to be part of the troupe, who do their own thing. Everyone is at the same time desperately trying to gain power by posing with the most fashionable moral statements, while simultaneously chastising anyone who dares question the latest mantra.

        Here is the basic reality.

        Everywhere – every single place on this planet has been occupied and conquered and the peoples displaced. We are all from Africa – and relatively recently too. So everyone who arrived anywhere first – that is everyone – has been occupied and displaced – many of them hundreds, some thousands, of times.

        That includes Aboriginals in Australia. A people who were nomadic, and after some 20,000 years had vague, very vague borders much like predatory animals do. The lands were constantly being taken over, constantly shifting, constantly renamed, and constantly – endlessly changing custodians and ownership.

        Just like everywhere else on earth. Everywhere. The lands, countries, fiefdoms, principalities, states and cities of Europe, China, India, Asia – the America’s were constantly being taken over, the people crushed, enslaved, destroyed – renamed in the vision of their conquerors.

        This is how humanity is, how it has been for thousands and thousands of years. And that basic truth – that simple undeniable absolute of our entire existence does not change because it has become temporarily fashionable to say things should never change. And absurd statement in the most extreme form.

        Worse than the notion that the most recent occupants of some arbitrary western cartographers doodling should be recognized as the forever custodians of said squiggly outlined piece of geography is the notion that we must rectify the wrongs of the past – based on purely skin tone. It literally does not get any more racist than that.

        Its not nice to hear these things because what happened to literally everyone in history was harsh – from the Aboriginals endless slaughter, abduction and rape of each other to the kids forced onto British naval boats for the pedos to have their way with. It was nasty. All of it. trying to assuage our feelings by picking out the worst off amongst us and “renaming things” is honestly revolting intellectually, morally and ethically.

      • Aotearoa, land of the long white cloud. Wouldn’t it be great if we could have a poetic dual name for the highest point in Australia with a meaning beyond looking like a burial mound of someone (pronounced very differently to the Australian version) who fought the Russians hundreds of years ago.

      • drsmithyMEMBER

        The Plutocrats are laughing their arses of at our pathetic lack of Solidarity.

        LOL. And here you are ra-ra’ing them along with your Daily Telegraph-esque “poor persecuted white guy” ramblings.

        You know what really doesn’t help people identitify with your big picture ? Insisting the bad things happening in their little picture are irrelevant (or fabricated).

      • Even StevenMEMBER

        @ McCracken

        Perfectly said.

        We should never stop aspiring to be better than our (mankind’s) history. We should help ALL of those who are misfortunate (irrespective of such superficial factors as skin colour, religion or culture). Too many approach this emotively and whilst their intentions may be good, all they are doing is entrenching segregation – I.e. you shall be treated differently BECAUSE … of how your ancestors were treated 100 years ago, or 1000 years ago, or because you identify with a particular set of cultural values.

        For example, creating a separate parliament for indigenous Australians in my view is an appalling idea for many reasons. It is, at best, a clumsy method of addressing poor societal outcomes for indigenous Australians, and will place more emphasis on our differences rather than our sameness.

      • Smithy ….

        Plutocracy is a “they” kinda of word which does little to flesh out the DNA picture, seems some negate the Citi memo … cough investor driven framework.

    • DominicMEMBER

      The super-tanker has begun its slow and arduous ‘volte-face’. Some media might resist it initially but most will fall in when the inevitability dawns.

      “Rules based international order” (or ‘globalisation’ as it’s known otherwise) is toast.

  17. Mate just got back from China. (works FIFO there) Says the CCP is doing a good job of stirring up nationalism. Even talking to taxi drivers, the general consensus now is that if anyone challenges China, they should just bomb them. China is not weak anymore etc etc.

      • Phillip McCracken

        Pretty sure the fuel line – Russia – is best buddies with Zhong Guo – nothing happening there.

      • Nope PM. They get some but nowhere near enough comes east out of Russia to meet Chinese demand. Remember a lot of Russia’s oil and gas fields only have pipelines west to Europe. Can’t simply flick a switch to send it to China.

