Weekend Reading: 15-16 February 2020

Global Macro / Markets / Investing:







Unconventional Economist
Latest posts by Unconventional Economist (see all)


  1. First … reason (among many) that you can’t trust the stats.

    “At the hospital, multiple CT scans showed it was highly likely Ye had contracted the novel coronavirus and that it had spread to his lungs. Doctors deliberated if he qualified for a nucleic acid test, which would use the virus’ genetic sequence to confirm if he had been infected, but it was decided his case wasn’t severe enough, and the precious supply of test kits had to be reserved for more critical patients.”


  2. For the past 20 years, I’ve had a Valentines card from a secret admirer.

    I was sad I didn’t get one this year!

    First my gran dies, now this!

    • I have zero sympathy. They didn’t buy the vehicle to save the planet – they bought it to show off.

    • Not just Tesla that charges a fortune for OEM parts. Many car companies do the same.

      My Mazda FD Rx7 Recaro seat covers exceed $1500 per side, just for cushions..

      Nissan Skyline R33 GTR series 3 Xenon headlamps cost about $3-5k now..

      • boomengineeringMEMBER

        Hey Gav, only just saw your post, thought you were busy moving in.
        Re meat eating.
        Everything you eat is good for you, it’s the incorrect quantity that’s bad and can kill you. Cyanide, arsenic, lead all good for you in tiny proportions. Water can kill you if you have too much. Meat has many nutrients essential for good health. Many herbivores have a digestive system different than omnivores for good reason. Admittedly there are not many pure carnivores as the guts where the veggies are is eaten first, maybe inadvertently as easier to tear open.
        Of great importance are ingredients found in meat not discovered yet. This is why in the gym I told clients not to take supplements unless chronically deficient, ie vit C, as an orange has aroma then taste to incite pre saliva & mucus, mastication. bulk, fibre and all the ingredients in perfect proportion and harmony, as well as stuff not discovered yet. You probably already know the ill’s of pill popping so won’t go there.
        A lot of vegetarians always seem to have a pasty complexion due to a lack of something ( maybe they are the ones that don’t adhere to all facets of their regime). My advice to you is unless you take it very seriously and follow the guides then eat meat but in smaller helpings. (most meat eaters over do it).

        • Gavin – vegan here. I’m happy to put my bloods up against booms. If you want informed advice go see a dietician

          I know plenty of obese and generally unwell people who eat meat and dairy btw boom. A poor analogy

          • boomengineeringMEMBER

            Swampy, thanks for the expected reply. Nothing wrong with vegan’s if they do it right but both sides have their cowboys. I’m in full agreement that far too much meat is consumed and I’m also guilty of eating far too much in general. Just giving Gavin more than one opinion.

          • boomengineeringMEMBER

            That reminds me when the missus and I go out to a restaurant the waiters sometimes provide 5 sets of cutlery as per our multiple main courses.
            Once a waiter came rushing up and asked/exclaimed are you the ones I’ve been hearing about.
            Needless to say this has to stop.

          • boomengineeringMEMBER

            A lot of my life been surrounded by vegans, naturopaths and JW’s but never have been swayed by any.

        • When it comes down, I think any diet (Vego, vegan, keto, carnivore) is better than our modern western diet of excess as it allows avoidance of processed products (oils mainly) and sugars/processed carbs. Unfortunately the modern nutritional establishment is so far behind all of these and have no idea. I spoke to a dietician at work re: intermittent fasting and they blew their lid, all while recommending people eat highly processed cheese and biscuits as a snack. They work on mass global levels and try apply their information to an indvidiaul.

          • boomengineeringMEMBER

            Living with some hippies when young, read professor Arnold Ehret’s book advocating fasting but it wasn’t till recently I found out first hand how powerful it is.

          • You can have people who are vegan but eat unhealthy junk that is highly processed. Likewise you can be a meat eater and very healthy. My desire to limit meat is not because I don’t love it. I do, but it’s to do with what is sustainable and good for the planet but also to limit saturated fat and reduce cruelty to animals (factory farming) etc..

            I have gone vegan / vegetarian for a week or 2 while doing weight lifting and I found my recovery time faster plus I felt lighter and more energetic. But it’s hard to stick with it. I love fish, eggs, meat and don’t love eggplant (good for protein), love mushrooms cooked right etc.. but I struggle to stick with it longer term. Just feel like I run out of variety / options.

          • I do, but it’s to do with what is sustainable and good for the planet but also to limit saturated fat and reduce cruelty to animals (factory farming) etc..

            Uh oh, Gav’s a closet fake leftie ! 😀

    • Or you could just grow up and not post articles with zero references based on entirely anonymous “tip offs” with absolutely zero background checks.

      What a ridiculous post.

      Here is the light bulb in question – $36 dollars. It takes about 10 minutes to replace, oh no – the wheel has to come off – my current car takes less than 30 seconds, alternator in Toyotas is the same as the Tesla.



      • Hello Harry.

        You have confused a headlight bulb (i.e. globe) with a headlight unit (i.e. assembly)

        I have no idea at all why the dealer would want to replace an entire headlight assembly if replacing a bulb would do it (of course, it is probably an LED if you wish to be precise). But if, for some reason, it was the assembly that needed replacing, then I think your comment misses the point

        EDIT and if it was just the LED needed replacing then it’s egregious over-servicing by the dealer service department

      • I just went back and re-read the original comment and linked article. It was not the main globe that required replacing, it was the daytime running light system. You know those, the clever rows of LEDs that run all the time inside the headlamp assemblies to make expensive cars look important, like a presidential motorcade. This was the light that failed. It seems entirely likely that you would have to replace the entire headlight assembly in this case, hence the correct $4000 quote. Correct, but fvcking evil. Buy old cars, save your pocket and the planet at the same time

    • Hi Kolchak. I thought someone would have replied by now. I looked at 10 minutes of that fillum yesterday and I would have watched it all if I hadn’t needed to go out. I really liked what I saw and especially the soundtrack. I don’t know how to describe if someone doesn’t just automatically get it. It’s so crafted. Thanks

    • reusachtigeMEMBER

      Dude went to too much trouble. There’s a pill for everything. I could have given him one of my spares.

      • Problem is the 8yo daughter loves the Chats.

        I can’t see how I can watch this one with her, sadly.

        • ErmingtonPlumbingMEMBER

          Well not at 8 or my daughter’s age of almost 12 but once they start to enter those sexually active years (sad sigh) I think said clip above could be viewed as both an amusing and cautionary tale of sexual misadventures and of boys attitudes towards sex.
          I’ll certainly be adding that clip to my boy and girls, age appropriate, sex education.

  3. boomengineeringMEMBER

    Got caught out this morn, 5.00am surf by moonlight but when got out in more light saw how dirty it was.
    N Shel Point, the Entrance let all the lake floodwater out.

      • boomengineeringMEMBER

        Q/1, Aren’t you scared of sharks at night ?
        A/ 1, Where do they go during the day ?, never yet seen them get out of the water during the day.
        S /2, But you can’t see them at night.
        A/ 2 You can’t see them day or night, the only difference is the night time bogey man fear factor at night.

    • ErmingtonPlumbingMEMBER

      Ive surfed there many times.
      My mate owns a place at the end of swadling st where it meets oaks Avenue.
      He’s moving back into it soon after renting it out for years (moved in with inlaws when his wife had a baby)
      Are you going to move up there?
      My mate Mick will be surfing there every day it is decent soon and ill be regularly popping on weekends.
      We can all be surfing buddies,… but its a bit to Sharkie out there at Nth Shelly for me before dawn Boom.
      And I drown a lot easier when it big these days
      How big was it today?
      Huge swell rolling in apparently.
      Was it choppy or clean?

      • boomengineeringMEMBER

        Paul/e lives in Swadling St,
        One day a few years ago he was walking his 4 dogs on the beach at 4am in the dark and nearly tripped over someone doing his pre surf stretches. ” is that you Boom”. He must have guessed who it was without being able to see who.
        Yes I was thinking of moving there but up till now have actually fitted in here in N Manly when there was a lot of self employed successful tradies living here so have put it off. But now seems to be more of a stuck up crew moving in so it may be on the cards again although the missus likes Umina but I don’t. The other consideration is that when RE implodes then in theory the mortgage areas should be hit harder than my area but that’s no guarantee as the higher priced properties could fall more due to the harder they fall other theory. Looked at one in Swadling St a while ago but his price was way over the top and it didn’t sell.
        It was a clean wave but a lot smaller than expected, way overgunned with my 9’9” bombie gun, usually parked at the Berkeley Vale factory.
        Next time you go there call, could be fun.

