Weekend Reading: 24-25 October 2020

Global Macro / Markets / Investing:






Unconventional Economist
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    • Hey ermo have been listening to Marseilles by the Angels.

      So we have this and Powerage and Highway to Hell just after.

      Angels chugs are sweeter, solo is much looser (Angus is much better) but the Angels solo is more ambitious.

      And end solos are much more new wave.

      Leads to the question. Which dead guy do you like? Bon or Doc?

      • ErmingtonPlumbingMEMBER

        I have a soft spot for doc due to my first road/surfing adventure up the coast with 3 mates as a 17 year old.
        We spent 2 weeks driving between Scott’s head and Coffs Harbour chasing waves in the day and beers/girls at night while staying mostly on me mates mums “farm” at Girralong near the head of the Nambucca river (Real hippy mountain country and miles from the beach)
        We must have driven thousands of kms over that 2 weeks in Me mates purple HQ Kingswood sedan, almost constantly stoned and stuck listening to the same tape that was jammed into the Cars tape deck the entire trip.
        The tap was “The Angles Greatest hits” and it was played at high volume every where we went.
        I can not hear any track from that album without fond memories of that 1987 trip,…especially Marseilles.

        I’ve seen them (the Angles) several times in pubs and clubs around Sydney but prefer Bon to Doc and pre Brian Johnson AC/DC to the angles.
        Doc put on a good show but Bon With AC/DC was One of The greatest frontmen of all time,…in my view.
        Him dying just as the band was entering superstardom was an enormous loss to Australian music.
        Imagine how much bigger (and better) AC/DC might have become.

        I don’t feel Bon was as talented on the recorder though,

        • When I was in my early 20’s the Angles used to play the DeeWhy hotel regularly
          Ah the memories deflowering madiens in the back of a Kingswood (couldn’t be more appropriately named) shagwagon. Boys, Bongs,B00bs and Booze they were the four essential elements of life, for me the music was just a distraction a little time to regroup but damn didn’t those 80’s peninsular girls go wild for The Angles.
          I sometimes wonder if life is still the same for a young virile late teen /early 20 something, I get the feeling it’s not, somehow they’re better behaved than I was at their age (much much better behaved) and I don’t understand why.

          • boomengineeringMEMBER

            The Jet Club.
            So tell me you didn’t pss in our front yard in the group trekking pilgrimage every Fri- Sat night from the DW RSL to there in the 90’s – 20.

          • We’ll see if the moderator lets my other reply through
            Lots of good times,
            BTW the trek you’re describing was already a well worn path in the early 80’s, so if you’d filled up on cheap beer at the RSL you’d only make it half way before needing to duck behind the bushes for a quick slash.

          • Moderator didn’t let that story through…pity
            I’ll have to try to remember some less Xrated exploits
            Fun times for sure

          • boomengineeringMEMBER

            The only accessible bushes in that route were in our driveway (quarter the distance) So you did the deed before we lived there so all excused and didn’t cop the wrath of baseball bats, hosing and thrown Budda’s, of which some shame accepted due to extremely rare antitheses of my normal placid laid back demeanor. .

          • boomengineeringMEMBER

            Thinking about it, most of the slashing was done in the Chemist carpark next door in the same said borderline bushes/trees. Lots of shenanigans down our drive and in front garden as well.

          • lets see if this story gets past the moderators
            when I was maybe 19 I used to go out with a 17 year old girl from up near Mono Vale, she was totally into surfing and really strong (for a girl) lots of paddling. Anyway back then it wasn’t OK to be a surfer girl that liked girls but it was ok to be a surfer girl that found other girls for a bit of 3 way action. I guess these days she’d just come out and skip the whole boyfriend thing.
            Anyway many a night at the DeeWhy hotel she would get all hot for this or that girl and be dancing and grinding on her, they were always younger girls (sometimes much younger). Generally between sets she’d drag the girl outside for a bit of private entertainment, I’d sit in the front skinning up while she munched away in the back, a couple of quick tokes and I’d get rewarded for my patience.
            Weird relationship but it worked for us at the time.
            I shudder to think what would happen if I was caught in that situation these days, at the time the gigs used to let in girls that were obviously too young but that’s just how it was on the Northern beaches, it’s just how it was at the surf clubs, it’s just how it was at the beach parties.

            I don’t know if things were really different back than, but I know that my kids couldn’t even imagine getting up to the sort of stuff that I did at their age.

          • boomengineeringMEMBER

            Kudos to you for seizing the situation as probably the only opportunity I ever let go when she asked if the other one could come into bed as well but the one with me was very sought after beauty and the other a masculine ugly f. Thinking she liked me with possible continued relationship I said, “nah”. .Regretted that decision since, especially when realized she didn’t like me at all but just being used for a good time that may have continued. No other bad luck for all my other raunchy pre martial life that would make Reusa blush.
            Agree with as far as the young iuns very dull s.x lives. I’ve just got to look at my own son’s of which one had to ask me how to pull a r..t.

          • Don’t get me wrong Boom. My girlfriend was drop dead gorgeous, she just also happened to like other girls
            I must admit I was the one that ended the relationship because I couldn’t deal with her twelvie fixation.
            I didn’t care about the other girls and I was perfectly acceptable to her parents so it all kind of worked for us, but I just didn’t want to end up in prison.

        • I saw the Angels open for David Bowie at Lang Park. Bowie was an anticlimax (mindful that Lang Park in those days was probably the most testosterone soaked patch of grass in the country).

      • I love The Angels, feel they are underrated in a global context and should have been bigger. Doc is an Irish fella and spent time in Terenure – I lived in Rathmines, then later moved up the road to Kimmage in Dublin 12 which was the next suburb up, but my guitar teacher was in Terenure. So I often think about Doc when I think about where I lived over there. Am I ever gonna see your face again is enshrined in Australian culture.

        If forced to pick a favourite song. It would probably be no secrets, because it always elicits imagery in my head of fabulous relations that Reusa would approve of.

          • Boomer, a map for you from 1818.
            https://www.raremaps.com/gallery/detail/56112/chart-of-the-world-shewing-the-religion-population-and-civi-wyldWyld map
            Note the annotations:
            These are perhaps in the most early stage of society which has yet been discovered in any part of the Globe
            NEW ZEALANDERS: Cannibals
            It is highly probable that the practice of feeding on the bodies of enemies was originally prevalent
            in all islands of the Pacific Ocean, though it is not known by positive and decisive evidence to exist in any of them, except New Zealand
            Their revenge is sanguinely and indulged even to the most brutal cannibals.

          • boomengineeringMEMBER

            Many many thanks for that. A slight overlap of my interest in pre Cook Aussie history is a necessity.

          • boomengineeringMEMBER

            Thanks for that but Menzie’s books were discredited years ago as wishful thinking as he was putting any hope forward to discredit the Dutch claim of 1642. If he could discredit the first claim of Australia then international law which upholds the Netherlands’ ongoing ownership to this day would be squashed but he didn’t rely on facts just hope.
            btw Aztec artifacts were found in Dee Why which could have been left there a thousand years ago or dropped by a tourist a few years ago .Conjecture doesn’t equate to fact.

          • boomengineeringMEMBER

            As far as the East coast goes I would put more credence on the European pre Cook cannon found along the East coast by divers told to shut up about their finds.(told to me by fellow spearo’s.). Not to forget the Stradbroke Island Spanish galleon and the others further south.

      • Stick some Radiators in there Harry (& some Oils) & you’ve nailed a lot of the 80’s pub life.

  1. PalimpsestMEMBER

    The watches saga intrigues me. It seems typical of many Executives that they are so out of touch that they don’t want a modern watch, but a chunk of jewellery instead. Real Executives want watches that monitor their heart rate and stress, their BP and oxygenation levels, that detect when they’ve been sitting too long, or allow them to pay for coffee when on a brisk walk. What sort of person wants a watch without bluetooth to stay connected. A person that thinks they are an executive, that wants a prestige item perception more than something that engages with modern technology. A Cartier is a dress watch, for hubris, a watch for swanning around, not a working watch for a real executive engaged with the business. It’s not the present, or the amount that troubles me. It’s the what, and what it means about their lack of engagement with improving the business.

    • Who gives a sh!t about a couple of $3k watches, the recipients are already remunerated on ~$400k a year…pocket change really.

      What annoys me is the appointment of Holgate altogether. She’s basically a marketer, who was in the right place & right time to ride a China boom at Blackmores, and because of this, gets catapulted into the top job at Aussie Post (a TBTF utility masquerading as a “commercial” operation)….because “executive talent”.

      • Mining BoganMEMBER

        Didn’t she nearly stuff up the unstuffupable during the China boom? Don’t remember the details but I’m sure their profits and share price took a big hit at one stage until the might of Chinamen money and demand saved her arse.

