Weekend Reading 18-19 July 2020

Global Macro / Markets / Investing:

Americas:

Europe:

Asia:

Trans-Tasman:

Leith van Onselen
Latest posts by Leith van Onselen (see all)

Comments

    • Pfh007.MEMBER

      T is for Terrifying Bank Bail-Ins

      MyRBA: Bank Bail-ins? Problem solved

      https://theglass-pyramid.com/2020/07/18/myrba-bank-bail-ins-problem-solved/

      Earlier this week the ABC posted an interesting and lengthy article headlined “Coronavirus heightens fears bank deposits could be wiped out under ‘ambiguous’ laws” . The subject matter of the article was the frightening possibility that in the event of a financial crisis, the bank deposits of bank customers might be wiped out.

    • haroldusMEMBER

      Even though you beat me, at least you weren’t first.

      Which makes me as happy as anything does now.

    • boomengineeringMEMBER

      My submission to Senate Economics Legislation Committee ( Inquiry into Banking Amendments (Deposits) Bill 2020 ) accepted as correspondence but not submission. They threatened that it will not be protected by parliamentary privilege if I publish it myself.

  1. Meanwhile, until today I’ve been largely sanguine about the Victorian second wave. No longer. A Melbourne based client I’ve been trying to do a deal with for months pulled out of it at the last minute today because of the “uncertainty” in Victoria. It’s going to cost me half a year’s income.

    So far q Dan Andrews. Far q to hell you four eyed freak. Let him burn.

    • Someone should compile a list of the morons who voted for him last election. They have a case to answer.

      • what about a list of the electorate who still thinks its a hoax (and most likely didn’t vote for him)?

          • Yes including them.
            Although ‘doctors’ loosely defined to mean: someone who tells their infectious patient to suck it up, return to work, go to a few restaurants and infect some people as GDP is at stake (even though they aren’t a trained economist, don’t get the economy at all – eg no economist would claim making 40% of the population sick and a few hundred thousand deaths will improve consumer confidence).

          • BigDuke6MEMBER

            I’m not sure if coming is a dr because he seems to have too much time to waste on this site – most of us are run off our feet. I should bill medicare for every post on here.
            We medics of this site all agree this is a bad novel virus with much uncertainty but its not worth the price of eradication lockdowns and police state aggo in my eyes. We see humanity up close and sad to say much of it is very unhealthy and is prone to getting picked off just like any herd. Think on the Ruby Princess and the carnage there. There was another cruise to Antartica at the same time where 100 people of the same age got covid. None died. What does that tell you? I know its uncomfortable but we are bankrupting the country and making other more healthy people suffer for little back. When it came out I just assumed I’d get it. It didn’t frighten me then or now. Its the way of things.

          • You are assuming there is a price of eradication which wouldn’t be paid if the decision was made to let it rip.
            I get doctors see unhealthy people every day and many illnesses which are far more serious. However that is a very bad place to start to judge strategy during a pandemic where the costs are social and cumulative.

          • bD how many are highly infectious non treatable diseases you can get from other people acting like carnts

      • GunnamattaMEMBER

        I didnt vote for Andrews, but there was a very very good reason for the people of Victoria voting for him, and his name was

        Matthew Guy
        https://en.wikipedia.org/wiki/Matthew_Guy

        The ‘Planning’ Minister who signed the state up for all of those Southbank and Docklands piles of architectural excrescence
        Man who like to dine with the local criminal community
        The Man who signed us up for a Freeway which delivered the public a net negative return on value 5 weeks out from an election – leaving taxpayers on the hook for zillions of getout fees when the new government arrived. etc etc etc

        And while I completely agree Andrews should fall on his sword – He is ultimately the Premier responsible for the decisionmaking vis COV19 and its Melbourne end – anyone thinking the nutjobs within the current state Liberal Party would have handled things in any way more effectively should ask themselves Which side of State politics would go cheaper when it came to quarantine and security guard arrangements?’ and Was the ‘Colorado Ski Set’ who returned to Australia to self isolate in Sorrento – and frequented the local golf club and local markets – more closely connected to, and their actions representative of, the ALP or LNP?

        • I don’t see why he should fall on his sword though.
          How is it his fault that hundreds of thousands Melburnians read journalism and think the virus is a hoax?

        • Gunnamatta,

          If what you say is true then the way to vote in Victoria’s last election would have been:

          1 ——— One Nation candidate
          2 ——— best independent
          .. ——– 2nd best independent
          .. ——– ..
          2nd last — Dan Andrew’s mob
          last —— Matthew Guy’s mob

          However I also would conceed a case could be made to vote as follows

          1 ——— One Nation candidate
          2 ——— best independent
          .. ——– 2nd best independent
          .. ——– ..
          2nd last — Matthew Guy’s mob
          last —— Dan Andrew’s mob

          If all voters voted as I described then Dan Andrews would not be in power today, and both his and Matthew Guy’s mob would soon cease to exist as political forces.

          Voters should educate themselves on how voting works.

          • GunnamattaMEMBER

            Voters should educate themselves on how voting works.

            I dont disagree with you, but I think it needs to go much much further.

            In our era politicians politicians have become ‘managers’ of the public rather than representatives of the public. It is time for people to reclaim politics, to reclaim the entire social end of the system, and to tell the 1% set – be they corporate or bureaucratic – their time is over.

            Presumably that will come not long after a failure of the status quo not unlike what we are currently getting. They are still thrashing about between trying to limit the spread of the virus and minimising the economic impact of a virus which has already trashed the economy beyond repair. They have failed across almost every policy that has been the mantra for 40 odd years.

      • boomengineeringMEMBER

        Well Gav you have two choices 1/ keep trying or 2/ start your own business.or 3/ both. (math not good this morn)

        • Boom I’ve been through 3 interviews with 1 company, and likely a 4th soon. Got a couple of other leads going, but the longer this goes on the more I’m leaning toward the running my own business idea.

          • boomengineeringMEMBER

            Option 3 sounds good if you get a job as it could ease you into it but sometimes if you go in boots and all option 2 you tend to try harder.

          • Absolute BeachMEMBER

            Gav mate you have a good knowledge of the Jap classic car market. If you want to start a biz (and living in a region) the obvious choice is something online, easy to ship and universal for that market. Pick something that’s simple in application (like a surface coating or whatever) to reach the DIY’ers. Use AdWords as it will be perfect for laser-targeting the geeks who know all the model numbers. etc. Just start it – even if you are job hunting. Buy minimal stock. Grow using cashflow not overreaching. It’s pi$$ easy compared to working for .gov or some spanker.

    • SoCalSurfCreeperMEMBER

      A while back everyone looked at US states and thought WTF are they doing opening up? As more people, households, businesses all go to the wall it becomes much harder to accept total lock down. The carnage is massive. Watch how attitudes change.

      We have to get to a place where risks are balanced. High risk, low value activities have to pause. Lower risk, high value activities have to continue. Medium risk activities have to proceed with mitigation in place.

      We need to adopt a risk-based approach to life or more people are going to die deaths of despair than from the China virus.

      • Pfh007.MEMBER

        The problem is the high risk activities – gambling and booze joints are the least likely to enforce sensible health and safety measures.

        It only takes a few clown outfits to stuff it up.

      • If everyone wore a mask you’d get more economic activity with lower risk. We (collectively as a society) have to start wearing them

        • It’s been so tiresomely obvious for six months and we’re still debating it and not complying, whereas all the Asian countries did it from the start. What does that tell us about ourselves. Ditto the pubs and mas gatherings Gladys has just caved in to.

