Weekend Reading: 25-26 July 2020

Global Macro / Markets / Investing:





Leith van Onselen


  1. Let them eat damper, with wocoon. How about instead of Coon cheese & Co, Cocoon cheese, or Old Yella.

    • ErmingtonPlumbingMEMBER

      Considering it was such a dick decision why don’t they just rename it dick cheese.

      • The Traveling Wilbur

        They’re coming for you too EP.

        Next it’ll be Blacksmiths.
        Then Whitegoods.
        Then they’ll come for the Plumbers. It’s a Pan-national thing..

      • Don’t eat your cheese on a slice of Burgen bread – Burgen was a German concentration camp. We can play the ban it game forever to keep BLM outraged.

    • ErmingtonPlumbingMEMBER

      Yeah well what’d ya expect when the fk face doesn’t come to bed until 4.30 in the morning after being out all night with his di!ckhead mates, stinking of mull and cheap red Wine,….always the fken wine!

    • ErmingtonPlumbingMEMBER

      Ive notices an increase in troubled junkie type behaviour here on these pages lately. People who need help and rehabilitation.
      The dopamine released from the Accolades and approbations of social media are highly addictive and the pursuit of King (or Queen in Harry’s case) of weekend links is getting out of hand here at Macrobusiness.com.au

      • reusachtigeMEMBER

        I find that the best place to be releasing dopamine at 12.01am on a sat morning is at a relations party, or if there’s not a good one on, at a relations lounge.

  2. Fvkin…oh well at least I’m officially millionaire tonight

    Ohhh and Gold…Bitchez. Silver! Hoes

  3. NEW ZEALAND … economic reality hits …

    COVID-19: More people receiving income support now than during the Global Financial Crisis – figures … Newshub


    Ministry of Social Development figures have revealed there are more people receiving income support than during the Global Financial Crisis…. VIEW AND READ more via hyperlink above …

        • Taiwan? Who is following an ultra Keynesian fiscal stimulus approach? Plus exactly the same public health measures?Yep agree on that for the first time ever.

          • that article reinforces my point;
            borders were closed, public health measures – automatic contact tracing, sanitizing,,mask wearing – were put in place from February.
            And… not mentioned in the article.. a huge Keynesian stimulus was rolled out to keep the GDP growth number coasting along.

            The perfect model for the rest of the world to follow.
            As for the future tax increases….. maybe a lump sum land tax?

          • borders were closed, public health measures – automatic contact tracing, sanitizing,,mask wearing – were put in place from February.
            And… not mentioned in the article.. a huge Keynesian stimulus was rolled out to keep the GDP growth number coasting along.

            masks aside, reminds me of Romania in 70s or Soviet Union in 50s

          • Pfh007.MEMBER

            DoctorX compares COVID-19 free Taiwan and NZ to 1950s USSR.

            Top shelf chortle !

            Fonzie, we need a bigger shark.

          • Pfh007.
            I’m comparing government policies:
            putting people into arbitrary detentions, limiting basic freedoms, running economy with government expenditures comprising 80% of economy

      • does that mean NZ should’ve followed the Sweden approach?

        maybe shouldn’t have followed but will at the

        NZ winning now is like a marathon runner declaring she/he is winning after 2 km into a race

          • Yes you are right but will stand against flying lead I will stand the storm but I need help from my brothers
            We are Australian We are Australians this is our country we are Australian

        • DominicMEMBER

          I would certainly agree that, absent a vaccine, it’s making a return to NZ at some point – that goes for all countries.

          It may well be we end up in a situation that we (the world) just have to learn to live with it. Surprised that more people haven’t considered that possibility.

          • migtronixMEMBER

            Even with a vaccine what makes you think it won’t? Influenza hasn’t gone anywhere.

          • DominicMEMBER

            I was merely making the point that with a vaccine life could get back to some semblance of normality. At least, that would be my hope. But irrespective of what happens Covid is going to be back in NZ at some point – it’s inevitable. Unless the borders remain shut permanently.

        • SweeperMEMBER

          No not really.
          In a marathon it gets harder with time.
          In this pandemic risks reduce over time (as we learn more about virus / get better at dealing with it / get more resources to deal with it).
          So it’s like a marathon in reverse ie. not a marathon

    • Next on the high speed camera: which undies are better protection in the case of a level 9 EE (Engadine Event).

    • migtronixMEMBER

      Where were all these people during the bushfires when every single person was breathing the worst air in the world doing permanent damage. Where was the mask talk then?

      • N95s were sold out on the eastern seaboard during the fires … i got mine in Perth. Wore them any time I was outside more than a few minutes here in Canberra.

        • PalimpsestMEMBER

          Plus all the air purifiers sold out too. Lots of people were taking it seriously and many offices shut down then too because office air conditioning didn’t remove smoke well. There were public advice warnings etc. I really don’t see what point was trying to be made here. COVID response, smoke response – it’s sort of an IQ test really, except with COVID deniers they affect others as well.

          • Yes exactly.

            No one objected to wearing masks for smoke because the difference was instant – you could actually breathe and the air felt clean. But for COVID – well there are a lot of numbnuts in the world who aren’t really into reading or analysis and basically won’t believe anything unless they can personally see / feel / taste it or their cousin had it or their loud mates tell them overconfidently at a BBQ. So yeah. The idea of an invisible virus is clearly beyond their limited capacities of comprehension. We could easily repeat Florida.

      • Yeah where could you even buy a mask. The china was already stripping shelves clear of all ppe here at that time. That was bad enough then decided to inflict their disease on the rest of the world.

        • Fairly different masks though for bushfire smoke and for virus. Yes very good masks work for nearly everything but a simple hospital or cotton mask (like people wear for COVID) is zero use against smoke.

          • Knuckles McGintyMEMBER

            spot on. For bushfire smoke, you ideally need an N95 or N99 respirator to filter the air – fortunately, these are also up to the task with the virus, when properly worn. I sourced some N99 respirators for us in very early Jan from the UK and they have so far worked well.

    • A
      Someone told me yesterday it’s a health concern also not building up immunity?

      Also it’s very sad anyone losing their life to sickness but the economic impact that is being inflicted on families through loss of employment business etc causing depression anxiety suicide, stress, can’t afford food medical and dental work…..many middle class families that now live an affluent life, kids at private school, the ones I’ve talked about in Brighton, they’ll never be able to afford to go to the dentist again
      In time as the depression gets worse and worse, people will have to use plyers to pull their teeth out
      These long term impacts will be much worse than COVID

      • Ronin8317MEMBER

        As you lose the anti bodies after a few month, the only immunity will be vaccination every three months.

        • You have memory T and B cells that last till you die. They are the basis of immunity, not circulating antibodies.

        • PalimpsestMEMBER

          Well sorta. It’s also possible that just as COVID attacks Interferon B in the lungs, so it may well affect other aspects of the immune system. Nothing at this stage suggests that Vaccine immunity will disappear inside a year when the immune system isn’t ravaged. It does create a hurdle for the “herd immunity” cohort though.

      • drsmithyMEMBER

        A year ago you were predicting th e biggest crash in history and now you’re trying to blame COVID lockdowns, as if the alternative was business as usual ?

        • No. He didn’t mention / blame lockdowns at all in his post. He just talked about the impacts of economic recession / depression.

