Weekend Reading: 12-13 October 2019

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Unconventional Economist

Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

Latest posts by Unconventional Economist (see all)

Comments

  1. I really need gold to fall tonight below $1475usd. It will allow me to place my last couple of pieces on the chess board. Targets are RRL and SAR – already own some but want to load up few more at lower prices. Then wait game starts.

    Edit – and it was on its way to $1475 until Iran oil tanker hit.

    • Share prices are currently a fair way below highs yet AUD Gold price has been above $2,000 for 3+ months. Should be a few positive 1/4 ly activity reports coming out?

      • most Aus gold miners have locked/hedged most of their production at sucker’s prices so it will require gold price to stay up much longer before these companies will see real benefits. As a result lot of our goldies are overpriced.
        Merican and Canadian gold miners tend to hedge lot less.

        • Careful of the hedged ones Nik they can implode as their costs go up but their income stays the same…… I’d thought the tards learned their lesson last cycle…. I know I did – put me out of the game! I’m guessing the 2 you mentioned are unhedged?

          Talking his book, but – https://www.youtube.com/watch?v=BnTHFGS58iE

          • both have hedges that are not great. RRL has better or should I say more flexible hedge arrangement but nevertheless hedge it is. What both have going for is low production costs and huge growth potential from organic growth – no pressure to pay too much in order to secure more production – like SBM even though I do own some SBM now that they are down near the bottom. Just to say SBM can go further down though.
            And for SAR it seems they will be going into nickel production too. See their last couple of announcements.

          • also to add.. reason why I need gold price to go down (for Trump to shut up for 3 days and CIA to stop provoking new war around the world) is so I can buy SAR close to $3.30 and RRL closer to $4.60. Why?
            Even if I am wrong and the world (except for Russia who is not in this position) somehow pays back the money their borrowed and new manufacturing processes are done without automation so people start getting well paid jobs and gold price falls $300 per ounce, SAR and RRL will fall at levels where I can double my holdings and in 2 years I will sell at 25% profit which is better return than any bank IRs. Both companies will be producing lot more ounces by then and still at very low cost which means their profits will be much higher.
            But if I am right and we go into global depression and gold price passes Saturn then I am in for a treat.

      • proofreadersMEMBER

        How good is Thailand. How wasteful is Straya. Phil, Josh and ScoMo will have to advocate better use of our space, particularly as we cram more sardines in to our tin in the immigration ponzi..

    • it’s about EM radiation causing long term consequences
      if a lighting hits the tower or any of the towers around, someone is likely to get killed if standing near by

      remember “don’t stand under a tree” rule – this is much worse because towers are more conductive and connected to each-other

      • Ronin8317MEMBER

        It will be rented out, and the landlord can buy life insurance on the tenant and profit from such an event.

      • Take a look at even the more affluent suburbs where these things traverse. Houses inside a few hundred metres often tend to be noticeably unkempt. You’ll find EMF readings of 10-20mG (0.5-2.5mG is considered OK) in these zones and my theory is it screws people’s health big time. Also, for house hunters, take note of streets where a mini transformer sits on a standard street pole. That street will definitely carry a 5+mG radiation level and more often than not the nearest house will look like Steptoe and Sons. Avoid it like the plague.

        P.S. standing in front of your microwave whist it’s cooking will expose you to 25mG, temporarily of course.

        • Mining BoganMEMBER

          Is that why when waiting for the microwave to finish I often hear the ding and open the fridge door to retrieve my snack?

          True story.

        • buttzilla eight

          read a book about EMF radiation, lady author was from Tanah Merah here in SEQLD. She got a tower blocked there near her house. Turns out Australia has little to no regulation on milligauss levels to the tune of 250x. we accept 1000mG max while USA/Euro its a 4mG limit. I saw a mid station next to an all-ages school not long ago. Bunch of monkeys planning this joint.

    • Red blood cells – haemoglobin, myoglobin contain iron which is ferromagnetic. Strong magnetic fields surround powerlines carrying high voltage and currents. 1+1= higher risk of blood cancer over the long term

        • Yeah I know but I think it’s linked somehow with the iron which is ferromagnetic and attracted to the magnetic field. The whole leukaemia link is obviously ‘unexplained’ however I have a friend in the powerline industry who had a form of leukaemia which he overcame but it is common apparently in that industry.