      • When I went to Syria in 2009 I would see posters for Assad in every shop / business. If you didn’t have a poster or photo of him in your establishment, people would ask you, why don’t you like our President.

        I thought it odd, but the Syrian bloke who took us around in his car was very pro American and had lived in the US and loved it. He spoke to myself and the 2 American girls I was travelling with at the time about how much he hated Assad and many people were like him, but nobody would dare speak up.

        Kind of like Nazi Germany I guess where people would oust their families if they said a bad word.

        I reckon this is what China is like at the moment. Fear is what will keep people in check..

      • Mr RobertsMEMBER

        If anyone needs a laugh, I would recommend re watching Coming to America and The Producers. Idiocracy is also compulsory viewing for those that haven’t seen it.

      • @ Gavin – becoming that way in Aust with the media as well.

        Not to mention in corporate Australia where the new thing is to have “Risk Mindsets” division.

    • Ugly stuff is going to go down. There will def be anti western riots in the same way there were anti Japanese riots a few years ago. Westerners need to be leaving now if they value their safety.

    • Phillip McCracken

      The Chinese have always, ALWAYS been rampantly patriotic and nationalistic.

      I was there at the peak of Communism prior to the Tianmen massacre and things were tough – but the locals understood the situation and were completely infatuated with their government.

      They knew and understood the draconian nature of the state etc – westerners really do superimpose their own views onto everything and have very little empathetic understanding of other cultures.

      The Chinese government would never need to stir up patriotism in China – no chance.

    • Nationalism is the last refuge of scoundrels. CCP has always balanced economic growth against nationalism to maintain control. Growth is kaput so nationalism it is. Problem is now the genie is out they might lose control of it.

      A Chinese war with Taiwan is coming in the next decade. Their naval build up, island building, studying of the Falklands war wasn’t for nothing. They also have a demographic window. Act now or they might not get the chance again for a long time.

      • Chinese bloke told me that China has 1.2 billion people without passports and minimal education who know nothing other than the bit of China they live in…not hard to get them to do a spot of othering.

    • It means their economy is in the shiite. Same situation when I visited in 2012, except that time the anger was focused on Japan re the Senkaku islands. My Japanese colleagues were advised not to take public transport, sometimes Japanese cars were being wrecked.

  18. I think we’re going to do alright in the World Cup. Our only blemish so far was a fairly narrow loss to India where Warner temporarily morphed into Mark Taylor. Should be another win tonight.

    • It’ll be interesting to see where Khawaja bats. Out of he, Warner and Finch it’s Warner that is most suited to dropping down the order. Warner and Smith at three and four would really fatten up the top four. It’s a pitty that Handscomb isn’t there as he’d make a great five. He doesn’t need time to settle and rotates strike well. Then Maxwell and Carey and the top 7 is looking good. Unfortunately it is a bit thin on the bowling as Maxwell isn’t really a fifth bowler. Though, at the moment we are struggling to find a fourth bowler.

      I was annoyed that the march between India and New Zealand rained out. It would have provided a good measure of where both teams are at.

      • I’d have Khawaja opening for sure. Yeah would have loved to see nz vs India. Just checked London weather, few showers about but should get a game in.

      • The Traveling Wilbur

        Khawaja? Bat? Given recent selections of order I’m sure he’ll be too busy being Keeper and 12th Man to bat.

    • reusachtigeMEMBER

      I don’t think India is in the world cup but Italy are definitely looking good after taking out the group. We are still in with a chance but.

  19. Wee bit disturbed about the hippy punching crowds time and space event horizon invert …. next thing you know and some altruism might spontaneously ignite … what would Hayek say …

      • Understand that short term history is not everyone’s strong suit, you know sound bites and short term memory [cog dis] issues …. think of ZH 10 years ago.

    • Even StevenMEMBER

      Skippy – I have no idea what you are talking about either. Do you do this deliberately for a laugh? It is somewhat entertaining, I admit.