    • Lifting China out of poverty involved some sacrifices.

      The average worker in the US made them.

      China is very grateful.

      • LOL a typical capitalist propaganda
        yeah turn US worker against Chinese workers and not even mention rich elites in both countries that accumulated trillions exploiting people in both countries. Chinese workers moved out of poverty thanks to their hard work and new skills but despite them they are more exploited now than ever (larger share of fruits of their labor is being taken away). American workers suffered via loss of well paid jobs and skills and via debt slavery

        the biggest price workers paid in USA in last three decades were due collapse of Soviet union not rise of China, without removal of the threat of workers revolution the deal with china and outsourcing would have never happened

        • Where did PF blame Chinese?

          Maybe remove your leftist goggles.

          Chinese aren’t to blame. They’re just having a crack for the benefit of their families. Just like I would.

          No. I blame Labor.

          • Labour did not fund and then roll out neoliberalism, that distinction is owned by the Powell memo et al right wing E.g. Business comes first.

            This enabled the money is a vote – funding paradigm that helped suck life out of traditional labour because it could not get the funding the right did via Corporate and Industry benefactors. Bill Clinton then reformed the Democratic party into a gatekeeper corporation which was pro business, but more social liberal in non traditional social arrangements – but was lock step on economic matters.

            This was mirrored by both the UK and here in Australia …. lol Rudd the totalitarian …. yet some are soft on Gillard.

            Try reading a book Rich4 … your off the cuff prostrations are just silly …

          • “Try reading a book Rich4 … your off the cuff prostrations are just silly”

            No thanks. I can see the twisted logic it leads to, along with the desperate over use of BS jargon.

            I instead use my ample intellect to watch what Labor and America’s Democrats do and match it with what I see as the obvious outcome.

            After all, none of what’s happening to Australia is a surprise to me. I’ve been critical of Labor for 30 years.

            Maybe I’ll write a book and you could read it instead of the rubbish you have been.

          • saying that western workers sacrificed for chinese to be lifted out of poverty is misleading
            reality is that both things were needed for the rich elite to become even richer

          • doctor

            It doesn’t really matter. What matters is the outcome.

            There is no future for most of the 50m Australians in year 2050.

            Why have Labor gone along with it?

          • Where did PF blame Chinese?

            Nobody said he did ?

            Literally the first sentence: “LOL a typical capitalist propaganda”.

            It is always surreal watching you talk about other people’s “twisted reasoning”.

          • Skip, I thought we’d agreed that the LNP and ALP, Repubs and Dems, Labor and Tories were just two sides of the same neoliberal coin. C’mon fella, giddy up!

          • Labor was one of the global champions of neoliberalism, they closely followed policies of the neoiberal test bed – Pinochet regime. I think Australia was pushed that way to show the rest of the world how other developed nations should “democratically” shift toward neoliberalism.

            just replace Chile with Australia and almost all Pinochet economic policies resemble Labor (and LNP) policies since early 80s
            privatisations, free-market reforms, floating currency, deregulations of (primarily banking sector), moving pension system to a fully funded capitalization system run by private sector pension funds, …

            Pinochet claimed he wanted “to make Chile not a nation of proletarians, but a nation of proprietors.” and where Pinochet failed Labor succeeded

          • drsmithy

            The comment in it’s entirety implies blame.

            Anyway semantics. Is that all you’ve found so far today in my comments to hone in on?

        • Thanks Rich4,

          Yes you correctly noted doctorX projecting a bizarre interpretation on my comment.

          Giving China access to western markets was driven by western neoliberal fanatics. While they certainly intended to profit they also believed that free global market capitalism will make the world a wonderful place.

          Not surprisingly the authoritarian western lefties agree with the neoliberals that globalism is great but reckon they should run the shop (on behalf of workers) rather than rich individuals.

          As for China and their workers, they have taken the opportunity and made the most of it and credit to them. I think the Chinese worker would benefit from less mercantilism but they seem to be willing to tolerate the downsides of mercantilism (a weak exchange rate) for now.


          I don’t think doctorX would disagree with any of this. Might have just had too much black coffee too early on a Saturday.

          • Who ever came up with the idea that a country needs to outsource manufacturing and transition to a consumption based economy needs to be shot in the face. Where the fvck are the jobs going to come from to feed consumption? Glad you asked that question; rising asset prices. What happens when the population can no longer afford to purchase these assets? Increase immigration. Cvnts.

          • your comment “Lifting China out of poverty involved some sacrifices” clearly indicates that western workers’ scarifies were needed to help Chinese get out of poverty
            that’s totally opposite of the reality where both suffering of western workers and lifting Chinese workers out of poverty via slave wage employment are both just results of the same neoliberal policy of exploiting everyone (workers and consumers on both sides)

            so both the scarifies of western workers and lifting chinese workers out of poverty were needed to make few at the pot very very very rich

          • DoctorX,

            It would be easier just to let it go but that response is even more bizarre.

            The undeniable fact is that hundreds of millions of Chinese were lifted out of poverty by the mercantalist strategy adopted by the Chinese government and supported/permitted by western countries.

            That is the same strategy used by the other Asian economies…..and incidentally Germany post WW2.

            However, mercantilism can ONLY work if the trading partners of the mercantalists are prepared to tolerate a trade deficit for an extended period and accept the capital exports that the mercantalist must make to pursue the strategy of suppressing the exchange rate appreciation that a trade surplus produces.

            Allowing Japan and Germany and other countries to run mercantalist strategies was a key part of the Cold War as it bound them to the west and clearly it was part of the thinking in allowing the Chinese to do likewise from the late 1990s.

            As much as it is awkward to accept the fact that mercantilism worked to lift hundreds of millions of Chinese out of poverty and at the expense of western workers it is undeniable even if some western corporates and fat cats got rich.

            Without it China would still be miles behind and the post war histories of Japan, Korea, Germany etc might look very different.

            Some (I do) might consider it good news that Chinese held the line and kept western banking claws out of its monetary system and generally did a good job of pinching a lot of intellectual property and in doing so made that property available to Chinese and people around the globe at low cost.

            Has China been given enough of a boost and it is time to reduce their privileges (I.e. freedom to run a mercantalist trade strategy) ?

            Yes, but doing something about it is entirely within OUR power and that requires restricting unproductive capital imports to Australia and imposing tariffs or quotas on trade partners who abuse their workers and otherwise operate in a manner we do not wish to support by accepting their exports.

          • I’m not denying that what you call mercantilism helped lift many out of poverty in china. What I’m denying is that western workers sacrifice was forced onto them to help chinese out of poverty. Western workers got screwed to make western elite super rich not to help chinese escape poverty.
            And that screwing up was made possible and easy because with the fall of communism in USSR and China in late 80s and early 90s.

          • “However, mercantilism can ONLY work if the trading partners of the mercantalists are prepared to tolerate a trade deficit for an extended period and accept the capital exports that the mercantalist must make to pursue the strategy of suppressing the exchange rate appreciation that a trade surplus produces”

            I don’t agree that the debtor country who follows international trade agreements actually gets to choose anything.
            Firstly the choice to run a trade surplus is made by one state actor for macroeconomic reasons, wheras the *choice* to run a trade deficit is made by millions of private actors in the debtor country simply to keep their head above water.

            But say there was a single state actor in the deficit country making the decision. What’s the choice? The creditor country sets the ball rolling when they decide to depress domestic demand through a tight money policy and offset it by stealing demand from abroad.
            The debtor country then sees their domestic demand diverted into foreign goods. These are the “choices”:
            1. Allow unemployment to go up
            2. cut interest rates – and rely soley on transmission through domestic consumption as the mercantilist country is mimicking your MP so expansion through exports is out the window
            3. expand government spending

            2 & 3 both mean lower savings and a high trade deficit.

            The only thing they can do to short circuit this is ignore the international agreements and not let the goods into the country.
            The mercantilist policy then backfires. the Chinese exporter can no longer get the USD to give to the banking system to get the Yuan they want but were denied in the first place. Absent exports and foreign exchange China faces inadequate demand and has to ease money/boost domestic demand. This was basically Kaldor (and others) argument against free trade. And reason for the scarce-currency clause in the original Bretton Woods agreement – eg. the only way to respond to a scarce-currency policy like China was to shut off their exports.