  2. CHINA …

    The $52 Trillion Bubble: China Grapples With Epic Property Boom … Stella Yifan Xie and Mike Bird … Wall Strett Journal
    … behind paywall …

    https://www.wsj.com/articles/china-property-real-estate-boom-covid-pandemic-bubble-11594908517

    … extracts ……

    Even the coronavirus hasn’t stopped the world’s biggest asset bubble from getting bigger. …

    … In March, 288 apartments in a new Shenzhen property development sold out online in less than eight minutes. A few days later, buyers snapped up more than 400 units in a new housing complex in Suzhou. In Shanghai, apartment resales neared a record high in April, by one estimate. One Saturday last month, nearly 9,000 people each put down a deposit of one million yuan ($141,300) to qualify to buy apartments in a Shenzhen development. …

    … The total value of Chinese homes and developers’ inventory hit $52 trillion in 2019, according to Goldman Sachs Group Inc., twice the size of the U.S. residential market and outstripping even the entire U.S. bond market. …

    … Home prices in some Chinese cities have reached levels comparable with some of the world’s most expensive urban areas. Average home prices across China reached 9.3 times average income in 2018, according to the Chinese Academy of Social Sciences, compared with 8.4 in San Francisco. … behind paywall … read more via hyperlink above …

    • Mitchell Stuart

      The Democrats/Left have already launched riots (BLM) and crushed the economy (COVID) in their attempt to win it.

    • robert2013MEMBER

      Read the link on Americans ready to boycott NFL. People are getting sick of being told what is right and wrong by their companies, their media and their sports stars. Get woke go broke is a thing. I think Trump can still win.

      • I believe Trump will win
        You just look at the poll, who is ever losing in the polls is the winner these days

        • haroldusMEMBER

          Hi bcn

          The other day you mentioned the risk of civil war. Did you mean in Australia?

          • I’m not sure about civil war but definitely social unrest and violence
            There is a perception that we are different
            Our house prices would never crash we are Australian
            What I have noticed which actually surprised me was that I thought If protests etc happen overseas or violence etc that we are aust so it’ll be 2 years after, but because of social media we have the ability and likelihood of what happens overseas transpiring very quickly
            I think we have been protected by very large government handouts

            On a separate matter, I spoke with an Indian doctor and they had told me india was doing ok on numbers ready because they know the government won’t help help them, here every one just whines and they get bailed out of everything free healthcare, relief from banks, next they lll he saying they don’t want to pay their loans off, they changed their mind and now don’t want a mortgage
            I said AUST will eventually default on the government debt, come on look at the state and fed government hand outs
            Each time I’m shocked at the extent we will kick the can, I guess they will keep kicking until the whole system blows up and it will, it’s that point you’ll see the real civil unrest
            It’ll be very interesting

          • BigDuke6MEMBER

            I like you BCN and was once like you but I’m surprised that at your age you still have such a mad max outlook.
            I agree that civil war is possible in USA or Europe eventually but the fall of Rome has many more years to run.
            Look at history. But also look at europe – i’m amused to see all the complaints about a few indians in melbourne on this site – aussies have no idea! Germany let in a standing army of a million syrians mostly young men – australia doesn’t know its living.

          • Can’t see it happening here. If Covid is sitll around Morrison could cancel the next election and establish a dictatorship by stealth and the average Australian voter probably wouldn’t mind because voting is seen as a pointless hassle.

      • DominicMEMBER

        Yep. The elites peddling this woke shyte treat the plebs like they’re dumb as dog sh#t, but it doesn’t matter how little schooling you received, people instinctively know when they’re being patronized and switch off. The woke movement will eat itself in spectacular style – and history won’t be kind to it or its followers and adherents.

        • The woke left has well and truly lost the plot. Everything is racist now. It’s just madness.

        • Ulrike Meinhof

          Australia is far from immune to this disease we call dysfunctional education.
          I challenge anyone to spend more than 5 minutes diving into the NSW Selective schools debate/debacle before they begin to question either their own sanity or the sanity(andor integrity) of others proffering advice on fixing NSW schools.
          If you take this challenge, do yourself a favour and google the word “fixing” because there are several definitions, I believe the one that applies in this case, is the following.
          The illegal or underhand influencing of the outcome of something such as a race, match, or election.

        • This is a cracking 7 minutes of viewing — we have reached toxic levels of woke stupidity.

          It always amuses me to see climate deniers complaining about the lack of education and poor educational standards. Too funny. 🤣

          • Triggered?
            Better have a lie-down and a kale and goji-berry smoothie. After which, you can ring some woke friends and have a socially distant circle jerk to sooth the upset.

          • Something educative from the best satellite climatologist on the planet,

            John Christy? Christy and his pal Roy Spencer are both Southern Baptists, and Christy has made clear that his faith and his missionary work in Africa influence his beliefs regarding climate change. Both Spencer and Christy support the intelligent design movement, a fundamentalist Christian variant of creationism that claims intelligent design proves evolution to be false.

            So “best” is a misnomer. “Nuttiest” may be better.

          • What’s wrong with being a denier. You deny to comment on Michael Moore’s latest film…and he is much more influential than you sir.

          • Michael Moore laid a giant turd in the film “Planet of the Humans”, which was full of misinformation and outdated data. His lowest moment. We all make mistakes, and this movie was a mistake.

          • Ah, another f#ck with TDS.

            Anything on the ABC – outstanding (and all true)
            Anything on Fox – dreadful (and all lies)

            Credibility deficit much?

        • fitzroyMEMBER

          As he said R2M you can reproduce the results yourself. Give it a try. I suspect you didn’t even watch it before stooping to the ad hominem.

          • It defies belief that there are still climate deniers around peddling this rubbish. Disappointing on MB. Should be a forum with a moderator.

          • fitzroyMEMBER

            It’s in the IPCC report. You obviously haven’t seen the video. I suppose we should ban that report as well.

        • Well, lies if you’re part of normal society, just media politics if you’re not. Most of what I’ve seen on Fox and the like is mostly extreme crap. The (Our) ABC is a paragon of media virtue in comparison.

          • DominicMEMBER

            So, basically, you didn’t even spend the 7 minutes looking at the clip I posted – you just saw it was from Fox News and automatically assumed whatever it was would offend your sensibilities and shut it straight down. That’s called Trump Derangement Syndrome – said otherwise, even if Trump were to rescue a child from drowning the Left wing media (and everyone else who dislikes him) would all pile on and criticize him for it.

            I don’t like Fox any more than most, but Tucker Carlson is worth listening to – he is charismatic, articulate and a lot smarter than any news anchor I know of anywhere in the English speaking world. And the issues he tackles have substance – in direct contrast to the tiresome woke agenda of the liberal media.

        • I watched it. It was a nothing burger served up by a talking head looking to get a reaction out if the audience. He started by asking the question of why is the political class disappointing and ineffective at looking after the populace. A reasonable one. And then he jumped across to lazy culture wars virtue signalling. Another talking head that’s interested in appeasing their audience could have used the same intro and done a nothing burger response about whatever it is they culture wars virtue signal about. Nothing is learnt about the world and it just creates a bigger division between people for the sake of ratings. Fox isn’t the only one guilty of this. The host actually lost a job a few years ago when a comedian called him and another pundit out for serving no purpose except theatre. Not much has changed in the last 14 years.

          https://youtu.be/aFQFB5YpDZE

          • DominicMEMBER

            Let’s not pretend you watched that piece objectively. If you claim otherwise you’re lying.