        • Drsmithy
          What you don’t understand is the crashes I’m talking about have already happened, the financial crisis started in Sept last year when REPO blew out to 10% in an hour

          The Dow crashed, bonds have already crashed, how I know interest rates are going to rise is because they already have, these crashes have happened Deutsche, Euro bonds, sharemarket etc, Aussie banks
          Aussie banks have virtually already crashed, bonds (rising interest rates already), Corp bonds in USA junk in USA, Equities have all crashed
          You don’t actually understand and most leading analysts aren’t aware, it’s all been hidden by central bank and government bail outs. You are wait the truth will be revealed as governments lose control along with CB, CB are done, Euro governments are done now central banks don’t stop the underlying problem they delay it AND MAKE IT WORSE
          Over the next few months you are going to see this all unravel
          We are in a global depression already, also Australia is in a deep recession worse than 1930s it’s just been hidden by job keeper and other hand outs that are going to run out
          Job keeper hasn’t fixed the problem it’s just hidden in
          The crash and depression is here Dr
          You can’t stop nature, you can try but no one has ever been able to in millions of years
          It’s ah illusion

        • My comment was history will show that there will be many more tragic consequences than the illness itself
          And if you don’t think these lockdowns are only just exasperating an existing major underlying problong
          PEAK DEBT, we are in a global debt crisis
          If you can’t see that you really lack any awareness of what’s really going on

          I was more accurate in my predictions than anyone I’ve read in AUST.
          I said mid last year that AUST would enter the next Great Depression in H2 2020
          Everyone on here including myself knows exactly what I said, and the only thing I feel I got wrong was I didn’t think the Aust Gov would hand out $750 per week for 6 months, I did not believe the banks would allow deferred interest payments for 6 to 12 months, I didn’t see that government would allow tenants to virtually not pay rent

          I guess looking back should I be surprised they will stop at nothing to keep this Ponzi circus going but it’s going to blow up in their face

      • BigDuke6MEMBER

        Breast cancer treatments are running at less than half what they usually are. That means more late presentations with more metastatic disease. Not a nice way to go. I think the full lockdown folks here are the ‘worried well’. I see them all the time. Healthy as horses but never happier than when you can diagnose them with something. Many doctors milk them for every penny and the patient loves it. I only milk them a little.

        • drsmithyMEMBER

          Pretty sure you’d need to be searching for the minority hardest of hard lockdown advocates to find anyone saying people shouldn’t be visiting the doctor.

          • Over the next 12 or so months you are going to see the greatest crash in history, many time’s greater than 1929 and worse than the sovereign debt defaults, we are now at 1930 equivalent
            We are facing world war 3 not yet but in the next 5 or 6 years, disease famine like 1918 social unrest to civil war and in some countries revolutions, followed by WW3
            The next decade will be many parts of history combined at one time

          • AFAIK – friend a radiation oncologist- screenings still happening as are referrals

          • kiwikarynMEMBER

            That was how it was in NZ. Short of an emergency you were denied treatment, even at the A&E (I know, I presented myself in the hope of being treated but was told nope). By the time I got treatment (in Level 2) it was too late, and my problem had moved from something easily treatable to something that requires at least 12-18 months of rehab and a high likelihood of permanent disability.

  4. haroldusMEMBER

    I actually enjoy being beaten to first, as it irritates our MCA sockpuppet friends.

    • Reus's largeMEMBER

      This can’t be true the medical talking heads on the idiot box told us the WhuFlu does not infect children, it should know that the CMO and trough snouters are always right based on the $$

    • boomengineeringMEMBER

      Hence the early cycles to avoid sucking on exhaust pipes. Syd is quite pleasant by oneself without the congestion.

    • that’s likely to be one of the reasons Melbourne is having an epidemic outbreak in last month or more
      airborne viruses love pollution, especially very small particles they can stick to and stay in air for days

      • I really really hope this turns out to be true.
        How excellent that humans have been out destroying the planet with pollution for the last century and mother nature responds with unleashing a plague for humans that spreads more on pollution particles. Take that polluting humans! Bet shes going “this is for your own good idi0ts. You dont exist without me”

        • boomengineeringMEMBER

          Road kill Bandicoots and suicidal rabbits aside, very pleasant bushland ride at N Head.

        • there have been many papers published about influence of pollution to flu epidemics (interestingly many done last year) so we should not be surprised if the same holds for this virus. Of course it’s not that simple to be just pollution but …

          what was pollution in cities around? Milan had bad PM2.5 in February, same with Madrid but Southern Italian cities like Rome and Naples that had no big outbreak are bad in Dec-Jan, Seville in Spain has good air no outbreak so far. Brazilian and other south american cities are bad from May to August, Mexico was really bad in May, southern USA cities from Miami, Houston to LA are bad in summer when they got outbreaks and they had lower particle pollution in March/April

    • So its in the best possible range for air quality – went above it SLIGHTLY and we are worse than Beijing. Are you serious ?

      Scroll down for historical data – all a sea of green – endless green except for January during the bushfires.

    • DominicMEMBER

      Interestingly, Brissy recently lifted the ban on backyard fires.

      And we’re back to traffic jams everywhere at rush hour.

    • Arthur Schopenhauer

      Because gas is outrageously priced, relative to five or more years ago.

      Wood fires are cheaper than gas heating ATM. The curse of cheap fuel.

  5. boomengineeringMEMBER

    Back already, that’s what short ones do to NH.
    Sold for $120,000 above owners expectations
    GLENNING VALLEY 12a Corona Lane !
    SOLD – Sold for $1,400,308
    Set on 2.47 acres in a whisper quiet location is this beautifully
    • 4 bedrooms with built in wardrobes to all rooms and walk in robe to the master bedroom• Study/5th bedroom• 2 renovated bathrooms with ensuite to the main bedroom
    • Double garage with auto doors and internal access
    • A HUGE double door garage which is perfect for a she shed or man cave with over 3 metre high roller doors, a mezzanine storage level and workshop area• Open plan style living area with plenty of natural light and windows to soak up the lovely outlook Ducted air conditioning
    • A second shed that could be set up as a studio, garage or home office• Set on 2.47 acres of reasonably flat and usable land• Rain water tank• Fully fenced, under ground power, NBN Fibre to the house

    • boomengineeringMEMBER

      Tyre kicked this one cause near factory. Nothing special, no 3 ph power, sheds weren’t that big. Sold in 6 days. 1 Hr 15 mins from Sydney, imo a lot to pay and how much would it sell for next year?

  6. while our politicians were busy locking down and policing young people at no risk they completely failed to protect those most vulnerable
    virus has been confirmed in over 40 aged care facilities so far
    they introduced strict measures only on Wednesday almost two weeks after the lockdown despite having thousands of unidentifiable cases in the community for over a month
    How can anyone justify general lockdowns weeks prior to making the most strict rules for aged cares and hospital? even now with these rules hundreds of people will be allowed to enter aged care facilities without proper PPE (just mask and there are exceptions for that)

    instead of wasting tests on tens of thousands of people with ordinary cold they should test all aged care facility and hospital staff almost every day regardless of symptoms

    • I agree that it’s completely negligent. There’s no good reason for what’s happened. There’s been months to prepare a plan and strategy to protect the vulnerable given the international experience. The lack of controls, precautions and testing. As soon as community spread was suspected plans should have been put in place. Similar to what’s happened with masks coming in very late, it seems all the steps that should be taken before the last resort of a lockdown haven’t been taken. If we care about deaths in the vulnerable so much to hit everyone else so hard with rules and financial ruin, where are the tangible actions to actually protect the vulnerable and high risk populace?

      • Pfh007.MEMBER


        They are slow to act because there are lots of people like doctorX moaning about taking any action. DoctorX now concedes that elderly should be protected and isolated.

        Apparently USSR 1950s is okay for the old folk.

        • migtronixMEMBER

          Are you well? They’re already in a “home” and now they’ve been forced to die alone because no-one can visit.

          Much better outcome than maybe taking precautions isn’t it?

          Again I actually don’t care that much as I don’t like old people, not these old people anyway they looked at the TV as this garbage was created around them.

        • from day one (go and check my posts from March ) I was arguing for the opposite of what governments were doing – like an inverse lockdown to help isolate those at risk (by providing them with free deliveries, providing full PPE to people who take care of them etc) and let younger and healthy gain immunity

          • SweeperMEMBER

            I don’t doubt you argued that but there are a couple of real world problems:
            1. The elderly don’t live on planet elderly where elderly people take care of them. Young people – who don’t have the resources to move into a hotel while the herd immunity strategy is implemented – care for them.
            2. It’s a pandemic where the probability of infection increases with qty of infections, so best way to protect elderly who don’t live on planet elderly (point 1) is to reduce qty of infections.
            3. Risks reduce over time as we learn more about virus / can deal with it better / have resources to deal with it better.