          • There’s a case that was won in recent years by a Radar technician who was continually irradiated in the Navy – they tried everything they could to discredit him, but his party trick of lighting up globes like Uncle Fester for years after leaving the service was hard for them to dismiss. He’s an old man now & has Leukemia too….. says he wasn’t the only one, but he was the only one who lasted long enough to get laws changed within the military – before him they didn’t GAS! There’s something in it!

        • Get an iron supplement, put it in a light plastic cup and in a tub of water. Then get a neodymium magnet and you will see the attraction. Iron supplement is iron

      • But, in Australia, that numpty is considered a genius. People would even stand in a group partaking in a buffoonery extravaganza they call an “auction” and even applaud the individual that that commits to parting with the most cash.

  2. I just got the water bill – yes my water meter ticks over by 15 Litres per minutes when I have a shower – and there is an erratum with it!

    The erratum is an advert for Water Aid that is asking me to help kids in Africa.

    Would it not be more appropriate to order negatively geared houses to install rainwater tanks. How about connecting a third pipe to many houses in Aussieland.

    • ErmingtonPlumbing

      Yes Im all for any government mandated solutions that involve extra Plumbing work in Sydney.
      Good call Jay.
      I reckon I get 20 litres a minute out of my shower head.
      😎

      • The Traveling Wilbur

        My showerhead brings all the boys to the yard
        And they’re like, it’s better than yours
        Damn right it’s better than yours
        I can teach you, but I have to charge
        My showerhead brings all the boys to the yard
        And they’re like, it’s better than yours
        Damn right it’s better than yours
        I can teach you, but I have to charge

        I know you want it
        The thing that makes me
        What the guys go crazy for
        They lose their minds
        The way I turn them
        I think it’s time

        La la, la la, la
        Warm it up
        La la, la la, la
        The boys are waiting
        La la, la la, la
        Warm it up
        La la, la la, la
        The boys are waiting

        My showerhead brings all the boys to the yard
        And they’re like, it’s better than yours
        Damn right it’s better than yours
        I can teach you, but I have to charge
        My showerhead brings all the boys to the yard
        And they’re like, it’s better than yours
        Damn right it’s better than yours
        I can teach you, but I have to charge

        Oh, once you get involved
        Everyone will look this way, so
        You must maintain your charm
        Same time maintain your halo
        Just get the perfect blend
        Plus what you have within
        Then next his eyes’ll squint
        Then he’s turning up your taps

        La la, la la, la
        Warm it up

        My showerhead brings all the boys to the yard
        And they’re like, it’s better than yours
        Damn right it’s better than yours

    • Africans should stop having six kids. Maybe 0 or 1 like everyone else. That will solve their problems.

      • Bangladesh has got the birth rate right down – almost 2 per woman now.

        We need to get the birth rate down to below 2 per woman in every nation.

  3. Mining BoganMEMBER

    This is what we need, a few folk worried about being burnt alive as they wander through their daily lives.

    https://www.abc.net.au/news/2019-10-11/flammable-cladding-fears-in-adelaide-apartment-buildings/11595868

    This bloke isn’t quite with how Straya works.

    “Adelaide councillor Phil Martin said he wanted the council to release the information it has. “In these circumstances, governments hiding information doesn’t build public confidence, it actually destroys it,” he said.”

    Hiding information is what governments do you nong.

    • Actually being a specialist STD doctor to the wealth set is quite lucrative, not to mention men kit dysfunction.

    • But to be fair, then you’ve got the likes of big JD in that story…says he visits a couple of times a year… Well, if you’re going to regularly stick it in the front and back of anything that moves, I’m not sure why he shouldn’t be coughing up a little, so to speak. Entitlement, eh.

    • yeah, only government debt is bad because, … you know, government that cannot repay its debt goes into receivership

      long live the surplus

    • MountainGuinMEMBER

      Poor buggers. Thinking about the lady who runs a retail shop, even when the rains come how long until people open up their wallets again?

      • Mining BoganMEMBER

        Doesn’t the story go that great depression children never opened their wallets again? Harsh times does harsh things to the mind.