            True TC has an agenda but that agenda is to highlight the utter stupidity and hypocrisy the social justice movement has descended to and he may have picked on a couple of lunatics but it’s not like those loonies aren’t the real deal.

            And how can you argue against the point he makes about poor Asian students being the high achievers in the NY education system, yet whites are to blame for failing black students?

            The loony Left are the ones being utterly dishonest. The whole Marxist sh!tshow deserves to be flushed down the dunny, frankly.

        • Kodiak, compared to every other news organisation in Australia, it is.

          Dominic, Tucker and Fox cherry pick, never seen any of the RW media seriously take issue with Trump, and in my view that’s because I suspect they see having him is better than any democrat, regardless; He’s from their team. They see no issue with anything in US society, down play everything.

          • DominicMEMBER

            Let’s accept that as fact. In that case I can’t think of a single media outlet or organisation that doesn’t have a bias or agenda ie. can claim to be scrupulously objective.

        • Dominic I agree, but the far rw media, which fox etc are, are not even close to objective and in that situation I see Fox and the ABC as night & day.

          • DominicMEMBER

            I think the issue here is that you are seeing TC as a mere outgrowth of Fox (and therefore beholden editorially to Fox) rather than an independent journalist / commentator, which he is. TC calls the editorial tune on his show – he is way bigger than Fox, the organisation, and could walk out the door any day he likes, but as he’s wildly popular they’ll do whatever it takes to hang on to him. I should say there are whispers that some pretty powerful figures are keen for him to run for President in 2024 — personally I think he’d be crazy to, but if there is any substance to these rumours, he’s probably a person worth getting to know a bit more about.

    • Ortega, your presumable hatred of Trump has left you rambling about hypothetical situations which will not come to pass. If you have been paying attention you will see Trump is no war monger. Unless you are talking about a trade war…..

    • Trump is coasting to a crushing victory. Every single time the leftist cult overplayed it’s hand this happens.

      Riots in the 60’s, Nixon. In the 80’s, Reagan. Trump will probably win 49 states.

    • Jim's Central Banking

      With dolts like Robin DiAngelo and the crackpot anti-racism movement associating themselves with the left (in reality they’re corporate shills on the grift) it wouldn’t surprise me if someone as incompetent as Trump got a second term. People would rather listen to person that can’t go a minute without lying or making a fool of himself, than be harrassed by holier than thou lunatics.

      Look at this mess https://nymag.com/intelligencer/2020/07/antiracism-training-white-fragility-robin-diangelo-ibram-kendi.html?utm_medium=s1&utm_source=tw&utm_campaign=di

    • I’m making the prediction that Biden will lose. I just can’t see how he will win. He’s even less likeable than Hillary. Why Bernie is out I don’t know. I mean is Biden the best they can offer? It just shows how broken the political machine is..

      • +1
        My naive side might be on display here, but I want to believe that Sanders would have at least quelled the unrest at a superficial level.

      • ErmingtonPlumbingMEMBER

        Joe Biden: “I want to tell a Joke. How many Republicans does it take to change a light bulb?”
        CNN: “Don’t know. How Many?”
        Joe Biden: “To get to the other side”

        It’s almost like the DNC wants to lose!
        Their choice Of Biden is untenable Yet he’s all they have got to Offer!
        WTF!
        https://youtu.be/aA-GoeFGyIc

        • Stewie GriffinMEMBER

          CNN: “Hilarious Joe. If you don’t win the election then Trump has obviously stolen it from you with the help of the Russians.”

        • For the RW media to support Trump but to complain about Biden’s faults when they’re infinitesimally small in comparison is just laughable. Trump has an inability to deal with reality and is a compulsive liar.

          Anyone putting forward Trump can’t be taken seriously.

          • ErmingtonPlumbingMEMBER

            “Anyone putting forward Trump can’t be taken seriously.”

            Sure,…But the exact same statement applies to anyone who thinks Biden a suitable presidential candidate.

          • drsmithyMEMBER

            Sure,…But the exact same statement applies to anyone who thinks Biden a suitable presidential candidate.

            There’s still a distinction between “not suitable” and “nowhere near as bad”.

            I know you have little regard for “etiquette”, but just someone who understood the gravity and responsibility of the office would be a massive improvement.

          • ErmingtonPlumbingMEMBER

            Same goes for Trump.
            What’s your point?
            That people are Partisan sheep?

          • I saw analysis that the fact that conservative catholics voted overwhelmingly for Trumpy in 2016 was enough to get him over the line. If they had voted how they typically vote then Trumpy would have lost. Joe Biden is a catholic and attracts solid support from conservative catholics. One of the many factors that went into the decision to select Biden to run against Trumpy.

            When you and a mate are attempting to run from a crocodile you do not have to be faster than the crocodile. Similarly Biden does not have to be a very good candidate, just better than Trumpy.

        • Big difference between Biden and Trump. Biden isn’t a compulsive liar (taking into account he’s a politician) and he doesn’t have anywhere near the issues with reality as does Trump.

          Sanders would have been my choice by a long shot over all of them, and Corbyn in the UK.

      • Biden is clearly dementing – I think the Dems want to lose. What cushier job is there than being in opposition? Still get a great salary, perks and without the responsibility of governing. If he was in Opposition Morrison could fvkn off to Hawaii and no-one would give 2 s**ts.

      • don’t underestimate the DNC Gavin …. it’s his (read ‘DNC’) choice of VP that’ll determine the outcome… eg pick the most prominent female POC, preferably ‘black’. G d help us all if it’s Michelle O

      • drsmithyMEMBER

        Why Bernie is out I don’t know.

        Cuz Bernie’s about as far left wing a politician as the contemporary US system could produce, but the DNC hasn’t put forth and candidates more radical than a moderate Republican for 30 years.

        Biden’s a safe choice for the “not Trump” portion of the “swing voter” demographic (ie: disillusioned Republicans). Bernie, less so.

    • DominicMEMBER

      There are going to be some really antsy Boomers out there — they demand the right to cruise! Time’s ticking by, ya know.

      • Arthur Schopenhauer

        Got some in my family. Lost the deposit to their Mediterranean cruise. “Not happy Jan!!!!”

        Meanwhile, those of us working and paying taxes…”

        • DominicMEMBER

          I reckon anyone who wants to go should be allowed. Their eulogy would include the immortal line: They died doing something they loved.

  3. Mitchell Stuart

    Why are Melbourne nursing homes not locked down? Why are staff allowed to work and move from one centre to another? This is exactly what happened in Europe and led to a huge number of deaths because the virus was transmitted this way. Why are we making all the same mistakes that happened in the Northern Hemisphere three months ago, have we learned nothing?

    How much capacity was created in these months of lockdown, and do healthcare workers have enough PPE and are they familiar with the treatments that do and don’t work based on experience overseas?

    It seems like the Victorian Government is all politics and no action. They are forcing all the pain and adjustment onto individuals and businesses and doing nothing themselves (apart from blaming us).

    If this is the situation we find ourselves in we absolutely would have been better off with no lockdown and just getting through it at the end of summer earlier this year…. now it is Winter, the population is Vitamin D depleted and stressed from remote schooling and job losses. Air pollution has spiked to levels similar to northern Italy due to low temps and people at home all day burning wood and trash (neighbour near me burns fence posts) so the virus is airborne.