          • 1. Elderly at high risk (75+) are the age group already the most isolated and separated from the rest of the society. Large number lives in aged care facilities with most of others in single or two elderly person households.
            So in our socity with very few multi generational families elderly are the most easy to isolate especially if they want
            2. Likelihood of infection goes up with number of cases rising but only to a certain point and than after likelihood is decreasing with further rise of people getting infected.

          • SweeperMEMBER

            The certain point is once herd immunity is reached. Yet you don’t know what the threshold is, whether it will be lasting, whether a vaccine on the cards etc.

      • Ulrike Meinhof

        Such righteous indignation, “the vulnerable must be protected” but did you ever stop and ask yourself if they want your protection?
        Being old is bad enough, being old with dementia is terrible, but being old, suffering dementia while isolated from family and friends, well just hand me the gun so I can finish the job that you’re protecting me from.
        It really is that bad, the elderly begging to see a familiar face yet not understanding why they are being protected. Where are the hugs from the grandkids, hugs are the fuel which keeps the old girl alive, the laughter of kids at play is the joy that sustains most of our aged care patients, but you’ve got a better idea, you’ve decided to “protect” them
        Dog protect me from fools

        • I repeated so many times that elderly must be allowed to stay isolated if they want by providing them with free deliveries, regular testing and full PPE to people who are helping them, but elderly who don’t want should not be forced into isolation if they don’t wish.
          I even proposed to reorganize aged care facilities into “isolated” and free so people can choose one they want to live in.

          I even quoted my parents who despite being in 80s still wanted to see their grand-kids in March/April

    • they should test all aged care facility and hospital staff almost every day

      WTF for.

      Convalescent plasma therapy is a century-old technique used to supply antibodies to critically ill patients

      plasma from blood donors who have recovered from COVID-19 is infused into patients to supply a source of antibody against the coronavirus (SARS-CoV-2). Convalescent plasma therapy has been used successfully in many other viral illnesses in past history, including Ebola, diphtheria, 2003 SARS-CoV, the 2009 influenza A (H1N1) outbreak, and even the Spanish flu pandemic of 1918.


      • how you are going to get convalescent plasma when you are suppressing the virus so there not very many people who have antibodies
        for that to work and be able to protect 10% of vulnerable people you need to have millions of recovered patients

      • boomengineeringMEMBER

        Boathouse cafe, Shelly Beach, Fairy Bower, for once a week coffee etc and Winnie ate some as well. Lucky I didn’t wear shorts and tee shirt as planned due to feeling warm after cycle shower and early morning warmer than post sunrise as well.

        • Ahhh … wellie I’m off to take son to first rugby match post corvid, 4 matches on same field at school before his side trots on, after all the wet. Sadly I’m not allowed to watch, would be epic, especially since he’s 6’2 and 110kg prop that runs like a back with speed – perfect conditions.

          • boomengineeringMEMBER

            6’2” 110kg Holy sht. Hope you don’t have to discipline him anymore. How old is he ? is he still growing ?
            My eldest is about 6′ 5” and off the scale in obesity. Nearly loses his job on the buses every now and again due to it but has very large bones to support it.

          • Good kid due to having good relative network and mates, just got his learners a bit back and looks to get into diesel and heavy equip mechanics. He’s actually living a few houses down with his grandmother, now that his grandfather is in palliative care home and her eyes are not that great.

        • DingwallMEMBER

          Slipped the lycra back on to look the part?

          Last W/E saw an old geezer in full cycling clobba even down to the little matching peak cap at a cafe with his missus …. she had her bike too (looked like a mary poppins job) and was wearing baggy shorts and a flowy top……….. looked like they cycled in their 2 person peloton from all of 2 blocks away………..

          • boomengineeringMEMBER

            Unfortunately I do feel a bit in that category atm with restrictions being that 8mm hole drilled in the forearm and my 43yo mates knees giving up.
            The surgeon said he was very impressed ( meaning he thought I would be a cowboy showing no restraint and wreak havoc to his good work ) I replied that it was horrible, ( not being able to go hard )
            Did manage to slip it into another notch gear higher for the NH hill this morn,though ever mindful of the trap of complacency due to feeling of invincibility.

          • boomengineeringMEMBER

            Heaps of ski’s, some swimmers and an electric hover surfboard. SCUBA YES no free divers

      • migtronixMEMBER

        10 years of that and it’s another 2 million in Melbourne and Sydney, permanently.

        • converting people with PR into citizens is not increasing number of permanent residents
          giving people PR does

          • Bitter Looser Renter

            No, but it gets them closer the goal of getting their elderly parents over here on ‘family reunion’ visas. Or if they are from parts further west than our largest source of migrants, the opportunity to go back and bring over a wife about 30 years younger than they are.

  7. 4 Million infected in the US. 175,000 dead.

    Average that out over the same time as the second world war and you have a million dead Americans – but its only six months in. Make that 2 million dead Americans – 4 times more than Americans who died in the second world war.

    4.375% of the entire US population being infected is 14 Million.

    328,125,000 dead of the world population.

    Let it rip.

    • migtronixMEMBER

      And Trump is doing interviews with DDTGG talking about how success is all you need and the stock market is right back up. He’s call about Q3? I’ll short that.

    • due to poor testing the likely number of infected people in USA so far is 10 to 20 times higher
      … basically one can project NY/NJ mortality and gt the final numbers in USA at around 500k (higher in some older states like FL and lower in some younger like UT)

      But comparison to WWII is not valid for two reasons:
      – as a percentage of total population WWII is almost three times worse assuming 500k deaths now
      – during WWII average age of casualties was under 20, now it’s almost 80

      • lols.

        So – according your own logic – taking on United States population during world war 2 500k deaths to covid is not as bad as the 400k who died in ww2. (Population 140-150 Million)

        Do you realize what you did ? Hint – you didn’t look up the death toll to the US during WW2 – you just went straight for “how can I spin this in my favour”.

        Your second point is based on psychopathy and lack of empathy for people over a certain age – again – indicative of mental issues.

        • USA had 133m in 1941, they had 420k causalities, almost exclusively soldiers of young age – so excess mortality was 0.3% of population during duration of war

          500k covid19 (suspected or confirmed)* deaths would be 0.15% of last year population so half the rate but by the end of the epidemic excess mortality due to covid19 in USA is hardly going to be even 0.1% of population because majority of people dying or being declared* dying from covid19 are sick and old people who would have died anyway during the duration of epidemic
          * majority of deaths declared to be from covid19 in USA are not test confirmed

          just look what happened to Sweden and some other countries that have large number of covid19 deaths yet much less excess mortality even during short periods of the worst of epidemic.

          on the second point … anyone who doesn’t have much more empathy toward a death of young person going to war to protect his country than a death or an old and sick person dying from natural causes is a psychopath

          • Population united states at conclusion ww2 – 140 Million in 1945 (139.6)

            WW2 duration 6 years – Covid death toll USA six months 175,000 *12 (6months*6years)= 2,100,000 – I was being generous mate.

            You are so out of your league.

          • you are missing basics:
            WWII for USA lasted 4 not 6 years
            mortality in a war can be almost 100% and can last forever but that’s not the case for a epidemic
            ~500k is the highest number of covid19 confirmed or suspected deaths USA will see no matter how long it lasts

    • bolstroodMEMBER

      Don’t forget the yanks only entered the war after Pearl harbour,
      knock 2years off your calc.