            I also agree with Doctorx re. neoliberalism
            eg. trade with China *may* have been ok in Kaldor-Hicks sense if the winners in the US gained more the the losers lost and some of the gains were transferred from the winners to the losers. eg. if Wall Street was prepared to pay more tax for subsidies to the tractor industry etc. etc.
            But entry into the WTO happened at the same time as the the free market fanatics supporting free trade were also calling for a smaller state and lower taxes and less industry policy. Extreme case being Friedman, but also guys like Summers and Delong.

          • Sweeper,

            Good to see you are keeping your hair splitter nice and sharp but it missed the mark.

            “.. wheras the *choice* to run a trade deficit is made by millions of private actors in the debtor country simply to keep their head above water….’

            Umm, nope.

            The decision to allow foreign parties to export capital in the form of purchasing Australian assets – both real and financial – is a decision of government. Just as the decision of mercantalists to restrict capital inflows is a decision on their governments.

            Without those capital flows to keep the mercantalists imports nice and attractive, millions of Australians are less likely to make those millions of decisions.

            What international agreements force Australia to accept capital imports yet permit mercantalists to obstruct them?

            Having said that, there is no doubt the drive to open Australia to unproductive (predatory) capital flows was coming from the neoliberal globalists so at the end of the day I don’t think we are disagreeing about much of significance.

          • Trade imbalances, currency manipulation and claims of mercantilism pre-date financial liberalisation and full capital mobility.
            And the net capital inflow is only recognised when the trade deficit is recognised – ie. the trade deficit is a loan. The BoP an equilibrium. It isn’t as you describe, eg. step 1 foreigners buy assets, step 2 etc. etc. It’s simultaneous – Bernanke’s analogy of a creditor country exporting materials to build a factory in a debtor country is good (the exports and foreign investment is simultaneous) – stop the imports and you stop the foreign investment. seems to be another pre-occupation with banking thing.
            But as per previous point, free trade has really been bad because the state lost the ability to even out gains and losses thanks to free market ideology. Here as well. since the 80s, cutting all tariffs *and* taxes on the wealthy and industry assistance and workers bargaining position and the export manufacturers development grant and R&D subsidies etc.

          • Sweeper,

            “..The BoP an equilibrium. It isn’t as you describe, eg. step 1 foreigners buy assets, step 2 etc. etc. It’s simultaneous – Bernanke’s analogy of a creditor country exporting materials to build a factory in a debtor country is good (the exports and foreign investment is simultaneous) – stop the imports and you stop the foreign investment…”

            Some transactions are simultaneous per the very artificial Bernanke example where the only investment capital flow is limited to the cost of materials imported to build a factory, but most are not.

            When a foreigner purchases an existing Australian asset it is a purely a capital movement.

            When a foreigner purchases an Australian government bond it is purely a capital movement.

            Restrict the most unproductive capital movements and you will be resisting the strategies of the mercantalists. That is why they work hard to restrict capital inflows to their economies that are not specifically productive (i.e. expand their productive capacity)

            That does not mean that there is not also a role for tariffs, quotas, quarantine laws, administrative controls and the host of other measures that restrict foreign access to local markets and support local production. Clearly there is as the mercantalists use all of those techniques to varying degrees and use them as hard bargaining chips.

      • It took some “convincing” for Labor and America’s Democrats to take western workers down the road of globalisation.

        How Australians still can’t understand what Labor have done to us is the most astonishing thing I’ve ever encountered.

        • It’s all Labor’s fault isn’t it. Never mind the Libs shut down the last of our major manufacturing industries being the car manufacturing and have failed to deliver a coherent energy policy that has seen energy intensive industries move off shore with aluminium smelters looking at options.

          • Forget the libs. That’s who they are. There’s plenty of people who vote for LNP for what they’re doing.

            Our problem is Labor.

            1 What did Labor do when recently in power to reverse any of this?

            2. What did Labor take to the election to reverse any of this?

            3. Did Labor agree to ONs plebiscite?

          • “Who ever came up with the idea that a country needs to outsource manufacturing and transition to a consumption based economy needs to be shot in the face”

            Labor are in this right up to their necks.

    • Hey skip. Spelling matters.

      In Australia the word Labour refers to manual work.

      In Australia the word Labor refers to shafting those who perform Labour.

      • See above thread Rich4 …

        Yeah you don’t want to get into a Etymological knowledge frackus with me, your still suffering denial from the expectations of your environmental biases.

        • “your still suffering denial from the expectations of your environmental biases”

          My environmental bias is having been born in Australia with the expectation that my government will care for my kids futures. As opposed to the left’s vision of saving the world at the expense of those from the west.

          It’s not possible. There’s too many people.

          So, yes, I agree with you. I’m biased based by my environment. I want to remain in a viable country that closes it’s door to the futile stupidity of globalisation.

          • Globalization was originally forwarded by MPS – Colloque Walter Lippmann as an economic template to advance markets over national concerns, it was deemed it would always default to totalitarianism – aka steal your property and as everyone knows markets always distribute wealth according to ones abilities.

            The Road from Mont Pelerin: The Making of the Neoliberal Thought Collective


            So where was labour in all of this …. duh …

          • I’m not sure how 4 paragraphs of that excuses Labor for being open borders, free market, neoliberal globalists.

            You confuse me skip.

          • Stewie GriffinMEMBER

            Walter Lippmann has the cultural background to understand the purpose of the neoliberal policies that have been selected by the elites, in order to advance their agenda and confiscate wealth from the society and reassign it to the individual on the basis of “merit”. Merit is something that will always work to the advantage of a population group with a higher median IQ.

        • Your = possessive adjective
          You’re = you are

          e.g. Your scotch & soda shorts make you look like you’re a complete tool.

      • google, FB etc don’t make money by holding monopoly over “means of production” they make money by holding monopoly over “intellectual property” and market monopoly
        both of these were granted to them by the state and without much if any reason

        • Doc, while you’re correct in identifying the link between monopolies and States i.e. most monopolies exist courtesy of the State, this isn’t the case with FB and Google. They have dominant positions but the market is open to anyone to have a crack at these companies. In fact there have been moves afoot in both the US and Europe to break this dominance but they don’t know how because it is a naturally acquired position – not state assisted. Competition (a superior product) is the only thing that will dislodge these guys. It will be tough to do so though.

          • there is nothing natural about their monopolies unless you think neoliberal capitalism is “law of nature”
            google monopoly is composed on two things mainly thanks to “intellectual property monopoly” exploiting artificial “shortage” created by the state and also market share monopoly exploiting state infrastructure and unfairly killing competition

            google became so dominant thanks to its ability to kill any potential competition, either via it’s ability to absorb losses or buying out any competition – just have a look into list of google acquisitions

          • I appreciate the responses but I am sceptical. There are a number of unsubstantiated claims there.

            I’m no friend of FB or Google but I understand the difference between their dominant position and that of Sydney airport or Transurban’s assets.

          • I’ve noticed that the quality of google search (bing also) has fallen in the last few years.
            It is quite clear that the search result is now heavily influenced by what earns money for google, and not so much the most relevant to your search.

            This is easily excused as “they are just trying to make money” and indeed that is the reason. The problem is that they are pushing the envelope. Like a greedy Boeing boss, they can keep doing more of what makes the most immediate dollars, but by the time there is a plane wreck it is too late to go back and they lose the lot.

            It wouldn’t surprise me if google search is disused or non-existent in 10 years time.

            If I was in power in the govt, I would create a free Australian govy-search for searching for products and services. I would bias it to favour local startups and high Australian taxpaying companies. Free marketeers would be horrified by my suggestion, but this particular govt action would actually improve competition and “the market”.

          • There is a difference between natural monopoly of a utility or airport and market monopoly of google or intel. But both are real monopolies helping them make extra profits at the expense of everyone else.

          • Coca Cola has a prominent position closely akin to a monopoly. That is because no one has ever been able to match them or provide a superior product. Do they need to be ‘dealt with’ just for being better than everyone else?

          • It is not possible for any business to have a global monopoly with out the protection a global Govt – we don’t have a global Govt, even if some would there to be one. They have a monopoly because they have a superior product. Anyone is welcome to attack them but their dominance is a barrier I concede. Nonetheless, others are having a go and over time their dominance will crumble – in the meanwhile, there is no point whining about it. Just give credit where it’s due and worry about more important things.

