Links 10 August 2020

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

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  1. My mate and I have an agreement to listen and analyse albums that we wouldn’t necessarily listen to.

    I started with the Darkness Easter is cancelled. He countered with the Darkness Pinewood Smile. I was a bit suss.

    It doesn’t seem to count as a legit choice, despite the fact I listened and analysed that album in good faith.

    Because the fvckwit has just sent this.

    Ok, so if we are continuing the album appreciation pact, your next album to really listen to is Thick as a Brick.

    He knows how much I hate Jethro Tull, and still he did it.

    So I am now halfway though this (https://en.wikipedia.org/wiki/Thick_as_a_Brick).

    Dear God. I so hate hippies.

  2. CHINA …

    China’s Indo-Pacific Neighbors Stand Up To Its Hegemonic Ambitions … Zerohedge

    https://www.zerohedge.com/geopolitical/chinas-indo-pacific-neighbors-stand-its-hegemonic-ambitions

    Authored by Tahir Aslam Gora via The Epoch Times,

    After finding itself cornered over the handling of the novel coronavirus, appropriately named the “CCP virus,” China is embracing an offensive mode globally. … read more via hyperlink above …
    .
    .
    Bank Run In Northeast China Part Of A Growing Trend … Zerohedge

    https://www.zerohedge.com/economics/bank-run-northeast-china-part-growing-trend

    Authored by Zhang Yujie via The Epoch Times,

    A run on the Bank of Huludao in China’s Liaoning Province began on Monday, Aug. 3, a day after the bank announced on its official website that its former president, Wang Xueling, is under investigation on suspicion of serious violations of the Communist Party’s law and discipline. … read more via hyperlink above …

  3. pfh007.comMEMBER

    COVID-19: Who are the real “Money Printers”

    With the COVID-19 pandemic punching a giant hole in the normal patterns of economic activity in Australia, the media has been full of debate about the best ways to respond. Not surprisingly much of the debate has concerned money. Who should get it and where will it come from. In that context accusations of “money printing” have been flying in all directions.

    https://theglass-pyramid.com/2020/08/09/covid-19-who-are-the-real-money-printers/

    This post attempts to bring some clarity to the “money printing” finger pointing.

      • pfh007.comMEMBER

        Thanks Fitzroy,

        There is a lot of emotional guff that is spouted about ‘money printing’.

        Considering that ‘money’ lives for the most part in two locations – the balance sheets of the RBA and the balance sheets of the private banks, it is not too difficult to work out who is doing most of the printing.

        It also puts into perspective the implications of using a larger central bank balance sheet instead of pumping out interest bearing wealth assets for rich people (aka Australian Government bonds).

        Even allowing for the buckets loads of bonds cranked out by the Liberals since 2013, that would only have amounted to an expansion of the RBA balance sheet by $741 billion. And had that course been taken in conjunction with MyRBA not one cent of interest would be payable by the public on the lot.

        • As i approach the end of a very long time in the workforce, seeing many lifetimes salary and wages loaned into existence at the stroke of a pen and profit made on that sum with no work at all purely because of a government licence makes me furious. No brains are required, no courage required, the risks are underwritten by the government. It makes me sick.

          • Yes – it is very irritating.

            I am yet to hear one decent argument explaining why the general public and non-banks should not be entitled to operate deposit accounts at the RBA just like the banks. There are no real technical or practical difficulties and it is just a simple extension of the freedom of current the public and non-banks to use notes and coins.

            Giving effect to that simple proposal would result in a major reform to our currently hopelessly broken and dysfunctional monetary system.

            Ending the private bank monopoly on deposit accounts at the RBA is the deceptively simple but critical first step.

            https://theglass-pyramid.com/2020/07/13/rba-watch-ending-the-bank-monopoly-of-the-rba/

  4. PalimpsestMEMBER

    US Elections: There was an interesting weekend link to an article discussing what happens when conservative Governments start holding onto power with unreasonable measures. Then last night I saw two different articles in my feed.

    “Friday Night Massacre” at US Postal Service: Postmaster General boots top brass ahead of election https://www.salon.com/2020/08/08/friday-night-massacre-at-us-postal-service-postmaster-general-boots-top-brass-ahead-of-election_partner/?utm_source=fark&utm_medium=website&utm_content=link&ICID=ref_fark

    Trump aides exploring executive actions to curb voting by mail https://www.politico.com/news/2020/08/08/trump-wants-to-cut-mail-in-voting-the-republican-machine-is-helping-him-392428

    Looks like there might be more interesting times ahead, and that the betting market isn’t taking Trump’s desperation into account. He cannot afford to lose the protection from investigation he currently enjoys.

  5. PalimpsestMEMBER

    Most articles seem to overlook a little hook in the US payroll tax deferral – it’s a deferral until after the election, then employees will have to pay it back with reduced take home pay. Companies that pass it through may be on the hook for repaying it if their employees are sacked or leave. And, of course, payroll tax funds Medicare – part of that free or cheap healthcare that once was thought to be Christian charity, but we’ve all come to recognise as satanic socialism.