Links 1 July 2020

Global Macro / Markets / Investing:





Leith van Onselen


    • When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe.” – Frederic Bastiat

    • billygoatMEMBER

      Ha Ha nothing like a good [email protected] to sort a swollen gut.
      An apt adjective.

      Then there’s this:

      The new figures are good news for perspective renters with prices dropping in several suburbs compared to this time last yeaR

      Another apt typo describing ‘prospective tenants’ as ‘ perspective’ …the tenants probable have a different take.
      Lower the asking rent.
      Agent perspective cos rents ‘not falling off a cliff’

      Ha ha ha ha RAOTFLMFAO
      Comedy gold just like the newly aptly rendered Made In Australia Logo. Gold plated Corona Virus emoji revealing exactly where Made in Aus is manufactured- component parts at least.
      Another gold plated tuuurrrrd …. my favourite word for cretins.

  1. Just did my tax and it should have been straightforward but got thrown a curveball I’ve never dealt with before. The labourhire company I worked for half the year didn’t register my income under standard casual payment summary like most labourhires do, they did the “right thing” and registered it as Personal Services Income (PSI). Never seen that before so had to do the ato website check, use the tool, find out the PSI rules don’t apply to me so just submitted my return anyway even though I probably didn’t have the checkboxes ticked correctly. Meh, audit me. Fckn nother reason to hate sham “full time casual” labourhire work.

  2. Segregate Victoria

    Halfway through the most eventful year since WW2 I’m guessing. Hard to believe that those bushfires back in January would be the least of our problems this year.

  3. The fed broke it. Now, they own it.MEMBER

    Gold has breached the 1800 handle on, I assume, a whole day of FED speeches. Print all you like FED, you won’t debase my savings which are 100% in Gold.

  4. Was there a story about a Wuhan Gold Company that seems to have forgotten it’s Gold was really crap, & forgot to tell the banks that used it as security? was that a real thing or another ZH story?

  5. 1 in 4 International Students earn less than half the minimum wage (and 3 quarters earn below the minimum casual wage)

    More than three-quarters of international students earn below the minimum casual wage and one in four earns less than $12 an hour – less than half the minimum casual hourly rate.

    A study of 5000 international students in 2019 by the University of NSW and the University of Technology Sydney has found almost two thirds (62 per cent) suffered in silence and did not try to access help or even seek information about their problems.

    UTS Law Associate Professor Laurie Berg and UNSW Associate Professor Bassina Farbenblum said despite the Fair Work Ombudsman’s efforts and stronger penalties for wage theft in recent years it was “still business as usual in terms of the exploitation of international students”.

    • They do so willingly. They earn far more than they could back home, and send the surplus back. The real story is that they undercut Australian students’ jobs, and drive wage stagnation.

    • billygoatMEMBER

      WTF is this a problem.
      It is an Aussie tradition to pay casual students cash in hand, under the table, off the books, flat rate, below award, if you don’t like it leave, if you don’t want to someone else will do it.
      Why is this a problem cos it’s happening to four rain students? Discriminatory towards traditional Australian casual work force who have been royally done over by student visa full time casual workers. Whytesploitation if you ask me. Bring that before international fairness courts. Insert vomit emoji

    • Maybe because some lose the plot when their natural, stable and timeless equilibrium anchor point to reality is questioned … pointing out that the social construct is more dynamic and important than a singular monetary object will do that too some heads …

  6. two dozen or so countries in Europe that did good job in March-May suppressing the virus are currently going through second way, in many places seeing more new cases than during the first wave


    A huge issue that never gets reported. Koalas’ habitats are being destroyed and the animal is on the way to extinction.

    All thanks to a program of mass immigration and urban development to keep pace with the extreme influx of new populations. And, a country with an obsession with RE development and dwelling construction.

    If this was more widely publicised, there’d be outrage (worldwide too). The koala is a very symbolic animal for people all over the world when Australia is mentioned. I live in a “poor” country in Europe and people here were making donations for the bushfires in Australia because they were so saddened by the dying animals. Particularly the koalas.

    If only they, and the rest of the world, knew how many koalas have been slaughtered and driven from their homes over the years for the sake of urban development and immigration growth.

  8. Chairman MeowMEMBER

    “The fact that China passing a simple law that bans the U.S. from funding groups in Hong Kong with the goal of overthrowing the CPC has caused every “democracy” group in HK to shut down tells you everything you need to know about the actual driving forces behind this “movement.”

    If the Hong Kong “democracy movement” can not continue on & exist without funding, support, & attention from Western governments & media, then what does that say about how little revolutionary politics & grassroots mass support that this supposed “democracy movement” actually has.

    The fact that Hong Kong’s supposed “democracy movement” hinges on & can not survive without appealing to Westerners on the left or right for support, reveals what the actual driving forces behind the HK “movement” are and how little mass & working class support the protests have.