          • Coca Cola has a prominent position closely akin to a monopoly. That is because no one has ever been able to match them or provide a superior product.

            Pretty sure Coca Cola’s history has multiple examples of leveraging exclusivity agreements and other anti-competitive behaviour.

            Not to mention the protections they get from trademark, copyright and patent laws (which ARE typically enforced internationally).

            It is not possible for any business to have a global monopoly with out the protection a global Govt […]

            This is a religious statement.

  4. https://www.theage.com.au/national/victoria/chef-says-city-s-soul-in-peril-fears-zombies-after-calombaris-fall-20200214-p540we.html

    Raymond Capaldi remembers a time when Melbourne was, plate for plate, the world’s most vibrant and creative culinary city. It was 20 years ago and the Scottish-born Capaldi, already a globetrotting chef of international acclaim, could have worked anywhere. That he came here said as much about the rude health of Melbourne’s restaurant scene as Capaldi’s desire to introduce a new audience to his gastronomic talents.

    Today, Capaldi no longer works in restaurants. His kitchen is in an industrial precinct in Bulleen, where he cooks pies for a living. He misses the restaurant scene but fears what it is becoming, with Calombaris’ ignominious exit and the closure of a dozen eateries which traded off his name.

    For many years, Angie Giannakodakis gave the Press Club its human touch. While Calombaris, by then a young chef on the rise, ran the kitchen, Giannakodakis deftly worked the front of house, putting at ease diners forking out two-hat prices for Calombaris’ Greek-inspired creations.

    Giannakodakis is now back at university studying an MBA. She too thinks the city’s celebrated dining culture is under threat. People have less money to spend on food and the convenience of home delivery means they are more likely to match their main course to a Netflix selection than a bottle carefully chosen from a restaurant cellar.

    Following the well documented collapse in retail, a downturn in the restaurant industry run on wage theft and exploitation of migrants could be the next domino to fall. Suspect that COVID19 and the travel bans will hit their supply of cheap workers, adding further cost pressures. There’s been a lot of news about Chinese restaurants having 80-95% declines in sales and potentially closing, but at this stage it seems restricted to NSW and Victoria.

    This morning I also had a look at the REA map of 4+ bedroom houses for sale in the suburbs surrounding eastern Victorian universities and the numbers have exploded, even if capped at 1.5m. Hopefully we will start to hear about landlords complaining that they can no longer stuff dozens of workers/students in houses.

    • Mining BoganMEMBER

      Award wages up 36% over a decade. Sounds quite reasonable and gives no reason why Calombaris should deliberately underpay like he did.

      It’s the obscene mountains of debt and the hours that one has to work to manage it that is keeping everyone at home. But we won’t talk about that, we still have to run stories to try and save the bald dwarf’s reputation.

      • And if they are paying award wages( and that’s a big if ), no one is working full time.
        This includes retail.
        The employers do not want to pay any of the leave leadings, holiday pay, or any other conditions such as maternity leave etc that they can avoid.
        Even the manager at the local plant nursery works part time so he is paid as a casual.

    • Funny thing is during the 90s I saw all the same stuff happening, but on a much smaller scale, all managed by local Australians. Then came the huge wave of consolidation and industrialization of these practices E.g. sorta like island gigantism. I mean the BSDs could not let all this gravy be ignored and consumed by mom and pop small business investors.

    • Right in front of our very eyes we may be witnessing a generational change in the way we live, the things we value, so those believing we’ll get through this slump and the good old days of egregious consumption and living beyond our means will return may be in for a shock.

      Eating out is great fun but it’s way too expensive in this debt-burdened era. Commercial real estate values are about to take a leap off the 10 metre board. Tick, tock …

        • You may have to translate for me but I get that you have a problem with my logic. I don’t. It should be obvious that one of the reasons people are eating out less is the cost. Restauranteurs have tried wage theft and that gig has come to an ignominious end now there’s really only one other major cost to tackle and that is rent. They are only going one way and anyone who can’t see it is frankly not very bright. It’s not only restaurants, it’s retail too. The internet is still only in the early phases of decimating brick and mortar operators. (Snigger, chortle)

          • You may have to translate for me […]

            If wages hadn’t been squashed for the last few decades (eg: and continued tracking productivity), eating out at today’s prices probably wouldn’t look so expensive.

  5. boomengineeringMEMBER

    Think I got nabbed by camera at Pacific Hwy Wahoonga because had it on speed limiter 60klms/hr but when I took off at the lights it over rode it. Didn’t realize till before the next set of lights but too late saw a faint flash.

  6. Another election rort – “Pork n’ ride” – sounds like something reusa might come up with.


    At Senate estimates last night, ANAO executive director Brian Boyd came out swinging with a volley of unassailable rebuttals. No, Mr Morrison, the sports grants were not “all eligible”. Nearly half – 290 – were ineligible. But, as we now know, the sports rorts were just the bottom of the pork barrel. In the public’s interest, we have now investigated the Commuter Car Park Fund. We at Michael West Media have dubbed it the “Pork ’n’ Ride” program.

    Before landing the prime ministership, Scott Morrison liked to trumpet his “congestion-busting” infrastructure projects — workshopped, no doubt, by his favourite pollsters, Crosby Textor. But runs on the board were needed to get pre-election traction in voter-land. Like delivering actual projects.

    And what better way to “game” the system than to supplement the $4 billion Urban Congestion Fund with a sub-program called the Commuter Car Park Fund (CCPF). The $500 million CCPF was designed to invest in commuter car park upgrades that encouraged greater use of public transport — especially along rail corridors.

    Like preceding programs, it would facilitate the distribution of large dollops of pork for Liberal and marginal seats just ahead of the election.

    The pre-election budget announced 13 new CCPF projects totalling $149 million — and all, yes all, of those first-cab-off-the-rank projects went to seats held by the Liberal Party, including six in highly marginal NSW and Queensland electorates.

  7. Nice work if you can get it!


    A $100 million environmental grants program, created ahead of last year’s federal election, had no eligibility guidelines and was open only to 25 specified projects that had already been chosen and announced as campaign promises – most of which were in seats held or targeted by the Coalition.

    There was no transparent selection process for the Environment Restoration Fund, and no information about who selected the listed projects. Some approved grantees have told The Saturday Paper they received surprise calls before the election telling them they were being awarded money without having lodged any formal application. Some say they had been asking for support for years. They were instructed to fill in the paperwork only after being notified of their selection.

    The guidelines for applying for these grants were not published until November last year, seven months after the fund was announced in the budget.

    When they finally came, instead of describing an open and competitive process – the government increasingly prefers non-competitive, selective grants programs – there was no process evident at all.

  8. My story trying to source a basic anatacid medication that used to be available OTC. There are two types, H2 blocker (antihistamine), and PPI (blocks acid production directly). A while ago it was noticed that those using PPI (not H2 blocker) were at much higher risk at suffering a heart attack. The Aus government in their wisdom decided to cover their arses and make both types “prescription only” even though H2 blockers are perfectly safe and still available OTC in many other countries.

    Second screw up. Because all of these are now only available by prescription only, we get to the anti-competitive practice of doctors deciding which types are used. Basically, the majority of the H2 blocker competition has disappeared as the doctors exclusively started prescribing Ranitidine (Zantac).

    Third screw up. Ranitidine has been around for 40 years. Last year someone noticed that there were elevated levels of carcinogens in the medication due to the way it is manufactured. FDA (US) decides to recall all of brands of Ranitidine. I repeat this medication has been around for 40 years, and Australia effectively all-in on this one type of medication.

    There are very limited supplies of other types of H2 blockers which brings me the final screw up. I asked a Pharmacist if I had a prescription for one H2 blocker, and it wasn’t available, if the Pharmacist was allowed to supply another type that was available. The answer of course is no, it needs to be chemically equivalent. So we are at the point that you need to ring up every chemist to see if they have any H2 blocker, and ask for the specific active ingredient. Go to the doctors and get a prescription for that specific type, and then go back to the chemist and hope they haven’t sold out. Pharmacist tells me they sell out within hours of resupply.

    Australia winning.

    • The Traveling Wilbur

      You don’t need a prescription for salad, olive oil and vinegar (though you could go to your GP for one).