  8. DominicMEMBER

    From the links above the good folk at Medium think they’ve worked out why the rich are getting richer and the poor poorer: automation! (Never heard this one before)

    Time to abandon machinery and re-adopt the horse and plough! Jobs for all and less money for the rich. Wheee …

    Should I be cruel and let them know farmers here need itinerant workers to pick their crops every year and this year a lot of their harvest may rot on the vine – despite unemployment at 8% and real unemployment at over 16% … and perhaps suggest they look up Luddites on Wiki …

    • I don’t know why “medium” is being listed as a news source. Its just a blog hosting platform like WordPress, Wix, Square Space or Weebly.

      Might as well say “via Tumblr” or “Via Geo Cities” or via “My Space”

    • drsmithyMEMBER

      Time to abandon machinery and re-adopt the horse and plough! Jobs for all and less money for the rich. Wheee …

      It’s amazing how much effort you put in to being disingenuous.

      • DominicMEMBER

        The principle is valid. Are you suggesting there is some optimal point at which progress should be ‘checked’ in order to preserve jobs? Human beings shouldn’t be doing menial jobs — how can the human race progress if we keep millions employed doing mind-numbing work? Machines are making goods cheaper and freeing up labor to do other, more challenging work. And improving profitability to help the capital stock grow.

        • drsmithyMEMBER

          Nothing in that article even vaguely implies the things you are claiming it does.

          • DominicMEMBER

            Yes it does. It’s claiming that automation is to blame for the increasing gap between rich and poor which is utter BS — anyone who understands this situation (in other words, precisely no one in the mainstream media that I’ve ever come across) knows that the fiat money system is the chief culprit. And if you (anyone generally) don’t understand that, you have no business opining on the subject.

          • drsmithyMEMBER

            Jesus wept.

            You have completely changed the subject.

            Inequality is driven by decreasing power with the non-elites (ie: the concentration of political power, ie: the opposite of democracy). A hard money system makes this worse, not better, because in that scenario the elites have control of all the money and therefore all the political power by definition.

            The *point* is that historically the elites needed the peasants for their labour, but increasingly capable automation reduces (potentially eventually eliminating) that reliance. Understanding this, they are increasing their looting and pillaging.

          • DominicMEMBER

            “A hard money system makes this worse, not better, because in that scenario the elites have control of all the money and therefore all the political power by definition.”

            The above statement is hard proof (pun intended) that you have absolutely no clue whatsoever how a hard money system operates. Seriously, you and a handful members on this blog should stick to commenting on what you actually know rather than what you think you know.

            Part of your problem is that you believe you’re quite bright and people who think they’re bright have a tendency to think they know pretty much everything. Which you clearly don’t.

    • Dominic,

      Consider a situation where this is the case:
      If condition A and condition B then bad.
      The challenge is to define which of A or B or both is the cause of the bad.

      Example 1:
      condition A – I drop a hair dryer in the bath
      condition B – I jump in the bath
      If A and B then I die (bad).
      What is to blame A, or B?
      Is it B? Surely jumping in the bath was the proximate cause of my death. Therefore people should never jump in baths.

      Example 2:
      condition A – elites claim all the natural resources belonging to plebs and instead give plebs jobs working for elites
      condition B – automation replaces pleb jobs with machines
      If A and B then plebs starve (bad).
      What is to blame A, or B?

      Is it B? Clearly automation is depriving plebs of their income causing them to starve. Therefore automation should be banned.

      Dominic you are smart enough to write the concluding remarks.

      • DominicMEMBER

        Claw, I think you’re barking up the wrong tree here. History has shown (without exception) that automation has led to economic progress and economic progress creates jobs — not destroys them.

        I’m well aware that you and a few others are claiming that automation will lead to high unemployment, which is the equivalent of saying “this time is different”. Big call. I would argue instead that we’ve been in the economic mire for a couple of decades now as the gigantic (and ever-growing) debt-berg slowly suffocates Western economies and if it weren’t for automation and significant pockets of improvement in productivity the decline would’ve been more pronounced by now.

        In any event to single out a single factor in a highly complex system as being at fault is utterly absurd. It would be a highly challenging task for someone with actual expertise in the field much less a journalist, most of whom know very little about the subjects on which they opine.

  9. DominicMEMBER

    One of my fave ‘developing situations‘: Queens Wharf Residences in Brissy CBD. Soon to be one of Brisbane’s ‘iconic’ addresses (aren’t they all?).

    It will be to Brisbane what the (wait for it) Opera House is to Sydney! Yes, that’s the developer’s claim!

    Developers are: Far East Consortium and Chow Tai Fook Enterprises.

    I’m sure it’ll all end well.

      • DominicMEMBER

        The peak is always characterized by the most grandiose plans – the time when the future never looked brighter. And greed and graft are widespread, morals and ethics in the toilet.

        So, it’s near the end of July and it’s clear to me that 95% of citizens think that everything will be just fine — the Govt has this under control and, if times do get bad the free money will continue to flow. Just dig in and all will be fine. Another Great Depression? Pah!

    • NoodlesRomanovMEMBER

      WOW! I’m gobsmacked that you still have the opportunity to buy off the plan!!
      I remember a Tank St development called Evolution Apartments – same kind of marketing; upscale fit out, luxury living blah blah. Turned into a short term stay building like it was always meant to – I had the misfortune of staying in one for a couple of weeks and it was shameful how cheaply finished and slum like it was. Surely they can figure out a way for an entire building to not smell like prawn stir fry.
      Queens Residences will hopefully not go the same way, but I won’t be surprised if they do a sneaky redesign and jam an additional 25% of apartments into the same footprint.

      • Bitter Looser Renter

        Surely they can figure out a way for an entire building to not smell like prawn stir fry.

        Why don’t you ask for something a bit more achievable, like unlimited clean fusion energy from tap water, or warp drive technology.

    • Arthur Schopenhauer

      Wow, that’s um, a shocker. Is the site State Gov Land? Queensland, what are you doing?

  10. Just take a zinc supplement and you’ll be fine.

    There has been NO EVIDENCE!! No peer reviewed studies that anyone who takes a zinc supplement has contracted COVID-19!

    • Arthur Schopenhauer

      Funny you should say that Les. There is not a Zinc supplement jar to be found in any Melbourne Supermarket ATM.

    • There is no evidence that anyone who eats Koala testicles has contracted it either – just look at Gladys.

    • PalimpsestMEMBER

      There are various levels of evidence. Balance of probability is how we have to live our lives regularly. Beyond reasonable doubt is where we want to operate, but can’t on COVID yet.

      There is a trial of ‘just zinc’ underway. Zinc needs to be moderate in dose, it displaces other essential elements, and can be toxic in excess. It is a known antiviral that interferes with the step where virus’s build caps over their new particles just before release of them all into the bloodstream. A secondary effect of HCQ is that it transports more zinc into the cell, and that means low dose HCQ may have a beneficial role in a prophylactic toolkit.

      Unproven assessment: There is no magic bullet. But one can shift the needle. All the products that interfere with the SARS-Cov2 seem to have some principles in common. They are best in the bloodstream right at the first innoculation. HCQ, Ivermectin, nicotine, Vit D, Zinc, Kaletra either seem to reduce initial infections or slow it down enough that the immune system has more time to recognise the infection and reduce the chances of serious clinical outcomes. However, it also looks as if they can all be overcome by larger exposures. Masks and social distancing remain important.

      Once the infection has taken place, it just rips through the body. At some (early) point it reaches a stage where nothing yet known can really block it. High initial infection bolus seems to play a role. I suspect that’s why the mortality rate in health workers is so high, they get more and bigger hits when things go wrong, plus they are exhausted, and possibly low in vitamins and minerals from quick meals and long hours.
      Our task is to avoid infection for as long as we can, in the hope that treatments become more effective, and a vaccine can be developed. There are hopeful signs, but an apparent 12 months to go. If we do catch it there are indications that it ravages the immune system in at least 25% of survivors. These steps: Zinc every 2-3 days, daily Vit D, Nicotine gum or patches, regular vitamin and mineral supplements, low dose HCQ, mask wearing in public, social distancing – none of them grant immunity or 100% safety, they are just things we can do to shift the probability and our likely chances of survival.