        • Apparently this is general, people who have suffered thru bad times never open their wallets again. We must have got to the point where that folk memory was lost.

          • Not with the high profile diaspora from WW2 who still suck the planet dry so they can never feel poor again – affected for life & everyone else will still be long after they’re (soon to be) gone.

          • I lived in Ireland during the crash, it certainly makes you more conservative because you see what having no money looks like. But I do spend, just not at the same rate as many locals in Australia do. That’s why I have a decent house deposit, but I was also willing to suffer while renting a substandard house for many years now. I’m willing to endure short term pain for hopefully longer term gain.

        • Well, obviously, if you never open your wallet again, then nothing will go in, so it will remain empty.

        • TailorTrashMEMBER

          My parents grew up in the Great Depression ….they knew the value of a quid ……..and boy, was a quid a lot of money …….they were frugal and sensible and thought debt was shameful……….poor things never understood how to get rich …………..and neither have I …..I have no debt ……I am a failure ……..

    • Ronin8317MEMBER

      That makes the sell out of the Kurds even worse, doesn’t it? So much for being a ‘Jacksonian President’.

      Saudi Arabia’s crown prince made a very good investment in Trump’s son-in-law.

      • The thing that gets me is why would anyone enter a contract with those that have a track record of breaking them when it no longer suits their agenda, which IMO then makes life so easy for say China E.g. all they have to do is honor contracts and the choice is easy. The other rub is the Kurdish are great fighters without all the attendant baggage the fundamentalists conservatives groomed over the period in question to poke the USSR in the eye.

        To expand on that I recently was informed that a few groups are looking for ex death squad members from the Central American experience that got parachuted into L.A. as refugees and low and behold started what we now call MS-13. The person in question was interviewed as well as their mother.

    • The only difference between Trump and the rest of them is that Trump lives in a different part of the same wretched swamp.

  4. From across the Tasman, Rodney Dickens argues that “the 1% OCR is not as dramatic as it sounds”.

    Distilled to its essence:

    – this low rate does not reflect a crisis!
    – owing to strutural changes by the RBNZ the effective OCR is actually 3.5%!
    – borrowers are subsidizing retail depositors!

    In other news: Black is white, up is down and Georgia are really favorites to win the Rugby World Cup.

    Is it any wonder that contemporary economics is about the most discredited ‘profession’ in existence.

    • Gillian Tett’s piece on shadow banking flows with traditional banks over at FT is instructive, but hay, mainstream economics has not had a functional model of neither the monetary system let alone the financial, yet thinks its informed to set policy directives. Too intent on spreading the good word ….

  5. Mark Blyth discussing populism and the economy.
    https://youtu.be/eW90T7ZB7L4

    The joy of this clip is that he is being interviewed by someone from the Netherlands. Mr. Blyth takes every opportunity to tell the interviewer that Northern Europe and the Troika are not the Saints they think they are.

      • Also he needs a good root at one of Reusa’s parties – as a CEO on the go – he’ll get admission in a heart-beat.

    • ATO audit on the way? The cynic in me asks how many Australian engineering grads do Matt Barrie’s companies employ?

    • Freelancer.com another means of suppressing wages and subverting minimum wage laws. Much like the twats at Atlassian, Matt Barrie is part of the problem and not part of the solution.

    • He seems to have it backwards. The economy is crap because manufacturing declined because the education system is broken?

      30+ years without an industrial policy is what has lead to this. An industrial policy would inform the energy policy, the education policy, the trade policy…etc etc etc.

    • Dutton can say all he likes, Chinese political donations have dried up along with Crown VIP instavisas.

    • Dutton is running interference to distract us from talking about the Economy.
      Insiders today is a prime example.

    • He was widely ridiculed on twitter for that article.

      I wonder if he’s consciously decided to trade credibility for clicks, or if it’s just a misguided – or desperate – lunge for publicity.

  6. I just returned from a road trip from Newcastle, down through Sydney, Canberra, then Melbourne — most of my time spent in Melbourne (considering moving there.. fallback is just go chill overseas for a while).

    I couldn’t believe, like Newcastle, how screwed these cities look. I had some idea, based on all the bear pron, how the broader economy was doing.. and was getting frustrated with people blaming all the local economic woes on the light rail and apartment construction reducing foot traffic here in Newy.

