Links 20 August 2019

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Comments

    • Incredible stuff! The sentences sound so realistic!

      What was the problem with chatbots in 2015? Were the robots not able to understand me?

  1. Adani group: How one billionaire could keep three countries hooked on coal for decades – Economic Times

    The Economic Times just reprinted the New York Times article – without the photos:

    https://www.macrobusiness.com.au/2019/08/links-16-august-2019/#comment-3411849

    35 comments under the ET article, including a few sage comments:

    FEKUNOMICS. Charge high tax from Indian working middle class and provide subisidy to Adani and Ambani. In return, they will provide enough donation to the Joomla party for the next election. Thank to the great FEKU and we idiots, day time robbery has been made legal in India.

    Robin Pandey

    Political “donations” are the bane of all societies that allow it.

      • skippy, free speech is enshrined in the US constitution but not the Aussie constitution nor the Indian constitution.

      • Yet most that utter the term have no clue what it actually means E.g. not anything you want.

        Yet that has no bearing on Citizens United, suggest you read up on it first.

  2. The Traveling Wilbur

    Bonds are a bit like The rhythm method.

    You feel all safe and secure for a while, but then you start worrying about when to pull out.

  3. NEW ZEALAND … THE FONTERRA FIASCO …

    Keith Woodford explains how Fonterra’s Australian operations must now be centre stage to Fonterra’s financial unravelling … Interest Co NZ

    https://www.interest.co.nz/rural-news/101280/keith-woodford-explains-how-fonterra%E2%80%99s-australian-operations-must-now-be-centre

    Fonterra’s announcement that it expects a loss of around $600 million or more for the year ended 31 July 2019 has big ramifications for Oz Fonterra. With overseas-milk pools now lying outside the central focus of Fonterra’s new strategy, and with Fonterra seriously short of capital, the Australian-milk pool and associated processing assets look increasingly burdensome.

    If Fonterra were to divest its Australian operations, then it would demonstrate that Fonterra really is retreating to be a New Zealand producer of New Zealand dairy ingredients. It would also reinforce the notion that consumer-branded products are now largely beyond its reach. … read more via hyperlink above …
    .
    .
    Google Search NZ ‘Fonterra” …

    https://www.google.com/search?source=hp&ei=JiFbXdKxGtDez7sPwf6DqAI&q=fonterra&oq=fonterra&gs_l=psy-ab.12..

    • Thanks Hugh for Fonterra link. A tragedy for NZ and Oz dairy farmers. Perhaps the NZ dairy farm ponzi scheme relying on cheap compliant imported workers will now be under even more pressure?

      • ITAg … You may find my response on the MB ‘commodities’ article thread above to Bubblewatcher of interest …

        Posted at … https://www.macrobusiness.com.au/2019/08/australian-dollar-smacked-commodity-crisis-builds/#comment-3413974

        BubbleWatcher … It is one of those commercial abortions … a cooperative … where what are grossly overpaid government hacks play business managers.

        They couldn’t run a bath.

        You need to check out the history of poor decision – making … and speak to those familiar with Fonterra.

        Newsrooms Managing Editor Bernard Hickey reported on Fonterra recently. It is well worth a read …

        The day the Fonterra dream finally died … Bernard Hickey … Newsroom

        https://www.newsroom.co.nz/2019/08/13/752126/an-annus-horribilis-for-fonterra-farmers-59b-of-losses#

        Another much smaller dairy cooperative Westland Dairy failed recently … and picked up by Chinese interests …

        Yili takes ownership of Westland Milk … Otago Daily Times

        https://www.odt.co.nz/rural-life/dairy/yili-takes-ownership-westland-milk

      • Thanks Hugh. I am well aware of Fonterra’s track record and other dairy industry developments in NZ. I suspect I have been following the NZ dairy industry longer than you.

        There is a fundamental misunderstanding of the place of agricultural co-operatives in modern agriculture and why they no longer should have a significant role. Unfortunately there are still academics and agro-politicians who want to live the dream – without financial risk to themselves.

      • ITAg … Many thanks for your valued comments.

        I had been raised and involved in the rural sector until the age of 27. Well immersed in the culture … if you like !

        I agree with your perspective. They should have moved on from the failed structures decades ago.

        Talk about costly lessons. But have they learned anything ?

    • Remember Austerity is the poor paying [tm] for the mistakes of the rich …

      So calls for self flagellation … doing penance for lack of moral fiber … by the have not’s … so market equilibrium can be manually reset is a curious thought exercise …

      Best bit is the resulting social unrest has been know to be a calling card for more authoritarian measures lest the economy [gdp] takes a hit, not that its a cornerstone policy of neoliberalism or anything because as we know TINA …

    • Seems contra to the American experience, unless distribution vectors is a factor, regardless of immigration ratios.