    • boomengineeringMEMBER

      Gave Jack a shampoo yesterday, unbelievable, a shearer would be proud of the bales off loaded. Plenty of lumps and bumps but no grey, not bad for a 15yo. Missus wanted to bump him off last year but he still gets excited at the thought of food , so he keeps on plugging on but can’t take him in her car though.
      Winnie had her first caviar at Palm Beach cafe the other day, can’t tell whether it was appreciated or not but she snaps at in her face intruders if that’s any indication.

      • Mining BoganMEMBER

        My Jack’s arthritis is getting as bad as his owner’s. He’s a grumpy thing now except at walk and food time, grumbling at everyone. Conveniently his missus has gone totally deaf so as not to hear it. Funnily enough she’s looking much better because not every sound that she thinks needs investigation is waking her up so sleeping very well indeed.

        I’ve slowed down though while I’m getting heart problems looked at it. They initially thought they found a hole in the heart but after a scan or two now think it’s just a small leakage between the walls that nothing can be done about Something like that anyway. My medical training is pretty slim. But it means I’ve got a rev limiter on until the professionals come up with a plan of action…which at the moment looks like it’s going to be carry on regardless but no hard training or racing. I was never much good anyway so nobody will notice the difference.

        • boomengineeringMEMBER

          Sorry to hear of the household ailments. My only advice would be to inch by inch increase your preferred exercise monitoring as you go and making sure of plenty of rest afterwards.

  11. Ah, landbankers suing because they banked the wrong land…


    Documents obtained under freedom of information reveal that in May 2019 the government was in confidential negotiations with the Dennis Family Corporation to buy 2500 hectares of land within the 15,000-hectare reserve. The documents show the Dennis Family Corporation refused a government offer and in mid-2019 informed the state environment department that it planned to sell the properties privately.

  12. Arthur Schopenhauer

    Pulp Fiction 2: The Gold Coast.
    This Story is a microcosm of the contemporary Australian economy.
    Money laundering, property development, labor hire outsourcing, diddling labor hire workers, tax fraud, apartment construction, luxury apartment parties (Reus?), selfies, shopping trips to Singapore, laziness, corrupt former bank insiders, balkanized culture, Queensland, the ATO, and on, and on:

    The only things missing are political donations.

  13. last night walk revealed new house for sale.. Anyone (95%) putting their house for sale now is forced sale or distressed sale. I really hope prices fall down to around $500 so I can buy without any debt. I don’t mind going further out.. actually I prefer going further out if that means 800-1000m block of land with older 3-4 bedder and large shed.

    edit – just to add, overall For Sale signs are down as 2 sold but only 1 new listing. This is my walking patch only.

    • Mining BoganMEMBER

      $500k is my target too. Future bogan family residence area will depend on where prices go. Places I’m looking at now along NSW south coast are still asking $650k…and moving…but we will see what happens. That will leave us with a million in super and investments plus whatever work we pick up as we go along.

      Only problem with that plan is convincing Lovey that the Boy doesn’t need every Lego kit ever made. That’s expensive sh!t!

      • Like your thinking MB, but the ‘fvck ’em I’ll get my taxes back’ brigade will argue that you should spend whatever is necessary on the property and enough to draw down on to give you $250K remaining at age 67. At that point you claim the full pension of around $36K (couples) plus earn 4% on the $250K = $10K and live on about $50K p.a. in a better property!

        If you were close to 67 that would mean buying a $1.25m property and having the $250K on the side. Sure the property value is a risk, but a liquid mill invested is a risk too. One of the wealthier blokes I know is in his 70s and keeps essentially all of his wealth in the sharemarket, but for 3 years of living costs. So far so good, he hasn’t worked for 30 years (NW about $8m).

    • $300k in Darwin and $200k for something where I’m looking at retiring. It’s almost there. If body corporate fees weren’t so obscene I’d get by with a 70s era apartment for even less.

        • drsmithyMEMBER

          Anyone who would be selling a house normally.

          Most people think the current downturn will be transitory like every other time in the last 25-odd years.

  14. BigDuke6MEMBER

    Interesting to watch gold just now. It’s been manipulated for soooo long. Can’t help but feel it’s seeing it’s true function as a store if value at last. Bugs have always said there will be a final smash before the launch. Hmmm maybe that’s past already.

    • I own a fair bit of gold and silver and have been thinking a lot about how it is valued. As real interest rates have approached zero, precious metal prices have had a strong correlation to long term bonds. This seems to make sense due to slightly negative yield for precious metals.

      However, where precious metals differ is they are not a fixed issuance. If it costs most mining companies less than $10 USD (all-in cost) to dig silver out of the ground today then why should prices go to $50 or $100 as some commentators are suggesting? If prices do go that high as they did a few years ago then mining companies will just take advantage and keep digging more out of the ground until prices drop.

      • BigDuke6MEMBER

        I didn’t know silver could be mined that cheaply. What I’ve learned is that there is definitely a time to get out of gold. Although BCNs predictions say otherwise I’d suspect running up to the US election is a good time to exchange your gold for QUALITY RE.

  15. Sydney and Melbourne now falling at good clips. It will be interesting to see the pace from Oct to Christmas.

      • yes, I saw that and I should have responded to you and keep the thread.. My take is there is some money moving to the CC from Sydney in order to stay away from too high density in Sydney. Just a guess.

        • boomengineeringMEMBER

          Maybe, but the CC rates and charges are already higher than Sydney.

          How come the South coast for you ? You may want move Mid North Coast when you get older for warmth.

          • Mining – only if you like sh5t roads. Lismore Council hopeless. Ballina council or Richmond valley. Hit us up any qs. Sitting in the hills south of bangalow as I type

  16. Mining BoganMEMBER

    Calling bikenerds!!

    Got me an old racer in the garage. 1987 vintage. Rear freewheel is a 6 speed shimano 600 13-18. Probably going to swap it out for a 14-28 to make it more street friendly. Will the old 105 short cage handle the 28 ring? 52-40 rings on the front.

      • Mining BoganMEMBER

        That’s what I’m worried about. Thinking I could drop the front to 50-34 or just change the rear derailleur over to a mountain bike one.

        I’m just trying to do things my usual tightarse way that causes more trouble than it’s worth.

        • Arthur Schopenhauer

          A 6 speed wheel will take up to an 8 speed cassette. If you have down tube shifters it’ll be fine.
          That would give you a 52-25 and save the 40-28 for Reynolds Rd, Eltham.

          • Mining BoganMEMBER

            Sneaky Pete friction shifters actually. Kids at the tri club always look at them and ask why. Never see them anymore. When you’re out of practice you can make a mistake with them and break things like a 52-28 cross. But I’ll do my one thing at a time and throw the new freewheel on and see what happens. Nothing to lose with a 33 year old anchor.

            Reynolds Road. That’s for my bikes made after 2010 thank you.

  17. Rorke's DriftMEMBER

    https://www.reuters.com/article/us-germany-nazi-verdict/german-court-convicts-93-year-old-man-for-nazi-crimes-idUSKCN24O12X?il=0 I can’t help thinking this link from above is just some sort of show trial propaganda. Germany, 93y.old charged with war crimes from when he was 17-18years old in a concentration camp. Maybe they paid his health care or something to be a stooge for the trial, but no one in the courtroom would have been there 75 years ago, he was surely subject to oversight and orders at that age not leading or controlling anything and what’s the point. In the past 75years there would be millions of stories of crimes against humanity across the world that people can prosecute, so why this one. If they didn’t have evidence the past 75years then what changed now. He acknowledges he was there and did a job. Even if he was guilty of something, why is it news. The fact they keep pushing and publicising this stuff just makes me start to believe the conspiracy theories about how much is real and how much is propaganda about the WW2 experience.