    I don’t think this could have been any worse managed.

    • What governments are trying is to destroy the economy pretending they are saving lives … not actualy save lives

    • “Haven’t we learned anything from watching the mistakes made in the northern hemisphere”
      Well it’s the northern hemisphere where the major property crashes occurred in 07/08 based on excessive mortgage debt , We certainly didn’t learn from them about having a less leveraged housing system.

      • What they learned from northern countries is thatbyiu can run ponzi economy for a decade on housing bubble and people to cheer to you, but what they learned from southern countries is that you can do that for decades if you are careful to kick the can few times

      • That’s because, as you said earlier, “we’re different”. Australian property prices don’t crash and we don’t lock down aged care homes, wear masks, or socially distance – cos we’re different! lol.

        It’s going to be ugly.

    • Took forever for us to convince my Uncle that he needed care that I couldn’t provide. He was in BUPA for two years before an aneurysm took him quickly and quietly.

      If he was still alive today, he would not be in a nursing home. Infection control is minimal. If you have someone in care, consider taking them home for a while…

    • migtronixMEMBER

      Correct. I, for one, was saying all of this when RamaDan was plastering twitter with fake home made meals and tut-tutting everyone – even as every corner in Melbourne became an instant work site.
      Its all corruption.

    • Arthur Schopenhauer

      Management of the pandemic has been much worse in the US. Doesn’t take much thinking to discover that.

    • LOL. NSW nursing homes wanted to ban visitors and Morrison said, nah can’t do that.

      A similar braindead State Lib MP came to our private hospital and demanded similar changes after visitors were restricted – management basically told him to fckn off.

    • Just so everyone is clear Mig – its not the months of fire bombing cities and looting with almost 100 people shot (18 in a single night in Chicago) – its this one instance of someone being take from the streets of which I have seen the video of the person throwing projectiles at the car the police emerged from just prior to them arresting him.

      Thats your argument.

      No one likes Trump – but posts like yours is what makes people vote for him. Go back and have another beer at the Grace Darling mate – you’re not quite inebriated enough yet.

        • Do you like the world your little progressive cult has created? No more good faith. Everything you leftists say is just projection.

          You people are stupid.

          • You got me. It gives me great satisfaction to see leftist cowards like you get jeered in every public space.

            Right now resistance to progressive ideas is building globally. Soon it’ll be anger. Then contempt.

            Can’t wait 🙂 🙂

            It’s the least I can do, given how your cult has broken our society.

            Disassociate from the prog, abuse the prog, mock the prog. Reduce the progs social status, since it’s the only thing the prog understands. Dehumanize the prog.

            I like to think of it as volunteering.

          • migtronixMEMBER

            Cowards? Lol says the Internet tough guy 🤣🤣🤣

            “I like to think of it as volunteering”

            You should think of it as idiotic, just like your bullsht tough talk
            Every bit like Alex Jones – all talk massive puss

        • He’s right, though. I wish that people like you would shut your pieholes so that Trump doesn’t do a Bradbury.

      • lots,

        The only thing I reckon which will save the day is $10k keycards for those who didn’t lose their jobs. Just kidding retail and commercial landlords are screwed.

        Larger tenants are using get out clauses as centres tenancy occupancy falls below 50%

        Take that ju fang take that unibail

    • J BauerMEMBER

      APRA has given the banks the green light to waive revaluations for the foreseeable future. No change in value = no change in LVR = no default.

      • This is going to end in tears
        They won’t work
        The deflation in property is now to powerful to stop the falls

      • Japan doesn’t have strict zoning regulations. So old office buildings can become homes etc.. so they don’t have the same bubble economics around housing in Japan. It’s like they learnt a lesson or something..

    • reusachtigeMEMBER

      Fang is a beauty. She’d be able to make a mint on Locanto during this crisis. She’s fine.

    • working class hamMEMBER

      What absurdity will the Govt create to mitigate this?
      Unemployment to 8%

    • One of the problems with have landlords who are REITs is that they have a fiduciary obligation to their unitholders. So they are by and large not allowed to show “kindness” to tenants unless it is for the benefit of unitholders – which is an issue when it comes to waiving rent.

    • Got a feeling that the rage and frustration will build up and one of these small business owners is going to burn the place down as a giant FU to the landlord.

      Friend was telling me about a similar instance where someone who had been dudded by a large organisation drove to their head office and took a massive overdose just to traumatise everyone who’d got him to that position.

  4. EDIT: Sorry, just saw Mining’s post after I hit save ….

    True colours of landlords showing.

    https://www.abc.net.au/news/2020-07-18/coronavirus-small-business-struggling-rent-melbourne/12465454

    I suspect the strategy is that these tenants will all go bankrupt anyway, so no point waiving anything since it is less of a return from the bankruptcy.

    If people are wondering where the waves forced sales of RE will come from, it is unlikely to be the banks, which hold the first mortgages, but rather the bankruptcies of these small business owners, where the trustee is legally required to wind things up and not sit and wait.

    • Largest employer in Australia is small business.

      Most small businesses are financed with loans against the mortgage of their home.

      So yeah – winding up a small business – means selling the family home – I wonder if this has even been looked at ?

      • Can remember in the 80s when my father was starting his business the banks demanded that his house be paid off in full before issuing a business loan. The property crash from failing SMEs will be a thing of beauty.

    • migtronixMEMBER

      As a prophylactic not as a therapeutic.

      You need to look again at what’s happening in South Africa…

  5. BradleyMEMBER

    The costs of running the biggest immigration programs in the OECD are becoming greater and more obvious by the day. Andrews won’t release the report into the origins of this Victorian debacle because it points a finger directly at this failed growth policy whose time has come to an end.

  6. DominicMEMBER

    ABC pushing MMT hard – people will be “furious” when they find out that everything they’ve been told about debt and deficits has been wrong all along and that we could have been living in economic nirvana all along.

    The RBA can print all the money the country needs to have world class infrastructure and full employment – including accommodating large numbers of immigrants along the way. Bring it on I say. (Curiously, not much mention of inflation, but you wouldn’t want to ruin a tantalizing story with inconvenient possibilities, so it’s all good).

    In addition, MMT is a “new theory” rather than an old theory re-heated and re-packaged, is it’s got that going for it too.

    • 4th last paragraph it says “some people see a problem with currency and foreign debt” – thats it. Thats all it mentions.

      The single biggest issue with MMT is currency and foreign debt – yet somehow no one will address it.

      As an analogy – “Here is my new car, its amazing – requires no fuel to run, has no emissions, can travel in definitely, needs no maintenance – only one problem, it has no engine”.

      Like – yeah, that one problem means the entire thing doesn’t work.

      • It’s almost like you need a shiny yellow commodity for nations to make debt transactions between them. You could call it the “yellow metal standard”. If you wanted to settle in a different commodity you could peg them to the yellow stuff. Then MMT with fiat within a national economy works.

        Everything old is new again.

    • The more push there is to keep the monetary system we have in place. The more I keep thinking about crypto like BTC as a hedge against the madness. Even just a small amount like owning at least 1 BTC.

      • Arthur Schopenhauer

        Yep. Money, as an abstract concept, is a proxy for trust. A promise to pay. This seems to have been lost.

        Blockchain is a transparent method of establishing trust.