    But seeing these cities and surrounding towns in person just confirmed what I thought.

    Plenty of commercial RE for lease or sale everywhere, and a metric shite tonne of (largely) resi construction with some mixed use / commercial.

    Things look pretty dire

    • Yep. It’s vomit inducing really. Australian cities are well and truly ruined – physically, culturally, environmentally, in every aspect. It will continue to get worse. A pathetic shame really. The country could have had amazing cities.

      Immigration madness to pack as many bodies as possible into cities, property development/real estate greed/obsessed parasite culture that is infected all levels of government and the psyche of at least two generations and all newcomers. Governments hell bent on the sellout of Australian assets and real estate to foreigners. A university system totally reliant on foreign students with poor English. The list is endless as to why Australian cities are a massive and permanent short.

      • Used to live in West Hobart and worked for the Tas Treasury. Loved the place and never should have returned to Canberra (long story). Cairns weather much better.

        Haven’t had an explanation why all my posts are modded, but I am sure I will get one at some point.

    • Chris J – probably due to the need to change the gauges at the border …

      (but yeah, not infrequently I have had attempted posts on MB sent into the ether but I just move onto somewhere else, it seems to be a feature rather than a glitch … I tend to be fairly verbose which may trigger a boredom filter).

      PS: Also, this place certainly needs an afternoon forum – gunna, mate, as the fourth musketeer, use your influence.

    • iirc CME never liked delivering Phys when contracts expired, offered money instead, it was purported that they didn’t have enough of the real thing to deliver…… rehypothecation……

      Which leads me to – Unallocated/Allocated? Is it a way to get gold without it being traceable? And “if this takes off it’ll pay dividends for the WA taxpayer” – How?

  7. Well boom times ahead Melbourne! Results were available early today.
    https://www.domain.com.au/auction-results/melbourne/
    850 auctions.
    594 confirmed.
    465 sold.
    Yet we get 75% clearance rate.

    Interestingly the property I was interested in didn’t sell and isn’t listed. I had read a contract of sale prior and saw there was a caveat on the property for South Eastern Water. Agent tried to dismiss it as just being a bill dispute, but if a bill is paid the caveat gets lifted quickly. Something odd going on. I don’t like buying at auctions, it’s unconditional, much rather negotiate outside of auction and set my own terms (especially with a caveat present).

      • average mortgage size doesn’t resemble any connection to the real world (otherwise it wouldn’t be $500k)

        this number is distorted by split loans (according to the Deutsche bank average size in underestimated by 40% just because of split loans), refinance (almost all of smaller than average loans are refinance), …

        Last quarter there were maybe few sales under 500k in all of NSW, yet average is around $500k (average is always very skewed toward higher numbers, so median would be well under 400k and that’s just ridiculous even assuming upgraders constitute 90% of sales)

      • Larger average mortgages seems consistent with the recovery being driven by the top end, as Neruda Conisbee has stated. Perhaps Scummos first home buyer plan will ignite the low end. You would assume that’s the plan.

    • Australian property auctions are by far dodgiest condition of trading seen in western world and wouldn’t stand a trial in high court and would definitely be declared unfair trading if ever brought to the court
      totally skewed toward vendor artificially inflating price (vendor bids, undisclosed reserves, …), no cooling off period, with no liabilities on vendor side (owner or agents), disclose of information protection for vendor, … totally unconstitutional – middle ages style trading

      • +1 the whole thing needs to be totally reviewed. Vendors must disclose reserve beforehand IMHO. How can you go to an auction and waste all that time inspecting etc.. if you’re not even in the ball park? It’s like listing a car for sale without a price. Even Million Dollar Ferrari’s are given a price estimation.

    • Gav, clearance numbers are being gamed big time.

      Here in three places reported as sold at auction have not sold at auction

      That said, investors seem to be back in force. Places selling for cash, no settlement period, sight unseen.

  8. Hill Billy 55MEMBER

    Of the 60 Auction sales reported for Queensland 14, almost 25%, were sold prior to day. This shows that the market is not as bouyant as people think. If the vendors are confident, they take the auction day happy pills.