    A true revolutionary movement in the global south would swell with massive support, involvement, & momentum from the people *without* needing Western support. Such a movement would not need to constantly guilt the Western left or right into supporting, funding & publicizing them.”

    • Police arrested Abdul El-Debel, 47, Gopalakrishnan Vilayur, 50, and Raminder Kahlon, 36, last month.

      It is alleged over a two-year period that the men used their inside knowledge to influence IT contracts at the department, receiving financial rewards for their efforts.

      What a surprise at those surnames, NOT.

  9. Arthur Schopenhauer

    From The Age:
    “Mr Andrews also on Tuesday announced that a former judge would lead an inquiry into how private security guards, contracted by the state government to work at the quarantine hotels, had potentially allowed the virus to escape into the community.”

    So it’s private security contractors, probably engaged through labor hire companies, giving zero fvks. I wonder if they are being paid award rates, or what there visa status is, and if they are citizens?

    • billygoatMEMBER

      I’d bet my considerable life savings the security guards policing hotel quarantine are recently imported from In ja due to acute shortage of suitably qualified Australia born & bred security guards. Most likely illiterate & unable or unwilling to follow & enforce protocol. Reminds me of crane truck delivery driver contracted to major building material supplier. Arrived on site and stared blankly when asked to unload. Crane not working he mumbled / gestures. 25 mins later under pressure he had a rack. Turns out it did work – he hadn’t charged battery and not skilled to operate. Major time waste. Rude & s hitt cos put on the spot. Inconvenient & costly delay on my side:)

  10. The Traveling Wilbur

    I’ve spent the last couple of days pondering what may be a fairly serious problem. As a couple of other punters were wise enough to observe, some of us, me especially, make a lot of really bad jokes and puns about some very serious issues – this being mentioned during the concrete pun-athon from a couple of days ago – and personally it is pretty concerning.

    Does anyone know if there’s a cure for that?

    • migtronixMEMBER

      “9 a.m.

      Texas continues to see record COVID-19 case increases that have led county and state officials to place restrictions on reopening, blast businesses that are ignoring state health protocols and urge the public to stay home as much as possible.

      From Sunday to Monday, cases in Texas had risen by 3.6 percent, or 5,491 cases, to a total of 156,998 cases, according to the Houston Chronicle’s data team. This marks the fourth-highest single-day increase in cases for Texas and a return to 5,000 plus daily case increases. The state’s new rolling average for cases is 5,505.1 cases; the last day a decrease was reported in the rolling average was on June 9, per the data team.”

      • Interested PartyMEMBER

        Well….we don’t have a delete button, thats for sure.

        And i’m not so sure about your statement. Correct me if i’m wrong here….but isn’t it Trump supporters who have constantly called out the deep state for the almost 4 years of investigations that have amounted to nought….investigations that have only exposed the deep state as the actual criminal enterprise…..
        Who here cheered these investigations on?
        …and trump supporters are sheep?……lol. Get a grip.

          • Interested PartyMEMBER

            Maybe …….just maybe……..people will come to see that only now are there two parties in DC. The uniparty of rep dem……..and the party of Trump and the deplorables.

            We are now living trough the largest concerted effort….ever…. to remove a sitting president. He poses an existential risk to their corrupt schemes. All and every tool is or will be deployed this side of November.
            If the reader cannot grasp this simple observation…….?

          • migtronixMEMBER

            Muller was nothing compared to the star chamber of the late 90s.

            God you’re a shill.

    • migtronixMEMBER

      And who outed it? The Green Party.

      Now what?

      Ok that wasn’t outed by the Greens, the Berlin scandal last week was.

      Something very wrong in GER

      • Interested PartyMEMBER

        Does it matter who outed it?
        Why does this need to be political?
        Could it be the people who condoned this behaviour are above party politics….in fact….control the politicians? ( epstein model?)

        Look beyond the headlines.

        It’s not just germany.

  11. Interested PartyMEMBER

    For the chynaa buffs…..

    “WASHINGTON, DC, June 30, 2020—Today, the Federal Communications Commission formally determined that Huawei and ZTE pose a national security threat to the integrity of our communications networks and communications supply chain. This decision means that funds from the FCC’s Universal Service Fund cannot be used to purchase, obtain, maintain, improve, modify, or otherwise support any equipment or services provided by Huawei or ZTE.
    This designation is the latest step that the FCC has taken to secure America’s communications networks from the threats posed by Communist China and bad actors that might do its bidding. Those efforts include prohibiting a company linked to Communist China from connecting to our communications networks, directing numerous other entities to show cause why their authority to remain connected to our networks should not be revoked, and launching a proceeding aimed at removing Huawei and ZTE gear from our communications networks. ”

    source pdf

    now….about that sponsorship for the Canberra Raiders…..

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