    • Australia should be self sufficient in basic pharmaceuticals.
      – intravenous fluids, including neonatal intensive care.
      – basic antibiotic range
      – pain relief. We even grow lots of opium poppies in Tasmania.
      – insulin. People die pretty quickly without insulin.
      I’m sure there are lots of others
      A friend recently said she always got the generic alternative, so she was supporting Australian companies.
      None of that stuff is made here. All in China and India.
      – quality control ordinary.
      – storage and transport( comes through the tropics) also very ordinary.
      – given many drugs are temperature sensitive( they don’t work after exposure to heat, say 30 degrees), you’d have to wonder how much we get here is still chemically active when sold here.
      – storage and transport here( drug companies) is also very ordinary at times ie unrefrigerated vans, with capsules arriving fused together etc by heat.

    • How long has Zantac been prescription only? I bought some last year over the pharmacy counter. It’s pretty useless anyway, and now you say it is also a cancer-risk? I think Tagamet is used a lot in the US, don’t think it’s available here.
      Many years ago I had a gastroscopy done which showed some changes in oesophagal wall cells (pre-Barretts). Since then I have been on 20mg Nexium (a Protein Pump Inhibitor PPI with an unusual molecular structure cf other PPIs). It’s a miracle drug. I simply don’t know how I would live without it, the pain I endured from acid-reflux for so many years was unbearable and is totally under control now. I am perfectly happy to accept any cancer risk for this boon to my life. Sometimes authorities can’t see the woods for the trees

      • They are different medications. PPI more directly reduces acid production. H2 an antihistamine which tends to normalise acid production for certain people. I can understand that H2 would not work at all for many people, and perhaps vice-versa as per Olaf’s post.

  9. I’d love to see a gofundme or similar campaign to challenge modern Labor for their name.

    Labor no longer fits Labour, and they shouldn’t be foxing the unaware electorate by using it.

    • Totally agree. And we’ll set a page to change Liberal Party to Coal Gimp Stooge Cvnts Party because they no longer represent Menzies party ideals.

      • I couldn’t care less what happens to LNP, but I do absolutely want to see the end of the Labor party.

      • As i said to you in a previous post.

        Forget the libs. That’s who they are. There’s plenty of people who vote for LNP for what they’re doing.

        Our problem is Labor.

        1 What did Labor do when recently in power to reverse any of this?

        2. What did Labor take to the election to reverse any of this?

        3. Did Labor agree to ONs plebiscite?

        Can you address these points and also suggest how we get out of this mess while Labor are not a viable alternative.

        • So your logic is if Labour acts like the LNP is all Labours fault, Howard years ignored …. not withstanding the dominate economics of the period …. chortle …

          • My logic is;

            If Labor act completely against the interests of most Australians, particularly working Australians, then that should be apparent to voters before they vote.

            Stop bringing LNP into it. People voting LNP know what they’re voting for.

            Far less deception than we’re seeing with the unfortunate Labor voters, voting to destroy their own futures.

          • Don’t get the logic either. It’s like Rich4’s afraid of getting a facial from Labor while the LNP is having their way with his butt. Weird.

          • Like I’ve said skip, you confuse me.

            You despise LNP, but admit to Labor being the same as LNP, yet you’re a Labor fan.

          • Wingnut

            The logic is clear. Labor pretend to be the exact opposite to who they actually are. Therefore drawing the vote from the exact people their policies hurt.

            The logic is entirely sound.

          • The point being made is Labor have abandoned their traditional Working Class base.

            I’d suggest stick to the point for once, but I suspect you and a few others who very consistently deflect these points with whataboutism know exactly what you are doing.

          • Hay wing nuts I guess you slept through some decades, its not an excuse.

            ZOMG is this some silly equilibrium argument [EMH] and labour is blamed for not doing its ying and yang thingy … which has allowed the excesses of Capital to become dominate …

            Holy drunk batman in front yard of Sun Valley abode …

          • Decades?

            We’re talking about here and now skip and the only viable way forward for Australia is destruction of the Labor party.

          • Rich, last weekend it finally clicked. We were having a discussion about the virus, skippy was deflecting talking about Bernie Sanders, wars, etc, and then tried to gaslight me as the one who was deflecting with whataboutism.

            So we have someone with a fake online persona who systematically deflects and discredits anything that doesn’t match his apparently “neutral” political point of view [tm]…If I were spambot… chortle.

          • LOL @ the guys complaining about “deflection” and “whataboutism” while try to turn any discussion of anyone actually responsible towards Labor.

        • Rich4. I think understand your argument. Labor has been a fake opposition, owned by inner-city, arts-educated, virtue-signaling types and in doing so it has fraudulently occupied the space where a proper opposition could spring up, one concerned with reversing the LNP excesses. In this way it has done harm to our democracy

          I agree. I’m not sure your method of expression works in favor of carrying your point with readers

          • Rich4. I think understand your argument. Labor has been a fake opposition, owned by inner-city, arts-educated, virtue-signaling types and in doing so it has fraudulently occupied the space where a proper opposition could spring up, one concerned with reversing the LNP excesses. In this way it has done harm to our democracy

            What’s done harm to our democracy are people continually insisting that Labor has to represent the “left” and that the political landscape must always be split roughly 50/50 between two parties (regardless of actual behaviour). MB is as guilty of this as any mainstream media outlet.

          • smithy, post that link again about the importance of voting for minor parties in a preferential system. You know the one that reads like a “how to vote” card for the Globalist Greens by slagging off the minor Nationalist parties.

          • Drsmithy

            Who do you think Labor should represent?

            Do you think it should be made clear who they represent?

            Do you think their name should reflect who they represent?

          • Who are these people?

            Anyone who has ever said something with either an explicit or implicit premise that New Labor == Left.

            Usually comes with a circular belief that the left/right split is (and must always be) something close to 50/50.

            You may be most familiar with its common usage on MB: “Fake Left”.

        • I don’t get you Rich. You are either a RWNJ who just hate anything ‘left’ (whateva that means) or you have some vendetta against Labor for fvcking you some way. I don’t support either of the major parties and from my perspective they are pretty much the same. So what I wonder is why do you completely bollocks Labor for everything (and you do), yet let the LNP get away with whatever the fvck they like? I suspect RWNJ, but convince me you are not and I may start reading your posts rather than what I currently see which is blah blah blah…..

          • You answered your own question.

            Do you think the average Labor voter expects their party to be “pretty much the same”…. as LNP?

            Labor are deceitful in the most hideous way.

          • Plug. I’m sure someone will get in ahead of me and say this same thing. Your comprehension skills need polishing. The point of the entire series of comments from rich4 above is precisely that there is no significant difference between the LNP and the ALP. Therefore, they are not a viable opposition and have not been for many years. Therefore the ALP should fvck off and force it’s unthinking, captive voters to actually choose a position out of what is left or something new which might emerge

            EDIT: and, for my money, so should the Greens

          • Arthur …

            Some don’t seem to understand your not going to get a party cut from whole cloth to win against LNP or Labor, your going to have to reform parties from the inside and that will take at least as long as it took to drag Labor to the right wing economically. Just look at Sanders in the US for a heads up.

          • Skippy

            All you need is enough Independent MPs to be the puppet masters of either an LNP or Labor government.

            Don’t forget we are a compulsory voting democracy. We are not the USA.

          • Both parties are wedded to the same orthodox economics, rollout is a bit slower or did you miss all the years of selling off the commons and privatizing state functions.

    • And does the Liberal Party uphold liberal standards? Does the National Party have the national interest in mind? Is One Nation attempting to promote unity? Did the S3x party throw an orgy on election night? Apart from the Free Marijuana party I can’t think of one group that has remained focussed on its founding principles and done its name proud. So out them first everytime and then figure out who next most lives up to their name. The Animal Justice Party keeps their eyes on the prize. They’ll be high up based on your criteria. The Pirate Party lacks eye patches and boats yet they’re consistent with their philosophy of hacking democracy through the construct of policies by taking the best if what is out there. They wish to build a computer from bits and pieces and then overclock it. Flux is good is you wish for democratic representation. Or, if you really are peeved, you could vote for the anarchists that pop up every now and then.

      If you don’t like Labor or LNP just put them at the bottom. Fixating upon them is like being hung up on an ex, you’ll never move forward and find out just how wonderful people can be.

        • I read recently of an exchange in parliament between Gough Whitlam and a member of the then-named country party. In the heat of the argument the other chap exclaimed “I am a Country member” to which Whitlam replied “I remember”.

      • My country can’t be compared to an ex. I can’t just move on to the next.

