Links 13 August 2020

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

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  1. pfh007.comMEMBER

    Money Creation after MyRBA

    The recent post “COVID-19: Who are the real “Money Printers” discussed how the really serious “money printing” over the last 20 years has been conducted by the private banks as they created hundreds of billions of dollars of bank credit and handed it over to their “mates”, the chosen or “credit worthy” who then punted on the prices of assets inflated by a steady stream of bank money printing and made out like bandits.

    This post discusses the money “creation” options once MyRBA commences and the Reserve Bank of Australia “RBA” allows the general public and non-banks to open and operate deposit accounts at the RBA and the private banks lose their “money printing” privileges.

    https://theglass-pyramid.com/2020/08/13/money-creation-after-myrba/

    • This is a valuable post for those who wish to see where real power resides in this society.

      • Pfts obsession is religious in nature, hence why he glosses over all the actions in the lead up too currant events. Per se PE is more influential in driving legislature than banks, firms like McKinsey & Company, and various ideological think tanks. Banking is just a reflection of the actions taken during the neoliberal period, focusing on them alone lets the real agency off the hook.

        • happy valleyMEMBER

          1 There are several players in control of various aspects – CBers, private banksters, regulators, consultants – all morally bankrupt.

        • migtronixMEMBER

          But all of those outfits are supported by the banks and certainly the banking scions.

          • pfh007.comMEMBER

            Way harsh Mig.

            Everyone knows that the banking industry is just like the gun industry.

            An innocent bit of “technology“ that unfortunately bad people use to do bad things.

            Like the gun industry the banking industry would never resist, divert, corrupt or undermine campaigns by good people to stop bad people misusing their innocent technology in such profitable ways.

            The banks want effective regulation of their privileges just as much as Skippy does.

            Chortle!

          • Mig there is a preponderance of historical evidence which does not support the conclusion that banks, alone, drove all events. McKinsey itself was the one that showed them how to profit from fee structures, Bill Black has repetitively shown where lax regulatory [underfunded and staffed save revolving door] allows if not incentivizes anti social tendencies for short term personal gain.

            Throughout the entire neoliberal period libertarians were at the vanguard of pushing the free will meme and wealth in of itself was truth of success. Consumers just slept walked through the entire period as 2nd 3rd world nations got the treatment, now its come home and their getting a taste of it …. zomg …

            Off to work …

    • Rorke's DriftMEMBER

      This is really key stuff pfh007. People dont understand the system and distortions it creates for our whole way of life. The book Web of Debt by ellen brown gave me my first understanding of the concepts you raise and has great insights and historical context. That book had a chapter on the Commonwealth Bank, when publicly owned as a unique model which helped build this country, before it was corrupted and sold off. Fascinating material.

  2. CHINA …

    China’s Days as World’s Factory Are Over, IPhone Maker Says … Bloomberg / Yahoo Finance

    https://finance.yahoo.com/news/4-reasons-theres-disconnect-between-181514208.html

    A key supplier to Apple Inc. and a dozen other tech giants plans to split its supply chain between the Chinese market and the U.S., declaring that China’s time as factory to the world is finished because of the trade war.

    Hon Hai Precision Industry Co. Chairman Young Liu said it’s gradually adding more capacity outside of China, the main base of production for gadgets from iPhones to Dell desktops and Nintendo Switches. The proportion outside the country is now at 30%, up from 25% last June. … read more via hyperlink above …

  3. migtronixMEMBER

    What are those that Canukiwis up to now?

    “Covid 19 coronavirus: Mount Albert Grammar student tests positive for virus”

    Ruh roh

    • PalimpsestMEMBER

      Yes it’s frustrating. It was always likely ncov-2 would behave like some other viruses, so being careful and providing adequate PPE was the best option. However, many I expected to be more aware thought “there’s no evidence” means “it doesn’t happen”. Not “we haven’t looked properly yet”. Hence BS like “It doesn’t affect children”. Surprise!

    • Read a very nuanced letter from a group clinical infectious diseases specialists.
      Upshot indicated that in the right conditions it probably does aerosolise but most of the time probably not.

  4. I’m surprised MB had a crypto article for ZH as a link.

    The reality is if there is another melt down crypto will also tank, just like in march

  5. migtronixMEMBER

    “Covid 19 coronavirus: Auckland testing centres overwhelmed, claims of queue jumping, urinating on side of road”

  6. bolstroodMEMBER

    Here we stand on the edge of the Climate Catastrophe abyss, the covid virus has given us a last opportunity to change our direction to a sustainable, renewable energy future, but all the dice have been loaded by the Fracketeers

    https://www.michaelwest.com.au/bureau-of-meteorology-under-pressure-to-toe-the-coalition-line-on-climate-change/?mc_cid=138ae50482&mc_eid=ce1f48e134

    https://www.theguardian.com/environment/2020/aug/13/no-purpose-to-coalitions-climate-policy-after-big-polluters-increase-emissions-by-16m-tonnes

  7. NEW ZEALAND …

    Migration’s impact on housing demand is now almost negligible, which should ease housing supply pressures over coming months … Greg Ninness … Interest Co NZ

    https://www.interest.co.nz/property/106516/migrations-impact-housing-demand-now-almost-negligible

    The idea that thousands of returning New Zealanders will boost demand for housing and help prop up the property market and boost prices in the process may be nothing more than an urban myth, or perhaps some wishful thinking put about by players within the real estate industry itself.

    The latest migration figures from Statistics NZ show that while there was a significant turnaround in the migration patterns of New Zealand citizens in the second quarter of this year, it was overshadowed by even bigger changes in the migration patterns of non-New Zealand citizens. … read more via hyperlink above …