      • Arthur Schopenhauer

        Senior public service ranks are filled with marketing/media/communications types. They generally talk down to senior people with technical skills. Senior leadership in China is dominated by Engineers. In Oz it’s Spivs & marketers.

        • so true, but how do you know this?
          In some ways it was similar in Germany in the 80’s where lots of senior level public servants and politicians were engineers in a past life.
          It’s funny how much easier it is to move forward when there’s not some idiot in the room wanting to do stuff that breaks fundamental laws of Physics (and can’t understand why you’re not enthusiastic, why don’t their ideas count?)

        • PalimpsestMEMBER

          That is a change that reflects the change to political appointments to structures and agencies. For four decades there has been a move towards rewarding spin over substance that creeps further into our institutions. Every Department head, CIO or CFO from outside the public sector brings in their little cabal of assistants. It blocks the promotion of more competent public sector personnel, alters the culture to reflect the less competent and more corrupt private sector in Australia, and gives a clear message that only spin is rewarded.

      • happy valleyMEMBER

        At the senior levels, AP is one of the ultimate overpaid sheltered workshops. The pork started years ago when Malcolm John (ex-TNT?) was on $3m pa, along came pretty boy Fahour on $5+m pa (an ex-banker and they never come cheap) but after he came and went the docile/witless board (aren’t most of them? and in this case, stocked with LNP stuffees) had to set their sights a bit lower so they end up with Holgate on $2.5+m pa – what a bargain/steal. The contempt at the worker level in the joint has been made toxic by the board/senior management. Our postie (a lovely bloke, 35-year AP veteran and out there 5 days a week, come hail, rain or heat/shine) has just taken 3 months’ leave and is unlikely to return and his “temporary” replacement (a 33-year AP veteran) is likely to also walk soon.

        • I agree. People are lucky, though I also believe in Gary Player’s famous quote, “the harder I work, the luckier I get”. No doubt the Susans (and even the Christines) of the world have worked hard towards the goals they’ve achieved, but what annoys me is people (the fawners and the individuals themselves) completely discount the element of luck, and instead attribute their “achievements” (often spuriously defined, see Jack Welch) 100% to their individual ability. Just some more balance would be nice.

        • Display NameMEMBER

          The head of US postal service gets paid less than our local CEO and their organization is an order of magnitude larger and more complex.

      • Chrissie pulled that one with her w$$ker watch. Certainly did not save her from dog’s (confected) rage.

    • Visited the Cartier exhibition at NGA in Canberra back in 2018. Some of the pieces on display were mind blowing. The craftsmanship I tell ya! Look but don’t touch!


      • So did we. Mrs Nut loved the bling factor, I was sceptical at first but came to appreciate the workmanship (can I use that word?) that went into the pieces. Some pieces took seven years to complete. Maybe their offspring went on to build Sydney roads and tunnels.

        • Yeah mate. All I can say was I was blown away. Didn’t think the level of intricacy was possible.

    • Trophy watches…. addicts buy them when they’re a few years sober to demonstrate they’ve ‘made it’ st NA meetings… enough said:)

    • The watches can actually end up being investments. For certain people anyway.

      I don’t know why but I became obsessed with an optional rally clock for my 240z’s.. it started with 1 then I had to have several restored. At 1 point I nearly had 10 of them…


      Thing is they are worth about $2,500 each… I sold a couple and almost regret it as I see them as a bit of an investment. The little oscillator box with it has a tuning fork in it that hums at a low frequency. There is only 1 guy I know who can repair them successfully in the world on the West Coast of the US of A.

      But for 1969 I think they are super cool. You can use them as a stop watch / timer also.

      In a digital world I’m still fascinated by analog / mechanical things.

      • I own more than a dozen watches, all of them analog and mechanical…not a battery in sight. Engineers just have a thing about fine machinery. I feel the same about guns.

        • +1

          Have several mechanical watches and love them from both an engineering and style standpoint. Maybe I’m just “swanning around” according to Palimpsest, but the last thing I want is a smart watch pushing even more notifications at me.

          Having said that, I find the Cartier watches totally OTT and garish. Sinn and Nomos my choices.

          • Know IdeaMEMBER

            As an engineer on a modest budget I went for a middle of the range mechanical flyer watch from Laco. And for a bit of cheap fun – go on, admit it, we have all been there – a Kalashnikov.

    • Rorke's DriftMEMBER

      Pammpliset, maybe people just dont want to be tracked and recorded and data mined everywhere they go. An old school watch and paying cash for your coffee are small but important ways to rebell and disconnect from the controllers grid and get a bit of independence and freedom back in your life.

      • PalimpsestMEMBER

        Rorkes Drift – a reasonable position for a person to take in their role as an individual. I counter that it is a bad indicator of the mind set needed of a senior Executive in an organisation that is highly dependent on serious IT. It has branches that connect to banking and services sectors, accepts payments, and needs to strike a balance between human delivery and advanced automation in its mission. It’s the underlying meaning of the gift and what it says about our technology illiterate ruling classes that I was going to.

        As for swanning about. Perhaps we all need a little of that in a balanced life. Earlier in my life I bought a dress watch, that is sadly stuck in a drawer for over a decade. There’s a time and a place. Who can complain about a fancy diver’s watch in a beach or seaside context. Maybe they really do go diving. When I spot a person wearing a glitzy 19th century technology timepiece in a professional or work setting, however, it tells me they need to project an impression. That then tells me that I need to assess them further. It could be that they are not secure about that wealth impression, they could be a person creating an idea of where they want to be, they could be technologically illiterate (highly likely), or it might be just that they were given it by a loving spouse and are more sensible than I am. Perhaps I’ve just been in business too long and listened to too many liquidators, but I always notice “statement” goods – cars, watches, glitz. A statement always has meaning and is a flag that says to look for other flags to discern meaning. It may be a good statement, but always, always notice and query.

    • Story was that project brought in tens of millions in revenue and therefore substantial profit for taxpayer shareholders and PM going nuts over 20k in watches. He should have said thank you .
      Feels like a political stichup. Must be more to it than revealed so far. Post has needed a new revenue stream for years … so PM reaction over gifts worth less than 1/1000th of value delivered seems off. Has to be more to it.

      • Rorke's DriftMEMBER

        I dont know what the Aust Post project was, but Id be interested in knowing how much original thinking, ingenuity or sweat was genuinely added by each watch recipient to the value created, versus just leveraging the existing assets and attributes of the organisation. Compare their efforts to a small business person investing their own capital at risk or an inventor or entreprenuer creating value. What was the downside for these executives in taking the risk with other peoples capital that they deserved a cut of the upside, above their high salaried roles as senior execs. I dont have a problem with rewards, but just very skeptical when senior execs say they created the value. The skills to attain those senior positions (minimise personal risk taking, toe the company line, be loyal to a superior who can draw you up through the org.) are usually the opposite of true individual value creation.

        • RobotSenseiMEMBER

          They’re already remunerated exceedingly well. Doing deals like this is part of their job. They really don’t need to be paid for going “above and beyond” – isn’t that why the top 1% end up in these positions to begin with? Or do they have to be paid more to function at “synergy” level?

        • Exactly.

          There’s a big difference between those who steal more ever narrowing slices of pie, versus those who genuinely make the pie bigger.

      • SFM is distracting from the Badgery’s ck. land swindle.
        The sorts rorts, Taylors “business” deals, Aged care Catastrophe etc. etc.
        $12 K for watches, Balistica ????

      • Feels like a political stichup.

        The whole thing is just a “Look! Over there ! A distraction!”.

        Most Australian “journalism”, of course, is lapping it up.

    • Australia Post has guaranteed bonuses on top of generous base salaries from low levels up. That doesn’t drive better performance.

      • Funny how the upper management get the bonus’s never the workers who actually make the good results.

    • Hell is working in their call centre. Back to back calls about lost mail and packages, damaged goods by delivery subcontractors, abusive customers and your work recorded and screen captured. Told when you can go to the toilet and told to keep taking calls when the fire alarm is going off and the fire trucks are pulling up.

  2. “Bullsh!t! Eateries that operate within the designated square downstairs are considered part of the food court. Anything outside of said square are autonomous operations for mid-mall snacking”

  3. So the Melbourne 5km limit has been ended (just before it was squashed by courts) and immediately anti-lockdown protesters assemble at the Shrine of Remembrance. This was the real reason for the limit all along – to stop protesters assembling and give an easy reason to detain them.

    • Wut? What Victoria has done is amazing. I really am shocked how we have gone from 700+ cases a day do almost nothing. I’m no Dan fan but this result it such a success!

      • The Penske FileMEMBER

        Yeah the mistake looks to have been fixed at the cost of my liberty. Now Dan has to pay with his job.