        “If you don’t like Labor or LNP just put them at the bottom”

        Absolutely, but I want everyone to do that.

        • So why not focus upon whoever is in power and promote what you think a better alternative is instead of moaning and saying nothing in particular about the opposition?

          • “So why not focus upon whoever is in power”

            LNP are in power because enough of the country don’t want to vote Labor. In addition there’s plenty of people happy with the direction LNP have us on (certainly not me).

            “and promote what you think a better alternative is instead of moaning and saying nothing in particular about the opposition?”

            I’ve consistently done that. Labor voters should abandon Labor and vote for independents and other parties who will then effectively oppose LNP. Essentially being the puppet masters of LNP.

            The best logical outcome going forward.

          • “Forget the libs. That’s who they are. There’s plenty of people who vote for LNP for what they’re doing.

            Our problem is Labor.”

            Perhaps there are plenty of people who are happy with the direction that Labor are going? The Liberal Party rely on the National Party to form a coalition to govern. So Labor are the more popular out of the three and, by your reasoning, Labor should also be ignored.

          • “happy with the direction that Labor are going?”

            Labor were abandoned everywhere but Sydney and Melbourne. You think your average Labor voter wants lower wages, reduced Medicare, more and more people, environmental destruction via Labor’s big Australia?

            Labor are one big lie, and most of the country has worked them out.

            “The Liberal Party rely on the National Party to form a coalition to govern. So Labor are the more popular out of the three and, by your reasoning, Labor should also be ignored”

            That is a non argument. Elections are won by seats. LNP won.

          • It was completely consistent with what you’ve been saying all day, week, month, year, yadda, yadda, yadda. You’re blaming a particular party without providing any real reasons to do so. At the same time you provide reasons not to worry about another party. I’m just using those reasons as a measure to see if the party you blame should be honed in on, and by your own set of criteria they should not be bothered with. Which, if I was to trust your judgement and acumen on things political economical, has us in a bit of a conundrum. As we now don’t have a problem with either of the majors and since you don’t appear to be interested in any actual issues, either policy or systematic apart, no measure of fit-to-govern apart from having a greater dislike for one over the other appears. So, I hear-by, forevermore, blame the Liberal party for not representing their constituency and being corrupt and incompetent. As well as being hopelessly led, and every other bland non-critique you put forth. Labor are to be ignored due to their popularity with their rusted on voters. And, yadda, yadda, yadda, I blame the Liberals, yadda, yadda, yadda, it’s the Liberal’s fault, yada yada, they suck at being in government, yadda, yadda, yadda, if they weren’t so pathetic then the Labor party wouldn’t have such low standards, yadda, yadda, yadda. Yadda, yadda. Yadda. And, Yadda.

          • I’ve consistently provided solid reasons.

            You not being able to counter what I’m saying does not make it yada yada.

          • “Labor voters should abandon Labor and vote for independents and other parties who will then effectively oppose LNP. Essentially being the puppet masters of LNP.”

            The problem is those voting for the ALP do so because they don’t want the LNP in office. Going to independents guarantees LNP government, and with the types of independents on offer, we could end up with an even more stupid and corrupt gov. I’m not in the financial position to risk years more of hardcore neoliberalism. The last election cost me dearly. I doubt I’ll ever have the opportunity to buy a home now. Ideological purity is a luxury I can’t afford.

          • Jim

            Immigration pushed by both LNP and Labor is far more behind house prices than is negative gearing, along with every other problem we’ve got.

            From memory studies showed NG only resulted in a 10% increase in housing.

            By the way, NG is being wound back anyway via reduced depreciation and bogus visits to your property with more to come.

            Did you know Rudd opened existing housing to foreign buyers?

            Both LNP and Labor are the enemy of Australia. Don’t kid yourself. Don’t let Labor continue scamming you.

          • JimsCB

            Whatever the system is, make it work for you.

            If you have a job, you can do far better with an LNP government, and you don’t have Labor taking your money to hand out to their favourite welfare recipients.

          • yes, it’s not the lack of negative gearing changes that have caused the boom to come back.

            Loss of NG would’ve played a small part in depressing prices over the near term. The boom resumed because LNP is pro asset speculation and they’ve left in place or provided more incentive to bid housing, and, more importantly, they’re forcing the RBA to ease because of an ideological push for a surplus while jawboning banks and regulators to ease up on lending standards, which has credit moving again, which is the main driver of house prices.

            It’s fine for people with a house to be ideologically pure on immigration, but the younger generations don’t have that luxury.

            So the last election was easy for me: changes that could have helped vs. a worsening of the problem and the same high immigration.

            “If you have a job, you can do far better with an LNP government, and you don’t have Labor taking your money to hand out to their favourite welfare recipients.”

            I have a job and I’m doing far worse under this LNP government. But at least I can see where you’re coming from now: you like neoliberal economic policy but don’t like neoliberal immigration policy. Unfortunately I have to watch the LNP handing out my money to their favourite welfare recipients e.g. property parasites, boomers with large share portfolios and pensioners in multimillion dollar houses etc.

          • “It’s fine for people with a house to be ideologically pure on immigration, but the younger generations don’t have that luxury”

            I understand your logic, but who’d expect the party for working Australians, the party for the plebs, to be killing us via such enormous rates of immigration? Does’t matter what other policies Labor have while being pro big Australia. Young Australians are the losers with pretty much everything.

            “So the last election was easy for me: changes that could have helped vs. a worsening of the problem and the same high immigration”

            You could have voted for a sustainable population party. Far better outcome.

    • You hate em so much you should start it your self. You could have already done it and then instead of laying troll bait all over these messages you could have posted it and then set in to debate your reasoning with any objectors and already had your supporters able to jump on board. But no, that would make sense. You aren’t sensible, you’re just a lazy whinger trying to start a flame war.

      • How would you know who or what I am?

        With the help of a few very influential people, I am in the process of exposing Labor for what they are.

        I’m guessing you have skin in the game like many of the other robust objectors.

        Watch this space.

          • You could carry your argument if you had equal measures of opprobrium for both – you’ve just nullified your points about disregarding the LNP

        • With the help of a few very influential people, I am in the process of exposing Labor for what they are.

          Weren’t you doing that 10 years ago under one of your other accounts ?

          • What other accounts?

            You mean the ones that got banned? Seriously mate, if I wanted to break consistency you think I’d disguise myself a bit better than going from rich42 to rich4.

          • 10 years ago?

            Yep. Labor’s now worse, I’m more motivated, have better resources and contacts, better more solid ideas, and have more time.

        • Have you ever heard of the old saying if you can’t bet them join them I want to be just like you when the factory’s closed so did labours vote base so follow da votes fire sector small business I want to be just like you so I can win then change you

      • You got one bit right. I really hate them. Can’t stand who they are and what they stand for. More so, what they don’t stand for.

        They’re a disgrace.

  10. Is it me or is The Guardian the only media organisation pursuing the Government rorts with any sort of vigour while the other okay “look over there, corona virus!”.

  11. Stewie GriffinMEMBER

    What about the Decrypt article is correct and what is incorrect.


    What the article gets right is that there has been a significant lack of both institutional investment and adoption of Crypto and blockchain technology. It is also correct in that the volatility and lack of regulatory certainty is holding back investment, particularily in the financial space.

    What the article gets wrong is the reasons for this.

    The main reason that crypto blockchain technology hasn’t taken off, is because in its current form as being pushed by the industry behemoths – IBM, etc as Private blockchains, just doesn’t make sense – why? Because firstly they are not economic, and secondly as they are private they essentially add no additional form of assurance over record keeping than existing systems.

    They aren’t economic, because Bitcoin (and when I say Bitcoin, I refer to BSV) is an economic system built around the Red Queen’s Game – participants, miners, are encouraged to constantly compete against each other in terms of both problem solving (hashing) AND transaction processing.

    Unlike Bitcoin forks such as BTC and BCH, where USERS are encouraged to bid for the available data space on each block (which encourages those controlling it to throttle data size in order to extract maximum fees), on BSV, it is the MINERS who instead compete with each other in order to bid for the transaction with the lowest economic value – the most efficient miners wins.

    This is the advantage of a Public blockchain, it should constantly drive down transaction costs.

    It also states that Investors fear the immutable nature of the blockchain – this is actually completely irrelevant in regards to the hosting and running of their own business or ledgers. Each block will contain the USERS transaction data – effectively their OWN tokens. If they make an error then they simply reverse it in their own systems, which encodes it to the blockchain in THEIR private ledger hosted on a public blockchain – it is simply an accounting entry, yet one that is publicly recorded (and decipherable by the company and authorities should it be compelled to provide its private key to audit regulators).