      • I know there are a few detractors around, but money is ultimately whatever the market says it is and if the market (a group of random people) thinks BTC is cool, then it is. The legal tender bit is a different issue but all sorts of transactions already take place using BTC and every additional day that it’s still around it garners more credibility. Even investment banks trade cryptos these days, including a host of derivatives.

        My only concern is if the authorities go after it to try and destroy it — I’m a technophobe so I don’t know whether it’s in their power or not.

        • It will be harder to destroy because it is global. It would require all Governments to crack down simultaneously on it. Basically the only way to end it is to outlaw mining and crack down on server farms that mine it. So cutting power off would be a start. But I don’t see anyone successfully managing to kill it given how fragmented the world is.

          In fact the more the West moves to destroy it, the more I see it becoming popular in the Third World.

          • drsmithyMEMBER

            All they have to do it make it illegal to exchange it into real money (including by proxy – eg: by accepting it in exchange for goods and services).

            If nobody will/can give you anything useful for your Bitcoin hoard, what value does it have ?

          • DominicMEMBER

            Yep, agree with all that.

            And Exchanging it for other currencies is irrelevant – just as being able to exchange AUD for the Brazilian Real is irrelevant. So long as you can transact with enough institutions it’s fine. Making exchange illegal is also irrelevant. Illegality occurs freely every day.

          • drsmithyMEMBER

            And Exchanging it for other currencies is irrelevant […]

            No, it’s not. It’s the ONLY thing that’s relevant because currency is what you need to buy stuff. Like, say, food. Or toilet paper.

            […] – just as being able to exchange AUD for the Brazilian Real is irrelevant.

            No, that’s actually irrelevant because nobody in Australia wants payment in Brazilian Reals.

            The Bitcoin scenario is like the Brazilian Real one, with the added disincentive for both the customer and the vendor of ending up with large fines and/or gaol time for using Brazilian Reals.

            So long as you can transact with enough institutions it’s fine.

            Exactly. So when you can’t transact with any institutions inside the country (and they won’t transact with you) because it’s illegal…

            Making exchange illegal is also irrelevant. Illegality occurs freely every day.

            Everyone isn’t breaking the law every day making basic transactions.

            It blows my mind there are people who seriously think Austrlaian civilisation will break down so much that money won’t work, yet somehow think all the infrastructure necessary to transact in bitcoin will just keep humming along.

        • Display NameMEMBER

          China has already outlawed mining. The government has a monopoly on violence and so far taxing. If crypto gets in the way of tax revenue it will be game over for crypto. It does have appeal but unless it is government sanctioned I cannot see a place for it unless we have a zombie apocalypse.

        • This. Bitcoin is hugely energy intensive, equivalent to date to Switzerland’s entire annual energy consumption. Gold mining is also energy intensive. In the long run neither are are sustainable, but there’s a fair bit of gold been mined already that might hang around long enough to be useful.

          https://www.bbc.com/news/technology-48853230

          • DominicMEMBER

            195,000 tons of gold. More than enough to back a monetary system. 😉

            As for the cost of mining it, well, the more valuable it becomes.

    • Mitchell Stuart

      When you break it down, MMT is basically the threat of armed violence to force the productive to provide services to the unproductive (welfarites and aged).

      Society becomes less of an economy and more of a lab experiment. Having the productive out there working and the unproductive at home breeding and spreading their interests on discussion boards and at protests is a recipe to have no productive people after a few generations.

      At least traditional economics keep things relatively honest.

        • Mitchell Stuart

          If you are European or East Asian you ARE the 1% – you are descended from the upper classes who survived and bred, whilst the lower class starved and died. With monogamy encouraging the selection of the best mates and the execution of criminals weeding out the worst.

          Check out the ‘European Revolution’ https://www.bitchute.com/video/533bG8yUXT1L/

      • “and the unproductive at home breeding….”

        Would you by chance be referring to women, perhaps?

        I think you’ll find if you do away with women there won’t be another ‘productive’ generation. Lol

    • Stewie GriffinMEMBER

      MMT is simply the next link being forged in the iron chain for our continued enslavement.

      Step One: Deny that debt is morally wrong and that it is not the Govts responsibility to ensure enslaving debts are not written;
      Step Two: Deny that lowering interest rates encourages people to take on even more debt or that it simply pulls forward future consumption;
      Step Three: When debt saturation levels have been reached, have an “epiphany” that printing money doesn’t impact inflation and ensure that a constant stream of money creation is forced into the economy to ensure that those enslaving debts can be serviced forever.

      MMT is an intellectual trap designed to lock the status quo in place forever. It requires the debasement of the soundness of money, over the debasement (repudiation) of debt. It effectively makes it ever more impossible for little people to accumulate enough real equity on their own to purchase or acquire anything. All it does is ensure that those who control the debts that enslave us, continue to receive their tithes.

      • Arthur Schopenhauer

        There’s another step in there: revert Bankruptcy laws, so the great unwashed cannot, after some time, release themselves from debt servitude.

      • DominicMEMBER

        100%. The Fed is buying the debts of all manner of US and foreign companies already – to prevent a default cascade that we desperately need. And funding Govt deficits too, so it’s already effectively arrived. All these news pieces recently have been to soften the plebs up, not spook the horses etc — it’s all okay because Stephanie Kelton says it’s legit.

        The end of the status quo arrives when the currency fails. There’s no coming back from that. When the currency fails, all debts are rescinded and we get to start afresh.

        • Stewie GriffinMEMBER

          When the currency fails, all debts are rescinded and we get to start afresh.

          Sadly no, currencies fail all the time – Zimbabwean Dollar, Venezuelan Bolivar, Wiener Marks…. trust me the debts remain long after the currencies are destroyed, and even when the currencies that follow them are destroyed.

          MMT is simply a means of ensuring the productive endevours of society, continue to be distributed to those who hold the debts. Sound money prevents this from occurring.

          • All of the above is correct.

            Unsurprisingly all the people who hearted lower rates Are hearting MMT and UBI. For all the same reasons.

          • DominicMEMBER

            I’m not disagreeing per se, but I am curious how debts can remain (practically speaking) if a currency fails. When currencies fail, they typically eradicate debts (denominated in that currency) by virtue of becoming simple to pay off.

            For example, if I have a debt of $1m and the currency becomes worthless via hyper-inflation and a loaf of bread eventually costs $1m (I believe in Zimbabwe a loaf of bread eventually ran into the trillions of Zim dollars), then all I need to do to extinguish my $1m debt is effectively work long enough to earn $1m i.e. 5 minutes of labor, perhaps? If that.

            Don’t get me wrong, I believe authorities in the West will not allow things to progress that far – they’ll see the writing on the wall and swiftly usher in a ‘new’ monetary system — but unless that monetary system has genuine credibility, the same result will eventuate. I just don’t see in that situation how debts (in real terms) can stand. But I’m open minded.

          • Stewie GriffinMEMBER

            When Banksters control the economy they ensure that interest rates rise in accordance to inflation – Germany was still paying off it’s WW1 debts 90 years and two currencies after they were first incurred.

            https://www.bbc.com/news/world-europe-11442892

            Ferengi rule of acquisition: A debt is a debt is a debt is a debt.

            In certain circumstances inflation can help pay away debts, like it did for the Boomers – but Boomer’s inflation was of a different sort to Zimbabwe’s or the Wienmar Republic’s inflation. Boomer inflation was demand driven from the Baby Boomer consumption bulge in a relatively healthy economy with relatively low debt.

