Links 10 September 2020

Global Macro / Markets / Investing:





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


  1. FIRST the Chinese have been buying properties left, right and centre now the Indians are driving Uber everywhere

    • Not sure on the wisdom of this, you have to have a competing narrative, a Democratic vision that the voter can buy into, and there is nothing… just get Trump out… problem is, he has sort of been OK, achieved far, far more than Obama in eight years. You don’t have to like the guy to vote for him (and lets face it, he sis hard to like, probably has a high functioning form of Aspergers, and is just down right combative, for no bloody reason). But at the end of the day, its all about self interest.

      A Trump Comeback? Biden wants to make the campaign a referendum on Trump. He’s succeeding with Trump’s help.

      • Achieved far, far more than Obama? He’s achieved nothing and the place is a mess from west coast to east!

        I kind of hope morons elect, or he cheats again, or whatever because it will Make America Irrelevant forever…

        • Narapoia451MEMBER

          To be fair he has given the biggest corporate hand outs in US history, ensured they will default on their debt at some point by creating systemic deficits pre covid, stacked the judiciary with nutjob conservatives, put more industry lobbyists in cabinet roles than any other president to write regulations for the industries they represent, trashed environmental protection and reversed course on any meaningful action on the existential threat of climate change.

          He’s achieved a lot, most of it is just devastating for the people of the US.

          Edited to add: he has also made efforts to decouple from China which is actually good. Time will show how effective that will be for the US population but in most cases it is regional US ally populations that will benefit from supply chains leaving China, not Americans.

      • Asperger’s?? His dysfunctional family background combined with poor genes has produced a dangerous psychopathic narcissist. Vindictive, vain, vacuous, unpredictable, immoral, and totally absent empathy.

    • Former Stenographer Says Biden’s Cognitive Ability Has Declined Significantly

      Translates as : conservative note-taker tells right wing magazine that a guy he once took notes for several years ago seems a bit slower. Whoop-de-do. 🙄

      • The bloke is in his late seventies, so yeah he is probably not as sharp as when he was younger. But same goes for Trumpy, no one would argue that he is at the top of his game either. It is what you get when you choose to have elderly folk lining up to run a big organisation. It is a high probability that the contest is actually between the two vp nominations.

  2. COVID-19: The perfect time for Trickle-Up economics and MyRBA

    The newspapers are packed to the gills with bad news about COVID-19. In particular the challenges it presents for the Australian economy where our preferred economic model of pumping up house prices, pumping up household debt, pumping up public debt, selling off access to our labour markets and residency, blowing up sacred caves and shipping dirt off to China is coming apart at the seams.

    Sadly the core of our economic model is a barely concealed implementation of Trickle-Down economics and after 40 years the fly blown beast is ready for the glue factory.

    Fortunately, necessity is the mother of invention and the necessity that is COVID-19 provides us with the perfect opportunity for something new, productive, democratic, equitable and fair.

    It is time for Trickle-Up economics served with a fresh crispy MyRBA salad.

    • If we are going to print money, we should direct it to fundamentally useful things, like Space Colonisation and Exploration, the CSIRO, the replacement of fossil fuels, and ROI+ infrastructure. Not to assets and welfare.

      • Fundamentally useful things?

        Space colonisation?

        You can argue for that particular wishlist and you are perfectly free to write cheques to the government with your money but why you think you should get to force people to invest in your preferences is the mystery.

        In any event I deal with your preferences in Option C.

        “.. But let’s assume that you do not believe that the general public are able to identify productive investments and allocate some of their $875 to Option B and that we really need an army of pointy heads in Canberra to work out what is a productive allocation of the public’s Trickle-Up payments.

        You would support (Option C) by arguing or campaigning that the government should increase taxes on the public and extract back or withhold some of each of the $875 quarterly payments…”

        • China PlateMEMBER

          well when your uncle was Robert Hutchings Goddard, it’s no wonder Michael would be pedaling space colonisation and exploration

          • That makes sense. Space colonisation was a bit left field.

            Usually the great national building projects proposed are things like high speed rail, mobility scooters for all and paper less offices. Things that it is difficult to get agreement on and in the absence of agreement the bankers demand that capital allocation be left to them.

            Trickle-Up economics with MyRBA does not prevent national building projects but it removes the banker’s privileges (with regard to capital allocation) and injects a large dose of democracy into the monetary system.

        • Arthur Schopenhauer

          Space colonization needs space mining. How good would space dirt be? How good would Asteroid mining be? How good would it be for Aussie mining ingenuity? Real good!

          (PS The infrastructure for space would be several orders of magnitudes cheaper if the raw materials required could be mined, processed and manufactured in a low gravity environment. How good is economics!)

      • Completely delusional. Replacement for fossil fuels? Ha, they’ve been trying for 50 years.

        There is NO replacement for fossil fuels – a one-time bonanza of decayed organic matter laid down over 150 million years ago. Without it – nadda, nix, niente. What should have lasted us 500 years, we’ve squandered in 200 and trashed the planet with.

        My father rode a camel, I drove a car, my son flew a plane, his son will ride a camel.

        End of story.

        The next generation will be picking over the detritus and the next will be herdsmen and cavemen.

        Providing there are any humans left. Heard of Extinction Rebellion? They have a point.

        • Interesting…so you think, for example, a solar PV array and batteries are not a replacement for SOHO power?
          What about at scale?

          • Solar. batteries, wind turbines are all made, transported, assembled and installed using FF, not to mention scarce rare earth minerals, with functional life-times of around 10-20 years, then rinse and repeat the process – i.e. are not possible without huge amounts of FF.

            The lithium and rare earth minerals required to replace the world’s car fleet simply doesn’t exist. Then there’s all the infrastructure involved….

            Critically, they haven’t yet discovered a way to power ships, planes, trucks, earth movers, tractors, etc – i.e. the transport and machinery that keeps the entire world fed and ticking over.

            Nah mate, we’re outta time, sadly. The green wash was just that – a green delusion of hopium to keep the masses happy

        • the stone age didn’t end because they ran out of stones …. we will get a better energy source than fossil fuels – energon cubes!

          • “Oil is everywhere”

            That’d be why Straya has to import most of its oil now, and why it has only three weeks in reserve, and why it had to ask the US to keep a bit aside for us; and why all the rigs are out in the deep seas, and the US fracking companies are falling over in the bankruptcy courts, most nver having turned a profit; and why we’ve hardly discovered a giant field since the sixties, and why conventional oil peaked in 2006 (fact)…

            Nah, we’ve picked the low hanging fruit with oil as with many other minerals and metals essential to keep the whole complex lunacy called ‘civilisation’ going. Once oil costs $1 to get $1’s worth out of the ground, we’ll stop drilling.

            Sure, there’ll always be oil somewhere in the earth’s crust, but it’ll stay there long after we’re gone. Ditto silver and gold, also near or past their peak.


  3. Why is there no coverage, apart from the ABC, of the latest eviction of Chinese spies from Australia. Its headlines at the ABC.

  4. If NSW Labor had any political nouse they’d immediately offer to form Government with the Liberals locking the Nats out but they don’t so they’ll wait until the Government is dissolved and loose the election.