Weekend Reading: 19-20 September 2020

Global Macro / Markets / Investing:

Americas:

Europe:

Asia:

Trans-Tasman:

 

Leith van Onselen

Comments

    • Niko,

      I’ve been following your thoughts on gold for a while. Don’t have the testicular fortitude to trade, but have been accumulating for 19 years. Would like to ask for your opinion, what would be the trigger for you to liquidate? For me, it would be an emergence of a system, where gold takes its place as a reserve currency or a part of a basket of currencies. That to me would necessarily drive the demand in short term, spike, and then level until the next fiat experiment.

      Not sure if you subscribe to the ideas of Another/FOA.

      Thoughts? Appreciate the response if you find the time.

      • I’ll just butt in, if you don’t mind. Gold already forms part of the reserves of many countries but has little practical influence on the monetary system. The US officially has 8,199 tons of gold but it’s monetary value is a drop in the bucket next to the overall dollar money supply. For the same reason, I wouldn’t expect gold (in a basket of currencies to be much of an anchor as it might represent a few percentage points at best). Even full gold standards can be rorted – although those rorts are inevitably discovered and there can be severe consequences for those left holding paper claims (certainly citizens if not central banks).

        I’m watching out for a number of developments with gold – I think there could, at some point, be a massive speculative blow off in gold and this will be an excellent opportunity to take profits – you’ll need to keep an eye on technical analysts for exit points. I still think this could be a year or two away though. Definitely not this year. I like to think of the return of a gold standard as unlikely (but you never know), however, if such an instance were to occur the key is being satisfied that the price at which gold becomes fixed is the right price. If gold were to be fixed at $5,000 an ounce and you had good reason to believe the level should have been $7,500 then you obviously wouldn’t liquidate. The US govt did exactly this in the past – they fixed gold at $35 an ounce, demanded that all citizens turn in their gold and then subsequently revalued gold at $43 an ounce. And from there the govt continued to shaft the citizens every which way. Just something to think about.

        • I like your thoughts on gold – they show experience. I did most of my buying when I was on ZH a lot. Any gold thread I was there but when the big “too the moon” gold boost never happens you ask questions and see how manipulated gold is. Also those threads were full of people selling gold! Gold is highly manipulated by the Feb and banking cartels who need faith in their paper. They aggressively defend their paper!!
          I’ve never sold much but i would and will – and thats the crux – you should – its not stack forever.
          Trouble is it always seems to be just around the corner… I hope to sell every miner I have within 12 months and buy land with it.

          • Buying land is not a bad option either – particularly if it’s potentially valuable in some fashion (future development or good farming). So you’d just be swapping one good asset for another. I guess the advantage of waiting for a gold blow-off is that you’d get to monetise that spike before land prices really took off. Although, that said, land has increased quite substantially in the past 10yrs in SE QLD – I know a number of people who own it (part recreational, part tax rort).

            I’d love to own a large piece of land — nice wooded area, a shack with the basics, potter around the place on the weekend, commune with nature, get away from all the BS going on around us *sigh*

        • Stewie GriffinMEMBER

          Good points re the Economic theory of what will happen to Gold in a currency crises vs the political reality that may occur. If privately held and stored you might be able to still hold onto some more muted gains.

      • Max – look at what Dom wrote. That is what I am thinking too. Your scenario is possible too so keep monitoring global developments and make decisions as situation evolves.
        I will also add to keep very close eye on what is happening in Eurasia (but mostly central Asia and India) and if Russia, China, Iran and India (yes India will play part if Russia manages to get China to be less stup1d – huge task) manage to create an economic block that will bypass USD altogether and render US sanctions toothless.
        If there is an unprecedented event and the USD is to be replaced with an international currency then there is a good chance that currency will be backed by gold but as per Dom’s the question will again be – will it be at fair price? Any international currency without being backed by gold will not be accepted from day 1 due to lack of confidence.
        I see gold as a way to preserve capital and, in the meantime, if I make some profit I treat that as bonus.
        Going back to USD collapse – this would be very extreme event and will not play out without major war. US will not allow it as without this privilege US will go bankrupt inside 24 hours. They will not be able to afford a single bomb let alone to start a war. From that perspective this is very unlikely to happen – but not impossible.

        I personally sold out of all miners and hold some physical with some exposure to explorers such as – IPT, RTR (reduced stake but still promising), TTM, GMN (reduced stake), PXX, REE, SKY (reduced stake but monitoring to buy back if next round of drilling produce results I think are good).
        Reason behind selling was I thought there will be another pull back in gold prices (larger than the one already played out) and I can buy into them again. So far hasn’t played out and may not play out at all.
        Fortunes may change for me next week and certainly hope so. I do expect Monday and Tuesday to produce larger falls in DOW and NAS due to margin calls that will be triggered as a result of so many Robyn Hooders being taken to the cleaners last night.
        Not many realise that last 2 – 3 days modest falls, coupled with overall negative 2 prior weeks, in DOW and NAS played huge role in causing an absolute bloodbath in the call options market due to the unique situation that was created by the Robyn Hood traders.
        But as I don’t have any data to shows me how much of those call options were bought with margin loans I have no way to be certain Monday and Tuesday will trigger large falls so this is purely Niko’s wild fantasy or wishful thinking.
        Why I am bringing it up here is because if I am right and we see larger falls in US then we may see gold being oversold and falls below $1900 to mid or low $1800s which will be my signal to buy. 🤞

        Be aware I am an amateur and these are my opinions only.

        • India, Russia & China have about as much chance of cooperating effectively enough to create a new reserve currency/international payments framework as a camel has of passing through the eye of a needle. Especially considering the belligerent and expansionist leadership in China.

    • I’m not sure who it was but someone here at the end of last year stated that they stored their gold with Perth Mint with the justification that the gold is backed by the sovereign (WA government). It appears that this is probably just as risky as any other method of investing in gold, if not more so.
      https://www.youtube.com/watch?v=cR_6sfWv888

      • Always look at your counterparty risk. How reliable are they? Can they go bust? Can they change the rules on a dime?

        The Perth Mint are good guys, I’m sure, but if a national crisis were to develop and the Federal or State laid claim to all their custody assets, they could do. It may require a legislative tweak or two but it’s easily done. Especially in a crisis.

        • I wouldn’t call them “good guys” based on experiences I’ve heard, but I won’t expand on that because they are notoriously litigious, I hear. They are good if you buy the metal and take it away. Allocated is not good because of eye-watering storage fees, and unallocated is just an IOU, IMO. Caveat emptor.

          • Small price when value rising

            Gold has been flat for the last decade more or less. In that scenario, you have lost 10% of the value in 10 years.

          • call me ArtieMEMBER

            Re: unallocated

            I had a chat to them about this. They are forbidden by law from issuing any unallocated gold that they do not physically possess in their vault. Unallocated means it is in bulk form and has not been cast into any marketable size mould,coins etc yet.

            Hence, buying unallocated means you do not pay casting and storage costs. But the gold does exist in their vault. They cannot sell more than they physically possess.

          • They are forbidden by law from issuing any unallocated gold that they do not physically possess in their vault. Unallocated means it is in bulk form and has not been cast into any marketable size mould,coins etc yet.

            Gaaah, rubbish. Watch the video above. They borrow virtual gold from the RBA so they can claim they have it. It’s gold kept in London that will NEVER leave UK’s shores.

          • Bought in 2018 at 1700aud, sold recently at 2750aud.
            Hardly need to work anymore. Just pile in on the next plunge.
            Houses will be lose change before i buy.

            So for me in aud, houses have plunged near 40% already.
            I bought because i knew this ponzi scheme economy was ripe for collapse.

          • For the gold worshipers … open your gob wide [see historical reference].

            Gold on a long time line – seems – from a price perspective, attractive to the individual, but under extreme social events is counter intuitive E.g. people do not trade or barter in gold for everyday transactions and even when gold might be a factor it never is the dominate means of exchange and at much reduce price than the weaker in a transaction might expect.

            History is replete with examples of say sex having more value, medicine, verbal contracts of obligation, and a myriad of other human foibles as wants and needs play out. Then on top of that there is a huge divide between small holders of gold and elites hoards of gold, the latter will just sit waiting for a crash to then buy up everything on the cheap and consolidate capital – rinse and repeat. The small holders in history just hold out a little bit better than the rest at a very local level.

            On top of all that gold was originally a devotional object ascribed with supernatural powers which facilitated the divine rulers authority over the chattel, only when war dictated that taxation necessitated a more low over head and manageable means of government payment system administration was it used as a currency – of the State.

            I would only add that a gold standard is in the perspective some hold above the height of atomtistic individualism, which IMO is the core axiom of neoliberalism.