    Also the private treaty sales for the week are back down under 800 (actual 789) after 3 weeks around the 900 mark. This will be interesting to see what direction it goes.

  9. Question for the chemists/physicists.

    I have a sodastream, and you know you gas the water until the relief valve goes ( so fill, then pfffffft when pressure is high).

    I normally let it relieve three times, and try to leave it for a minute or so pressurised before unscrewing it.

    My question is, does that make any difference, or should I just let it relieve once and take it straight off?

    I guess I mean, does it take more fizz the longer I leave it on?

    thanks science dudes answering the big questions!

  10. TailorTrashMEMBER

    Went to a BBQ today ……..lots of smug boomers ( arrivistes in my generation ) talking about how they made great investments in property …..and were now helping their children into ………yes …………..property ……..it never seems to occur to them that the property they are helping their kids into are total sh1t …..the great delusion continues ….
    ……………….how good is Straya ?

    • It’s both frustrating and weird to live in an era that you know will be written about in history books. It’s quite surreal thinking it’s all so nuts yet the majority seem to have convinced themselves that selling property to eachother for ever increasing amounts is how the economy is supposed to work.

      • don’t worry, even when crash happens and stupidity gets exposed it’s going to be forgotten in matter of years and the same thing will repeat in a decade or so

        just look what is happening around the world, US has as large bubble as it had prior to GFC, Ireland – like nothing ever happened, even Germans praised for not being dumb for centuries inflated the largest bubble seen in continental Europe

        people are not only dumb and easily fooled but also extremely forgetful

      • Timmeh – another example of the counter-rationality of people …

        …when people wipe down gym equipment after use they invariably wipe the seat first then the handles. I suspect they think they are being courteous or community minded but in reality they are smearing their crack juice over the handles for the next user to sample their coliform population. Do weights training: it’s good not only for your skeletal and muscle systems but also for your immune system.

      • Helps to understand that rational [what ever some seem to think that is] and economics is a logical thingy ….

    • GunnamattaMEMBER

      I am just in from being out listening to something similar.

      A nice sunny afternoon in Geelong listening to people talking with wonder about how starting next year they are going to build 160 thousand houses around Lara and Fyansford, and listening to ‘plans’ to have suburbia running essentially from Werribee all the way down through the back of Geelong to Torquay (which apparently is trying to retain some sort of ‘surf village atmosphere’ (which I reckon it lost a generation ago anyway) and apparently to have suburbia run all the way along the surf coast to Anglesea.

      There was a weird sense of triumphalism by mainly aged people who have sold out of Melbourne and bought places half the price along the strip, which they are now anticipating will allow them to double their ‘assets’ backed by rampant demand for housing.

      I did raise the issue of what all these people are going to do for jobs – if they werent to be tradies supplying endless houses or aged care workers – but that seemed to raise with the people present (all newcomers to the area) the possibility that I was some sort of cross between a ‘yesterday’s man’ (which I suspect I am) a ‘big government man’ (which to them meant I was a tax the shit out of the rich and create a data driven public sector) (which I suspect i am) some sort of ‘Marxist’ (which I suspect i am) and a ‘generational warfare’ aficionado (which I suspect I am).

      Fortunately we all needed to head home when the sun went down and the local mosquitoes came out to share Buruli ulcer with everyone. I just wish I could pioneer a mosquito which would target babyboomer property speculators and sundry bandwagon types.

    • Friday night mate of mine told me they are signing as guarantors for one of their kids and the partner to buy an apartment.

    • Nothing like strip mining the nose. On the drive to and from work it’s funny how many people, both men and women, search for inspiration in the privacy of their car thinking no one can see them. I did.

      • This was me last week. I looked around nervously at the lights. Then went for it. Was one of those long stringy boogers, pretty dry but with good elastic properties i thought.

        I was two rows back from the front of the traffic, so most people were looking ahead and don’t think anyone saw me.

        • Nothing like a good tug-o-war with a booger firmly attached to your nasal cavity. Saw this old bugger couple of weeks ago on the way to work, fvck me if he wasn’t at least two knuckles deep into his nose and he didn’t give a rats azz how was looking. Hope he was rewarded accordingly. Dead set champion effort.