            Without accompanying economic reforms (including repudiating debt) and further limits on debt creation all MMT will do will ensure that debts continue to be serviced and the hoped for inflation will never eventuate. The productive endevours of society will continue to be carved off and directed upward through the capital pyramid in the form of interest payments – the principal will continue to enslave.

            Sound money prevents enslaving debts, because when there is a confidence “Call” against debt, debts that are not commercial and have no hope of being repaid will fail. Ever lower interest and now MMT will ensure that that “Call” never takes place – it should have occurred in 2008. It did not, the ‘bail out’ simply locked the status quo further in place, MMT will not be used to reboot the system, it will be used to prevent the system from failing.

    • From my childhood:
      Did you hear about the farmer whose horse died just after he’d trained it to live without food?

      • DominicMEMBER

        I like that — it’s almost (but not quite) as ridiculous as “we can print all the money we need to get wealthy, no need to work.”

        • Did you hear about the country whose currency collapsed shortly after they managed to expand the money supply without causing inflation?

    • people will be “furious” when they find out that everything they’ve been told about debt and deficits has been wrong all along and that we could have been living in economic nirvana all along.

      Nah, the slimy conservatives will misdirect and say that Labor’s spending is on wasteful, useless things and the knuckle draggers and mouth breathers who vote for them will obediently agree. Despite clear evidence that the the conservatives are as corrupt as hell and will divert any new money created to their mates and themselves.

    • The Traveling Wilbur

      Nope.

      20 years ago when watching SVU on FTA when that h8te crime word started popping up, I thought it through to it’s logical conclusion and realised it could only ever work long term if crimes against popuar (huggable and downtrodden) groups of people AND unpopular ones were both rated as ‘h8te’ motivated, and equally so. And here we are. Clever canooks.

      E.g. with a very short list:
      Yews
      Abortion doctors
      Religious people
      Teachers
      Mining company employees
      RE agents
      Naaaazi parry members

      Everyone gonna h8te someone. But…
      Where on that list does it stop being cuddly enough not to apply the extra h8te tag (and dollars/years if convicted)?

        • The Traveling Wilbur

          Yeah. There’s always someone or something around that’s not worthy of anyone else’s goodwill. 👍

          • The Traveling Wilbur

            It’s at this point someone should point out that Collingwood considers it a “duty” to undo a whole lot of earlier bad PR from a bunch of management and coaching team stuffups regarding racial1st comments. And that therefore you are clearly being a dog whistling racial1st. And should humbly apologise. Preferably in iambic pentameter. 😁😇🍼

            You should apologise though – but only for not being a dc1k. 😉

      • SoCalSurfCreeperMEMBER

        So all hate is not created equal? Some hate is better (worse) than other hate? And now some targets objectively deserving of hate? It’s almost like we’re back to square one.

        • The Traveling Wilbur

          What do you mean “now”? That’s how it’s been for 20 years. The canooks might be making progress in that regard. Won’t last though.

          • Collingwood simply are shyte
            Which confuses the Wokesters all right –
            Let me quote one verbatim
            “I really do hate ‘em
            But that means I hate both black AND white!”

          • Look, anyone can write iambic verse.
            It’s doggerel. It’s nursery rhyme. It’s worse.
            You only need to pull out half your brain
            And drop it down the nearest Melbourne drain
            And then you’ll find iambic isn’t hard
            (And you’ll be licking windows like a tard)
            Plus then you’ll also find it sounds quite good
            To buy a beanie that says “Collingwood”.

          • The Traveling Wilbur

            Brilliant. Hidden depths A2. Perhaps there’s more to this milkshake. 😀

          • Whoa, did everything taste purple for a moment?

            That was good A2! Really good! Keep up and you may end up writing Harold’s lyrics! 🤣🤣

  7. migtronixMEMBER

    “. It quite possibly begins with security guards who were supposed to be responsible for Melbourne’s hotel quarantine, runs via lower socio-economic groups and casual workers without access to sick leave and possibly JobKeeper, then takes in Victorian holidaymakers and freight drivers.

    Consider one aspect of this: that while it appears to hit lower socio-economic people first,”

    That’s bullish!t! It didn’t hit them first, obviously it hit people in quarantine first and if maybe just maybe every security guard in this corrupt city wasn’t Leb the Ramadan kissers and huggers wouldn’t have spread it around?

    FU Waleed

    • Don’t mention the school. If it wasn’t the school it is there would be a full blown investigation into schools, transmission and the education delivery sector.
      But….don’t mention the school.

      • Mining BoganMEMBER

        Yeah, it only gets a passing mention.

        Links between security guards, Cedar Meats and Coronavirus College have been rumoured but never explored.

        • migtronixMEMBER

          But shaming the skiers from Aspen who went to Portsea was all the rage!! F#@£ this city and its bs politics

        • Funny how the apartment tower welfare recipients get to send their kids to a ‘private school’ (one that is clearly spreading the COVID is a conspiracy line) but all we get is how hard life is for the in the tower.
          The school has to be the link in the chain the connects various spreaders but it never gets a mention.
          If the school had been a school for Scotty from Marketing’s happy clapper bridgade imagine the out cry.

          • migtronixMEMBER

            Or Catholic, and even the Hebs were coping stick for praying together for the mishna or whatever it is. But one of the darling class of our mass immigration program? Watch Waleed go spare at the mention. Fk him.

        • Went to Perth today. Bought a caravan so can go off grid now. Kick a Vic and useless pricks sowed what they are reaping are both pretty common sentiments.

      • Was surprised that news about the schools took so long to come to light – thought the right wing rags would be all over it given the religious nature, but even they are consumed by the immigration delusion.

      • I tried to mention the number of cases at that school during the week here on MB – comment evaporated

    • Given the power imbalance between the guards and the quarantined who traded sex for favours. If the quarantined were under duress does that constitute rape?

  8. Chairman MeowMEMBER

    Q: What borders on stupidity?
    A:Mexico and Canada…
    “Georgia Massaged Virus Data to Reopen, Then Voided Mask Orders
    “The effect — as states were being told to predicate their reopenings on two weeks of declining case numbers — was to artificially make Georgia’s trends look better. The state began adding new cases to past dates on its trend line, making current numbers both too low and incomplete, Tsai said.
    “What’s deceptive is that they shave off the most recent two weeks,” he said. “If you look at the most recent two weeks, it’s always very low. It always looks artificially like a downward trend.”
    https://www.bloomberg.com/news/articles/2020-07-17/georgia-massaged-virus-data-to-reopen-then-voided-mask-orders

  9. migtronixMEMBER

    Moving right along to Luke. Now this apostle knows how to bullish!t – Mark’s lord and saviour was a bit of a tosser, but with Luke I’m starting to see. Premium cut, well aged BS. Really good stuff, you’ll definitely want to pair it with your favourite deities blood *spoiler alert!

    • migtronixMEMBER

      With this guy, straight off the bat we get angels and premonitions and teetoting cousins and Virgins getting knocked up without knowing a man. Really draws you in.

        • migtronixMEMBER

          Blessed are you when people hate you,
          when they exclude you and insult you
          and reject your name as evil,
          because of the Son of Man.

    • migtronixMEMBER

      She just needs to put on some hi viz and no-one will say anything! And that my friend is peak #hellbourne

    • Geez! Sounds like they’ve gone under three times in 13 years.

      Almost sounds like a strategy!