            Kudos …. then some wonder how we got into this mess in the first place …

        • Rorke's DriftMEMBER

          I’ve often thought of setting up a Perth Mint account and getting unallocated to start with and I just like the cash account. I think the cash acct would give some protection from bank bail-ins, i.e. safety keep cash out of the main financial system whilst no forex risk.
          With what’s happened in Melbourne I realise now I need to get assets outside of Australia, not just outside our banks. The control system tightening now and the level of passive acceptance by Australians is genuinely concerning as to where we are headed.

          I’m interested in learning about other offshore gold storage/holding options. Singapore I heard had something. Or I might look at holding listed shares in gold companies offshore where I could get a return and liquidate fast.

          • Yep, there’s a number of ways to do it, including as you say, holding shares in an offshore account.

            Custody for physical: HK definitely out, not sure about Singapore (but definitely the safest of all the asians), NZ has vaulting these days as all the preppers move in and buy property over there, Switzerland would be my pick as the elites (good guys and bad) have their stashes there. Even crazy Adolf declined to invade (knowing full well that any of his fascist allies would have loot stashed there – including all his cronies and the industrialists who were helping build his war machine). If Switzerland were ever to be invaded (for its loot) nowhere would be safe. That’s my view anyway.

          • Gents, appreciate the discussion. I am not at all convinced that there will be a breakdown in US, as that will necessarily lead to WW3. But with parallel markets developing in carbohydrate trading ( think Russia and China in yuan, Russia and Germany in Euro or, if that disintegrates, in marks) there is a real possibility of an SDR type currency emerging. Geopolitically, I see that we are moving closer and closer to this, as an example, recent case of poisoning of a Russian opposition leader still did not force Germany to reject north stream 2 pipeline. Putin has been building bipolar world view for the last 10 years, and it is inching towards wide acceptance in my opinion. So, we will wait and see.

            About Perth Mint unallocated storage. I have dabbled in that in silver, they are great, easy buy and sell, fees very reasonable, more so than what I had with a company in Delaware. Their commission is a bit steep for my liking though, but since I traded during rather volatile times in silver market, maybe that was a factor. Transactions seamless. And I used silver mostly to trade the aud/USD rate, as a currency hedge.

    • Now listen cnvts.

      I had to retype because the first time I didn’t bowdlerise cnvt properly and it went into purgatory FCKEN.

      No one expects stupid comments to be released back into the wild FCKEN.

  1. boomengineeringMEMBER

    Theoretically gold should go down with deflation first then up later but as you say if institutions start buying then up she goes ahead of time.

      • boomengineeringMEMBER

        Was about to call amateur but forgot to enter any digit and lost valuable time reposting. Only came to desk to write a quote for repair of leaf pneumatic core chuck, bearing housing, stepper motor pulley, rotary encoder, assembly That makes a mockery of Haroldus and I claiming to put away those childish toys. Sorry Harold, let the team down by entering the race again.

    • Many years ago, Micheal Moore made the statement to the effect that the Democrats will whisper sweet nothings into your ear while f-ing you over, where as with the Republicans you know what you’re getting, because they tell you up font that they’re going to f you over.
      It appears that Trump is more like the Democrats than the Republicans.

      The nearly 87 million taxpayers making less than $50,000 had to get by on $307 less per household than in 2016, the year before Trump took office.

      Yeah, but Trump created more jobs, hey?
      https://www.michaelwest.com.au/ugly-numbers-of-trumps-tax-cuts-serve-a-warning-for-scott-morrison/

      • The new tax data also shows a sharp shift away from income from work and toward income from investments

        Yes, why work when you can live off the income from someone else’s hard work.

      • Narapoia451MEMBER

        That’s the whole point of tax cuts, it won’t be taken as a warning by the Coalition, that’s what they are trying to do. Further transfer wealth from the poor\middle to the top.

        The thing I find amazing is that there are still poor and middle class people that are stupid enough to believe the lies of the conservative\right wing parties when it comes to taxation and for for them. The evidence that they will not benefit is well established, replicable and easily available.

      • Third way corporatist blue dog dems do it with the lights off and whisper sweet nothings in your ear …. republicans do it with the lights on and laugh out loud to a cheering audience …. so the only distinction is the honestly in the administration of the same economic paradigm.

  2. http://www.macrovoices.com/podcasts/MacroVoices-2019-04-04-Neil-Howe.mp3

    Eerie to replay this 18 months on. 4th turning interview with Neil Howe starts at 11:45. Talks about how we are in the middle of a period of anarchy, societal breakdown, polarisation of views, rising nationalism, leaders with extreme views…..

    The world was sure vulnerable to a shock like COVID.

    Makes you wonder if nature unleashed this virus at a very inopportune period of instability and volatility, or whether the time was chosen by China.

      • But it does seem nature is exacting revenge on China with the worst floods since 1939, a plague of locusts and fall army worms devouring millions of acres of wheat and rice, swine fever destroying 180 million pigs – all leaving China facing famine on a scale of The Great Leap Forward’,

        Oh the irony. – flood, plague, pestilence and disease. Maybe the CCP is sorry it cancelled our barley.

          • Within a decade or two there will be an unstoppable tsunami of refugees flooding across the borders of the world from the Central Asian (Uzbekistan and all the ‘stans’), the MENA region (Middle East/North Africa), India/Pakistan/Bangladesh, South America and China as the world runs out of water and soil.

            You can build the tallest shiniest buildings, the biggest freeways, print as much money as ever existed, but try stuffing it in your petrol tank or into hungry stomachs……

            The convergence of GW, globally depleted soils and water, the move away from FFs without the mineral resources for a viable alternative and a still exploding population, will combine to make a horrific future. Australia is not exempt.

            Nature bats last. Always

          • Plenty of good space for Chinese in the northeast. Good agricultural soils. Plus they can alwaysslip over the border into Siberia. There’s no need for the Chinese to come here en masse unless they want out of their gov system

  3. Here is an article for Dominic.

    Prudent Investing is Impossible These Days
    https://outline.com/JussFq

    The dude interviewed is economic historian Edward Chancellor. He is no lightweight when it comes to understanding economic bubbles. Neither is he a paid shill or breathless gold spruiker.
    While many experts doubt inflation is around the corner, Chancellor thinks we could be very close to a period with quite substantial inflation

    I recommend the article as well worth reading.

    • “Chancellor thinks we could be very close to a period with quite substantial inflation”

      And Chancellor would be correct.

    • “When I was at GMO, we would define a bubble quite simplistically as a two standard deviation move away from trend.”

      I would remind what Mandelbrot informed about it.

        • I am hunted by a doppelganger – ????

          Are you suggesting ignorance about a fundamental mathematical proof about 2 degrees of variance and its implications towards a fundamental orthodox theory selling point … yet you dally with such authoritarian aplomb … say it ain’t so …

    • COVID tax on over 65's

      The old mental health card. He should stand down immediately if he’s not mentally fit for his position. Especially if he’s so messed up in the head that he needs a month on the sidelines doing nothing just to get a grip on things.

      Sorry, but I’ve seen to many people use the mental health card while the rest of us tough it out in life to have any sympathy. These blokes are basically soft and weak.

      Sure, some people have legitimate mental health issues, but the soft, weak and manipulative ruin it for them.

      • The good news is, he’ll be on full pay for a long time. The headmaster at my children’s primary school went on ‘stress leave’ (caused by something pretty innocuous) and never came back. Stayed on stress leave for over two years and then retired on a full pension. Ain’t life grand!

      • I think this is a compromise. The Libs want him gone for almost blowing the government up and won’t deal on the koala issue while he is leader of the NSW Nats BUT there is no challenger so they will shove him off into a corner until a deal is done.

        That such a piece of sh*t can become leader of the NSW Nats shows the pile of trash that party has become.

      • 2 days ago it was revealed that Developer and exmayor of Newcastle ,Jeff Mcloy was lobbying Baralino,
        Today Elizabeth Farrelly tells us “And speaking of dubious friends, I am a little concerned about your decision to sign off on a $3.3 million government investment in an oyster farm chaired by a mate and lied about it – nine times , apparently – to a parliamentry committee. That your investment advisor in this a company ,ROC Partners, that sent another 3$3.3 million of our money to itself via a Wagyu beef business in which it was a partner…”
        Enough to unsettle anyone mentally.

    • reusachtigeMEMBER

      Hey bloke. Please don’t lie to us like this. I clicked your bait but got no “fvck off bruz” at all. I want everyone to know about this fellas fake news statement!

    • Display NameMEMBER

      A Richly deserved, well researched take-down by friendlyjordies.
      Why has the MSM not done this?

  4. I can’t stand the istandwithdanners! When Melbourne does open up again I can see a lot of arguments and heated exchanges breaking out – doubt it will be the love-in one might expect from being “all-in-together”.

    Case in point, some chick tweets “all of Australia is headed to the pub except 5 million under house arrest in the world’s most liveable city”. And what do the istandwithdanners do? Start a campaign saying “im Australian and I never go to the pub on Friday night” – OK then but if I see you there I’ll punch you in the face!

