Links 9 October 2019

Global Macro / Markets / Investing:






  1. ‘Millennials are to blame for sluggish economy’ – CNBC

    Millenials show the prudence and restraint their elders were incapable of while attempting to make sense of, and deal with, the giant mess that has been left for them. As always, I blame the parents.

    • “The longer I live, footsie, the more keenly I feel that whatever was good enough for our fathers is not good enough for us. In art, as in politics, les grand-pères ont toujours tort.”

    • Spend too much on Avocado on Toast it’s your fault you can’t buy a house. Don’t spend enough on shiny widgets and the economy struggles. It’s your fault. Can’t win. I can’t help but feel that we deliberately get gaslighted by the media. Hence why I understand if the oldies are like stuff this climate change nonsense, I don’t trust the media at all…I can almost understand it.

  2. The ACTU gets it, Labor doesn’t.

    While Labor has yet to formalise its position, MPs at the meeting are understood to have outlined arguments in favour of supporting the new trade agreements, but also committed to try to negotiate changes on labour market access and investor dispute clauses before supporting the bill’s passage through parliament.

    The negotiation comes as the Australian Council of Trade Unions ramps up pressure on Labor to oppose the legislation, releasing new polling that shows up to 80% of voters in key seats oppose trade agreements that grant foreign workers visas without labour market testing.

    The ACTU president, Michele O’Neil, who was at Friday’s meeting, said there were currently 1.4 million people with temporary visas with work rights at the same time Australia was experiencing record low wage growth and high youth unemployment.

    • ACTU is mad if it thinks labour market “testing” is the solution.

      The solution is to put a massive tax on every work visa – $1000 per week per visa.

  3. Moments like these you need a Minsky

    Perhaps the elderly Americans who will miss out on their GE Long Term Care Insurance or pensions due to GE accounting fraud can fly over the wall to Cuba….. or catch a ride on a barge. (US$10,000 hip replacement in beachfront private hospital +all the cigars you can eat vs US$200,000 uninsured hip replacement at US hospital).

    The idea of “Barge economics” (Palley 2007, 2008) draws on the observation by Jack Welch, former CEO of General Electric, that he would ideally like having “every plant you own on a barge”. Welch envisioned factories floating between countries to take advantage of lowest costs, be they due to under-valued exchange rates, low taxes, subsidies, absence of regulation, or abundant cheap exploitable labor. Neoliberal globalisation made “barge economics” a reality.

    Neoliberalism, joined at the hip with neo-colonialism through finance.

    • Don’t forget those PR marketing promos about the investor wealth set cruising the international tax free seas on luxury ships back in the day … its only rational.

      • Moments like these you need a Minsky

        I can picture the moment now…. unbridled open ocean sailing…….financial innovation for ‘shareholder value’ and executive profits leading to fraudulent accounting anomalies, mostly in offshore SPV’s (Special Purpose Vehicles) with the barge really getting a head of tax free steam under Immelt in the 90’s.

  4. An Irish haka we could all do! 😂
    “Indeed if we are to engage in these cultural activities in rugby, perhaps Ireland’s opponents should have to spend a few minutes watching our players sitting around a table in midfield, sipping cups of tea and bemoaning everything from economic migrants to the latest bin charges.”

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