        • Your liberty? Really? Not overstating things much? You lot had a choice: either end up like where Europe and the US now finds themselves or end up where Taiwan and Korea find themselves. That you’ve ended up in Taipei and not Paris and you still think you are hard done by astounds me.

          • Yes Melbourne lockdown has no downsides. Not allowed to comment about it except to kneel before Dan

          • The Penske FileMEMBER

            So it was my choice to hire the diversity guards? Dan had a choice and got it wrong. With great power comes great responsibility and he stuffed up and should resign. It simply wasn’t my choice to end up like Europe or North Korea but Dan’s. Would you expect a company CEO to resign if they made the same poor judgment?

        • Who made the decision to make testing optional for those in quarantine and only test 70% of them?

          This was a bigger issue than whether it was security/police/adf sitting in the hotel hallway.

      • North Korea crushed the virus even better. There is really no limit to virus crushing with a full suite of executive powers.

        • It wasn’t the draconian rules that crushed the virus in Victoria. It’s the willingness of most of the people to do the right thing.

          • Bingo and it shows we have a more cohesive society. Unlike the fractured and f’d up US of A.

          • And france and Germany and UK. Gavin your thinking doesn’t work very well. I think you need more input.

          • Col, it’s possible we have a more cohesive society than those countries, isn’t it?

            Our private sector lockdown was early, private coordinated, and without government prompting initially. I was surprised and impressed.

          • @Col I’d say Germany would have done better, but I also think they are at a disadvantage given other countries letting it rip in Europe are next door. Australia / NZ benefit from being Islands. But doesn’t explain why Ireland didn’t do better..

      • Shawn the sheep…stop trolling…covid figures are number wang of highest order…liiterally ..some euro / uk lodge gives direction & minions follow orders hence mask mandate, 5 km zone, ring of Fire..sorry steel.. a practical joke played on victorians conditioned not to question:)

        • The Penske FileMEMBER

          +1. We should be celebrating the complete lack of deaths via the flu this year. This is normally the Reapers way of tapping on the elderly’s shoulder. There’s some “statistics”.

        • Stay away from the mushrooms mate. You’re seeing things that arent real. The virus is real though. Someone I know spent time on a ventilator because of it. Made it but touch and go for a while. So save your ravings.

          • The Penske FileMEMBER

            How old was your friend and do they have any other health issues? This is real no doubt but so is the rest of life. I’m lucky and haven’t had any contacts even get the sniffles but I know of 2 suicides that weren’t helped by this disaster. Statistics are manipulated everywhere in this mess and one for consideration is the survival rate. It’s unbelievably high especially if you allow for undiagnosed cases. For the record India Pale Ale is my poison and not mushrooms. I hate ’em.

          • Oh jeez, now that someone you know was on a ventilator for a bit (do they still use those?) Melbourne can just be locked down forever if that’s what it takes.

            That’s how it works!

        • Rorke's DriftMEMBER

          All Melbourne proved was that it is a compliant, fearful popiulation who will accept any form of government oppression now and accept any bushllit numbers or propaganga in the process. Victorians have made Australia a more vunerable and dangerous place, open to exploitation. Covid proved the population wont push back and will just accept their fate.

          • What Vitorians have shown is that they have a socialist , humane attitude, like in Commonwealth.
            more power to them.

          • Rorke you are absolutely correct. This is not a socialist attitude, this is a every man looking out for himself ‘fear’ response. Possibly the most compliant and fearful nation.

    • Because our Banks’ IT systems can’t handle negative interest rates. Oh well, we still have 15 basis points left to cut.

      • That’s something that should be addressed because MMT only “works” when the upperbound is 0%.

        • Why should the bound matter at all? MMT is just handing out printed money. Let’s not pretend otherwise.

          Talk of ‘digital currencies’ in the media has cranked up to 11 recently – good signs. Means the end is a lot closer now. Dog bless Covid.

          • Listened to an interview with Stephanie Kelton of MMT ‘fame” on MacroVoices podcast. She makes a very valid point. Money is lent into existence, tax is used to control what happens with it and keep a lid on inflation. Is that any different from what we have in our banking system today? She also makes the point that IF the money is spent making the economy MORE productive, then no problem. Def worth a listen

          • It does matter because people aren’t going to willingly carry the 2021 deficit in the wallets if they can earn positive interest rate on the 3 yr bond.

          • Full disclosure: I haven’t listened yet to the podcast but to address some of the points made by Kelton that you have highlighted:

            1. “Money is lent into existence” – Under the current debt-based money system, yes. Under a hard money system, no.
            2. “Tax is used to control what happens with it” – not sure I understand what that means. The gubmint uses the taxation system as a redistribution mechanism and directs these funds to the administration functions of the State. But the money that isn’t taxed is spent by the owners of that money however they please. There is no way for the Govt to direct how its citizens spend money. Sure, you can levy high taxes on alcohol and switch people onto illicit drugs (where there are no taxes) but aside from that people do what they want.
            3. Kelton’s definition of inflation is different to the classical definition – which is the amount by which the money supply increases. She would ignore that definition and focus instead on an artificial construct, like CPI, which can be manipulated at will by changing the rules and adjusting the weightings of each component in the index (whether that then is a credible definition of inflation at that point is debatable).
            4. There is no connection between spending money in the economy and productivity. Productivity is simply the ability to create more goods and services per unit of input. To put it simply: if 100 people manufacture 100 widgets in 2020 and the same number of people manufacture 120 widgets in 2021, then ceteris paribus, productivity has increased by 20%.

            I don’t disagree that MMT is coming — the media has been full of it recently to soften us all up. And as DLS has mentioned, it’s likely the chosen route to deleverage the system (inflate away the debts – there is no other practical choice at this point). What I take issue with is the claim by Kelton that a) inflation can be controlled and contained and b) that you can employ the taxation system to do it. If she others are wrong when the inflation genie gets out of the lamp then we are Route 1 to a wholesale economic meltdown. The story of Chernobyl and how that unfolded is instructive on how the MMT experiment could unfold.

          • PaperRooDogMEMBER

            “What I take issue with is the claim by Kelton that a) inflation can be controlled and contained and b) that you can employ the taxation system to do it. If she others are wrong when the inflation genie gets out of the lamp then we are Route 1 to a wholesale economic meltdown.”
            It wouldn’t be just the taxation system though, despite what many say MMT does not mean printing unlimited money it’s about supplying enough to ensure full employment so I don’t believe inflation is more likely under this scenario than presently, provided they do it properly (but yeah possibly it gives their p****s in charge more wriggle room as full employment is a bit wooly so it could be more easily abused, but extremely high inflation no more likely than with present system, I believe & no chance of hyperinflation as it’s not unlimited printing & in our sovereign currency). One of the big problems now is nobody really knows what the real inflation rate is as they don’t measure it properly, then they start too believe their own figures when most of current inflation is hidden in assets, companies tax havens etc so it’s not shown in price of goods.

          • But take Russia 1998. Unemployment is over 12% and bond yields approaching 200%.
            Should the CB print money to reach full employment?

          • “..MMT does not mean printing unlimited money it’s about supplying enough to ensure full employment …”

            – You’re assuming that simply pumping money into the system will ‘provide employment’. This is a theoretically and empirically false statement. How can increasing the money supply provide more employment? Just think about that logically. In essence, by diluting the purchasing power of money that would cause employment to increase?

            This is just BS economics in action. It is not possible to use monetary policy to influence employment that specifically and doing so ignores the long-term damage that is being done in order to achieve these aims.

          • @Sweep
            “But take Russia 1998. Unemployment is over 12% and bond yields approaching 200%. Should the CB print money to reach full employment?”

            What’s your point? Of course not – printing money is the cause of the high unemployment and bond yields approaching 200%. Look at Russia now – it’s not perfect but Putin is laying the groundwork for a much stronger Russia by eschewing the BS economics that is at play in the West. You can accuse Putin of a lot of things but being an economic ignoramus is not one of them – he gets it. He’s had the Russian CB buy gold aggressively — honestly, the Yanks are dumb as fvck to ignore what is going on in both Russia and Chyna. They need to move now if they are to remedy this. A military machine funded by sea-shells is not a military machine. Straya needs to pay attention.

      • The Traveling Wilbur

        They should get some of those nice new shiny processing units that have 1s as well as 0s. That will fix thing.

        • The dilemma for banks is that ever lower rates means profits get smashed on the one hand but the various asset bubbles get a lift on the other.

          If the bubbles burst (real estate specifically for our lot) then they will become insolvent, in all likelihood.

          • Insolvent? Yep, but only the banks that don’t matter. Morgan Stanley and co will do more than fine. They own the Fed, so a shift to CBDC will just make them richer.