    • I agree, if they used after wwii these criteria to prosecute there would have been hardly half of people left in Germany (and elsewhere) out of prison
      Using current legal and moral norms to judge people and acts of the past is just pure ideology …
      Columbus suddenly became worst criminal because he went sailing and by pure accident “discovered” a new continent, he wasn’t even aware he discovered a new one
      This is a peak of hypocrisy

      “For many people in our community, the statue represents patriarchy, oppression and divisiveness,” Ginther said. “That does not represent our great city, and we will no longer live in the shadow of our ugly past.”
      Said major of Columbus OH
      City name doesn’t represent repression… only a statue does?

  18. Stewie GriffinMEMBER

    That Atlantic article was almost worth a read right up until the point when it blamed ALL the success of wealthy families in terms of access to education:

    Thanks to the resources their families can pour into parenting, wealthy students start out academically ahead the day they walk into kindergarden, and stay ahead through their high school graduation day.


    At the margins access to better education will lift a dummy’s final leaving score, compared to someone of comparative IQ without access to those education resources – BUT you can’t teach Advanced 4 Unit Math to a dummy, no matter how much access to education you provide them.

    Abstract thinking which is where higher paid jobs exist can’t be taught, it may not even be signficiantly present in some population groups (hence the perpetual gap):


    I will accept that the downward mobility transition of rich dummies in society has slowed compared to the past, but it has had nothing to do with education or access to education – it is exactly the same force that has preserved and enhanced the most undeserved generations wealth ie the Baby Boomers… ever lower interest rates, asset bubbles and enslaving debt.

    Edit: Ah, of course… it was authored by Jordan Weissmann – Culture Matters and the lens that is applied will highlight some factors and obscure others.

    • A fascinating read that could trigger quite a bit of angst with the like of:

      “American blacks show many of the traits so striking among Africans: low mathematical ability, diminished abstract reasoning, high crime rates, a short time-horizon, rudeness, littering, etc. If I had lived only among American blacks and not among Africans, I might never have reached the conclusions I have, but the more extreme behaviour among Africans makes it easier to perceive the same tendencies among American blacks”

      But having gone to school in that part of the World with your ex-politician Nigel Scullion, I can add that having seen his cook ‘processing’ a chicken with a piece of string to saw through its neck (it was easier than getting up to get the axe and there was total absence of any concept of pain or cruelty) a lot of what is observed is quite factual.

      • Stewie GriffinMEMBER

        It was an interesting read, I found the passages on language complexity to be particularly so – there is nothing more abstract than a written language:

        They were puzzled that I needed a dictionary, and I was puzzled by their puzzlement. I explained that there are times when you hear a word you’re not sure about and so you look it up. “But if English is your language,” they asked, “how can there be words you don’t know?” “What?” I said. “No one knows all the words of his language.”

        “But we know all the words of Kikuyu; every Kikuyu does,” they replied. I was even more surprised, but gradually it dawned on me that since their language is entirely oral, it exists only in the minds of Kikuyu speakers. Since there is a limit to what the human brain can retain, the overall size of the language remains more or less constant.

        Language is not easy, it is an abstraction Abstract is from a Latin word meaning “pulled away, detached,” and the basic idea is of something detached from physical, or concrete, reality. We assign a meaning to a word, which is pulled away from the real world and now allows us to hold it as an idea in our mind. It makes sense that more abstract thinking would lead to increasingly abstract language, such that it is possible for a name to exist for every possible thing we could ever conceive and hold in our mind.

        If Africans did have less propensity for abstract thinking as a population group, as suggested by the persistent IQ gap, then it would make sense that they would have simpler languages. Not only that but there would be a tendency for complex languages to devolve into simpler ones, like how colonial languages in Africa, usually English or French, devolve into a pigeon English or French, where grammatical rules, tenses, etc are all significantly simplified.

        Interestingly there are many who recognise a distinct Black American way of speaking and that it should not be stigmatized, simply because it doesn’t follow more complex and supposedly correct grammatical rules ‘It don’t be like that now’ :


        The same phenomenon could also be at play in the recent criticism that Classical Music is rac!st. Music composition across an entire orchestra requires the composer to hold all the individual instrument in their mind at once, the same as individual musicians need to “hold” the rest of the orchestra in their mind as they practice their instrument solo at home.


        Anyhow, all speculation on a forbidden topic but it makes more sense than English is rac!st or the even more ludicrous Classical music or Maths, the most abstract of all languages, is rac!st.

        • Yet again simplistic notions, not even arguments, that are similar to the views that geneticists in the 19th century were propounding.
          It’s clear you have absolutely no idea and no knowledge of linguistics or compositional techniques. Read more from an established syllabus rather than an autodidact’s self selected list. And pontificate less

          • Stewie GriffinMEMBER

            Yet again simplistic notions, not even arguments, that are similar to the views that geneticists in the 19th century were propounding.

            Yet again a simplistic counter, not even an arguement rather than a barely concealed ad hominem sat alongside a good ole fashion tar brushing from guilt by association.

            Read the article – then comment. Maybe even add in some references of your own so you reply wasn’t so full of your own….. self righteous feelings opinion?


            Discussing or musing upon an idea, such as the one I originally linked and Janet and myself were discussing, doesn’t make someone an autodidact, but attempting to shut down a conversation because of your own prejudices and ignorance does make you an autocrat.

          • That’s his usual response to anything that makes him uncomfortable stewie

            Some insults (using big words) to hide the fact that he doesn’t know anything about that particular topic

            But I guess you can’t question his crystallized intelligence given the big words

          • As someone who suffers from both Hellenomania and Aristophrenia I am well placed to tell you to put a sock in it – off you trot to look those words up tiger. There’s always someone with a bigger vocab – leave your bombastic diatribes at the door. They expose more about yourself than you realise.

            To your point.
            The idea of Eugenics and “The Mismeasure” of man by Stephen Jay Gould something we all read as kids was an important book – however it silenced the study of ethnic diversity to the point where we are now hearing inane things like that which you have posted.

            IQ is even ridiculed as not accurate – in the same way climate models are ridiculed by climate change denialists. People who have no idea about the subject but just don’t want it used because it exposes uncomfortable truths.Fact is it is one of the most rigorous, objective analysis we have human intelligence ever devised.

            The idea we are all equal, all the same is so utterly preposterous its beyond ridiculous. Human racial groups are so astonishingly distinct and well defined – Chinese Han, Nordic Giants, mountain tribes of south east Asia, American natives, Irish, Maasai – and the physical characteristics OF COURSE are carried into the cognitive characteristics.

            Humans share 90% of their genetics with Chimps – the single largest variation we have is in BRAIN FUNCTION. More over we know that brain function and evolution is the single fastest evolutionary aspect of humans. Our brains have and continue to evolve faster than any part of us – while our hands evolved more than 10 Million years ago our brains are almost entirely distinct from only a hundred thousand years ago.

            But theres more. RACE was only ten years ago a “social construct” – made up. We are all the same race. But there has been more discoveries in anthropology in the last ten years than the last one hundred. We now know of a distinct 6 separate human species that simultaneously evolved. 4 of those species interbred including Neanderthal man.

            Literally – we are made up of multiple species of human.

            Now things since 2017 got even more interesting with a species of human being Graecopithecus, El Graeco Man – which PREDATES the emergence of mankind from Africa.

            Whoa – that throws you for a spin doesn’t it.

            You don’t know NEARLY as much as you think you do – and you what you do think severely clouds your impartiality and instead you are entirely directed by a quasi religious morality with how you WANT the world to be – rather than an objective rational approach to how it really is.

            It upsets you that there are genetic cognitive differences between ethnic groups so you search out those who claim they are untrue, unethical, or racist – and adopt their narrative – even though its fundamentally undeniable and scientifically absurd.