      Wouldn’t want to be an employee there with banked up entitlements, leave, etc…

  10. https://humanvarieties.org/2019/12/22/the-persistence-of-cognitive-inequality-reflections-on-arthur-jensens-not-unreasonable-hypothesis-after-fifty-years/

    it’s interesting to read how much of arthur jensen’s 1969 hypothesis holds up to this day. my view remains the same (and has since about ~2011) that the bulk of the observed sociological differences between blacks and whites in the u.s has a significant genotypic etiology; whether differences observed elsewhere are similar, though likely, remains to be seen.

      • “I’ve got as many assets as you’ve got seats in parliament; none!” Gold. Wife and I had a good laugh. Fvck, we might get sued now by Fatty McFvckwit

        • ErmingtonPlumbingMEMBER

          I’ve watched most of his play list over the last few months.
          Along with his stupid Shtick, which I quite enjoy, he has interviewed a number of high ranking ALP individuals which has me wondering about his background and relationship with the Party.
          Could be a millennial to watch and follow.

          • haroldusMEMBER

            Well that actually puts me off.

            He is looking like a stooge.

            Edit: That’s not to say I don’t think he’s funny and smart, which he obviously is.

            Edit 2: I am from the labour left, unionist for 20 years.

    • boomengineeringMEMBER

      Bloke around corner putting a limestone fence/wall up in front of his new house because he recons crime will be rife when TSHTF

      • My place is open at the front and I’ve thought about a fence and gate for a similar reason.

        • Gav – most important thing is location, ie crims in general are mostly not well organised or methodical, they are opportunistic – so if you live on a route where people pass a lot (especially on foot) you are at risk much more than somewhere that is out of the way and inconspicuous, even if relatively close by. The worst is if you are on the way people walk between public housing and public transport / shops. (I’m gonna guess you are not).

          After that, target hardening (fence, dog, etc) will make a difference in whether they choose you or your neighbours.

          The exception of course is where they are after something specific they know you have (car?!) where clearly the best defence is to keep them from finding out in the first place.

          https://youtu.be/iThtELZvfPs

          • I like in a quiet circuit that is off the normal track. Only foot track is neighbours walking pets. I think I’m in a good spot for the coming apocalypse. House is not obvious from the street, since I’m on a declining block, so you can’t even really see the house from the street unless to drive right up.

            When I lived in Dublin I was along the bus route. I used to park the RX7 around the back out of sight. Anyway there was a big flood 1 day and I had to move the car out the front for 3 days. It was gone on the third day… Housing commision trash had stolen it and took it to Ballyfermot. Local police caught them before they managed to torch it.

          • Gold.

            Clearly you don’t need me to tell you obvious stuff 😁 but glad you got the car back!

      • Lol. Part of the humour reading comments here – half advocate criminal or civil damage (if only in intent) against … and the other other busy securing the basement.

    • Can't Socially Distance

      The unemployed have been surviving on $285 per week for years while most Liberals thought that was too generous.

      It is possible to survive off very little if people trim back their lifestyles. It won’t be pleasant but they’ll survive.

      We shouldn’t be handing out money so that people can keep up lease payments on the shiny car in the driveway.

  11. Made the mistake of listening to commercial radio in the car today and heard some interesting chatter. Comedian Lawrence Mooney was absolutely teeing off on China while doing a comic take on the news. Wasn’t pulling any punches but all in a jokey way. Found it interesting to hear such open scathing, is this normal on commercial outlets? (I don’t usually do commercial).
    P.S. Triple M traffic report sucks. Telling me it was all good when it wasn’t, lying buggers!!!

    • serves you right. I only listen to classical music channels when I drive or have the radio off.

      • ErmingtonPlumbingMEMBER

        I listen to my favourite speakers on YouTube talking about Philosophy , heterodox economics and Socio-political stuff.

        Really gives the Kids the sh!ts on long drives.

        • Geez you’re funny Ermo. They may hate it now, but they will learn something and be better for it long term.

          My mum never let us eat things with artificial flavours or sweeteners. She even used to substitute carob for chocolate. We used to hate it, but all these years later I appreciate what she was trying to do.

          None of us kids are overweight today.

    • I don’t know what part I like more. The fact these houses aren’t worth anything or the fact that pig headed council won’t allow them to build protective structures.

      Councils Weil’s too much power in terms of building approvals. They get it vastly wrong on density but block owners building extensions / garages etc.. with far too much control.

      I want to put a simple carport at the front of my place, but it looks like an exercise in red tape. I’m now thinking I’ll just put a sail shade up with hedging for now and focus my efforts on a larger garage/workshop set up.. if I’m going to face all that red tape. I only want to do it once.

      Idiots want a site plan for a bloody car port. I’m thinking better to beg for forgiveness than ask for permission. But not sure what the penalties are?

        • Yes, I am thinking of putting up tall hedges all around so it will be hard to see it. But I know they drone survey areas but if it’s there for a few year unnoticed I wonder if you could get away with it?

          • Arthur Schopenhauer

            There is an aerial survey in your neighborhood a particular cash crop.

            It’s a minor application Gav. You could draw the plan on graph paper and get a structural engineer to certify the footings and structure is to code.

            All up less than $1000-. Most of that is the engineers fee. It can be a pain to sell a house with a structure that doesn’t have council approval.

          • It is usually only an issue in the short term if a neighbour complains, but you will definitely get caught when you sell as all alterations get checked for council approval at that point.

        • Not if you engineer it properly

          Do something substantial on a DA later and do a retro DA

          Some stuff is tick and flick

          We did a 60sqm deck without any approval but then , on 10 acres, and rural and over engineered so no one GAF

          What Arthur said

          We sold our place and disclosed the deck was unapproved – as it had engineering and drafting plans the buyer was ok.

      • Shade-sail and trees first, then a year later do a cheap DIY carport. That way it will not make a big difference on the aerial photos.
        Also try to get on well with your neighbours and suss them out.

        • I was just thinking that. I think that’s what I’ll do. I plan to build a bigger garage eventually.vso I’ll save my powder and money for that. Only want to fight council once.

    • I think the council is right to refuse. They can’t waste time and resources in fighting a natural phenomena.

      Caveat emptor. Buy a house on a sand dune cliff, it will fall down one day. No one made you buy it f wit.

      • During my home buying adventure I was looking at Edithvale in Victoria. A few coastal properties came up. But I decided I didn’t want to deal with rust and coastal erosion or global warming encroaching on my home. So yes I agree, buyer beware. It was also why a property out in Christmas Hills really appealed to me. 15mins away from Eltham station but 10 acres and in the hills. Room to grow vegetables, but it also has 2 large dams and a creek running through the bottom of it. My thoughts were to become more self sustainable. But I guess most people don’t think like this.

        I do know that Martin North has talked about the risks with buying along the coast and a lot of the Eastern states of Australia’s housing stock is on the coast line.

        I believe many insurance companies are already looking at this. In my opinion it’s a ticking time bomb. Just looking at water encroaching on Miami for example, it’s like massive cognitive denial is going on. Much like climate change itself I guess.

        • Places like Dunsborough in WA are going underwater soon. At sea level, a lot of it.

        • +1 Gav

          I presume the elite mindset is the same as when they buy a house near nightlife or a busy road. Buy it first then set about getting the pub shut down / traffic calmed on the road / seawall built etc, hopefully at someone else’s expense. The outrage this time is because it didn’t work – “doesn’t the Council understand how Straya works?!”

        • “My thoughts were to become more self sustainable. But I guess most people don’t think like this.”