            The one thing I like about a CBDC is that it tracks every transaction. Maybe at last a way to expose and end a huge chunk of corruption? Oops, sorry, I forgot to take my anti-psychoticsa and LSD there for a moment…

          • Every other business has to tailor it’s operations to the prevailing economic conditions.
            Hospitality adopts COVID safe plans, yet banks want society to suffer with excessively high interest rates because they can’t run their business more efficiently. Cut management salaries for a start.

      • Are you able to post that graph?
        It sounds like a combination of financial deregulation and better technology.
        In late 1988 (as part of the financial deregulation package) Keating removed the statutory required reserve ratio – which were separate statutory deposit accounts held at the RBA. This would have had a big impact on the reserve ratio as these were accounts held in addition to the exchange settlement accounts (held for payment clearing) and mean’t that reserves would have far exceeded the banks desired reserve ratio under the old system.
        They were clearly holding excess reserves because it was the banks who whinged that it was increasing their cost of borrowing and new banks who complained they couldn’t raise deposits.
        Actually that is a case in point. Banks were *complaining* that they had to attract deposits when they could borrow more cheaply in the rapidly evolving wholesale markets funding casino. Another admission that deposit taking isn’t a privilege as you consider it to be.
        In addition to the statutory deposit accounts (plus ESA) the banks also had to hold about 20% of their assets in government paper.
        Ah the good old days…

          • I wouldn’t read too much into it.
            Growth in broad money has been fairly stable over the period around 1 to 2%. Recently as interest rates approached zero it has shot up.
            the chart doesn’t reflect excessive growth in deposits post 04, it reflects a fall in the banks desired reserve ratio.
            Why did this happen? Probably just technology, electronic settlement systems got better and also the repo market got bigger.
            Increase in size of the repo market was a big thing because it mean’t banks could borrow below the cash rate (as it’s secured borrowing) so there was less of a penalty in being short of cash.
            Also the RBA expanded the securities it would accept under repo in the early 2000s because Costello kept running surpluses and draining government paper, so this automatically increased banks liquid assets and weakened incentive to hold bank reserves.

      • Ian Macfarlane was suggesting that MMT is just RBA using (handing to govt) instead of holding on to private banks’ reserves?

        Nothing to with QE or interest rates. What am I missing?

    • Brett is an interesting guy who I have followed for a long time – his fight against the ‘woke’ mindset is interest given his politicial views are firmly based on the left. Facebook permanently deleted his Facebook profile the other day with no option for appeal “this is final”. But with 400,000 followers he managed to get it appealed and re-instated…. pity those people with non-woke views who get banned who only have 400 followers.

      • Arthur Schopenhauer

        We seem to be at a luminal point in history where all that was solid is melting into air.

          • liminal
            Learn to pronounce adjectiveTECHNICAL
            1. relating to a transitional or initial stage of a process.
            2. occupying a position at, or on both sides of, a boundary or threshold.
            My word for the day. 👍

        • The manufactured hysteria about “political correctnesswokeness” is certainly doing a stellar job of distraction from real issues.

          • But go your point, wokeness and political correctness also distracts from the real issues. Which is why I find it so repulsive. It often seeks (not always but often) to blame a particular cohort for the worlds problems. Yet fails to look deeper as to who is benefiting and how keeping people distracted by the little issues means we never focus on the big ones.

          • In many cases it’s the woke rubbish itself that is distracting from the real issues. Corporates love woke – don’t have to stop wrecking stuff to be woke.

      • Brett culminates in Helen Pluckrose and the spokal affair + then the greivance studies affair with Peter Boghossian, James A. Lindsay

        To understand those three things puts absolutely everything into perspective.

        Robyn DiAngelo is also much better percieved.

        Its a manifestation of the genetic evolutionary group dynamic forces which gave us religion.

      • I'll have anotherMEMBER

        The one he does with Eric about his grad student discovery around genetically altered lab mice that was trashed by a more senior academic who went on to steal his idea and make major predictions on disease and eventually win a Nobel medical prize is one of the best discussions I’ve ever listened to.

  4. ErmingtonPlumbingMEMBER

    Home affordability in the parts of the US where there is work is just as bad as here it seems.
    Now that Working class Political representation has been completely erased across the globe, it’s the turn of the middle class to Bend over and take it up the ar$e like a man as well.


    • boomengineeringMEMBER

      Ermo up at 3.54am.
      Too polluted by rainwater for the predawn so go to bed instead Ermo.
      But if you had your new bike, that’s another story.
      btw please be careful on those MB tracks.

      • pfh007.comMEMBER

        He should be fine on the river circuit. Drive down to Rydalmere wharf then down to Meadow Bank along the river path, across the old railway bridge, along through the water through Rhodes then back along the river to Silverwater bridge and then back up the river to Parramatta Park a couple of laps then back again.

        A few road crossing but the rest of the length on paths.

    • Ermo I had the opportunity to work in several global cities a few years ago. All of them had housing affordability issues and high rents, Tokyo, London, San Francisco, Sydney, Dublin, New York etc..

      I knew senior engineers in big tech companies in the Bay Area earning $300k+ P/year who could not afford housing in many parts of San Francisco, the parts you could were not suitable for a family..or too small etc.. it just struck me as utter madness. Here were some of the best and brightest minds, yet they couldn’t own a home.

      It’s part of the reason I bought a home, because I could and because I counted my blessings I was able to. I really feel sorry for people stuck renting their entire lives.

  5. Here are the taxes you pay in Poland:
    23% GST
    20% employer payroll tax
    22% employee payroll tax
    18% income tax on remaining income under $31,000, 32% thereafter

    What has resulted is a completely distorted and inefficient economy where small businesses (where the owner and key employees are all basically paid cash) never expand because they would have to formally register all their employment income instead of using various self employment tax loopholes.

    Where does the money go anyway if you do pay it? To the pensions of baby boomers (who worked for communist dollars before but now get paid fully exchangeable currency in their retirement), to maintain totally inefficient and destructive coal mining and coal power (unionised), and to keep alive inefficient old bureaucracies that have barely modernised since the end of communism.

    Then you have a populace who is rightfully terrified of their country (which has suffered invasion from multiple foreign powers) being again invaded by musl!m migrants brought in by the EU, and so vote for corrupt and ineffective right-wing authoritarian parties who promise protection from the EU but casually loot the country meanwhile.

    The amount of cultural propaganda being thrown at Polish people is also insane. Any western-connected news outlet or social media group is pushing a heavy pro-LGTB woke message.

    The only saving grace are the hordes of beautiful and hard working young Belarusians and Ukrainians that are flooding into the country from the East.

    • migtronixMEMBER

      Diary of a progressive Pole.

      No wonder everyone in the EU loves it when you guys turn up…

    • Other than the right wing populist nuisance you mentioned it sounds like the socialist paradise a few regular commenters MB desire for Australia. I guess in Poland they don’t have endless internet squawking about all the nasty neoliberals that ruined the world at least.

    • reusachtigeMEMBER

      Sounds like an anti-woke paradise to me. I’m sure I’d still make profits on housing there. Sounds great!

    • Rorke's DriftMEMBER

      Hoards of young and beautiful foreigners coming in would seem to make tax policies bearable anywhere, unless they are so oppressive you cant afford the girls!
      I thought the speech that Trump made there, maybe two years ago?, was hugely impressive and opened my eyes to Poland as being one of the leading countries of Europe, holding the line against the progressives and fighting for your national identity and soul. Made me want to visit there one day. You should be proud to be Polish at this point in history.

  6. migtronixMEMBER

    I can’t even:

    “Pres. Trump is fighting for YOU! Here are some of his priorities for a 2nd term:

    *Establish Permanent Manned Presence on The Moon
    *Send the 1st Manned Mission to Mars
    *Build World’s Greatest Infrastructure System
    *Establish National High-Speed Wireless Internet Network”


    World’s Greatest Infrastructure System – whatever that means – on the moon?

    • Sounds like the Fed printer is going to be pretty busy. No wonder they’re talking ‘digital’ these days – only takes a few seconds for a monkey add the necessary zeroes.

      • migtronixMEMBER

        Trump is the last gasp of the obnoxious boomer – literally trying to bring back the cold war and the space race…

        • The US ’empire’ is on its last legs. When the answer to everything is to print money and throw a few crumbs to the peasants to shut them up, you know the end can’t be far away. Dog knows what fills the vacuum but let’s hope not Chyna.

        • In the future mig you will look back at this time and wish you paid more attention with an objective eye. Unfortunately for the time being you will have you view and try to squeeze everything into it.

      • Do you think you’ll be able to see the money printer glowing red from Mars or the Moon? Maybe that’s why he wants to go?

    • ‘Greatest Infrastructure System ‘ is to implement FDR plans for the Missouri Basin. Space plan is to put man back on the moon in 2024 and then have a base on the moon’s south pole in 2028.