    • “Community leaders this week told The Age they believed families in the area’s Afghan community were among those infected, and Victorian Chief Health Officer Brett Sutton said he had made an offer to personally speak to that community.

      Dr Abhi Verma, a spokesman for the Royal Australian College of General Practitioners, said some people in the fast-growing multicultural area could be sceptical of health messaging and that language barriers made it even harder to explain to people “what’s real and what’s not”.

      You arrest pregnant blonde chicks and pull other blonde chicks from the car – to the applause of the istandwithdanners – but the illiterate retards actually spreading the virus and holding millions to ransom?!
      Nothing in penalties but the CHO will personally beg them!!

      #hellbourne #icantstandsweeper

      • There was 8 or 9 black fellas down at Port Melbourne beach. None wearing masks. In a large group. A family friend took video and posted it on FB. They had called the cops, but no response. I guess black lives are more special. Because if it was 8 or 9 anti vaxers they would have had their skulls caved in by Police batons.

          • Screenshot.
            https://imgur.com/a/ZvYmF6E
            2 more out of shot. No masks. No social distancing and I’m guessing their incomes don’t support a house / rental in Port Melbourne. So probably outside of the 5km radius.

            Of course I may be wrong on the income but just hazard a guess they are refugee status blokes.

        • “.. may be wrong on the income but just hazard a guess they are refugee status blokes…”

          Yeah, I don’t like to be presumptuous either but my gut is just telling me those fellas aren’t well-heeled bankers living in swanky Toorak homes. But I could be wrong …

        • I recall at the time the Taliban came onto the scene (in a past life I was a bit closer to the action that region, in a ‘logistics role’) stopping this, and a couple of similar practices, was the one bit of propaganda on their side. Of course the women suffered terribly.

          Anyway, all is forgiven and tolerated in good old ‘straya where you can come over, bring your bizarre ‘cultural practices’ and be guaranteed:
          – protection from the law – or at least where said practices are actually outlawed (such as FGM or child marraige) an assurance of zero enforcement
          – a demerit points free licence
          – copious amounts of free healthcare and welfare
          – a vocal band of woke police on social media to support you by howling down anyone who questions the above

          This country needs to burn to the MF ground, yesterday.

          • The article claims the practice is now widespread. Concur with OTB and Aaron – burn the country to the ground. Their abuse of women is also horrific.

          • @drt15, I didn’t see OTB’s comment. Mine is to Aaron about that particular practice and it’s applicability here. You and OTB know that Afghani society is complex. And, yes, virtually all have abhorrent practices in some form or other. Hazara attitude to women for example. Disagree with OTB view of zero enforcement and acceptability here though but acknowledge that actually enforcing the law is more difficult.

          • As a westerner I don’t like the idea of Bacha Bazi, frankly I find it offensive but having spent a good deal of my life in various parts of South East Asia all I see is a slightly different from of Hijra
            Hijra is common in all parts of India, Pakistan, Bangladesh and who can ever forget the lady boys of Bangkok they even have a special word for this in Thai “Kathoey” in short the practice of having Dancing Boys available for “entertainment” is common everywhere east of Turkey (and probably not unheard of in Turkey).
            Not sure why but the practice of Dancing Boys does seem to be socially and morally accepted by about 1/3 of the worlds population so I guess in the grand scheme of things, that trumps the moral outrage of a privileged Westerner.

          • Thanks Ginger, I didn’t appreciate the difference. To be fair my comment is a massive straw man to begin with. My scope of cultural appreciation extends to rating whether the Afghan charcoal kebabs are better in Coburg or Dandenong.

        • “Ulrike” your comment is so idiotic from beginning to end it’s hard to know where to start, despite your “good deal of my life in various parts of South East Asia”, which by the way does not include the Sub-Continent where Hijra exists.

          Drawing some kind of equivalence between Bacha Bazi, Hijra, and Thai Kathoey is beyond idiotic. And you’re surprised they “even have a word for this”. Wow! They even have words for lots of things! Amazing! Thai people speak Thai! Incredible!

          And then to string all this complete BS together and somehow claim that therefore “1/3 of the world’s population” must accept Dancing Boys and any feeling that this behaviour is wrong is some sort of privileged western conceit? You’ve just written one of the worst comments I’ve ever read here.

          • I’ve never lived in India but been there enough times (for weeks at a time) to see with my own eyes what is and isn’t happening and what is and isn’t accepted.
            I never said that Hijra was some accepted morally righteous choice in India, I only said that it exists and has existed for probably over 1000 years. (btw I have seen Hijra dancing but I’ve never been sufficiently tempted to consider being entertained by them, I think that’s a life experience I can live without) And just to be clear the “working boys” (Hijra) that I’ve seen in India were mostly fairly young certainly under 25.
            And btw I do understand that the Afgan custom of Bacha Bazi is often a forced form of sexual slavery rather than a life style choice.
            All that I’m saying is the custome of old men being entertained by young boys is common in every country that I’ve been to in the region.

          • Just out of curiosity did anyone else read my original comment in the same light as Chinajim?
            I didn’t think the comparison was all that out of place. Neighboring countries (Pakistan / Afghanistan) with a similar interest in the same type of entertainment., different name for it and different specifics of how the entertainment is provided, but with much the same end result, old men F’ing little boys. (and probably doing it Catholic school style)
            See what I mean, even us woke westerners aren’t really that far removed from these lowlife Afghans.

        • Good dead guys on a stick …

          Look Afghanistan was a burgeoning western cosmopolitan capital city and agrarian rural nation until it became a proxy for the U.S. vs USSR geopolitical machinations.

          https://www.insider.com/afghanistan-photos-before-war-2017-2

          Once the USSR took the bait and occupied a few capital cities the Atlantic sorts supported the freedom [tm] Mujahedin [later know as the Taliban] with intel and a basic level of arms. This played out for a bit till some in the Atlantic camp saw fit to arm them with shoulder fired ground to air missiles which did not play out so well with the public back in the USSR, not to mention was a blow to their image internationally. In addtion to all that it should be remembered that the conservatives in the U.S. were quite active in establishing and funding radical views through male youth only schools to advance an agenda what would create a easily malleable group fighters to what ever end.

          And hay how about all that opium … shades of China and the Honourable East India Company (HEIC) or some antics in Cambodia – ????

          Yeah but …. these bloody refugees …

      • Has it occurred to you that journalism and other libertarian messaging efforts to pretend the government can’t be trusted in a country which has maintained one of the highest standards of living in the world for over 170 years exactly because the government can be trusted, may in fact be a counterproductive message to give to people from countries where the government really can’t be trusted during a pandemic?

        • Government can’t be trusted because failures that are the excrement of boomer bad decisions for 2 decades are in power. Illiterate Afghans are illiterate, how are they going to pick on the queues of sovereign citizen that, when accosted by police, merely wish to uphold an ancient and accept privilege to travel on the highways unmolested?

          • “sovereign citizen”
            makes no sense. Sovereignty implies power over another entity, group or territory.

          • Agreed. But you’d have to literate to know that.

            Its not sovereign anything its submitting to English Common Law and Ancient Pratices.

            That moron scum on the right wing of politics have attempted to shield themselves with this is abhorrent to me and has nothing to do with seeking the dignity of the individual that its meant to be.

          • Good grief mig …. why do you always conflate government with ancien regime in a monolith. Then on top of that you have like zip individual “freedoms [tm]” [goat said] where as you do have rights afforded – granted by the state via the political process.

            Look if you have issues with the state of governance it might behoove you to consider the ramifications and source of the dominate economic paradigm of neoliberalism and stop chasing strawman phantasms that you picked up from a few self help novels in your youth.

            I remind you of the past reference that much of cultural organisation is arbitrary. It often serves no real purpose. Evolutionary psychologists might tell you otherwise, but they are just modern day myth-makers telling stories that try to give us meaning and, ultimately, justify certain cultural patterns that we hold dear by appealing to the narrative structure of evolutionary biology and imposing it on cultural development metaphorically much in the same way as marginalist economics transferred metaphors from physics to the social sciences. Levi-Strauss introduced the idea of the ‘bricoleur’ as the person who engages in such constructions.

            In addition I would ask you to consider –

            “Anyone who has dealt with economists will be all too familiar with this. The model is actually part of the person’s identity. They internalise it and, when they engage in rivalry with other economists, they compare their models. Viewed from the outside with a critical eye it is actually a very strange process. But if you have an appreciation for anthropology you will quickly see what is going on. The whole thing is about group formation and social alliances. Because the economists have long turned away from the real-world (unless it is viewed through the model, of course!) they need another way to argue about things (after all, aren’t academics supposed to argue about things?). So, what they have done is formed into various social groups that then build and compare models. It is really rather amusing when you have a sense of irony about the whole thing.”

            Have a peek at Leijonhufvud.