          • Stewie GriffinMEMBER

            The multiregional evolution of humanity is an amazing thesis Rasputin – I remember first reading about it and thinking ‘This is weird’ simply because it flew in the face of the popular and dominant and semi-biblical narrative of ‘Eve’ and ‘Out of Africa thesis’. There are now thoughts that there were two distinct Denvosian populations in East Asia, and a further two Ghost populations that inter-breed in Africa.


            Interesting that that event is thought to have only occurred 40,000 years ago which came a full 30,000 years after the last common ancestors between Caucasian and African populations 70,000 years ago, which is when the Sahara first began forming and they became relatively genetically isolated.To give some indication of how far back that was 70k years equates to close to 3,500 generations – while it was only 400 generations ago that our direct ancestors came down from the Caucasian steppes.

      • From my own experience most people don’t know about a hidden gem sitting in every PC based on any Windows OS. The program is called Snipping Tool. It’s pre-installed so to launch it hit the Windows Key and type “Snipping Tool”. Instead of using Ctrl+PrintScreen and then paste and crop and…just use Snipping Tool and select the region on your screen. Simple but powerful.

        For those who want to do screenshots like a pro there is a free program called ShareX. Plenty of tools/options where “Scrolling capture” is one I find extremely useful. It scrolls down the web page for you capturing the text/pictures below your screen so you end up with one very narrow and tall picture (JPG/PNG) as a result. No more stitching of multiple screenshots manually you would have to do if PrintScreen/Snipping Tool is used.

        Now I wonder why I’ve posted this short software review in this thread, hmmm…

        • drsmithyMEMBER

          From my own experience most people don’t know about a hidden gem sitting in every PC based on any Windows OS. The program is called Snipping Tool. It’s pre-installed so to launch it hit the Windows Key and type “Snipping Tool”. Instead of using Ctrl+PrintScreen and then paste and crop and…just use Snipping Tool and select the region on your screen. Simple but powerful.

          Also Shift + Win + S.

          • I admit I didn’t know and as a keyboard shortcut addict I am thankful to anyone who teach me something new. However, this shortcut was introduced only in Win 10 (as I’ve just learnt). Cheers.

    • Jevons ghostMEMBER

      Read through that article by Dr Gedhalia Braun PhD. Interesting overall but some arguments presented with precious little evidence provided to support them. Some of the questions that he put to his native African interlocutors would have been better understood by them if phrased more intelligently. It appears to me that he unconsciously set them up to fail some of his tests.

      • Stewie GriffinMEMBER

        Of course – it was a guys observation. He has a PhD in Philosophy, not linguistics and admitted as much “What follow are not scientific findings. There could be alternative explanations for what I have observed, but my conclusions are drawn from more than 30 years of living among Africans.” and concludes by saying “It should go without saying that my observations about Africans are generalizations.

        Honestly we have to endlessly endure equally asinine theories from the progressive “left” like Peggy McIntosh’s napsack of ‘white privilage’ where absolutely ALL the blame for inequality between say Africans and White people, is laid at the feet of our supposedly rac!st society. The reality is there are a multitude of possible contributing factors for these differences between group population outcomes, including the possibilities mentioned above.

        I read it as nothing more than some guy observation of living some 30 years among Africans, and trying to honestly explain and make sense of the differences that he has seen. I only posted it in passing to the Atlantic article on education.

        Nowhere do I get the sense that he hated Africans, or was “unconciously setting them up to fail” the guy spent 30 years there trying to make it a better place and improve their lives

        That said, I respect your opinion and criticism and to see it differently to myself. I’m glad you did not find it offensive other than in respect of the criticisms you noted.

        • Jevons ghostMEMBER

          Thanks for the considered reply Stewie. I take a good deal of notice of what you write and respect your opinions. I think that the good doctors comments have substance overall. Personally, I hold the simplistic view that the behavioural differences he describes are brought about by varying combinations of genetically determined factors and sociologically determined community attitudes. Nothing new here. I believe that some of the sociological issues can be successfully addressed in theory, but in practice all parties have to be in agreement that there is merit in doing so.

          • Stewie GriffinMEMBER

            Cheers JG – I cop so many ad hominem and personal attacks that sometimes I have to remind myself that not everyone who disagrees is attacking me. Your criticisms and opinions on the guy’s observations were all perfectly valid and to which I’d agree to a certain extent.

  19. Bank Watch: Bootcamp for bankers

    Aussie Banks don’t need to be given the boot but they do need a Bootcamp….. to get the flab off and improve their fitness.

    The best way to get our bankers fit and frisky is to force them to work harder and the quickest way of doing that is to remove a few of the crutches that they have been leaning on for far too long.

    Get them out of the bean bags and out in the fresh air !


  20. Ulrike Meinhof

    BUT you can’t teach Advanced 4 Unit Math to a dummy
    I will freely admit that I struggled with 4 unit Math but I don’t believe that this makes me an idiot nor do I believe that there are any concepts introduced in 4 unit math that are not readily understandable by most people if they simply take the time to learn the material.
    For me this raises the question: Why doesn’t everyone take the time to acquire these skills?
    But then I look specifically at what these acquired skills are and I stop wondering why others don’t put in the requisite effort to learn these skills.
    How many of us has ever used any of what they learned in 4 unit math about “advanced Circle geometry”?
    In many ways it is a curse to still remember this material. Have you ever sat in a pub and listened to some tradies nutting out a problem and been stupid enough to say aloud that they should use “Inscribed Angle Theorem”.
    Yep that’s me and trust me this is something that can never be unsaid. If I had announced to the entire pub that I had a dose of the clap I’m certain that they would have been far more sympathetic. In Australia you can never unsay that you understand anything that the average Aussie doesn’t.
    I suspect the main reason that others don’t learn this material is that they have understood from a very young age just how socially debilitating this knowledge actually is.

    • Stewie GriffinMEMBER

      I will freely admit that I struggled with 4 unit Math but I don’t believe that this makes me an idiot nor do I believe that there are any concepts introduced in 4 unit math that are not readily understandable by most people if they simply take the time to learn the material.

      LOL – people so readily like to use Dunning-Kruger as an insult that they forget that there are two elements to the proposition “The Dunning-Kruger effect is a cognitive bias that makes less competent people overestimate their abilities and more competent people underestimate them.” Less than 5% of the HSC population take Math extension 2 (4 Unit), and even then many struggle – it is hard, it is also a filter. That you may ever use advance geometry of a circle or not isn’t important, it identifies you as someone who CAN use it.

      I suspect the main reason that others don’t learn this material is that they have understood from a very young age just how socially debilitating this knowledge actually is.

      ….or it might be more a case that ignorance is bliss?


      • Ulrike Meinhof

        In all honesty you are too busy worshiping at your own alter to ever discover real truth.
        Real truth requires introspection, its the only currency with which it can be acquired.

        • Stewie GriffinMEMBER

          I’m glad introspection delivered you the revelation that practical minded people don’t like brainiacs dropping condescending “hints” on esoteric algorithms as opposed to practical advice on how to solve a problem. Most nerds work that out by year 6.

    • There are some of the problems you speak of.

      There’s also the problem of people of specialist and higher knowledge being self-referential, and not being relevant to their audience.

      It is partly as you say, that people can actually generally grasp most things; consider it your challenge to bring the understanding to them, and in doing so both improve yourself as a better communicator, and show others that they can indeed grasp higher thinking, just in simpler terms.

      As a chemical engineering consultant to industry, and general technology innovator, the above describes my journey well. Simplifying my own thoughts and communications to be relevant is extremely satisfying, and has even helped me distill the essence of my own thoughts. Complex things can be described as a collection of simpler things.

      I’ve heard it said, and I agree, that the truly educated and intelligent can communicate complex things in simple, brief language.