      • What does your memory not serve, and if not, how does that bode for the opinions of some pray tell …

  20. “Japanese ship owner contradicts US account of how tanker was attacked”

    https://www.smh.com.au/world/middle-east/japanese-ship-owner-contradicts-us-account-of-how-tanker-was-attacked-20190615-p51xzz.html

    This has John Bolton’s lying blood soaked fingers all over it. The architect of the disastrous Iraq war now has his sights on Iran and will manufacture whatever it takes to stoke another bloody disastrous conflict. D1ckhead is totally underestimating a nation that’s been around for a couple of thousand years and mastered the art of insurgency. This is not going to end well for anyone.

      • Phillip McCracken

        America is doing everything it can to curtail the supply of oil from its competitors – not sure who is left, as in hasn’t been bombed into smithereens….

      • Would only argue its not America per se but a passel of like minded bent to a particular wheel they have lashed themselves too … hell or high water … be dammed …

    • “On Thursday, company officials said the vessel, which had been carrying methanol from Saudi Arabia to Singapore, had first been hit by what appeared to be an artillery shell”
      WTF? *Methanol* from Saudi Arabia??? How the heck does that work? Are they importing sugar beets from Romania as feedstock, or something equally stupid?

    • The most transparent and honest market indicator out there.
      58% at low volumes…

  21. Sydney:

    real-estate (+NSW) 68% (how good is 285 out of 512)

    Based on 285 auction results available:

    181 Sold at auction
    13 Sold prior to auction
    0 Sold after auction

    Withdrawn 18
    Passed in 73

    512 auctions scheduled

    ———-

    domain 71%

    Number Listed Auctions: 471
    Number Reported Auctions: 333
    Sold: 266
    Withdrawn: 44

    Anyone got 2017/18 volume of sales?

    • tripsterMEMBER

      I wish we also kept track of the non reported rate. I have the sense that it has gone up at a greater rate than the supposed ‘clearance rate’

      • tripsterMEMBER

        Particularly for Domain and Realestate.com, they have a vested interest in talking the market up, and there is no oversight of their data. I wouldn’t put it past them to to manipulate the non reported rate so they can generate headlines about the clearance rate. No doubt on Monday we will see “clearance rate tops 70%” like that is real news. And the ill informed will see it and FOMO will start.

    • For Melb, domain says 65%, a closer look shows that they include many sales from previous weeks in this week’s result.

    • From Louis Christopher twitter
      Sydney preliminary auction clearance rate today was 70.6%. 471 listed, 377 reported. Unreported rate was a relatively low 20.0%. Estimated final clearance rate = 64% to 67%. Last wkd final clearance rate revised to 48%. 2018 = 48% (593 listed). 2017 =65%, (788 listed).

      Last week Sydney final 48% Lollllll…..

      Melbourne preliminary auction clearance rate today was 65.0%. 643 listed, 514 reported. Unreported rate was 20.1%. Est final clearance rate= 59% to 62%. Last week final clearance rate revised down to 58%. This time 2018 = 53% (855 listed). 2017 = 70% (957 listed).

    • NSW (realestate)
      ———————-
      2018_06_16_RealEstate_Auction_NSW: https://i.imgur.com/V6nC4PB.jpg
      Scheduled 829
      Reported 556 Unreported 33%
      Clearance 56%

      2019_06_15_RealEstate_Auction_NSW: https://i.imgur.com/yZoJCQc.jpg
      Scheduled 512
      Reported 303 Unreported 41%
      Clearance 68%

      VIC (realestate)
      ———————-
      2018_06_16_RealEstate_Auction_VIC: https://i.imgur.com/N3xkAoK.jpg
      Scheduled 1061
      Reported 857 Unreported 19%
      Clearance 59%

      2019_06_15_RealEstate_Auction_VIC: https://i.imgur.com/eZ2dGRK.jpg
      Scheduled 702
      Reported 435 Unreported 38%
      Clearance 67%