    • It would be interesting to have the resident MB virology experts give their opinion on France. Strict lockdown for many weeks now back to 10K cases per day (equivalent to 50K cases a day if their population were the size of America). They seem to be adopting a delayed Swedish type approach at this stage.
      Perhaps we can all travel domestically (maybe) indefinitely.

    • Yeah I’m sure in 100 years when people are studying the history of this period and the cause and effect of libertarian stupidity – climate change, inequality etc.
      ‘Couldn’t go to the pub on a Friday night in Melbourne during a few weeks in 2020’ will be right up there.
      First world problem.

      • When the whole rest of Australia could. It will be written about alright, and it won’t be kind to your stripe. It will be remembered as a rediscovery of the penal colony….

        • oh yeah no doubt.
          Just over 100 years ago people spent 30 consecutive days at times in freezing cold front-line trenches with enemy shells falling around them. No doubt they were thinking ‘its not fair that I can’t go to the pub on a Friday night’

          • Hilariously, there seems to be quite an overlap between the “those liberal snowflakes wouldn’t have lasted five minutes in the Somme” and “I can’t possibly wear a mask for an hour it’s too hard to breathe” or “a couple of months of only going out to buy food will leave us with irreparable psychological damage” crowds.

          • They were definitely thinking about going back to the pub. They created a national identity around that PMs still get currency from.

            Genius.

            Did they dream of governments that would require them to provide ID every time they left the house?

          • Smithy, that’s completely predictable.
            right wingers lack humility so actually have less self regulatory capacity or resilience.
            They adopt a “tough” pose (like Trump). But its all pretense.

          • Of course they wanted to go to the pub.

            But not being able to go to the pub was not their number 1 concern when they were at the front.
            Can you not see the difference?

          • Yet mig they were there to enforce the demands of bond holders and gold hoarders as proxy’s … yes some nobility – aristocracy with heraldic military affiliation were exposed to harm as status dictated.

            Paths of Glory- Final Scene

            https://www.youtube.com/watch?v=s3ifRA0Kj-8

            What choices and what man would you be … all things considered …

            PS whilst were at it do have a gander at another great early movie – The Killing [1956]

            https://www.youtube.com/watch?v=T2XtrNlHR_c

            It is the summation of the libertarian ethos …

    • The face punch 🤛 should be a thing which is brought back in , without limitation. Three second warning though. I see far too much sh1tfeckery go down which wouldn’t if there was the threat of a wake up Kent face punch.

  5. Some sydney property anecdotes: I’ve relocated from a Newtown rental to a nearby subrub recently. Looking at rental price history, both rentals have been reduced by 10% from their 2017 asking rent. As part of the move I picked up a gumtree fridge from seller in in Haymarket (inner city large apartment blocks) . Owned 2bed unit, appeared to be targetting Accenture like tech workers (she was also selling 4 single beds) and I can.see.the rental price there has dropped from mid 800s to mid 600s

    • Display NameMEMBER

      Same as Petersham, Stanmore area. Good 10% down on rents. Sales: hard to tell. Not many sales and almost all withheld unless gr8 property and selling at a premium and then they cannot tell you the price fast enough.

    • SYD property is still mixed. My hairdresser has several properties in SYD, no vacancies, one just went up $5 p.w. Looking at the DFA chart of SYD and MLB parts of SYD are still up in rental charges, although most are down. Choosing IT companies has had a very good run until March. A lot of them brought in cheaper ‘skilled migrants’ to displace aussies. I’m encountering a couple of these, and generally knowledge and experience is extremely limited, yet they are in team lead and architecture roles where their lack of ability is having nasty flow-on effects.

      It has just been an unlimited money channel of some sort. It must have been a significant driver of rentals, with a much higher flood of poorly trained candidates than even I get to see. It is clearly having an effect on some areas of the rental market, but I am unable to see how the lack of quality assessment made the bulk immigration such a ‘good thing’ for Australia. I’m willing to concede that there will be some skills that will help, just that these were not required or evident. Happy to have the COVID border shut down for quite a bit longer because we need some sort of reset. I fear a political determination to catch up on ‘lost’ immigration instead. That would balance out the approaching debt cliff, but doesn’t fix business.

    • A facebook friend looking for new tenants for his two bedder in Marickville. Rent reduced from $500 per week to $400 per week. He was getting $465 in 2016.

  6. Denmark recording few consecutive days of record covid numbers … facing new lockdowns …

    Sweden … laughing

  7. The alternative to D.A.
    https://www.crikey.com.au/2020/09/18/vic-lib-tim-smith-cant-even-rig-a-poll-right/

  8. A lot of inner city Melbourne people on Twitter are unhappy that none of the people in the latest Casey/Dandenong cluster have been fined despite obvious violations of the no visiting restriction. Even the woke are starting to notice that there’s a double standard when it comes to lockdown enforcement for “wrong cohort” vs legacy Aussies. Altogether now: Diversity is our Strength™!

    • or, if they start the fines prior to completion of the tracing, which requires cooperation, then silence.

        • Mig, are you going to do the needful for your MB associates by making sure the Inner SE Melb suburbs around Elsternwick remain under strict quarantine this weekend while a major religious group has a major religious celebration?
          Many were refugees and an accused pedo was assisted by her group to escape back to her motherland and is defying all actions to bring her back for Oz justice. 🙁

    • The woke Politburu censors at Twitter must be asleep.

      Visiting ‘community members’ is a ‘cultural thing’ for New Australians™ and not to be questioned by vile wh#te Aussies who – as it happens – are so dumb they need guides to life such as rambling, discursive essays ‘written’ by the overfed, underworked womyn of privilege at DomainFax/ABC to tell them how to think.

    • As others have said, there is an MSM and intellectual protection racket on all sides about proper discussion of multiculturalism, because it inevitably leads to sunlight on the economic migration ponzi we’ve been running. This has culminated in the capture of the ABC in recent years.

      It’s now penetrating the wokest of woke of Victoria and it remains to be seen whether they will take it on board or just deny it and move on.

      Bet on the latter.

      • Arthur Schopenhauer

        It seems to be turning. A very moderate neighbor said to me yesterday, ‘People will call me racist but, this stuff in Casey…’.

        In the age of social media, the switch in polarity happens very fast.

        • That’s true. I have noticed this anecdotally as well.

          For all the garbage social media has brought us, the sharing of (mostly) unfiltered information instantly is a blessing. Hence why it’s being crushed.

        • He apologised because they didn’t post on Facebook, because they’re illiterate, so they’re angels not demons like blonde chicks….

    • The wrong cohort are mostly on welfare, so what’s the point of fining them. They receive the fine in the mail and they don’t even know what it is because they can’t read English, so the whole exercise is pointless. Why bother.

  9. Stewie GriffinMEMBER

    I love this interview where the heads of these Fox News reports simultaneously explode, leading to perhaps the longest and most uncomfortable period of silence I’ve seen on TV after he who can’t be named gets mentioned by Newt Gingrich for funding the election for all these soft progressive DA’s which have implemented the catch and release policing policies that are plaguing mainly democrat held cities:

    https://twitter.com/robbystarbuck/status/1306334249105137665

    The censorship by the reporters was so in your face obvious that even aging boomers have begun to notice:

    https://twitter.com/HuckNBuck2/status/1306959954969059330

    But before there was polling blow back and negative publicity about the riots and the role these DA’s and the policing policies they’ve chosen not to enforce, S0r0s’s actions in funding these candidates was simply news:

    https://www.latimes.com/local/california/la-me-prosecutor-campaign-20180523-story.html

    Yet suddenly, to quote Newt, mentioning this FACT is now Verboten.

    • Stewie GriffinMEMBER

      But WHY? I hear you ask. Good question.

      You see the ADL, nominally the Anti-Defamation League that seeks to highlight and punish any social injustice or slur so long as it is against a minority (but in reality just one minority) decided mentioning S0r0s in connection to any involvement with these protests was an ant!semetic trope:

      https://www.adl.org/disinformation-conspiracies-connecting-george-soros-to-protests-and-antifa

      (it helps that S0r0s is a major funder of the ADL – you’ve got my back and I’ve got yours)

      In order to show that MSM and Social media news organisations are adhering to efforts to clamp down on ‘hate speech’ and ‘fight injustice’ now refer to ‘independent’ external organisations in order to ensure that they are behaving ethically, one of these is the ADL.

      As Bill O’Reily pointed out – the female news reporters (high in agreeableness) didn’t want to discuss S0r0s’s involvement in these riots, because the ADL has falsely claimed that doing so is ant!semitic.

      In the least rac!st, freest societies on earth ever to have existed, claims of ant!semitism are nowadays less rooted in factual truth, and more used as both a sword and a shield, by wealthy Juicy individuals and organisations to shut down legitimate discussion and criticism of their activities and the harm they may be causing in our society.

      As Bill O’Riely say’s “There is something really, really wrong.”