    • How come you dislike Trump so much? Isn’t his COVID response the textbook libertarian response?

  7. SupperannuationMEMBER

    This may be a complicated question but will China decoupling be inflationary and if so will it be deemed necessary?

    • Not complicated at all: any break down of supply chains is inherently inflationary …

      … but the main inflation problem won’t come from China’s withdrawal from global supply chains – as always it will come from the money quantity in circulation.

  8. That guardian article is awful. Why are their journalists so obsessed with genitalia and skin color?

    It is a shame because sometimes they have great reporting.

    • New journos off the graduate trainee scheme – fresh and woke after a stint at Uni.

      The Guardian is a loss-making paper, so gotta hire cheap.

  9. Arthur Schopenhauer

    Ghost City. The new Victorian Planning policies:

    The government said projects meeting specific criteria including positive short to medium-term economic impacts; investment certainty; jobs creation; and their contribution to broader social objectives like affordable housing and emissions reduction would get the green light.

    Shorttermistan. They got nothing.


    • These days you get away with anything if you provide one of several valid justifications:

      1) Its for the children
      2) Its to stimulate the economy
      3) Black lives matter

  10. In my small trendy town, houses are selling faster and dearer (by far, on both counts) than I have seen in the last 10 years. Common for houses to go “under offer” within days of listing, whereas the norm here is months.

    The bubble is definitely reaching new heights in rural Australia. Looks like all you have to do is lower interest rates and stir, and voila!

    • What area is this small trendy town? I have noticed similar in the town I’m looking to buy near Bairnsdale. One house, I rang the agent the day after it was listed and was told they received 3 offers on the first day and it was under contract before close of business. Hard to compete with that when I can’t even leave Melbourne to do an inspection. Given up for now until travel restrictions are lifted.

      • What area is this small trendy town?

        Doesn’t matter, it’s happening in all nice rural towns near major cities, all over Australia. Things have never been more insane than they are right now.

      • All reversed when they have to go back to the office most days.

        Anyone thinking this is the new normal doesn’t understand how our country works now that elites run everything.

        I kid you not, I’ve heard people say..”i can make it si i don’t have to go in at all “…

        Not a lot of thought put into that.

          • I’m personally looking forward to it falling apart.

            Sydney’s rich vote for big Australia pump their house prices, then move to regional areas with buckets of money and start wrecking our regions too.

            I hope they lose the whole lot.

          • Pervert Rehan Baig, 37, was jailed for three years this week after killing the poultry during intercourse with several white and brown chickens.


            👏🏿 SAY 👏🏿 THEIR 👏🏿 NAME 👏🏿

            #Yolko Ono
            #Sophia Lor-hen
            #Russell Crowe
            #Liam Hensworth
            #Roger Poultry
            #Sal Monella

            Also, aren’t we being a little judgemental to poor Rehan? Surely it’s a valid lifestyle choice to kill chickens while fvcking them. Especially if they were not wearing the veil, they were pretty much asking for it. And especially the white chickens.

          • I’d like to live in a wigwam
            Yes I’d like to live in a wigwam
            I’d like to live in a wigwam and
            Dance round the totem pole

            I’d like to live in an igloo
            Yes, I’d like to live in an igloo
            I’d like to live in an igloo and
            Fish from an ice hole

            I’d like to ride on a caravan
            I’d like to take a ride on a caravan
            Yes, I’d like to ride on a caravan and
            Sing with the gypsies

            I’d like to live on a commune
            Yes, I’d like to live on a commune
            I’d like to live on a commune and
            People can call me a hippie

            I don’t want to live in a palace
            No, I don’t want to live in no palace
            Oh I don’t want to live in no palace
            There’s too many empty rooms

            I don’t want to live in a barracks
            I don’t want to live in a barracks
            Oh I don’t want to live in a barracks
            And wake up to the bugle tune

            I’d just like to live in a tree hut
            Yes, I’d like to live in a tree hut
            Yes, I’d like to live in a tree hut and
            Listen to the sound of the birds

            I don’t want to live in a jailhouse
            Don’t want to bide my time in no jailhouse
            No I don’t want to live in no jailhouse and
            Be fed bread through the bars

            I’m glad I’m alive am I
            I’m glad I’m alive am I
            I’m glad I’m alive
            I’m glad I’m alive
            I’m glad I’m alive am I
            We gotta get our heads up in the sky
            We gotta get our heads up in the sky
            We gotta get our heads up
            Gotta give it time
            We gotta get our heads up in the sky
            Gotta get to heaven get a guide
            We gotta get to heaven get a guide
            We gotta have a guide
            We gotta get to heaven get a guide


          If you don’t have to go in at all, neither does the nice chap/lady in the Philippines who is 90% cheaper and 50% better at English!

      • Yeah i noticed Bairnsdale going off recently. I’m waiting till next year before looking seriously at buying some land to put a house on. I think this is the time of ‘ stupid’ and next year I’m more certain we’ll get the time of ‘desperate’ now that the budget has come out and Europe and the U.S. seem unable to contain the virus. I’m eagerly awaiting to see what happens in China this winter wrt the virus as will.

        I always got my best bargaining done in Asia when vendors were desperate (at markets)

        Patience. Desperate times are coming

    • Who needs migrants when zero rates will have the same effect?

      Just imagine the possibilities when cash rates reach -5%.

      The ship is departing – don’t be a looser and miss out.

        • Borrowing rates at -0.1% or 0.1%? It’s irrelevant at that point, IMO. As for negative savings rates, well, the authorities will have to shut bullion merchants and any outlets selling high value goods, as people will just run low cash balances in their bank accounts (maybe a $1,000 or so) while having the rest in PMs or financial assets like stonks. Then a black market will develop in gold and silver coins, prices will do a moon-shot, and so on ..

          The problem with having gold appreciate so sharply against fiat is that it’s a signal that there’s a problem with the currencies – but how do the authorities prevent that? You can make owning it illegal, you can do all that stuff, but black market prices will continue to shine bright light on the truth. Unfortunately the financially illiterate are going to get run over and be reliant on Gubmint handouts of increasingly worthless currency.

          Anyhoo, hopefully it doesn’t reach that point and the PTB make some sensible decisions before it all goes to sh#t.

      • Arthur Schopenhauer

        If it hits 0% prices could go to infinity! How rich would Australia be!?

        But as Niko says, they’ll stay positive for mortgages. So prices will only approach infinity at 0.1% interest.

        • Any level of idiocy is possible, which is why Reusa looks increasingly likely to be right. Boom times (for property) ahead.

          Poverty for the have nots.

          • Surely the drop in rental yields in IP and commercial hits home and that outweighs low interest rates? Come to think of it…. when you start the sentence saying “surely” you’ll end up being wrong


            Gonna be desperately hard to negative gear those interest repayments when you don’t have any..

      • You can still earn > 7% lending to Indonesia for 30 yrs. Or 10% to Pakistan.
        Plenty of yield out there.

        • There’s a reason you’re getting paid 7% and 10% to lend to these countries — the chances you’ll get your money back over the full term of the loan are slim. Besides, real inflation will be eating a good portion of that yield

      • Only if the politicians and policy makers are really stupid will they allow deeply negative interest rates on savings (say less than -0.25%). Cash will be taken out of accounts, gold and silver will be bid up and if they ban both, expect political chaos. Also the “savers” will stop all discretionary spending. The law of unintended consequences will mean that such policy will be a disaster.

        It is fairly well established in economics that beyond a certain point the lower the central bank interest rate is the worse the economy is doing… remember Joe Hockey stating that interest rates were too low under Labor. Politicians and central bankers seem to have forgotten this, and state that the opposite is true.

        • Part of the issue is that modern economic models are wedded to BS economic theory, which means that there is no practical lower bound to interest rates – you just keep lowering the farckers as needed. If this isn’t enough to sound the alarm bells that, actually, modern economic theory is essentially bogus then nothing will.

          Universities are meant to breed thinking people, but they breed sheep instead — and the economics departments of ALL our Unis are doing a brilliant job in that regard.

    • I’m in inland northern NSW and it’s the same here – agents have never seen anything like it.

      Wow, what on earth will happen when the JK and JS pulse fades (which I think it already is)?

      • Those properties will be relisted $200k above what they paid for it and won’t sell for months/years but nobody will want to drop prices because that would be giving it away and with all the free money at 0% interest holding costs will be low enough for them to not be forced to sell. Plus some may actually like a simpler rural life.

        • innocent bystander

          think your first point might be right.
          I am interested to see how they handle the upcoming bushfire season, no to mention the ones buying vacant blocks with no idea of the cost of building to BAL regs.

          • And the loneliness and the snakes … and the ‘oh, this is not all it’s cracked up to be.’