      SYD (domain)
      ———————-
      2017_06_17_Domain_Auction_SYD: https://i.imgur.com/pYoLRvz.jpg
      Scheduled 787
      Reported 533 Unreported 32%
      Clearance 70%

      2018_06_16_Domain_Auction_SYD: https://i.imgur.com/GOqri95.jpg
      Scheduled 593
      Reported 320 Unreported 46%
      Clearance 57%

      2019_06_15_Domain_Auction_SYD: https://i.imgur.com/iaKMDZy.jpg
      Scheduled 471
      Reported 333 Unreported 29%
      Clearance 71%

      MEL (domain)
      ———————-
      2017_06_17_Domain_Auction_MEL: https://i.imgur.com/GjxIQh3.jpg
      Scheduled 982
      Reported 720 Unreported 27%
      Clearance 75%

      2018_06_16_Domain_Auction_MEL: https://i.imgur.com/HDI7wkT.jpg
      Scheduled 852
      Reported 604 Unreported 29%
      Clearance 59%

      2019_06_15_Domain_Auction_MEL: https://i.imgur.com/p3UNxq0.jpg
      Scheduled 643
      Reported 485 Unreported 25%
      Clearance 65%

      • seanraceMEMBER

        @alien – that looks like it could get very nasty if things continue at that pace

      • nice spot. Rents are dropping I read, so where are people living given turbo immigration. Must be lots of Apts still vacant??

      • Thank you so much for this. It’s the kind of visibility and work I come to this site for. Seriously just considering dropping the subscription and just reading the comments on the free ones. Feeling like the best value is here.
        So basically, approx. 50% of the volumes and 30% higher unreported rate = 20% better clearance rate. hoodanode.

    • Science-Mart: Privatizing American Science – by Philip Mirowski

      This trenchant study analyzes the rise and decline in the quality and format of science in America since World War II.

      During the Cold War, the U.S. government amply funded basic research in science and medicine. Starting in the 1980s, however, this support began to decline and for-profit corporations became the largest funders of research. Philip Mirowski argues that a powerful neoliberal ideology promoted a radically different view of knowledge and discovery: the fruits of scientific investigation are not a public good that should be freely available to all, but are commodities that could be monetized.

      Consequently, patent and intellectual property laws were greatly strengthened, universities demanded patents on the discoveries of their faculty, information sharing among researchers was impeded, and the line between universities and corporations began to blur. At the same time, corporations shed their in-house research laboratories, contracting with independent firms both in the States and abroad to supply new products. Among such firms were AT&T and IBM, whose outstanding research laboratories during much of the twentieth century produced Nobel Prize-winning work in chemistry and physics, ranging from the transistor to superconductivity.

      Science-Mart offers a provocative, learned, and timely critique, of interest to anyone concerned that American science–once the envy of the world–must be more than just another way to make money.

      https://www.goodreads.com/book/show/10160571-science-mart

    • Gosh that article shows the scum running that institution for what they are…

      UNSW’s greed freakery is catching up to it.

      • Um … the dominate economics drove events …. complaining that the offspring of the pedo-grandfather groomed the kids and now the kids are suspect, freewill aside, is a bit late stage finger pointing.

      • ErmingtonPlumbing

        Ha Ha Ha,…you guiltily made me laugh out loud with that one Skip.
        Have you been on the piss?

      • Got to love the insinuation patrol reflexes ….

        For the record its not a stretch to reconcile the effects of dominate economic thought [tm] – as applied – during the neoliberal period[.] Romanticism and observer bias aside, but, then again “crowds” are suspect to imagery above context ….

      • Cee … as you should know us Veblen sorts don’t need sequestered secures to enjoy a relaxing beverage, especially after a 6 day work week. Good clients needed the deck underside finished before the nights party, having not been previously done, raised queenslander meant previous veranda was above main entry to modern open plan kitchen and lounge area.

        I raise my Schöfferhofer Hefeweizen served Belgium style with slice of orange in chilled glass at you good sir ….

    • Phillip McCracken

      Right now my boys have 4 guitars cello, four pianos, three keyboards, violin, 50 harps, two mandolins to practice on.