    Bitcoin is less a currency than it is a public utility token that allow a certain value of economic activity to take place on a combined communications/data/payment blockchain protocol. As I’ve said before crypto currency should be thought of less as a currency and more as a electronic utility commodity, that allows activity to take place for a cost dictated by a closed ledger/data system.

    The value of any crypto currency should be dictated by its economic use case. The problem with the Multiple Crypto chain thesis, being one crypto currency for each use case, is that virtually no use case alone can sustain or justify the IT logistics that go into supporting it.

    The ONLY exception is a blockchain that allows Multiple use cases to take place on it – in this respect the necessary condition for that to occur is data carriage and an ability to scale as the system grows. Here is a list of the current projects and applications being built on BSV:


    Many of these apps are utility apps – developer tools, database tools (bitbus, etc). But these allow other more complex applications to be built on top of them. There’s more projects going here than pretty much across the entire of the remaining crypto space. Utility will drive value.

    Now what I described above is value, NOT price. But price follows value, so Utility ==> Value ==> Price. The price of the blockchain coins will be determined by what people are prepared to bid for them in respect of their need to run their own ledgers and businesses ontop of the blockchain. The miners are in a constant war with each other to out compete with each other in terms of processing transactions, but ALSO in regards to solving the long equations i.e. hashing.

    The purpose of hashing is simply to keep bad actors from participating in the mining process and mining illegal transactions. If there were no barriers to entry or verifying a transaction, then bad actors would move in. By hasing the miner proves that they’ve expended effort in order to verify the transaction, this discourages bad actors by building a wall of hash power.

    For BTC this energy expended on hashing is incredibly wasteful, as it only processes 7 transactions per second. There is no theoretical limit to the number of transactions Bitcoin, as described in the original white paper, can process per second. Technically the only limit atm should be the processing speeds of the computers. Consequently in such a system, the hashing becomes economic when spread across millions, and eventually billions of tranactions per day.

    So price at a minimum has to meet the miners running costs – which essentially amounts to their electricity usage and the depreciation of their equipment as a result of the ongoing Red Queens game of efficiency, which theoretically should be returned to the system by lower transaction costs.

    Ever lower transaction costs will enable Micro payments. The ability to economically justify micro payments in turn will enable the financialisation of things that people never dreamed possible before – leasing models for things like photocopiers could be done on a per photocopy basis, CAT scans on per scan basis, sliding doors making a payment every time one opens. It will even be possible for coders to receive micro payments each and every time some larger processing system uses part of their code. For sites like this a poster could receive a micro payment every time someone likes their post.

    The institution money will move into Blockchain technology when there is sufficient Business Enterprise activity taking place ontop of the Bitcoin blockchain that the price of the native currency that the users and the miners gradually stabilises. What that price will be I have no idea, what value would people ascribe to the Internet and the HTTP protocol?

    The internet is essentially a public good in terms of anyone can log on. Ironically what the Public blockchain is essentially is, is a Private good – it allows the users to transact privately and control their own data an potentially cut out a huge number of middlemen. So imho economics will eventually assert itself and it will eventually settle at a price that reflects its economic utility to the world.

      • Stewie GriffinMEMBER

        Sorry, I tried to make my commentary on the article in today’s links as simple and as understandable as possible… obviously I did not set the bar low enough.

        The product is potentially so valuable as a public utility ledger there have so far been two attempts (BTC then BCH) to privately seize control of it in order to extract economic rents – that is why it has so far failed to live up to it’s potential. This is about to change.

          • Stewie GriffinMEMBER

            Bitcoin as a currency (BTC, BCH, etc basically all crypto ‘currencies’) probably should, and will, be squashed by Governments.

            Bitcoin (BSV) as a blockchain and public ledger, with native utility tokens, is not going away.

      • I aware of the negative critiques and always dubious about any sales pitch that only burnishes its function.

        • Stewie GriffinMEMBER

          You doddering numskull, its not a sales pitch – it is a critique of the article, and an explanation of some key principals behind blockchain technology and the concept of what a public blockchain is. There is a great deal of miss-confusion on the subject, due in no small part to Alzheimeric fools commenting sagely with vague folklore wisdom, on something they have no idea about.

          The reason I mention BSV isn’t because I’m selling it, it is because it is the only public blockchain, with unlimited data block size, operating as per the original white paper. You cannot talk factually about a public blockchain without mentioning it. BSV isn’t digital gold (BTC), it isn’t a digital payments system (BCH), it is a genuine data blockchain protocol.

          There will only ever be the need for one public blockchain, like there is the need for only one internet. We are talking about a communications/data/payment protocol – why would you need a second internet that ran on some other protocol other than HTTP?

          • Why would we (or central banks or Facebook or Australia post) pay billions of dollars for http protocols when we can copy paste the protocol for free ?
            And make bitcoin SB or some other variant

            It simply isn’t possible to make code proprietary

          • Stewie GriffinMEMBER

            Go back and read my original post.

            They don’t need to pay billions – they are FREE to issue their tokens to run on the BSV public blockchain. The only cost will be a minuscule transaction fee (depending on data size) every time their system interacts with the blockchain.

            They can copy and paste the code, or build their own blockchain, but who are they going to get to mine the transactions they process on their chain and why would their private chain be any better than a regular Oracle database in terms of public assurance? Again, re-read my original post on the economics and assurance of public vs private chains.

            Besides which there’s been over 800 patents issued to nChain in regards to the commercialisation of Blockchain technology, with another 1000 odd waiting for approval. Users are free to develop and use these patents if they engage in development on the BSV blockchain, otherwise they’re going to have to pay licensing fees.

            No comment or opinion as to the effectiveness of the patenting wall that is being built – that remains to be seen.

    • Stewie, that was an effing awesome read. I will re-read it several times I am sure. You don’t get good sh!t like this elsewhere.

    • Non hospital quarantine facilities probably.
      But seriously these stats are cr*p.
      All you need to know is that the measures they are taking continue to be increased. When the measures are relaxed you can be confident that things are under control. Right now the opposite is true regardless of what the sats say.

    • George Papa…etc reckons Downer is a “lower level grunt”. Really? And George is a higher flyer I suppose. The bloke should should have committed harakiri ages go to hide his shame at being drunk under the table by a dandy like Dolly.

      • George is a shady schmuck whose social climbing skills ran into the real world. That being said, Alexander Downer has never been anything other than a low level gopher who earns his crust playing defence for every manner of establishment sin.

        George never would have the nads to try what Dingleberry Downer did. Try and start a coup attempt on the incoming Potus? Apparently encouraged by Truffles and Gnomeface?

        The three of them should be hung for treason, because that is exactly what happened.

  12. Two junior members of the Windsor clan plan to visit their property to assess Catastrophic climate damage.
    An all expenses paid real estate inspection of their rental property is in the offing.
    With the Land Lords approaching visit the vassals are being vetted so that no embarrasing scenes like those experienced by their local marketing agent during the greatburning can be repeated

  13. Wuhan now in serious lockdown-not allowed to leave your residence.Number of other cities in Provence on wartime lockdown.As peachy says just a flu.Getting worse daily.How long can markets hold out-suspect not much longer

    • agree, can’t see markets holding much longer. Next week will be critical. If China and rest of Asia don’t manage to contain it then market will crash.
      I keep an eye on Singapore, Japan, South Korea, HK and Vietnam who can also be the trigger.

      btw.. We can criticise North Korea as much as we like but that ugly and ruthless dictator seems to like his people bit more than our dear leader likes us.. NK shut their border first.

      • The coronavirus threat isn’t that great for the global population – it’s the threat to the global economy that is the real issue.

        This could be huge if the crisis continues for much longer because everything is priced for perfection i.e. there is no margin for error. The debt levels for both household and corporates is so extreme that even a modest decline in revenues for companies (and loss of job for individuals) is a threat, even at ultra low interest rates.