      • I didn’t even know you could fund a DA nomination – how does law and order fall into the hands of outsiders powerful enough to influence outcomes? Crazy.
        The thing that gets me is this: what does S0ros get out of this? What is his modus operandi? And this is the other thing, most of the [email protected] cant bear the J0os, because they tend to be much wealthier than they are. The whole situation makes my head hurt.

        • In the USofA, even town sheriffs are elected, often on political links. There was one in Arizona near the border who was so hard Right , he was voted

          • So, what is your take on why S0ros is funding all this Open Borders, extreme Left stuff? I just can’t make sense of it. He’s a wealthy guy and presumably near the end of the road. What cause is he actually fighting here? He’s certainly not making any money out of it, so what’s his motivation.

          • Soros is not a lefty and the last I looked the Koch bros are funding NPR and holding hands these days … open boarders is just the equivalent of unfettered capital flows E.g. freedom of labour to move international.

            Remember Dominic its a market and not a society and all altruism must be expunged from the human condition so the market can price correctly … anything other than that is considered a mortal sin ….

          • So, what is your take on why S0ros is funding all this Open Borders, extreme Left stuff?

            A Libertarian complaining about open borders “extreme left stuff”.

            We may have hit peak irony.

            There’s always a chance it could just be what’s written on the tin:

            The Open Society Foundations, founded by George Soros, are the world’s largest private funder of independent groups working for justice, democratic governance, and human rights.

            We believe that the solutions to the national, regional, and global challenges we face demand the free exchange of ideas and thought, and that everyone should have a voice in shaping the policies that affect them.

            We therefore work to build vibrant and inclusive societies, grounded in respect for human rights and the rule of law, whose governments are accountable and open to the participation of all people.

            We do this by supporting a diverse array of independent voices and independent organizations around the world—the civil society that provides a creative and dynamic link between the governing and the governed.

            We have a special focus on supporting those who face discrimination purely for who they are, such as Europe’s Roma people, and for those who find themselves pushed to the margins of mainstream society—such as drug users, prisoners, or sex workers.

          • Stewie GriffinMEMBER

            Yeah – because the guy who tried to bankrupt the Bank of England, ran around during WW2 confiscating other J3ws property and as a currency speculator basically profits from disorder and instability, has your best interests at heart.

            Diversity makes us stronger and more united has different meanings depending on who is saying it.

    • Display NameMEMBER

      That was a bizarre interview. Would not have believed it unless I had watched it. The left and right are getting so extreme they will eventually be indistinguishable.

      • Stewie GriffinMEMBER

        Sword and Shield – it ensures the cone of silence descends and the rightful and legitimate commentary, analysis and criticism never takes place.

        • This is why I take issue with the people who support hate speech legislation – it’s the thin end of a wedge and once they realize what it was really intended to do, it’ll be too late.

    • Totes BeWokeMEMBER

      It’s mooted Getup are funded by him too.

      You can’t find out because its also verboten. So let’s assume it.

  10. A man opens his front door and yells at a passerby ‘I will sell you all the stuff in my house for $100, just take it’. The passerby takes him up on the offer, pays the man $100 and leaves with all the stuff from his house. Later on the man goes to the police and says ” this guy took all the stuff from my house!!” Police ask if he stole it? “No” he replies “I sold it to him for $100 but that was an unfair deal he shouldn’t have taken me up on it.” The police would laugh him to scorn.
    Australia is the man in the house.
    China is the passerby.
    How is it that we try to blame them for being the one to take us up on our offers to sell our national resources and important real estate. We can say it was unfair all we like but the bottom line is we made stupid deals because of our elected greedy, cheap politicians.

  11. Several friends in China are saying that apart from some extra mask wearing China is basically back to normal.

  12. So Joshy is going to give pensioners a boost but not JobSeekers.

    I guess you need to look after your voters.

    • Agree. Farewell RBG of SCOTUS. Great career. I like the class shown by Trump in his response when asked after a rally. Leading Republicans have also shown RBG and her family the respect she deserves.

      Talking about a vote today shows no class. But after burning cities, shooting police & Trump supporters and ‘being so proud of’ crims… it is no surprise from the Left.

        • Why? RBG was a member of the SCOTUS, not the Executive or Senate. Her wishes are best served to her family and those who loved her. They have no bearing on the timing of her replacement.
          If she’d wished for rioters to stop wrecking cities, would that have stopped?
          @Ream do all you birthday wishes come true before you cut the cake?

    • The Republicans will go for broke to force their preselected man through before the election.
      Any further US government COVID assistance will be chained to acceptance of their hard Right reactionary candidate.

  13. Stewie GriffinMEMBER

    Sep 4, 2020

    Top Democrats fear that protests could help Trump win

    Democrats close to Joe Biden increasingly fear the looting and violence in cities could help President Trump, especially among the few undecided or wavering Americans.

    Why it matters: This is a huge story that helps explain the state of the race, with some Democrats panicking that Trump could win.

    A new poll out of Wisconsin has heightened worry among top Democrats:

    In a Marquette Law School poll of registered voters in battleground Wisconsin, support for Black Lives Matters protests dropped 13 points from June to August, just ahead of the police shooting of Jacob Blake in Kenosha.
    “There was an initial surge in support for and sympathy with BLM in June,” Charles Franklin, director of the Marquette Law School Poll, told me.

    “The shift to a more negative view in August is strongest among Republicans, but independents and Democrats also became less approving. The decline was across all regions except for the city of Milwaukee.”

    https://www.axios.com/democrats-protests-trump-biden-kenosha-74457d1c-e87b-47c1-b777-21c686e245c9.html

    …and just like that the 100 days of rioting in Portland came to an end.

    Sort of reminds me of a couple comments I made back in June:

    Looks like the BLM riots orchestrated by the media and DNC appears to be working.

    I mean look at the polls – how can Clinton possibly lose from this position!!!

    https://www.businessinsider.com.au/quinnipiac-poll-clinton-trump-landslide-2016-8?r=US&IR=T

    https://www.macrobusiness.com.au/2020/06/biden-stretches-lead-over-flailing-trump/#comment-3912003

    While initially positive for Clinton’s Biden’s campaign as soon as the polling suggested that the riots were helping Trump, first the DNC started to change its position, then the media started to change its position and suddenly “p00f” just like magic the riots ended.

    Doesn’t mean it was co-ordinated. I’d agree.

    Doesn’t mean that it wasn’t organised by a couple parties, cheered on and encouraged by a couple more and allowed to spiral out of control by others as they stood by and observed their mutual interests being served.

    It is not as though we are talking about thousands of independent actors either – 5 media companies, a political party and a handful of NGO’s funded by the Open Society. There doesn’t need to be a conspiracy, they simply need to mutually support each other.

  14. @ Ulrike Meinhoff. Re Party Boys (no room to post)

    Rejection and exposure of child abuse has nothing to do with outraged Western values. Child abuse and cruelty are child abuse and cruelty. It has no place anywhere. That this practice is so wide spread in the east and not roundly condemned is an indictment on humanity for all time.

    • Really??
      Is that just modern day western woke speak, or do you really feel that your personal moral values should be reflected in the actions of other cultures?
      Honestly, Do they have any idea how much their actions offend your sensibilities?
      Personally I’m a more, When in Rome…. kind of person.
      Have you read much human sexual anthropology?
      Have you read anything about Polynesian sexual customs? if not read some of the French explorer accounts, makes you understand why France made Tahiti a colony.
      Have you ever read some of the aberrant sexual customs of our own Aboriginal peoples? (subincision of the urethra) and the games these old men played with little boys.

      • “Personally I’m a more, When in Rome…. kind of person.” Travel much? You do realise that Australian laws don’t abide by that rule?

        • Huh? like wtf, my acceptance of their customs doesn’t break any laws that I’m aware of. My participation in their games while in their country might not be legal (as an Australian being subject to Australian law), but frankly I have no interest in participating,
          That said I will still defend their right to engage in local culturally accepted activities that I don’t like.
          Travel much? Yeah quite a lot actually (I’m basically a modern day nomad, I’ve spent most of my adult life travelling the world)
          You guys need to buy a vowel or just get a F’ing clue!

          • He who stands for everything stands for nothing.
            Maybe, but for me freedom isn’t nothing, freedom is everything.
            Freedom starts with the right of one society to make choices that other societies find offensive.
            If they don’t have this right then they’re not really free.

    • Your comments and complete lack of empathy for those facing torture and exploitation due to age, powerlessness and poverty and who, through circumstance, can never be free, are beyond contempt.

      • It must be fun to wake up as you with your strong moral convictions and such a well defined sense of what is right and wrong with the world. I can’t imagine what it is like to wake each morning all happy clappy, never to have known real evil, never to have seen the truly base side of humanity, unfortunately I don’t have that luxury, I can’t unsee things and I can’t unlive my life. What I can do is to be honest with myself about where all these experiences lie on the whole good-evil spectrum.
        Sorry that my honesty offends.

        • You are not being honest with yourself or here by claiming extensive cruelty and exploitation of the young, poor and defenseless is OK because it is all just a part of other cultures’ freedom to do what they want.