      Hand it all over I say.

      • No, she was exploited and ripped off on a calculated fashion – possibly illegally. Thanks to the class action we are now going to find out if it was illegal or not.

        I thought RFG would be a solid gold short, if I was into shorting individual stocks … unfortunately I’m not … and yep they have fallen from over $4.00 to 16c! Lols.

      • A2 – If the conduct was illegal then fair enough but I do get tired of people who get in over their heads and then blame someone else. The franchise system is known to be dodgy – has been for decades. You are buying yourself a job that carries minimal authority – you are at the mercy of the franchisor. Perhaps a few McDonalds and Jims mowing franchisees have done ok but I doubt the success rate is particularly high.

  22. In 1913, Lenin made an important statement on the labor party in Australia. It is true that there have been many developments since then and on some minor details of fact Lenin was not quite correct but the principle stands. Here is the statement.

    Labour Government in Australia
    The parliamentary elections took place in Australia recently. The Labour Party, which had the majority in the Lower House, having forty-four seats out of seventy-five, suffered defeat. Now it only has thirty-six seats out of seventy-five. The majority has passed to the Liberals, but this majority is very unstable, because in the Upper House, thirty out of the thirty-six seats are occupied by Labour.

    What a peculiar capitalist country is this in which Labour predominates in the Upper House and recently predominated in the Lower House and yet the capitalist system does not suffer any danger! An English correspondent of a German Labour newspaper recently explained this circumstance, which is very often misrepresented by bourgeois writers.

    The Australian Labour Party does not even claim to be a Socialist Party. As a matter of fact it is a liberal-bourgeois party, and the so-called Liberals in Australia are really Conservatives.

    This strange and incorrect use of terms in naming parties is not unique. In America, for example, the slave-owners of yesterday are called Democrats, and in France, the petty bourgeois anti-socialists are called “Radical Socialists.” In order to understand the real significance of parties one must examine, not their labels, but their class character and the historical conditions of each separate country.

    Capitalism in Australia is still quite young. The country is only just beginning to take shape as an independent state. The workers, for the most part, are emigrants from England. They left England at the time when Liberal-Labour politics held almost unchallenged sway there and when the masses of the English workers were Liberals. Even up till now the majority of the skilled factory workers in England are Liberals and semi-Liberals. This is the result of the exceptionally favourable, monopolist position England occupied in the second half of the last century. Only now are the masses of the workers in England beginning (slowly) to turn toward socialism.

    And while in England the so-called “Labour Party” represents an alliance between the socialist trade unions and the extreme opportunist Independent Labour Party, in Australia, the Labour Party represents purely the non-socialist trade unionist workers.

    The leaders of the Australian Labour Party are trade union officials, an element which everywhere represents a most moderate and “capital serving” element, and in Australia it is altogether peaceful, and purely liberal.

    The ties between the separate states of Australia in united Australia, are still very weak. The Labour Party has to concern itself with developing and strengthening the country and with creating a central government.

    In Australia the Labour Party has done what in other countries was done by the Liberals, namely, introduced a uniform customs tariff for the whole country, a uniform Education Act, a uniform Land Tax and uniform Factory Acts.

    Naturally, when Australia is finally developed and consolidated as an independent capitalist state the conditions of the workers will change, as also will the liberal Labour Party which will make way for a socialist Labour Party. Australia serves to illustrate the conditions under which exceptions to the rule are possible. The rule is: a socialist Labour Party in a capitalist country. The exception is: a liberal Labour Party which arises only for a short time as a result of conditions that are abnormal for capitalism.

    Those liberals in Europe and in Russia who try to “preach” to the people that class war is unnecessary by pointing to the example of Australia, only deceive themselves and others. It is ridiculous to think of applying Australian conditions (an undeveloped, young country, populated by Liberal English workers) to countries in which a state and developed capitalism have long been established. – June 1913 (“In Australia”).

    https://www.marxists.org/history/erol/australia/hill-a-rev/app-2.htm

    • Religious zealots see everything as us vs them. What else is new?