          • Oh it was hugely gross. In panic wiped it on the car seat. Then realized what had done. FML. So had to find it on the car seat (more grossness), and then flicked it out the window.

  11. The Traveling Wilbur

    Soda Stream? Is that the pop equivalent of a novated-lease for car ownership?

    Just something poor people do?

  12. OK cvnts I’m playing Newtown next weekend Sat 19 October at a tiny hipster dive called the Mosh Pit.

    https://www.moshpitbar.com.au/

    These guys are great supporters of live music, so get down when you can. Pints of Coopers Green $10 which is reasonable considering the area.

    We’ll be playing almost all songs from this

    https://www.youtube.com/channel/UCymn6Baz7U7Ka1FCD9yNLEA/featured

    Harry does all lead, and we have pretty good new rhythm guit. This will be his first real gig.

    • I will think of you as I work my Sat evening shift in the supermarket deli in Mexico land. I would even spend $10 on a free beers and shout the lead singer if I could be there. Have fun, rock on and pray the oven doesn’t flood on me twice (Or even once) like it did tonight (yes dealing with commercial oven effluent is so much fun: hot detergent water water full of chicken skin juices and stuffing, I sure earn my less than$20 an hour at this job!)

    • Damn I’ll be in Melbourne with the real hipsters of this country. Not the pretend Newtown ones. Otherwise I’d go. For the Cooper mostly. 😁

      • “You see that big yuppie on the guitar there? I know him, kinda….well actually I don’t…ah, donbloodyworry”.

    • I saw that, interesting and I’m sure they are doctoring the results (which they never used to), but I tried the same search on DuckDuckGo and got similar results. Which makes me wonder if they use Google’s engine… It is a concern..

      • Wait, so you search on different search engines, get similar results in both, and your conclusion is that they are falsifying the results in the same way ?

  13. Global Air Freight Decline Now Worst Since 2008 Financial Crisis … Zerohedge

    https://www.zerohedge.com/economics/global-air-freight-decline-now-worst-financial-crisis

    The escalating trade war between the US and China has accelerated the synchronized global downturn. Global exports continue to collapse, and the global Purchasing Managers Index (PMI) remains under 50, stuck in contraction territory. All of these ominous signals indicate a global trade recession could be imminent in 2020.

    New data from the International Air Transport Association (IATA) shows global air freight volumes, measured in freight tonne kilometers (FTKs), plunged 3.9% in August YoY, and this was the tenth consecutive month of contraction and the most extended decline since the 2008 financial crisis.

    Global trade volumes are quickly slowing, down over 1% from a year ago. … read more via hyperlink above …

    • funny how everything is now pinned on the trade war between you know who. this slowdown started way before Trump. He caused short term sugar rush with his tax cuts but that was always meant to be short lived.
      Rest of the world still thinks once US and China sign a deal that China will introduce 2016 style stimulus but lot will get disappointed as China simply can’t afford more empty cities.
      EU (particularly Germany) depends on exports to China and rest of Asia while China is slowing down so no chance for EU to pick up.
      China must slow down and deal with its shadow banks and debt. Bad news for EU, Aus and rest.
      US – $23 trillion of national debt and $126 trillion unfunded liabilities.
      And there is Deutsche Bank.
      Plus, when US and China are going to sign a deal?? What they agreed now is nothing. China agreed to buy what they really needed to buy anyway and US agreed to relax some pressure on Huawei. All the big ticket items are not being agreed.

      • Why 50 Million Chinese Homes are Empty … Youtube … h/t PM …

        https://www.youtube.com/watch?v=f5SE47Xjx2Q

        Just commenting on ground leases … some 70 years for residential and generally about 35 for commercial / industrial.

        My understanding is that they automatically renew at the end of the term, with no further capital charges / fees.

        It could be described as ‘freeholding with Chinese characteristics ‘.

        The local government funding arrangements are not sustainable.

      • The Traveling Wilbur

        Agree. And have been waiting on the side lines accordingly. Which (now bonds are significantly less interesting) is going to get painful. Soon.

        I guess the question is, what kind of timeframe can we put on the rest of the world acknowledging and accounting for all this? Serious question.

        17.9 months©™? (not so serious an estimate).