          That such evil has existed throughout human history doesn’t alter that cruelty and exploitation are indefensible at any time, place or culture and moral cowardice in turning a blind eye and explaining it away is what ensures, and has ensured, the evil lives on in perpetuity.

  15. Ruth Bader Ginsburg has died. A giant intellect and inspiration to many, particularly young women, another principled thinker from another time, gone.

    In hindsight, she should have retired prior to Obama’s departure, but guess even she could not have foreseen the election of Trump.

    https://www.nytimes.com/2020/09/18/us/ruth-bader-ginsburg-dead.html?campaign_id=60&emc=edit_na_20200918&instance_id=0&nl=breaking-news&ref=headline&regi_id=85699786&segment_id=38515&user_id=241de3c3cf359940e84e6b8865fdeb42

    • As Republicans take no notice of precedents, they will finalise implementing their 25 + years policy to stack the Supreme (and many other) courts with fundamentalist hard right reactionary judges.
      Without age limits on judges serving, the USA now will probably have 20-25 years of rightwing reactionary policies locked in regardless of whoever wins the Presidency or the Houses.

      • The sad part is that supreme court has such a power. In last two decades supreme court filled qith unelected officials for life, legislated all important new laws in USA.
        So much about democracy these days

        • Sadly, the Founding Fathers thought they would restrict the power of individual parts of government by making the three parts (legislature, Executive and Judical) separate.
          Unfortunately, while imposing term limits on the legislature and Executive, they overlooked (deliberately?) term limits on the judiciary and created the monster that the Republicans are now exploiting.
          My life experience is that in any sort of organisation (especially voluntary groups and government), 5-6 years in the leader and executive roles is enough. Compulsory change is a big plus and needed to sustain a dynamic organisation. Two terms then step down. After a break, you can restand.

          • Interesting view.
            Could the same thing be done for the names of parties? ie the name must change every two terms. That would solve the problem of LLVs.

          • The problem with separate judicial system in common law countries is that it always forms a part of legislative system. So having unelected judges creating legislation is undemocratic. And in case of USA supreme court, unelected jodgea for life are not only changing just ordinary legislation but effectively with their interpretations of what Founding fathers wanted to say they are changing the constitution that’s almost impossible to change otherwise.
            Looks like church in dark ages to me

          • The flip side of that suggestion is that RBG would not have been around for very long to have the influence she did. Quid pro quo.

        • Good points Daren M. You can be assured that McConnell will only appoint a young black letter judge who will always go back to the constitution of the 1790’s to justify their judgement. It is a wonder they are still not wearing horse-hair wigs.
          If you think that 85 yo. McConnell is a smart guy, he also got his 50ish wife a job as Trump’s Transport Secretary. So much for separation of the arms of government.
          Very old politicians (and English lords) are the blight of democratic government. By good luck/management Oz seems to avoid these extreme outcomes.

          • We don’t have those issues. In Australia a rulling party with simple majority can legislate almost anything because our constitution is so outdated.
            A simple parliamentary majority, can if they want, take all the human rights from Australians, put everyone in prison or even execute people … without making a single illegal act
            Only queen could leggaly prevent them

        • What strange and unusual knowledge you have of the US system of governance @DarrenM.
          SCOTUS isnt a place for legislation, rather for the interpretation of laws passed by Congress.
          Your mistaken views are not so unsurprising when you see the current moronic Dem majority in Congress have squandered their legislative term conjuring up hoaxes and abusing the deep state in a futile attempt to impeach the POTUS. Supported by a moronic press.

          • But the SCOTUS is where challenges to new (good and bad) laws go. Unfortunately black letter interpretation of a 220 yo constitution provides cover for reactionary Rightwing justices to hide behind – that is why Mitch and co. want them there!
            Go to Wiki – The Federalists. They provide the shortlist of young Right wing reactionary lawyers for Trump to pick from. He would not select outside this group. This is part of his unwritten contract with the Right wing Republicans who condone his excesses and love his diversions so people do not see their influence. Ditto tax “reform”.

        • Hey Kodiak, you mentioned a few months ago that Trump will lose the election, do you still think he will lose? How do you see things now?

          • I do, but you never know. The gap closed a bit recently, which beggars belief given Trump’s virus performance.

          • The people who wrote the constitution were seriously impressive, but they would be stunned to see our world today. If Roe vs. Wade was overturned, you could expect chaos. When it comes to social policy, I prefer progressives.

          • @kodiak is good to hear your fair minded views on the efforts of the framers of US Constitution. Many on the Left today have and are trying to topple statues marking their legacy of what they gave to the Colonies, notwithstanding their errors re owning slaves. I think the Constitution and rights allow for sufficient room for a fair minded debate on candidates without needing to be reinterpretative. I think candidates for SCOTUS should be judged by the Senate on the individual merits of legal judgments they make in their career – not on spurious claims of purported assualt as endured by SCJ Kavangh.
            On Roe V Wade be interested to hear why you think diehard proponents of eugenics are all that different to those committed to enslaving the black population of the US and the KKK.
            And re chaos, again, the root of that is borne out by the fact the most violent states are run by Democrats who think as Biden puts it “you aint Black if you dont vote Democrat”.
            A progressive could well be a valid and good choice for the SCOTUS, but to first categorise that candidate as a Democrat would do a disservice to their otherwise legit chances of being nominated and confirmed.

          • My understanding was that the original Constitution has been progressively dismantled by successive administrations? I’m not sure to what extent. In any event the original was an impressive piece of work — the Founding Fathers foresaw all manner skullduggery and chicanery to acquire greater powers for themselves. Sadly, there is only so much you can do.

        • Stewie GriffinMEMBER

          That is a strange non sequitur – I thought Ruth was a hypocrite. She made many judgements on things such as the equal opportunity, affirmative action, discrimination, and passed many comments fawning to the racial injustice movement, yet in her 38 years as a judge she employed one African American.

          • Scotty is a proven hypocrite – daggy dad, one of the boys, etc. Yet when he doesn’t get his way he throws a pretty good tanty and then tries to bribe his way out of trouble.
            And Scotty claims to be a Christian. If you put him and Dutto through an industrial mincer you still not find a trace of a Christian by normal standards (my grandfather was a Methodist minister).
            And he flaunts being mates with the son of an accused pedo who refused to be questioned about his father’s exploits in the Hillsong church he founded.

          • Stewie GriffinMEMBER

            Sorry… really confused here – do you think I like Scomo or Dutton?!?! I’m suffering under them just as much as everyone else. As Kodiak said the other day, he is the Prime Minister Australians deserve. As for their religious beliefs, I personally despise the form of Evangelical Christianity he champions – I see it as a narcissistic celebration of selfishness, and yes I’m aware of Hillsongs pedo Father.

            But again – what is the connection of all this to Ruth Ginsberg?

      • She’s definitely not the saint she’s painted to be — but which saint is? Everyone of them has a skeleton or three they’d prefer you didn’t know about.

      • Are you serious? If she had hired under some kind of quota system you’d be having a fecking tanty that she hired too many minorities. Is there any possibility that she literally hired the best and brightest (the murican way, even for antiestablishment types) and structural inequality prevented minorities from becoming the best and brightest?

        I’m sure you’ll perform some form of bullchit gymnastics to argue away this one but you’re a regular zero sum circle jerk of criticism so no surprise.

        • Stewie GriffinMEMBER

          ” Is there any possibility that she literally hired the best and brightest (the murican way, even for antiestablishment types) and structural inequality prevented minorities from becoming the best and brightest?”

          What like the structural inequality prevented Oprah Winfrey from becoming a billionaire? Or Jay Z a billionaire several times over?

          Sure median IQ of African Americans as a population group is around 83 but with 40m in the US that would mean there would still be 120,000 African Americans who’d have an IQ more than 3 standard deviations from median, which would easily be classified as best and brightest by any standard…. Brett Kavanagh was able to employ numerous African Americans, are you saying he didn’t chose them best and brightest’ with those hires? Pretty patronising.

          If Brett could hire multiple Africans, if many African Americans like Oprah, JayZ, etc succeed and become billionaires, maybe the reason Ruth didn’t hire more than one African American in her nearly 40 years as a judge was because the old duck was a closet rac!st and a hypocrite?

          You are correct though, I would have complained if Ruth had been required to employ a quota of African Americans, but at the same time there are plenty of ‘best and brightest’ African Americans that would have come past her door – yet she only managed to employ one.

          • Oprah Winfrey – performer, Jay – Z – performer. Cmon man, you can do better than this, it’s not hard to find a black legal system identity to try and offer up to support your argument but you went straight from the legal field to singing and dancing house ninjas. Fail

          • Stewie GriffinMEMBER

            Does Thomas Sowell count or is he just your regular house n!gger like Oprah and JayZ?