      Progressivism, which is a child ideology of English Socialism, is opposed to Russian Socialism. These cults keep fighting each other over theological differences.

      Why should the rest of us care? Its not like I care why Shia’s and Sunni’s keep killing each other.

      • CanuckDownUnder

        Agreed, too much confusion in the lineup at the moment. If you’re playing this 11 do you drop Warner down the order? Try the following top 6:

        Finch
        Khawaja
        Smith
        Marsh
        Warner
        Maxwell

      • haroldusMEMBER

        It’s easy to say warner’s finished (as I am doing) but then I think he was leading run scorer in the IPL last month.

        So what’s going on with him? He’s always been one of my favourite players, along with Smith.

        And he scored that century last match too….

        It’s a mystery.

      • CanuckDownUnder

        Always been a fan as well, that remarkable debut T20 against SA was just after I moved to Australia.

        He’s still got 280 runs for the tourney averaging 70 but if you look at the top run scorers his strike rate is well below everyone else.

      • Langer’s 50 over tactic is not to lose wickets in the first 15 overs (and effectively try to treat the last 20 overs as a T20 match). Warner is so trying to suck up to him so much that he’s taking all risk out of his game in that period.

    • With the rain threatening the SL team is going for it. If they are well ahead and they have faced the minimum 20 overs then they’ll get the two points.

    • I hear the “natural rate” [tm] is zero on a long enough time line, not that birth is a sorta lottery, or that legal opinions skew price discovery thingy …..

  23. Here’s an interesting take on Australian Math education especially wrt the recent rise in Tutoring.
    https://www.smh.com.au/education/be-very-very-careful-experts-raise-warning-on-private-tutoring-20190614-p51xwc.html
    Personally I’m not sure that I agree with the experts. They’re looking at math being an interesting exciting adventure but I don’t think you can ever get to the interesting stuff in Math without really mastering the downright dull and boring aspects of Numeracy. I know that the Singapore Math program focuses during the early primary years on having students fully understand what Math majors would call the associative and commutative properties of Addition and Multiplication.they have to do hundreds of very similar examples in their workbooks that explore these properties until the property itself becomes second nature.
    Stuff like 19 + 15 = 34 = 15 + 15 + 4 = 20 + 15 -1…….and so on
    same goes for Multiplication and division
    This work is (in my opinion) core to really understanding and embracing math…it’s kinda like learning to use the basic wood working tools before you try to apply these skills to a real keeper project.

    • bzunicaMEMBER

      As a current Maths teacher to high school kids there are a few things I would say in response to the article:
      1) Eddie Woo doesn’t know everything about how high school Maths education works, so I don’t understand why everything he says is reported on as gospel and must be true. Remember he was a classroom Maths teacher who became famous because he is a decent teacher who uploaded a few lessons to the internet that went viral – however he has done almost no work in researching the origins of education and educational psychology. All he is going off is his own experiences, which are now limited because he only teaches one class of high end students. His authority to talk about such things is wafer thin to say the least.
      2) You can’t win as a Maths teacher. Everyone seems to be teaching experts because they were in a class as a kid or have kids that go to school. So you get two viewpoints – make it fun or learn the basics, which may not be fun but is important. But we get less than 4 hours a week in class to teach all this. We are a little bit on a hiding to nothing, especially when there are 25+ kids in the class and we give help all the time out of class to help with the basics, but for some it’s not enough.
      3) Because of 2), why would anyone of any Mathematical talent turn to teaching? The pay doesn’t compensate for these pressures. This is why we have 35% of Maths classes taught by people who realistically don’t know what they’re doing. I can get a job wherever I want because I can teach Extension 2 Mathematics and top level Computer Science because there is such a shortage of teachers out there who can cope with these topics and the reason for that is that teaching is unattractive for those with these skills.