      My 2c

      • I’ve always been good at explaining complex things in layman’s terms. Now I feel better about myself. So thanks. 😃

      • Ulrike Meinhof

        I would gladly have explained but I wasn’t given the opportunity, just a GFY and the accompanying obligatory finger wave.
        As I said you can’t unsay certain things.
        Maybe if I had anticipated the skills and knowledge of the audience then I wouldn’t simply have said what I said. In my own mind i was thinking that I was giving them a bit of a hint as to how they could solve the problem, however, with the benefit of hindsight, its clear that collectively the tradies were searching for methods, capability, buyin and group support but all that I delivered was an obscure answer to a math problem.
        They had every right to flip me off. What they were looking for is socially binding, yet I delivered a comment that is socially divisive.

        • All probably could have done better. Fantastic you’ve picked some points that you can improve in yourself. Still silly that you were mistreated by them in that way, however.

    • Yeah did ext 2 math as well.
      It taught me how to learn something and that there are things i still may not be able to understand but confidence that i can still get through things others cant. Also taught me how persvere through something at a young age.
      Nothing I use now but i would not say useless at all. I am proud i could do it once. Cant be too dumb..

    • Fi Fi didn’t like hearing that much did she? She and the other fake lefties at the ABC will no doubt be concerned about the value of their renovated inner city terrace houses.

    • Heard two massive rumors on the grape vine regarding real estate.

      valuers and surveyors have slashed their values and people who have bought during Covid are being denied finance at their purchase prices – wow. Imagine buying a house, then being told you can’t have your money because your new house is already worthless. GOLD.

      Second up – is the value of houses is based on two things – land price and build – with the cost of build in Australia primarily being driven by labor costs. Banks are now saying labor costs for building next year as the housing construction crash goes ballistic and unemployment soars will see construction costs (labor) collapse.

      There are just so many things you don’t consider on the way down that were second nature (labor costs) on the way up as to why house prices were so high.

      • I hope labour costs get smashed. I’ll build my garage during the down turn. Half price.

      • It’s actually good if valuers come back with this as you can go back to the vendor and say – sorry the bank says it’s only worth this so this is now our offer. Or, you can go find a cash buyer.

        • Bitter Looser Renter

          Not so good if you find out about this after you sign an unconditional contract.

          However – work colleague and her husband sold 3 weeks ago with a subject to finance clause and precisely this happened. They had congratulated themselves about ‘getting out at the right time’ and I think had mentally banked the money. This was an IP. She is spewing about the injustice of it all … Says it was the agent’s fault for talking them into agreeing to subject to finance. He now wants to relist at 8% lower than sale price. She is going to ‘find someone who knows what they are doing in this market and not hook them up with any more morons who cannot sort out their bank loans’. Still confident they will get the previous sale price again.

          Mindset totally driven by sense of entitlement, not reality and this was NOT a recently acquired IP either, so a lot of capital gain anyway – though I think there has been some previous equity redraws on PPOR and they need to repair the books a lot. Partial to the overseas trips and trinket shopping they were. Now they just cannot adjust to the reality that everyone else has to accept.

          I get on with her at work and husband is not a bad bloke, but when the talk turns to property at work, it is bad as talking politics or religion so on this matter, I hope they burn.

          • The Traveling Wilbur

            I’d hate to see what happens to someone that you don’t get on with at work.

      • Oh ive been saying that a while to hubby.
        Although it is a circular logic too.. Labour costs are necessarily high to support the mega mortgage that every man and his dog has signed up to. And everything service economy is high as a result.
        I have used this example before.. coffee at local train station.. $5. And it is sh1tney coffee. Why is that $5? To support the rent which is land prices and to support the owners mortgage.

      • Ooh yeah. Watch the boomers’ heads explode when you casually explain this at a bbq.

    • “the primary concern”
      i like how honest he was about the market being propped up by foreign buyers and that the government is keeping this alive.

  21. Relationship between DXY and stocks seems to have changed in the last few days. I wonder if it will persist? Or, if a truly risk-off event will see the normal run back to the USD?

    Or, has EUR become a safer haven, and even gold? (Gold’s rise recently had been extraordinary, yes?).

    Early days, but things I’m thinking about.

  22. Just read the following gibberish from Chris Joye.

    “In the AFR this weekend I write that investment decisioning is complex right now because the world is in such an unusual and fluid place. One of the most important tasks for any decision-maker is to continuously stress-test assumptions and mark-to-market their hypotheses as to how the future will unfold. This is a never-ending process whereby one has to recursively iterate back through analysis and logic in a relentless search for the truth. So let’s “nowcast” a little and reflect on the current state of play”

    “Recursively iterate through analysis and logic”. Right. If ever I’ve seen meaningless bafflegab and bloviation dressed up in fancy technical sound rhetoric to produce fancy sounding prose that means absolutely fcking nothing..well…that would be it.

    I’m a software engineer. I’ve written production code that uses recursion. I know what it is and I know how to use it. I’m pretty sure that fat bearded fool doesn’t. He should be ashamed of himself.

    • Arthur Schopenhauer

      😀 What A BS artist. A Ponzi is a very neat example of a recursive function.

      The virus is not being kind to Australia’s long list of BS artists.

      • All decisioning is complex. Especially when you are choicing between two or three optionations and alternativities.

        • haroldusMEMBER


          The best option is to is to continuously stress-test assumptions and mark-to-market their hypotheses as to how the future will unfold.

        • haroldusMEMBER

          One has to recursively iterate back through analysis and logic in a relentless search for the truth.

    • What he means to say is, we used to put all our money on Phar Lap. He’s retired now and we don’t know what to do.

    • The Traveling Wilbur

      Using “decisioning” instantly made me hate him forever. Trump is eloquentering. Heh.

      Also, you know why they’re called “recursive algorithms”?
      Because they’re the ones that you swear at the most. Over and over and over again.

      • Correct on that last bit for sure. Brain bending stuff usually, but sometimes a man’s gotta do what a man’s gotta do.

    • Thatd not recursion. And you cant use it in that way.. what big problem is he breaking down incrementally until the recursive function ends in the smallest possible problem that can be solved?

      He just means an infinite loop there lol

    • TailorTrashMEMBER

      I think what he is saying is ……I remove my finger from my ar$e and stick it in the air ……and see if it produces a prediction that is saleable in the corrupted MSM …
      …..Straya mate …real estate mate ……what else is there ?

    • haroldusMEMBER

      To be fair it is conveniently located next to the CWA.

      Love the new stickers on the plant pots on the balcony, and the wonky kitchen cupboard door.

      • Three quarters of a million for a studio apartment in recessionville (ie a tourist village).

        I like their description “New York City style entrance”. I presume they mean junkies sleep on the doorstep.

  23. TailorTrashMEMBER

    Message from the Government of the Glorious people’s Repuplic of China

    It has come to our attention that the Australian side has sided with the American side on the issue of our self declared sovereign rights over the South China Sea.

    This is a totally erroneous position . Our nine dash line which we have drawn up to enhance the great rejuvenation of the Chinese people as our great leader Xi JinPing has dictated has a true and undisputed history going back more than 10 years .

    We urge all sides that are not on our side ( particularly the UK side ) to deeply reconsider their position .

    China will vigorously defend any lines on the map it chooses to draw and we expect all sides to stay on the right side of those lines . This extends
    especially to gum that might be on our glourious revolutionary shoes .


  24. reusachtigeMEMBER

    Awww, how cute are Asian chicks in masks. Their eye slots can sometimes be very alluring. Aussie chicks just look ugly in a mask.

  25. TailorTrashMEMBER

    A friend who has a friend who has a friend working in a very large multinational consumer goods company tells me that ice cream sales are up by 25% ……and deodorants are down by 20% ………WFH is remodeling consumer behaviour it would appear …….

    • Can vouch for the deodorant statistics. My usage has dropped since WFH during Winter.

      • PaperRooDogMEMBER

        Guilty too! It seems with these new fangled 48hr antiperspirants, that I thought were a marketing gimmick, really can do the job!

    • Same here, now that I’m indoors almost always, my personal motto is now,
      Ergo pungento sum
      I stink, therefore I am.

      More ice cream, less B.O buster.