          Just as they are in cognitive denial about climate change and just about everything else.

          You should think about such things. Self sufficiency and growing food takes time and skill. I was just thinking about the news reports of Bunnings being totally sold out of veg seedling punnets in March. Everyone rushing to start being self sufficient at the 11th hour.

          I bet those seedlings are now toast or riddled with coddling moth. It’s needs a tad more forethought, (and water) which 99% don’t have.

          The true crime will start when people are actually hungry and that day will come, we just don’t know when.

    • Arrow – very good recall there – it seems that people should not trust banks, be they of money or sand.

    • Just saw some millionaire bint on the news actually saying “We’re anxious and frightened and vulnerable”

      “Hahahahaha fcuk you” I chortled in reply.

    • And the owners are all mouthing off and blaming ‘the authorities’, sigh, all soooo predictable

  12. back to online grocery buying and Woolies missed 2 items. Lucky it was my wife accepting the goods and she picked on it. If it was me..

  13. Arthur Schopenhauer

    From the Age:
    “ As Australia’s two biggest states battle a coronavirus resurgence, senior bankers are facing up to a grim reality: the unprecedented government and bank-provided lifelines will not be enough to save everyone.

    This was expected but has now become more urgent as bank call centres contact hundreds of thousands of people who have put their loan payments on hold in the last few months as an emergency measure.”

    • Things are gonna go feral. I’m surprised how nice everyone is to each other at the moment.

        • precisely …

          Told my brother (who is very cashed up and COVID proof) that now is not the time to be seen tooling round in a $90,000+ flash new car.

        • Remember the Woolies fisticuff toilet paper wars? Just a foretaste of things to come.

      • I saw a nice new black BMW the other day that had been keyed all along the left hand side in one long scratch and around across the boot lid.

        I reckon there’ll be more of that in the future. If you can’t have the Beemer, you can sure p1ss off the person who does.

        Edit…and this was in a well off part of Canberra!

        • The Traveling Wilbur

          How unfortunate for someone you have no idea who it was or how they could have annoyed someone quite so much.

          Is keying a car hard work? Asking for a friend.

          • Here is my non keying story. Before the GFC all these fcking hotshot corrupt AF kiddies of corrupt AF families would drive around BJ in the most in your face maseratis and other italian stallion I have so much money I can’t even imagine how to spend it in 10 life times cars. I was riding a 300RMB Giant bike all over BJ pumping my little heart out and ruining my lungs trying to earn some dough after being taken to the cleaners by my employer who later went bankrupt (I got ripped off by foreigners, not Chinese which is usually how foreigners got fleeced; I’m not sure if that is worse or not, anyway very painful process). And the number of times these cnt drivers nearly killed me on my bike was insane. I would dream of riding the streets of BJ with an RPG and blast those mfkrs (I had the BEST mental images while riding my bike in order to deal with road rage, cos there is nothing like justifiable road rage when your life and limb has been imperiled by stupid selfish &%$#*). Failing that I wanted to key one of those cars so badly it hurt. My born in China Yank male friend dreamed of taking a dump in one of them. We never did because surveillance cameras meant that even if you were covering your face completely (which I did 100% of the time riding) you could easily be identified and you didn’t want to p off a powerful person, and if they drove those cars, they were v powerful. I really should go to Box Hill or Glen Iris and key the car of some party person here. That’d be a good thing to do for the bucket list I don’t have. Anyway the interesting thing was the GFC came along and almost overnight those cars disappeared from the roads. Those people hadn’t lost their money, but I think they were told not to drive the cars on the roads where the plebs could see them, or maybe it was XJP coming into power and his ‘anti-corruption’ drive meant it wasn’t smart to advertise possession of such cars. Regardless I enjoyed riding more after that. But I still want to key the car of a rich preek who deserves it, and I’m normally a nice person

          • @TTW. Keying a car is the best way to inflict maximum damage. Especially if it’s on every panel. You have to repaint the whole car to fix it.

        • Petty jealousies. Exercised by those who scream blue.murder if they don’t get every taxpayer subsidised benefit going.

    • The warning came in 2008 and was ignored in favour of doubling down on stupidity. Time’s up fvckers.

    • Jobkeeper to be extended? Colour me unsurprised. For every hole in the dyke, a finger. ☝

    • It’s outrageous that professionals stood down get paid the same as peasants. How are they going to offset the interest on their impressive property portfolio. JobKeeper should be indexed to people’s salary pre-covid.

    • Fckn. Was a radio interview earlier in the week with one of the ATO boffins who admitted that even if businesses had shown an initial drop to qualify for JobKeeper but later monthly numbers had demonstrated an improvement it wouldn’t be stopped.

      • Those are the legislated rules. Nothing secret or hidden about them. Many businesses couldn’t believe their luck while others need ongoing support.

    • TailorTrashMEMBER

      Is Corman going a sign that he doesn’t want to have to deal with pretending to finance this fiasco……..

  14. Mining BoganMEMBER

    Lots of Union fans at Rat Park. Not a lot of social distancing though. On the plus side there’s no arsehats spreading disease by waving scarfs about.

    Nice to see Union on the telly. Good job Rugby Australia. How about some interstate stuff?

  15. Arthur Schopenhauer

    Anecdata:
    There were 3 $2.5m plus (6 months ago™️) houses for sale on a long stroll through the flash bits of 3079 & 3084. In addition, there were 3 younger boomer couples furiously blinging the gardens of what looked to be rental houses.

    A late 30s bloke was blinging the garden of a recently renovated Edwardian.

    A couple with kids under 5 were moving out of a house, like they had just robbed the place (maybe?) and there were more for lease signs up than I have ever seen in the area.

    It’s a world of professionals with million dollar mortgages. Reckon this must be the start of the solar minimum.

    • The Traveling Wilbur

      fckn.

      And I literally just bought my first Bundaberg 12 year old to go with that. Still holding the bag it’s in while I type this. Looks like I’ll need it to hold off the hordes of VB infection from down south.

      Community sport restarted in Qld today. I guarantee so did virus spreading. Thanks [insert nane of security company here]. Thanks.

      Edit: CV infection. I’ve been having cases of VB for years already.

      • I’m a rum fancier. Some of the premium Bundy drops over ice are among the best tipples money can buy, I reckon.

        • The Traveling Wilbur

          Bundaberg is also just, for most offerings, horrible. But this one is particularly awesome. Better than Woodford, and a similar style.

          No ice required in this case (and usually I do too) either.

        • We had some neat after the distillery tour. One aged in a Smokey whisky barrel was off chops

          Two bottles of small batch runs in the cupboard for the sons when they turn 18. Along with my nant

    • Rowan McKenzie

      Headaches and insomnia would have risen across the entire Spanish population during the incredibly harsh lockdowns.

      When you are looking at people getting hospitalized for COVID you are looking at people likely to have other serious existing conditions or advanced age.

      • Insomnia would have risen – not because of lockdowns – but because people were worried about A GLOBAL FKCKING PANDEMIC and were also somewhat preoccupied with not dying and also about loved ones not dying.

        Ya d!ckhead.

        • A couple of these recent posters with full names are a bit suss

          Their claims are wack

          I mean it’s full on retardacossis

          • drsmithyMEMBER

            It’s a handful of people who cycle through trial accounts and usually keep a few going at the same time. Pretty sure some of them are “member” poster sockpuppets. Been going on for years.

            They do seem to be a bit more agitated than usual, however.

            At least one of them is the “China Troll”.