    • I think you need to have solid grounding in the basics to do well in maths and understand higher level concepts, and most tutoring of the Kumon style seems to be focused on those basics. When high school students are getting tutors, the tutors are usually high achievers who have gone on to do high ATAR courses like medicine/dentistry etc. It is this end point that is the ultimate goal for a lot of those accessing tuition and their parents, with high marks increasing the chance for a shot at a well paying, stable job. Developing an appreciation of mathematics has never really been part of the goal.

      As for pursuing teaching, in Australia it’s not highly regarded or valued unlike many Asian countries where the teaching profession holds a higher status. As a nation we seem to have taken the approach that, “Those who can’t do, teach,” have drifted towards anti-intellectualism and will probably be worse off for it.

    • reusachtigeMEMBER

      $740,000 for a one bedder in Mascot is actually great value considering how close to the airport you are even with all this #fakenews and #alternativefacts about slight building quality issues.

      • I never understood the whole “close to the airport” as a positive when buying property. Just how many trips to Thailand can one make in a year?

    • CanuckDownUnder

      Don’t worry, Gladys is taking action… to make it look like she cares about owners while in reality doing everything to make sure her developer mates are never held accountable.

      It’s lovely that we have all these junk units coming through the pipeline while the head of an owner’s group is coming out and saying don’t buy anything under 10 years old, yikes!

      • Mining BoganMEMBER

        Yes, that 10 years old bit jumped out of the page. There’s quite a few quotes in there that a bear could roll in.

  24. So this appears to be the latest sleazy way to milk tenants of a few more bucks. No more paying rent by direct debit, you have to use some random providor to pay it, with a juicy fee percentige and on top of that, a convinience fee! You can’t make this sh1t up!
    Seen a few of these threads on whingepool now.

    https://forums.whirlpool.net.au/thread/300vqxv3

    • Mining BoganMEMBER

      I don’t think I’ve ever met a Ray White head honcho who didn’t deserve to be left bleeding out in a gutter.

      They truly are filth.

    • It’s like the Tax Office charging me $2 for accepting payment via Debit card. I mean seriously? I am paying tax and you want me to pay a service fee for it? Outrageous. I wanna be like the old Wog’s, grow veggies in the garden and keep money in my mattress and pay for everything in cash. Screw these ticket clippers.

    • Look down the thread a bit – from Ray White:

      There’s clearly some confusion here which we’ve already explained to Chanel seven, who don’t intend to run a story and have hopefully cleared things up with @neofelis

      The office in question has had to stop direct deposits into the trust account as many tenants were depositing their rent without the correct identifier, making the process of reconciliation extremely difficult and time consuming. They are not closing the trust account.

      There is still a fee free option to pay rent, which is eftpos.

      If the tenant chooses to use payment gateway and wants to continue to use bank transfer, the fee is only $1.65 and in return the payment is automatically reconciled and the tenant has on-line access to a full ledger of payments.

      The only time 2.2% is charged is if the tenant pays via credit card, which is the usual merchant fee. There is a small additional fee of $1.35 if the tenant pays via the post office or bpay, which again are fees incurred from the provider.

      • Thats what the Ray White head office propaganda officer said. Read further and the OP said he did NOT get those options from his franchise agent.

      • Tim – RW have put it in writing – online for all to see. What more do you want.

    • reusachtigeMEMBER

      I never milk tenants. They milk me. Discounts and special payment arrangements.

  25. CanuckDownUnder

    Having dinner at the in-laws last night, FIL is your typical RE-loving Aussie boomer. His strategy for renting out units has always been to do as little as possible to keep the units maintained and charge whatever you want for rent and you’ll find new tenants.

    Well it turns out after one of his units was last vacated he attempted to rent out again at a slightly higher price, that didn’t work so tried again at the same rent the previous tenants were paying and still weeks on market with no interest. Can’t figure out what is going on but like those sellers who don’t want to “give it away” lowering the asking rent further doesn’t seem to be an option. St. George area.

    • I argued with my RE Agent over the last increase tooth and nail. Told her I was seeing houses take a couple of months to find tenants etc.. but I’m stuck for at least 6 more months in Sydney. So in the end I had to accept the increase because we have no contract at the moment and can leave w/o notice etc..and we don’t want to sign up for 12 months to leave in 6.