        • serious guess.. next 24-48 months starting to count from around June 2020. Lot of debt needs to refinance starting 2019 and going into 2020/21. This could be the reason why FED is pumping money into the repo market. Will it be enough to stabilise the system or will panic ensue and people rush into gold, silver, platinum.. who knows.
          One thing that looks for very likely is, by next June all developed world will have 0 or negative IRs and everything will rely on Fiscal. Automation will keep accelerating and make things worse as more and more people will be left out of work while billionaires will be paying less and less tax. Riots will follow and we (the west – predominantly EU perhaps even US (I know this may raise few eyebrows – US) where we are just forced to follow) will have to chose between two things:
          1. Accept dictatorship similar to hunger games style system where kids of certain class will always get certain jobs rather than on merit. It is bit like that now but it is still masked to some extent.
          2. Bring the system down and abolish money or at least profits in the form how is/are applied/treated now. This option may be a violent one where few guillotines will be used and our own MB will be celebrated as best executioner in the west.

          In the meantime I am still looking for another volunteer to join me to see the cvnt on Saturday night.

  14. NEW ZEALAND …

    A wrap of the not so politically sexy work underway to increase the supply of houses… eventually … Jenee Tibshraeny … Interest Co NZ

    https://www.interest.co.nz/opinion/102094/wrap-not-so-politically-sexy-work-underway-increase-supply-houses-eventually

    By Jenée Tibshraeny

    Any resolute folk out there still holding their breath over the Government making real headway addressing the housing crisis, please come up for air.

    Change is on the horizon, but it’s taking time.

    The Government has successfully pushed through policy changes aimed at curbing housing demand – particularly by speculators.

    But the crucial supply-side reforms key to unlocking land for development, funding infrastructure, getting large-scale government-led developments built, and sharing risk in a way that doesn’t stifle development are a wee way off. … read more via hyperlink above …
    .
    .
    … Housing is by far and away the major public policy issue in New Zealand ( extensive further background info via http://www.PerformanceUrbanPlanning.org ) …

    IPSOS New Zealand Issues Monitor – July 2019

    https://www.ipsos.com/en-nz/ipsos-new-zealand-issues-monitor-july-2019

    • If you look at Kailas Companies, long dynamic history with the site before and after breaking ground – for the project, wellie tripwires everywhere you look.

      “In a statement released Saturday, Hard Rock International said the contractor on the project, Citadel Builders LLC, was hired by the project’s owner, Kailas Companies, and that Hard Rock “has had no involvement in the construction of the project.””

      Start from there and read down – https://www.nola.com/news/article_1df7303e-ecfe-11e9-88d2-cb66b5309a90.html

  15. Credlin must be reading Leithal’s work, without a shadow of a doubt.
    https://www.heraldsun.com.au/rendezview/morrisons-immigration-figures-are-the-stuff-of-fancy/news-story/c8981f0b064cb673adec0851ad42234f

    ‘The Morrison government wants you to believe that it’s cutting immigration.

    And it’s talked a big game on population after Australia hit 25 million much earlier than projected. But buried amid commitments of a 30,000 a year cut in our permanent migrant intake is a change that all but guarantees record levels of immigration will continue.’

    ‘I accept that, all other things being equal, more people means more tax revenue and a bigger total GDP (although not necessarily higher GDP per person which is why many of us feel we’re going backwards, because we are).’

    ‘Indeed, one of the reasons why immigration seems only to go up, never down, regardless of domestic economic circumstances, is Treasury’s belief that it’s always good for the economy, even if our cities are full of Indian accountants and Chinese computer programmers driving Ubers.’

    ‘The myth that Australia’s immigration programme is bringing the world’s most highly skilled people to Australia is a story for another day.’

      • Mining BoganMEMBER

        To be fair, her time there involved teaching our Tony to keep repeating “Carbon Tax!” and keeping his mouth shut when he breathed.

        Wouldn’t be much time left to talk about other things.

        • and to add to that, from memory, immigration under Tones went up by fair bit. So she had no issues then. If I am right and she does not acknowledges that she went wrong on immigration then she is just a hypocrite sh1te who plays populist politics.

  16. The Traveling Wilbur

    Dear Mr Lowess.