            And the: WTF have we done?! I believe more than half who make the move to rural utopia from the Big Smoke end up reversing the move, taking some financial losses along the way. The ability to WFH is just a factor that makes the move possible for more people but isn’t the determining factor as to whether it works or not.

    • innocent bystander

      pretty much everywhere.
      not just the cheap money tho it seems, asked a few escaping the inner cities and it seems covid scared em into thinking differently.
      how long this different thinking will last is anyone’s guess.

  11. …”Gladys Berejiklian’s documents approving of council grants were shredded by her office”…

    “Yeah but everyone makes mistakes in relationships….haven’t we all been with someone we shouldn’t have been?”….Channels 9, 7, 10, Fairfax, ABC, SBS, Morrison, LNP, every woman (except Jodi Mckay) , etc etc etc…….

      • I don’t often miss sht like that but that hadn’t occurred to me before a mate pointed it out to me yesterday.

        Politicians are horrible.

    • Mining BoganMEMBER

      Haven’t we all been in a relationship with a shredder that went bad? We can forgive her as long as she never speaks to the shredder again.

      • Haha. ….”gives her back the key, and we can all move on and let Gladys continue with the excellent job she’s been doing especially with blah blah blah”….

      • Yeah but that shredder’s a bit suss.

        It has been alleged (very unkindly) that it might have been doing some shredding for our esteemed Yartz Minister…….

        • “shredding”

          That is genuinely funny.

          As in, Daryl was doing quite a bit of shredding with the Premier.

          Surely there’s a clever meme in that.

          • Perhaps we can employ those Iranian students from back in 1979

            “After Iranian students seized the US embassy in Tehran in 1979, they spent years painstakingly reassembling the intelligence reports and operational accounts shredded by the CIA officers who were the last workers captured.”

        • She might have shredded it but guaranteed that she has an electronic copy somewhere in case needs leverage when she inevitably gets thrown under the bus.


    Working from home behind surge in house prices on Auckland outskirts – expert … Ripu Bhatia … Stuff NZ


    The popularity of working from home during the Covid-19 lockdown may be pushing home buyers to move to the outskirts of Auckland – seeing prices soar.

    Property values have skyrocketed across the region during the pandemic, but a closer look reveals gains in Karaka while falls in Browns Bay, Howick and Mount Eden.

    Economist Shamubeel Equab analyses the latest data from the Real Estate Institute of New Zealand (REINZ), and provides insight into the emergence of these trends. … read more via hyperlink above …
    Wanted: Bigger houses, to work from home … Colleen Hawkes … Stuff New Zealand


    Google News Search ‘Working From Home’

    • innocent bystander

      thanks for that. much appreciated, esp bookmarking the spot – no way was I going to trawl 1.5 hrs of North (one of the reasons I won’t watch him anymore).

      the thing is, his surveys have been running since 2002, and I am not sure he has ever been right?
      happy to be corrected.

      • My thoughts are that just like the uber bears, he probably never factored in the lengths the powers that be would take to prop up house prices. It’s all well and good to collect the data and look at it and go forecast what should happen from a logical view. The problem is it’s hard to forecast what we deem irrational government intervention or even worse irrational population sentiment. Maybe?

        • innocent bystander

          no maybe about it.
          for many years myself and others have remarked about analysing what scenarios might happen and not what should (acc to your ideology, whatever that may be) – MB have been particularly prone to this; well, I have come to the conclusion it is their niche, for whatever reason.

          • Yeah funnily enough I feel like I’ve gone through the stages of housing grief over the last decade. Denial, anger, depression and now acceptance lol
            People were saying the crash was here in March, just like they have for the last decade. Just because somebody wants a housing crash doesn’t mean it’s going to happen and their bias will skew their view. Personally I don’t know anymore!

      • Yes, just the point I was going to make.

        The woke media are beside themselves that the urgent flash memo from the Politburu to the Censoring Work Hall didn’t make it in time to alter the name of the school where this happened by removing the word ‘Islam’.

        Didn’t they learn from the last Melbourne ‘community’ outbreak media stir that the unwashed masses don’t need to know this information?

  13. Amazing how the left will froth at the mouth with MDS and the dirty digger, while nonchalently dismissing the power of Google, like Richard Holden has done in the Converstation article:


    Google has become the spear tip in the cultural war against what I’ll call the pre 1965 Western societies and it does so so subtly that most people will never become aware that not only are they being influenced, but that their whole perception of reality is being manipulated for them.

    When we turn to one organisation to answer our questions, we are only listening to THEIR answers, which contains the information that they choose for us and equally hides the information that they don’t want us to see. I myself have noticed the atrophying of balanced articles on ‘controversial’ topics being returned in the search results, that often involve returning the complete opposite of what you were questioning.

    Take ‘Black Violence’ after a summer of riots, looting and murders you might think this might not be a completely imaginary phenomenon. Yet if you were to do a query to try and avail yourself of some of the facts – say to try and confirm the simple fact that African Americans commit murders at nearly 10 times the per capita rate of the rest of the nation, and mainly killing each other, you instead get pointed to a whole heap of newspaper articles written by progressive wokesters that ‘Black on Black’ violence is mainly a right wing meme.

    The progressive left will say they are doing society a favour by suppressing hurtful factual information that match sterotypes based which they say are built around fallacy’s – but the reality is they’re just suppressing information that is inconvenient for their political and social beliefs.

    Google are involved in exactly the same sort of subtle social engineering of what we find and what we see politically, as this link that Maddz posted the other day on the latest Project Veritas expose.


    Of course for anyone with memory longer than a goldfish this hardly comes as a surprise….


    • Lol! “black violence” is hardly very descriptive of what you’re trying to achieve. Why not try “FBI crime figures by demographic past decade” and see what the evil Google says…

      Unlike you Google just doesn’t want you to be overtly racist.

        • What are the stats for African American incarceration vs the general pop? I know what Stewie would say, problem is it drops away to nothing with wealth and opportunity. African American College grads do not commit more homicides than any other college grad for instance.

          But hey well done re-enforcing casual racism buddy 👌

          • Actually you are factually incorrect Mig – males from higher income black african American households are still more likely to be arrested for committing a violent crime, like aggravated assault, robbery or murder, than lower income white males.

            This is an old study but it shows the clear difference by distribution of homicide by race and household income:

            White Median Family Income in 0 -10 percentile (poorest) 1966-75 was 8.4, 1976 – 85 was 5.5 and 1986-95 was 0.4
            Black Median Family Income in 90 percentile (ie top) 196-75 was 4.7, 1976 – 85 was 11.2 and 1986-95 was 10.0


            But this is what you would expect when you compare the homicide rate between poor black men vs poor white men, the ratio being so high at those income levels that you would expect some disparity to exist right through all the income ranges.

            Black Median Family Income in 0 -10 percentile (poorest) 1966-75 was 86.1, 1976 – 85 was 91.5 and 1986-95 was 117.0

            This income/race disparity is also found in other measurable social markers, eg race, income and SAT results.

      • Unlike yourself and Google I don’t see facts are being rac!st. I won’t deny that when pressed Google will eventually respond to the question you ask, but the effort in extracting the information is like pulling teeth.

        What I am saying is asking a generic or simple question, as a generic or simple observer would ask, and Google will always in the first instance provide the answer framed in politically correct woke ideology. This is a problem because Google and the information it provides us in answer to our uninformed questions shapes our reality and defines and sets limits to the extent that common views and knowledge are accessible or circulate within the community.

        Another problem, as you’ve just shown, in order to be able to search Google and ask the sort of questions that might explain ‘Black Violence’ you have to have an ability to phrase the question to draw out the response – this acts as a huge filter for 90% of the population in terms of the public’s chances of coming across factual information that may explain every day social issues, and instead 90% of the population will always get steered to the generic progressive google answer.

        In an ‘atheist’ secular based society, that lacks a specific cultural or religious core, eventually our societies moral framework will be guided by the answers that google gives to the otherwise unguided questions we ask – Do we want our moral framework to be set by a large Global corporation owned by Larry Page and Sergey Brin and their particular cultural proclivities? I think that is a question worth considering – because companies like Google, FB and Twitter are NOT neutral carriers of information, but editors and curators of the information and social narrative that we are allowed.

      • Wow – a great interview. Douglas Murray makes excellent points on Google, almost exactly my line of thinking – which is weird because I’ve never seen an interview of him before… maybe I’ve read some articles by him or something. Anyhow he is spot on.

        In that vein, on the black couple, white couple thing and what Google is trying to say when people dare search for those topics, like “white couples”, and google returns “a [email protected] mixed race couple with children” (Doug Murray’s words) because Google wants to punish you for being a bigot to think about such things – much harsher than I would have suggested, but it is very true.

        Try Googling; “Happy Asian Woman”, then “Happy Hispanic Woman” then “Happy White Woman” to see exactly the FU Google is saying to anyone who would dare search for such a topic.