      Anyway 2 properties that have been for lease for at least 2 months, still have NOT found a tenant. I watch on in joy, can’t wait to vacate this dump I’m renting. Landlord will not get $625p/week for it, he will have to drop to what we initially rented it at $550 p/week back in 2013.

      I hate landlords like your in-law ;).

      • CanuckDownUnder

        I hear you, we’re in a similar situation to you, been renting in the same spot for ages. Luckily our landlord has been pretty good on rent increases, been ages since the last one. This whole story came up since the FIL was doing some research and found a few places around us with lower asking rents than what we currently pay. I’d have to see these places in person for a real comparison but there are units around us asking what we were paying when we moved in 7-8 years ago.

    • Has he tried getting a new real estate agent to manage it? Usually they are the first to get blamed for being obviously not very good at their jobs.

      If dropping the price is incomprehensible tell him it just needs a freshen up to compete with newer units. Drop 35K on kitchen and bathroom renovations and he should be able to attract the aspirational crowd willing to pay a “premium” for granite countertops etc…

      Also don’t forget to plant little seeds like Bunnings does AfterPay and interest rates are low. After a couple of glass of wine and a few too many episodes of The Block and or Grand Designs he may even have a crack at some poor quality renovations himself.

    • Your FIL sounds like one of those weirdos who doesn’t like getting any rent.

      You should encourage him to stick with a higher price because under the current government property prices and rents are going to the moon, and a higher rate will attract better quality tenants.

  26. Here are 2 things to bring joy to the hearts of MBers… Lookin at renting (like the Scum I am) in Melbourne and decided to look in areas I considered buying not long ago when prices were screaming up.

    1. https://www.realestate.com.au/property-house-vic-preston-425657630
    (LOL @ Calling this Preston)..
    805 Plenty Road, Reservoir, Vic 3073
    I recall it being for sale around $800k and it sold for $1,041,000 on 20 May 2017.
    https://www.realestate.com.au/sold/property-house-vic-reservoir-125274234

    Asking rent: $759 per week – which is absurd for a main road and this side of Reservoir when I can get similar on the other side for $450 p/week.

    So they are hoping for a rental yield of (Gross) 3.9% or so.. not gonna happen…Why? Look at #2.

    2. https://www.realestate.com.au/property-house-vic-reservoir-426691262
    152 Rathcown Road
    Reservoir Vic 3073
    Asking rent: $420 p/week (see what I mean about the above property being silly price rent wise?).
    This 1 sold for $863,000 25 Feb 2017
    https://www.realestate.com.au/sold/property-house-vic-reservoir-124619606
    I considered it because fo the 4 car garage.
    Gross Yield = 2.53%

    I’d much rather rent this, even though it’s only 2 beds than #1.

    And on the other side of the city where I’d much rather rent is this beachside art deco era house (lovely).
    https://www.realestate.com.au/property-house-vic-parkdale-426728354
    For around $720 p/week.

    To buy it would be at least $1.5M with a view of the beach in this part of Parkdale.

    Thank god for negative gearing, how good is Australia?

  27. TailorTrashMEMBER

    As a young man travelling in India I was always aware of “identifiable movements “ ………….not pleasant on a chaps shoe …..

    Now we have them in another context in Mascot ………this should be a source of national shame for Straya …….our children could have gone into a million in debt to
    buy one of these “identifiable movements “ …….looks the same …smells the same ……is the same …….how up the sh1t is Straya ?

    The only hope I have is that as more of these come on ( …and there will be more ….many more ) …our Chinese ( nationals ) buyers will stay away and we might get somewhere back to having homes as homes for our children and grand children …….

    I watched Gladys on TV tonight pretending a government response ……….like a beached fish …….

    https://www.smh.com.au/sydney-news/mascot-residents-evacuated-after-identifiable-movements-in-the-basement-area-20190614-p51xwt.html