            Seriously there is no satisfying the likes of you “African Americans can’t succeed because of ‘structural rac!sm’”

            Points out successful African Americans.

            “Oh those be singing and dancing house Ninjas”

            …and you dare imply I’m rac!st.

          • There’s that gymnastics – could’ve mentioned anyone, specifically anyone remotely linked to the legal world, and you went pop culture billionaires. You get called on it, google someone, then respond.

            Maybe you didn’t google but it’s beside the point, your first refutation of the possibility of structural inequality stopping black/minority Americans from being hired by RBG was to list pop culture figures. It doesn’t help your already suspect arguments.

            Sneaky edit to respond to sneaky edit. You are racist, deal with it you insecure fool

          • Stewie GriffinMEMBER

            “…your first refutation of the possibility of structural inequality stopping black/minority Americans from being hired by RBG was to list pop culture figures.”

            Oh so being Australian and not fully immersed in the US and it’s African American intellectual elite, I’m guilty of just replying with a couple famous African Americans off the top of my head who happen to be entertainers instead of googling a whole bunch of successful African Americans… and I’m the one performing gymnastics – Gotchya!

          • Lol this is you’re critique dude, if you aren’t well versed enough in the subject to adequately debate maybe you should stfu and find an easier topic to grind your “blacks are inferior, progressive are hypocrites” axe against. Epic fail looser

          • Stewie GriffinMEMBER

            …grind your “blacks are inferior, progressive are hypocrites” axe against. “

            Errrr….. I’ve never said that blacks are inferior. I’ve recognised there are median differences between population groups and refuse to accept that all the differences in life outcomes between those population groups are due to rac!sm – if that is the axe that your are referring to then so be it.

            I have said that progressives are hypocrites, and to bring this comment back on topic, that was exactly the point I was making with Ruth, who I suspect is or was something of a hypocrite.

            ‘Progressives are hypocrites’ would also apply to you, and your ‘singing and dancing house ninja’ comment.

            But yeah, epic fail man.

          • Errrr….. I’ve never said that blacks are inferior.

            You have, but infrequently. The mask doesn’t slip often.

            I have said that progressives are hypocrites, and to bring this comment back on topic, that was exactly the point I was making with Ruth, who I suspect is or was something of a hypocrite.

            If that’s the juiciest dirt the conservative machine has managed to dig up, the woman was practically a saint.

          • Stewie GriffinMEMBER

            Maybe you should re-examine the definition of Scientific Racism:

            Scientific racism, sometimes termed biological racism, is the pseudoscientific belief that empirical evidence exists to support or justify racism (racial discrimination), racial inferiority, or racial superiority.

            Recognising that there are scientifically established and proven differences in IQ between population groups DOES NOT EQUAL condoning or justifiying racism. Regardless of race, individuals deserve to be treated with universal respect.

            Sticking your head up your a$$ and pretending these differences don’t exist, like yourself and [email protected], doesn’t mean you are not rac!st (as [email protected]’s comments prove) they merely prove you are ignorant ([email protected]) or bigoted (yourself).

            Pretending these differences don’t exist, only harms the functioning of perfectly good societies. Because while people behave as individuals, it is their collective behaviour and abilities that impacts a societies ability to collectively solve the problems that it faces.

            While you like to peacock your moral vanity at no cost to yourself personally, it does in fact do long term irreparable damage to society in terms of its ability to cohesively and efficiently function. Ultimately it impacts on far more individuals and leads to a far lower collective life outcome, than hurting feelings and at times saying “No” or placing limits on things like immigration that risk substantially altering the composition of existing population groups that reside in Australia.

            These truths in what I say are evident in EVERY major Western city that is suffering under extreme amounts of mass migration, aided and abetted by policies based around MultiCult, yet according to progressives of your ilk, the problem is our culture and the microscopic amounts of rac!sm that remain.

            Just like the Greeks that abandoned Science for ‘Ethics’ people like you are leading us into a new dark age.

          • We know it’s about race with you, champ, because you’re never whinging about the “science” of “low IQ” people ruining civilisation, always about “low IQ” cultures races

          • Stewie GriffinMEMBER

            ‘Champed’ I feel honored… and it is more about not noticing reality with you least it offend your delicate morals and contrived ethics.

          • Stewie GriffinMEMBER

            PS: Back to RBG for your benefit, in 2009’s Ricci Reverse Racism case in which fireman Frank Ricci sued New Haven’s mayor for tearing up results of the FD promotion exam because the top scores were earned by 13 whites, 2 Latinos and 0 blacks, RBG’s dissent said ratio was prima facie evidence of discrimination…..yet of the 150 law clerks she hired over 40 years as a judge, only one was black.

            By her own standards there is prima facie evidence that she was bigoted old duck.

  16. Stewie GriffinMEMBER

    Both of these stories:

    The Top 1% of Americans Have Taken $50 Trillion From the Bottom 90%—And That’s Made the U.S. Less Secure

    https://time.com/5888024/50-trillion-income-inequality-america/

    US billionaires’ fortunes have skyrocketed $845 billion since March
    https://edition.cnn.com/2020/09/17/business/us-billionaire-wealth-increase-pandemic/index.html

    Are a direct result of unsound money and the use of stimulus to ‘save the system’.

    Sound money would have lead to the reverse – an absolute fall in inequality, as enslaving debts were purged and those with access to unlimited amounts of money would have been unable to continue to buy up the world.

    The only system that is being saved is the one that ensure ours and our children’s enslavement.

      • Stewie GriffinMEMBER

        Inflation targeting is sound money in name only, particularly over the longer term or when you can simply hedonically adjust any of the resulting inflation away.

        • https://fred.stlouisfed.org/series/BPCCRO1Q156NBEA

          whats your long term? The core PCE hasn’t reach 2.5% in over 26 years. It’s averaged about 1.2% over the last 8 years.
          current 30 yr break even rate implies the bond market thinks inflation will avg. 1.7% over the next 30 years.

          That’s almost 60 years of sub 2% inflation. is that not long term enough?

          How do people get this idea that the 1% don’t like low inflation. The truth completely reverses.

      • “.. inflation targeting has created that outcome.”

        There are two kinds of inflation, my friend:
        – the one the authorities insist the plebs accept as a measure for inflation i.e. CPI
        – the one that represents reality i.e. money supply expansion

        To put this into some context, in the last 12 months the US money supply has increased by some insane amount c. 35%, while CPI is, er 2%? But don’t worry, I’m sure the $845bn that the 1% added to their wealth was all a genuine value gain. 😉

        • To put this into some context, in the last 12 months the US money supply has increased by some insane amount c. 35%, while CPI is, er 2%? But don’t worry, I’m sure the $845bn that the 1% added to their wealth was all a genuine value gain.

          That could be addressed with taxation, were it not for people like you.

        • Ah, the Thomas Piketty ‘solution’. Taxation is such an unsophisticated instrument and the people most likely to be hurt by it are the middle classes – as always. The rich don’t put their wealth in harm’s way, so your solution is a non-solution.

          The problem could be much more easily and neatly fixed by simply leaving the money supply alone – but you clearly don’t get how and why that is because you’ve never demonstrated that you understand how any of this works. As I’ve suggested time and again, why don’t you share with us some insights from your actual area of expertise, whatever it is.

    • Who loses out, sweep?

      Dumb fckn investors, that’s who. Darwinism in action: “I did a stupid thing, I paid the price.” Got an issue with that? M0rons freely got involved and got burned doing so. That’s how it should be.

      You are never going to win the anti-free market argument, sweep. Nothing you have presented even comes close to making a dent.

        • They didn’t have to — they only had m0rons to take advantage of. Greedy ones who gave not a single thought to what they were doing. I have no time for id10ts or the manifestly greedy. You want to protect these farckers?

          • I don’t ‘do’ models, sweep. Academics with no commercial credibility hide behind ‘models’ because they have f*ck all else to offer the world. I follow empirical and theoretical analysis. That is all.

    • A bloke from our office was the person who called it in. He was on his way in and noticed the smoke. Went in and checked it out.

      000 said that they had been notified by the alarm. Though it wasn’t until 3-4mins after his call did he hear the sirens. 3 cop cars and the fire n rescue vehicle. Guess they tend to react more slowly to activated alarms since they get so many falsies.

        • Agreed, though when it’s backed up by a phone call letting them know the fire is really getting going, then I’m sure they hustle a bit more swiftly.

          • I can’t speak for Police, but in my experience it’s not the case for RFS or, AFAIK, FRNSW: a response drive is a response drive. If firecom tell us to proceed – not something that would happen for an AFA – then it would be a normal drive (no lights or sirens).

  17. Daily indices are showing Sydney is recovering or at least falls slowing down fair bit. On the back of what?
    Many are about to discover there is no such thing as free lunch, all will discover debt has to be repaid and prices are bid.. fck me.