        “Woke Capital” – it is real and it is evil.

      • For the same reason that 90% of the population will have trouble asking Google the right questions to draw an informed answer, 90% of the population will believe that whatever answers Google provides are boring and not important.
        It’s okay to yawn – you’re in good company.

      • Yup – Google is practically useless for anything that is slightly outside its version of the Woke Window.

        • Based on my understanding it’s their commercial imperative based on your activity

          Does this mean you’re actually super “e-lect”/woke, Stewie👀🕵🏻

    • aren’t conservatives supposed to be quiet? It seems ships have passed in the night.
      Stewing – this isn’t /b 4chan, [email protected], or any other banned wordhole to voice your lack of cognition.
      Be cool man, black people actually do read this guy, live without hate.

      • Facts are not hate – recognising higher levels of violence in black communities is not racist. Besides, the whole ‘Black Violence’ discussion above was just an example of how Google shapes public perceptions and was incidental to that point.

        That people reacted to that particular example and not the issue of Google’s manipulations of search results, is more a reflection of the neurosis of people who can’t discuss these subjects without being overwhelmed by guilt and feelings that they have been trained to feel, like so many of Pavlov’s dogs.

        The issue is how large social media companies, like Google, influence the information that is both available to the public, and the try to shape the ‘feelings’ the public will have about those facts.

    • Can someone explain how this occurs:

      Of $68.7mil claimed, “a total of $35.5 million was passed through to employees who were unable to work, leaving the remaining $33.2 million as a direct fillip to the business”

      • The $33.2m covers the $750 a week in wages of the staff who were going to keep working anyway.

        It’s akin to Costello’s idiotic baby bonus as a means to encourage an increase in the birth rate. It was paid to everyone who was going to have a baby anyway and there the incremental “benefit” had an astronomical costs.

        It’s good the the Libs are such good economic managers.

  14. Anecdata request time:

    With the wind down of JobKeeper and JobSeeker, are you seeing any differences already?

    It might be too soon to ask, or notice.

    I think (?) I’m seeing my local rural CBD slightly quieter, with associated cafes slightly quieter.

    As for work, as an engineering consultant, I’m still fairly busy, with good prospects; but, I do work with water, so it’s a bit insulated.

    What about others here in the MB community?

    • Travelling through Parramatta CBD for work again (last there 5 weeks back), various site visits for OHS stuff, lots of time to observe ‘vibe’ on the streets:
      – slightly more people out and about
      – a lot seemed more stressed
      – a generally ‘mean’ feel to it that was not there early COVID
      – a few more homeless on milk crates / begging than I recall
      – several places closed up for good
      – anything outside of the Westfield doing any kind of food service looks like this will be the death knell, I reckon 80% of the places outside the mall will be gone by new year
      – light rail doesn’t help but I guess it is the best time to be building the thing
      – even Chemist Warehouse is way less busy than I recall it from last year

      Logically a lot of this comes back to windback etc

    • Well a really expensive juice and salad bar just opened up at our local shops. $15 for a salad FFS.

      Can’t see them lasting more than 6 months.

    • Grabbed a coffee in the CBD of Lismore on Wednesday morning and it was unusually quiet. Noted by the cafe staff as well. Possibly an abnormally? I try to stay outta downtown Lismore.

      • Lismore CBD has ben very quiet for months, years even, going back to the 2017 April floods.
        The Clusterf#uck made by over officious , Southern based SES that did not allow business owners to get their stock to safety was a crippling blow from which the CBD has not recovered, and then along came Covid.

    • I’ve been flogging off anything not nailed down on Facebook marketplace and so far everything has sold quickly with minimal fuss either at asking price or with reasonable negotiation. Things I’ve sought to buy have frequently sold within minutes. There’s a premium price on big boys toys although I don’t expect it to last. I made almost $4k in one week on motorbikes and car parts.

      I’m going flat out to get the dollars while people are spending because I reckon things will be dead after Xmas in Vic.

      • Just finished a trip out to Mt Isa from Brisbane and then down from Townsville. Things were humming just about everywhere with (mainly) Queenslanders doing local holidays. Season out west extended 3 or 4 weeks because people everywhere. Plenty of southerners still here from before lockdown. Positive vibe for Annie and the closed borders, so can’t see the LNP getting in next week.

    • My part of Brisbane (Enoggera/Stafford) has seen a marked increase in weekend shopping. I see a lot of people buying luxury items and pointless fluff.

      Work is pretty busy, they were never on jobkeeper as never had a downturn and worked all the way through. Since I started it has been busy in patches but not as busy as it was in preceding months, all the workers are happy for the quiet times but it concerns me.

    • Grand Final Holiday Friday, one-ish in a regional Vic town of 15k, cafes/pubs open – could have fired a rifle down the pavement. Absolutely dead, unless everyone has shot through for the long weekend it was a ghost town – even the Coles carpark was only a 1/4 full.

      • ErmingtonPlumbingMEMBER

        I support and argue for a lower rate of immigration than the last 10 year average and
        I think a halving of that average is in order.
        If their was more like me in the party you could see the ALPs position change .
        It’s only those who turn up and participate that have any chance of enacting change.
        The ALP with the largest membership base of any political party here has only 55,000 members and I reckon close to half of them would support reductions to overall immigration whilst at the same time support modest increases in The refugee portion of our overall (lower) intake.
        Less than 10 or 20 thousand people could easily take over the party.
        I’m actually a little surprised that a certain foreign power haven’t already done so.
        If your someone who has voted for Labor in the past and would like to be able to again then you should up and make your demands as a member known..
        A rank and file democratic structure is there in the ALP and could be taken advantage of by a politically active citizenry.
        But generally people can’t be fked and the leadership and apparatchiks of the party don’t advertise the fact that such democratic control could be welded by an active rank and file,…that’s why they engage in almost Zero recruiting.
        That should be reason enough in itself to join.

        • Valid points for sure, wasn’t a personal shot at all mate. Khalil is also a self-interested tossbag who is pandering to his marginal Muslim population electorate in Coburgistan. Just saying that issue is done and dusted (we had an election on it, despite the LNP just moving the problem to planes instead of boats) and I don’t understand why Labor seem to want to continue with it.

          I’m a KAP voter usually mate, because in my view most of their policies are old school Labor ie what they should never have drifted from. Labor have to disavow China at least and ditch their apparent obsession with white-anting unions for me to be interested in voting for them again (disenfranchised Labor voter from years back).

        • Your certain foreign power will already have maps showing the percentage of the population friendly to their cause (by city or town)
          and those maps will be the guidelines for the funding by that foreign power into this nation.

          • ErmingtonPlumbingMEMBER

            The more politically active citizens we have within our political parties the harder it is for those parties to be corrupted by outside interests.
            Its a moral and patriotic duty for us all to be a member of the party We vote for

        • Say one actually joins, what level of commitment is required? What do you personally do as a member? Genuinely curious, because I have considered it before.

        • I like and respect you ermo but you are delusional if you think membership of the party gives you any influence on policy. Doners and other financial influence have long since sidelined members who are like gum stuck to the shoes of the elite.

    • He has a “basic” grasp on things he has read – but very little ability to analyse those ideas critically, place them in context or understand their implications.

      For example the analysis of demographics concludes China and Russia must act before the are no longer able to raise an army because everyone will be old – WTF ? No dude, there is an imbalance, everyone doesn’t spontaneously turn old.

      Moreover the concept of America is rich and China is poor – I stopped and checked the video thinking it was from 1990’s or something. China is now considered the worlds largest economy – was pretty shocked.

      And the gold of America having domination of world naval power – even though China now has a bigger navy – just less carriers – ummmm.

      And the worst part – the majority of world trade occurs between Europe and America in the Atlantic – what the actual ??? Or worse almost all world trade used to be done over land (inferring the spice route) wow – no. The Arabian Sea in particular and Bay of Bengal somewhat carried more trade several centuries ago in terms of voyages than we see today. The world was a seafaring traders far and above overland.

      The point being this person gleans lots and lots of disparate facts such as the Ethiopian – Egyptian stand off – and has incredibly poor analysis of what lies underneath.

      Turkey becoming a world super power, in his view, in the next few years – wow. Russia will turn it to glass and the EU will gasp in shock buying more gas from Moscow. Hands on cheeks in disdain…..

  15. I’m on the ground in Europe and young people are now completely dismissive of lockdown. The mask has come off, so to speak. The only way out here is going to be herd immunity.

    The big protests in Poland are to an extent about the abortion laws but also anti-lockdown anti-Government protests. I’m also seeing some fairly regular Polish chicks sharing memes with politicians drawn with knives stuck into their necks.

  16. Just fired off a preemptive high impact death stare at the senior member of an extended family of New Australians at ALDI.