    Thank you for my 0.14 rate cut. Is Santa bringing the other .11?

    You will be pleased to know that the household has added an additional small coffee to the weekly budget (takeaway, $3.30).

    Hope this helps.
    Good luck with the Chinamen and Amerimen.

    Yours,

    Wilbs.

    • Got in 20 minute ago: mowed 8 acres, including the orchard, cleaned and greased both mowers before putting them away.

      Had a shower, and having a beer now.

      Shut in? What shut in?

        • Not really – not a lot to evacuate considering I didn’t have breakfast or lunch. But thanks for asking! 😀

          • Actually blades for pro mobs is swapped out at half time for the day, but no shape edges, profile and then flatten the cutting edge. Dull blades stress the grass and limit growth, FYI cutting height is another key consideration.

          • Cutting set at the highest. Seems to keep the grass happy. Also, this is not a pro operation. It will do. Blades were sharpened 6 hours ago on the clock. Cuts like a razor.

    • Got the vege beds ready for planting… layers of straw, chicken poop and compost … planting next weekend. Hope i don’t buy a house and have to move!

  17. WTF is wrong with Keneally? Why on earth should we bring back Isis fighters? Labor have turned into full blown open borders spruikers who couldn’t care less about people in their own nation. What the hell is wrong with them these days?

    https://www.theguardian.com/australia-news/2019/oct/13/australia-has-moral-duty-to-bring-home-foreign-fighter-families-in-syria-kristina-keneally-says

    “Keneally also put pressure on the Morrison government to return people who fought for Isis, pointing to the possible resurgence of Isis if they are left in Syria and arguing the government has a “full toolkit” to manage the risk of bringing them back to Australia.”

    FMD

    • Kristina Keneally has warned the window to bring home Australians held in prisons and camps in northern Syria is closing, arguing the government has a moral duty to repatriate women and children taken to formerly Islamic State-controlled territories against their will.

      […]

      “I think all Australians would agree with the prime minister and [home affairs] minister [Peter] Dutton that the 40 or so Australian children or children who have a claim to an Australian citizenship are indeed innocent victims,” she said.

      Which part of that bothers you ? Or qualifies for even the laughable definition of “open borders” that gets used here ?

      How about the same question with a different player: should Australia be trying to help Assange or throwing him under the bus ?

    • I agree to bring women and children. not so sure about bringing any fighters back. I would hand them to Assad to deal with them and pay him good coin to keep them in his prisons.

  18. C.M.BurnsMEMBER

    Visa, Mastercard, Stripe, and eBay all quit Facebook’s Libra in one day (and Paypal quit the week before)

    The timing is not a coincidence. The Libra Association is scheduled to hold its first official meeting on Monday. At that meeting, members will be asked to make binding commitments to the project. So for members who weren’t prepared to commit to the project, Friday was a good day to get out.

    https://arstechnica.com/tech-policy/2019/10/visa-mastercard-stripe-and-ebay-all-quit-facebooks-libra-in-one-day/

    • Well it’s Porject Veritas, so even if that link wasn’t coming out of ZH credibility would be near zero.

      • Well you only have to look at the post above you….

        I remember on one of the earlier Veritas pieces, not long after Planet America ran a hit piece on James O’Keefe with the most spurious nonsense. By that stage I was well knowing of what ‘shaping the narrative’ looks like and I was seeing a clear one unfold before me,

        The ABC has to get on the front foot and declare ‘skepticism over the veracity of Project Veritas’… so all their compliant, non thinking mid-wits will drone the same thing.

        Sure enough, Project Veritas, with a 100% accuracy rate since it formed, has the same above mentioned person declaring they have zero credibility.

        Propaganda does work.. it works on those not-too-smart, but it does work.

        • interested partyMEMBER

          ” Well you only have to look at the post above you….”
          lol…..the poor fool is trapped in his own making……I only exposed the stupidity within the post.

  19. Anyone who thinks drug abuse, incest, suicidal depression, infidelity, self loathing, snobbery and sarcasm are the makings of entertainment Buttercup Cumbersnatch is a stand out in the series Patrick Melrose on aunite tonight (the whole series is already on iveiw). Hugo Weaving also nails it, damn him.