        I just don’t understand how markets are so sanguine — unless they believe that central banks can bail out both …

          • Precisely. There’s been no shock in the last 10 years where lowering the rates or a bit of balance sheet expansion hasn’t seen another leg up in prices. Market is priced to anticipate stimulus and bounce back post this outbreak being contained and vaccine/ drug therapy being worked out. Everyone is falling over each other to be positioned for the bounce back. I suspect it’s similar psychology to 2007/08. Yes subprime mortgages are going bad but it’s well contained nothing to worry about. We all know where that ended up. In fact markets were going up at various times when the news flow was bad reg mortgages and housing market. Only when something financial happened did the market tank (Bear sterns, Lehman, GM, AIG etc etc). Perhaps what we will see is a massive company or two with way too much debt (lot to choose from at the moment) will just collapse in a few months and the whole credit market will freeze over. Theres going to be cashflow issues very soon. No one prepares for a rainy day anymore. Markets will tank, then recover a bit based upon governments saying it’s all good, just a bad company plus virus almost under control etc. Then more bad news, more financial casualties, more market tanking etc.

  14. reusachtigeMEMBER

    Who else is getting that feeling that the chinamen virus is a big hoax? No more cases in Aus says it all really.

    • It gas been a hoax from day one … probably used as a scapegoat for a collapsing economy … now none can blame poor policies for what is going to happen

      • Better ensure the rest of the world get infected. Prosperity is relative. You don’t want to be the only one going into a recession.

        • Except that China cannot go into recession without taking most of the rest of the world down with it — Straya and the Eurozone specifically. People conveniently forget that it was China that rode to the rescue during the GFC with a massive stimulus program that lifted the global economy out of the mire (however briefly). Now they are rooted, because they have created too much domestic currency and stimulus options are limited to non-existent. When people talk about China stimulating again they simply don’t understand that it’s almost not an option at this point.

          If you don’t understand money you don’t understand the economy properly — and sadly, most economists don’t understand money.

          • @hareeba
            I could make this quite long-winded but briefly, China has US Dollar reserves which effectively underpin the value of domestically created currency. It gives reassurance to users and holder of Yuans. Like a gold standard without the gold, if you like. When times were good and the Yuan was naturally appreciating against the Dollar (earlier this decade) the PBoC tried to resist this appreciation by creating a lot of local currency as they like the Yuan to be ‘pegged’ to the dollar i.e. corralled in a tight range. So they let state owned banks make lots of loans to the domestic market (money supply increases as a result) and the upward pressure on the currency is eased in the process. After the middle of the decade however, China’s fortunes started to change and demand from foreign investors for Yuan and yuan-denominated assets throttled back meaning the Yuan weakened instead – so the authorities faced the opposite dynamic i.e. in order to maintain the peg they needed to sell Dollars and buy back the domestic currency. But the economy was slowing and so they had to stimulate (and produce more Yuan) – two conflicting positions. Now we’ve seen the Yuan cross the Rubicon i.e. 7 and the Chinese have had to concede that they can’t afford to defend the Yuan at a higher level. It’s also why they don’t have much scope to stimulate – stimulating means an increase in domestic currency, downward pressure on the USD/Yuan rate and a risk that Trump arcs up and condemns them as a currency manipulator.

      • buttzilla fifteen

        this! – the three kingdoms are always running a mild fever.

        It’s economic implosion. period.

    • Honestly.. I go to bed every night dreaming that I will wake up and somebody would tell me “coronavirus??? April fools in Feb!!! it was a huge hoax. Those Chinese have a sense of humour, they do”


    Coronavirus outbreak: Government extends travel restrictions from China … Newshub


    Visitor who had ‘cold-like symptoms’ in Hawaii diagnosed with coronavirus in Japan … Hawaii News


  16. boomengineeringMEMBER

    Just got home from a new electric motor modification job for the juice factory and lo and behold a new Range Rover parked across the drive. Strange how a new car already has a flat tyre.

    • Mining BoganMEMBER

      Two episodes stand out for me, both on the old ‘Gabba hill. Number one was a bunch of blokes bringing in a coffin filled with beer and ice when I was a teenager in the 70s. I had never seen anything cooler. The other was the very brave fellow who wore a gold lame tank top to a game around the mid-80s. He got pelted with empty cans every time he wandered all the way from near the dog track to the bar and back.

      Come to think of it, the five days I spent on the hill in ’95 watching us win our first shield was relatively quiet in comparison. Geez, we even had the riot squad joining in the game of cricket during the three hour rain break. So I’ll say it’s around that time that Australia had been broken.

        • Mining BoganMEMBER

          He was cool. You got to remember that these were the days when you couldn’t walk into a pub in Queensland without knowing someone or knowing someone who knew someone. So this bloke would walk up the hill in his gold lame target with cans dropping on him all the way like artillery creep. Then he’d see someone he’d know…

          Bugger me! He stopped to chat politely while cans rained down. Cans would stop until he moved off and then the artillery would open up again.

          There really was a weird code of conduct going on.

    • Would have in my younger days but growing up in Darwin, we never got the chance to play cricket yobbo. Did enjoy the esky races at the Darwin Ampitheatre though. After a Cold Chisel concert, the crowd created a down hill luge on the ampitheatre hill with ice and stated esky races. I was about 15 at the time at stood in the crowd cheering on as cvnts speared off all directions. Fvcken hilarious! Then the security wowsers tried to shut it down and they were pelted with empty tins, ice, broken eskys etc. They backed off, the races continued until the coppers showed up. Yep, that end that. Old Territory coppers didn’t mind “enforcing” law and order but the crowed showed their displeasure vocally.

      The only cricket story I got was taking my 11 year old son to a T20 (Big Bash) game about 10 years ago in Adelaide. We hung out under the old score board, Adelaide Ovals Bay 13. Son had a ball, beer snaking with my empties, just getting into the cricket yobbo spirit. Son excitedly told Mrs Nut all about it, the tone when she said “really?” was quite cutting.

  17. Small house in Hawthorn (munro st) quoted between 1.2 & 1.3 went for 1.49. The agent said everything they’d auctioned today sold and went for more than the quoted range. Prices still going up.

    • Yeah nah, low quote for big spruik, how can they justify the action numbers when less than 50% are reported never mind sold

    • Went to three auctions in the inner west of Sydney and can confirm. one big block that would be a knockdown and subdivision. One with limited development potential beyond simple renovation and another which had had an expensive nicely done Reno. All three had big crowds of legacy Australian types, heavy bidding and sold high.

          • Why wouldn’t he? Labor offers no opposition.

            LNP cannot do what they’re doing to this country without Labor on board with immigration.

            Labor’s the workers and plebs party. Blame Labor.

          • The travel ban is probably really cutting into vibrant numbers. I think he’ll be unable to get to 450K this year despite his best laid plans.

    • happy valleyMEMBER

      Reusa has his own Olympic marathons each and every day – so, the punters who’ve paid to go to the Tokyo ones have a bigger and better alternative. How good is Straya.

  18. The Traveling Wilbur

    The major problem with ‘today’ is that no one recognises class when they’re exposed to it.

  19. Read it and weep


    Our leaders lack the patience to see this off due to our debt fuelled economic activities……it will be all around us by the time of our flu season. My wife is very vulnerable to this, I am definitely considering renting a place on the outskirts of somewhere like Winton this winter. Don’t think hospital could save her…..only social isolation and cleanliness.

    • reusachtigeMEMBER

      Is your wife a Chinamen? I’d be a little concerned too if my love was a Chinamen at the moment. Thankfully I’ve learnt not to love mentally but only physically, which helps.

    • Why would anyone take medical advice from a known antivaxer mob which then tells you to buy gold as a palliative.

      • Yep and saw the same thing decades in the making roll through other industrys E.g. MBAs and Sales driving everyone that had a brain cell out for the new best practices …. thank you share holder value et al.

        Let them eat equity – !!!!!!

  20. @reusa welcome to the shut-ins, brother! You seem to be posting more and more here, methinks there’s trouble in bed. Is the little guy spongy and bruised? Have the rivers of Uberchinamensch dried out? Have you finally joined the Mile High Club – Solo Aviator Division? What is it, brother, spell it out, or has the cat got your tongue?

  21. https://www.news.com.au/world/asia/who-accused-of-delaying-response-to-coronavirus-outbreak-to-appease-china/news-story/5b062eec927cc6819bf90d5e7e5f1c07

    “The agency argues it didn’t declare a global emergency earlier because there was no evidence of human-to-human transmission outside China.”

    This is a pathetic argument as they knew of human to human transmission in China.

    PS an American woman from the cruise ship that dictated docked in Cambodia has tested positive for coronavirus in Malaysia, wrongdoer how many others that were on there but not being tested have it.