      • Now they just need to find a lender. 1-5k increments pushing the price an extra 100k means everyone is over stretched

      • I hate to say it mate but I think we might see a mini-boom before any downside action. Mortgage rates are literally on their ar$e at the moment. Assume that’s Sydney (?) – prices are off the reservation there. That house where I am (and we’re in a bubble too) would fetch a third or less of that price. It’s a fcken ugly home too. No offence – just used to the pretty Queenslanders we have 😉

        • I can see us going back to the peak we hit in 2017 but that is maximum we can go as those are the levels where we hit max borrowing capacity. I don’t have data to prove this but I think my observations are correct – house prices started to fall mid 2017 and had nothing to do with Royal Banking Commission as at that point such commission did not exist.
          However, I will be shocked if we reach those levels as our economy is in lot worse shape now than was then.

          • The only thing I can think of that may assist prices much higher is limited stock and just enough buyers to keep some upward pressure. The thing that gets me is that if people are leaving the metro and heading to the regions then prices should be under pressure in the cities. IDK, I think it will all go pear-shaped eventually. Muppets are sitting around thinking ScoMo’s going to pull another rabbit out of hat and save them. While there’s hope they’re clinging to it.

    • I know a family that had to sell their place just now in sydney because they over stretched when they bought at the peak. The husbands job might be on the chopping block but they are buying another place anyway as they can defer payment and they want to get back in before he does lose his job and they wont apply for a mortgage.

    • On the back of what?
      Look at this week’s auction results and count the number of “price withheld” sales.

    • Banks lending bigger loans, super release providing deposits, no fiscal cliff yet. The ‘system’ is fighting for its survival.

    • PaperRooDogMEMBER

      Great article! ScoMo has no clue as he is surrounded by fossil fuel a’holes. He will create another white elephant to go to that rapidly whitening Snowy 2.0 elephant, by the sounds of it. Meanwhile Australia slides further down the competitive table and into the abyss.

    • I’m excited (in a cautious way). That did feel like a bit of a puff piece for the Tesla battery though.

      Don’t get me wrong, I fully expect to be energy self-sufficient in the not-too-distant future via solar and storage, but I’m an inherent sceptic. 😉

      • Mining BoganMEMBER

        I treat that site the way I treat motorbike, car, cycling, etc sites. They’re trying to sell the dream but the facts and figures they use can be tested and do your own research.

        • That’s exackly where I’m at. It’s all about economics at the end of the day – if it works for my finances, I’m onboard!

    • Thanks for the share, normally like to keep an eye on our Pacific neighbours but covid/life has been a massive distraction.

      When I was at uni one of the foreign students was actually a “refugee” from Fiji, was a military officer who had been involved in the coup (not sure if 2000 or 2006) and he was an interesting character. The way he spoke about Chinese money/influence was always framed as versus Australian money/influence. The way he saw it was that China offered “money” without insisting on how Fiji was governed whereas Australia only offered “aid” if Fiji engaged in “Westminster democracy”. He (also implied many other Fijians) preferred the Chinese money that came with “no obligations”. This really bothered me at the time and still does.

  18. Good to see Shifty from Marketing hacking on Gladys for allowing Lord Sugardaddy in the country over ordinary Australians. Oh wait…

  19. I’m predicting when Hellbourne residents get to go to the pub again Mig will get banned from all his locals for causing trouble and will then be back in lockdown. Have fun when it all opens again Mig but try and be less of a d!ck than you are here.

    • reusachtigeMEMBER

      Hey I’ve been wondering how you’ve been coping with the pain of your extreme fears. You ok bloke?

      • Stop lying and grandstanding ya muppet. If you actually were as rich and virile as you pretend to be you wouldn’t be wasting your time on a shut in forum “wondering” about strangers. You’re a tiresome joke and I truly wish you got covid and died. Feck off.

        • Winning:
          I’m with you on this.
          There comes a time when something that was funny is no longer funny at all.

          • Careful Poida, they don’t take kindly to us non-members who rock the boat lol.

            I just find it hilarious that this reusa is apparently not a sock puppet or alter ego. If that were true, and all the boasts were too, that means some sad old tosser is all cashed up, gets mad action at relations party but is still so empty and hollow in life that they take the time to come to this place and troll people.

            Whatever is true it’s definitely a sad existence for whatever controls that account.

        • reusachtigeMEMBER

          LOLOLOL you mad blokes? Youse not coping well huh and need to do some cancelling yeah? Sneak in from ya old-age houso flats without a membership did yas? And only weak suffering people like yaself ever die from the largely irrelevant China virus. Hahahaha 😂

        • I’ve never found it funny.
          If someone had strong arguments why would they present them with a “humour” get out clause?

          • reusachtigeMEMBER

            LOLOLOL Swampy takes a swing at the air. This is like a conga line of virus chicken sh1ts trying to get a sandal in!

          • Sweep, one of the greatest crimes a man can commit is to take himself seriously — and the flip side of that coin is to have zero sense of humour. Lighten up, liverlips, and join the partay 😉

  20. Watched the Kafkaesque 80s ‘Brazil’ film last night on the big screen (obviously not in Melbourne).

    Was funny to see a propaganda poster with the slogan ‘We’re All In This Together’.

    • Terry Gilliam of Monty Python directed that one.
      He also made all those weird cartoons in MP interludes.
      If you liked Brazil, I would suggest seeing his other movies, like Don Kihote, 12 monkeys, or Baron Munchousen. His movies are funny and wierd fantasies.

      • I have seen 12 Monkeys and Baron – I love the aesthetic, which inspired other films like Dark City, City of Lost Children and the Hudsucker Proxy by the Coen Brothers.

    • Its interesting to note that the distribution company handling this move did a pre release showing to judge the audiences reaction, marketing noted the emotion to the final scene and the execs decided that more money would be made if the movie ended with the fantasy and not the cold hard reality.

      Because of this Terry refused to change it and with held release of the movie by the distribution company and then smuggled his movie in so it could be viewed in art house movie theaters unaltered.

      Which in reflection is deliriously absurd as its life mimicking his art.

      • I did not know that. Suits the theme of the movie. I noticed the audience got rather uncomfortable silent with the dark ending (after the supposedly happy campy ending).

  21. Appreciate thoughts from the group

    Opinion is divided whether we face deflation (people poorer) or inflation (QE). But inflation seems a possible outcome.

    Any ideas on best way to buy and hold some gold.

    • After this, buy and hold = Perth Mint

      https://www.bullionstar.com/blogs/ronan-manly/lbma-comex-collusion-intensifies-as-cme-approves-267-lbma-gold-and-silver-bar-brands/

      Its expensive but at least you can be sure its gold……over the long term with fees and insurance the costs of buying and selling can be as much as real estate but it is a real asset…..you need to able to enforce your property rights over it unless your government needs it more than you.

        • Depends whether you have a yard or whether you live in a dogbox on the 20th floor. I met a guy once at an Explorers and Diggers conference (most come for the free meal and booze) who told me his mate (a sea captain) was prepping for the end of the world and was burying gold bars around his multi-acre property. I thought to myself: I hope he’s keeping a map!

        • There are records when you buy it … yes indeed.

          Send the money abroad to a random bank and then no one knows (without extensive digging) what you’ve done with the money. Unless it is multi millions, in which case they may keep tabs. Once your money is abroad though, it’s safe from being looted by the domestic regime. They’ll concentrate their efforts on the money that is easily accessible.

        • I wouldn’t think you can insure it at home. Krugerrands and silver bars at home……it is no place for gold bars. They would never confiscate the Perth Mint, that would cause WA to break away …..if they need it for trade they would just force you to lease it out to them.
          It will be just like other resets…..trade balance between countries in gold would only last 3 or 4 years then pollies everywhere will get together for a new fiat system and this time they will really, really promise to keep within bounds and we will off the races again.

        • if you buy below $5k each time you don’t need to leave details and can pay cash. If you are in Sydney, just go to ABC Gold on Pitt St.

    • desmodromicMEMBER

      Steve, I’ve been buying unallocated gold and silver from the Perth Mint since 2016. It is government backed and I don’t have the concerns of some below or at the top of the comments. I use the gold:silver ratio to buy whichever is relatively the cheaper and occasionally swap one metal for the other when the ratio is extreme, as occurred recently. It has worked for me as a currency hedge as I’m up about 55% and better than in the bank. From here it will get harder as the USD declines unless precious metals do a moonshot on political and economic instability. I’m not betting on it and expect to reduce my allocation and/or continue to trade the gold:silver ratio.

    • You could try the Tarneit Holding Method – burying it your in backyard. Remember digging it up after you offload the house on Gumtree.

  22. I know we mock the term “diversity”, but this seems to help kids who are different through no fault of their own. Kids just want to fit in, and are dismayed when something about them separates them from the herd.

    https://www.dailymail.co.uk/news/article-8749461/Boy-disability-plays-Kmarts-new-Fashion-Doll-range-promotes-diversity.html

    I guess they could have named it better. (Yes I have already considered and refused the alternate names I came up with).