    Now I know why the superpowers pursued a first strike option for so long during the cold war.

  17. Don’t get it either Brett. Always thought JobKeeper was a wage supplement that went directly to the employee. If a business is using it to top up profits then it would have been a false declaration if a company claims to have X number of employees but are only paying Y. Perhaps someone should put that question to Shifty from Marketing.

    • Rorke's DriftMEMBER

      JobKeeper was a subsidy to the business, not sure the recent changes to the scheme. If the employee salary is below the JK level then they got a top up, but otherwise if the employee is already paid above the JK level, the business kept it as it’s their subsidy for keeping their employees on during a period of reduced profits.

  18. Just writing up some notes on the economy and more importantly when to take all money off the table
    and it occurred to me that the economy has stalled.
    Now if Jack Absalom or the Leyland bros were about,they would be pouring the equivalent of boiling water over the intake manifold, but I was thinking for these modern times,would any of the farmers out there have a used can of
    Start you Bastard,we could send to Rainbow berg, cos it doesnt look like its gunna go.
    Its a long hike on foot, otherwise.

    Just thinking, if all the smart money is taken off the table
    that will shut the joint down. ???

    • Cracking analogy WW, but the cans of start you [email protected] were spent a decade ago. They’re onto 90kg cylinders of it now and when that fails they’ll be looking to plumb it directly in.

      • Good work, Now I see it as it is:
        We have a 40 series cruiser trayback
        with the tray loaded with 90kg bottles of SYB, directly plumbed in
        so there is no room in the back for carrying any cargo. Maybe the Kelpie could ride on top.(the drovers dog)
        Just room enough for the driver and 1 passenger.
        Neither of whom have paid for the SYB, yet.

    • Jack Absalom…that’s a name I haven’t heard mentioned for a while. A throw back to when we still had a country before all the perversion of the last 30 years.

      Here’s a video of Jack travelling the Birdsville Track in an Australian-built Sigma station wagon. No need for the unnecessary 4WD w#@kery that is common place today.


  19. Just rejoined the Shooters, Fishers & Farmers party. Suspect ill even volunteer a fair bit of time to them in the coming months. Nationals need to lose more seats.

    • Only good things can come from finding others to vote for outside LNP and Labor.

      Far better for the environment than Greens.

      What’s their immigration policy?

      Doing damage to LNP and or Labor is the only key to getting our country back.

    • +1

      They’re the key to breaking the LNP. Abandoned the bush back in the Fischer days so fk them.

      • I don’t really see why living in the bush/rural is a requirement to join them. I live in Sydney. The bush/rural is where our food and biodiversity comes from. You can still live in a city and join them.

    • Good on you Pauly.
      I grew up in Bribane under the Joh Bejelke-Pieterson dictatorship, have lived in a rural National controlled electorate for 40 years, one of the poorest in NSW. They do SFA for the people who live in their electorates except for their mates.
      The Nationals are basically a criminal organisation.

      • happy valleyMEMBER

        You would relate to FriendlyJordies 40 min video reflecting on his recent visit to Narrandera, NSW and the handiwork (not) there of the NP led by Pork Barilaro.

        • Always wondered why Narrandera doesn’t have a Maccas.
          Huge ice damage in those communities.

          • They don’t want people to stop. True story. Must be the only town with 3 major roads going though it and only 4000 people in it.

    • reusachtigeMEMBER

      Good on you! Right wing parties are the only way to vote. The Liberal Nationalist Party is my favourite!!

    • Nice work. A question if I may from an ‘insider’ – does the regenerative farming thing get any airplay with the party?

  20. in the comments section of news papers about the outbreak in northern suburbs of melbourne, some people asking to lockdown all those suburbs and prevent their movements related or not to the cluster.
    Amazing how people attudes.
    same people are refusing other states or country side Victoria decision to keep them away, but want to inflict the same on other suburbs
    when all what the leadership has is fear and lock them all and bad managemnet, no wonder that is emerging.
    bad leadership produces bad population. just look at the middle east or africa (and no not all of the people bad)
    seems dans mentality has seeped into the minds of some..Lock them All!! but never target the problem at its roots, and address the real issue…just lock everyone…

    • Ronin8317MEMBER

      So what’s the alternative.. let it rip? We could test everyone in the hot spot, but that would be ‘un-Australian’..

      • My comment more of the social/psychological level of
        acceptance of locking “others” guilty for the lack of better word or not.
        While dealing with the out break should be systematic door knocking, testing and advise of isolation if needed.

  21. Quite a few Euro politicians now telling their people that they have lost control of the virus and are giving up on contact tracing and you are on your own…..all those places that thought they missed it like Poland etc will feel the lash this time. It will get around to Africa one day as well……the virus marches to an inhuman drum.

    Finally starting to find out how it infects people without making them sick in the first week which makes stopping it that much harder…….Neuropilin-1 subversion


  22. visit 3 to my local shopping centre and empty again. Had to visit my Dr and the waiting area was empty again. My GP told me yesterday there was a stabbing at the centre. Couple of people withdrew some money from an ATM and someone stabbed them in order to take their money.
    Always knew these parts will become the gethos when recession comes.

  23. Hot off the presses


    Sudden Cardiac Arrest in a Patient With Myxedema Coma and COVID-19

    This is quite worrying.

    While treatment with intravenous hydrocortisone and levothyroxine were begun the patient developed a junctional escape rhythm. Eight minutes later, the patient became pulseless and was eventually resuscitated. Echocardiogram following the arrest showed evidence of right heart dysfunction. She died 2 days later of multiorgan failure

    Why wasn’t this mentioned during yesterday’s Presidential debate?

  24. Just spent all day putting rows into columns in SQL. You can do it when there are limited/known categories.

    Temp table with holes, select into to populate.

    Bob’s yer uncle!

  25. Any Mexicans care to put some context into the impending seagulls-on-chip cavalcade?

    Is one team a ragtag bunch of plucky underdogs up against a bunch of coke sniffing silvertails?

    • Display NameMEMBER

      If assimilation is the aim. If they are genuine refugees not economic opportunists. If we can have a sensible discussion on numbers that are really feasible. Then maybe ok. But this is not what would happen.

      • https://www.worlddata.info/iq-by-country.php

        Fundamental genetic issues limit intelligence and limit assimilation potential.

        Refugees welcome as long as we score them at above 100 IQ first. Women and children only too, just like the Titanic. The men can stay home and fight against whatever evil they are fleeing.

    • Display NameMEMBER

      And Labour are bad? LNP just marches migrants by the 10s of thousands through the font door.

      Peta Credlin was on the Bolt report last year where she suggested that during the Expenditure review Committee, a small group of ministers decide on the bottom line growth figure they want to appear on the budget and ramp up the immigration rate accordingly.

      • They are both bad, but without Labor’s betrayal of their voter base, LNP couldn’t run high immigration.

  26. innocent bystander

    oh, this is a 1st (at least in my neck of the woods).
    a Perth rental property just popped up with a Offer From $370 per week

    the free market and low vacancy rate intersect…
    I have see rental gazumping before but not actively encouraged by the enablers.

    • The Traveling Wilbur

      That’s illegal in every state and country I’ve lived in. I assume WA is no different.

  27. Arthur Schopenhauer

    Went for a walk in Yarra Valley this afternoon. How good is 25km!

    Passed a grey looking mid-twenties couple who both had continuous hacking dry coughs. Masks were around their necks. Fortunately they were 10 meters down wind, on a windy day.

    Things that make you go hmmm. 🤔

    • TailorTrashMEMBER

      In recent weeks noticed quite a few mask wearers who have the masks over their mouths but leave their noses
      uncovered……….mouth breathers obviously

      • Mining BoganMEMBER

        That’s 75% of my workplace. The whole area actually. I’m surprised the numbers in Melbourne ever came down.

  28. SnappedUpSavvyMEMBER

    Virus now out of control in Europe, India, North America, South America etc will result in a debt jubilee of some kind …. 18 months ? Gold and bitcoin 🙃

  29. Full blown spruikfest on domain nine news tonight in Melbourne. “More than double the auction sales from last year”
    Last year there was a Grand Final on in Melbourne during the day…

  30. reusachtigeMEMBER

    Auctions going nuts all over Sydney today. 10-20% above expectations. We really have the best managed economy in the world, easily. Boom times ahead, that is for sure, unless you’re too busy looking down at tea leaves while the sun burns your rectum. LOLOLOL!!!

  31. The Traveling Wilbur

    Penfolds. Shiraz.

    Hope you’re all happy now. Chuvnts.
    At least there was coke on special.

  32. reusachtigeMEMBER

    Hey why aren’t the Brisbane Lions playing in that aerial ping pong final? All a bit weirder than usual.

    • The Traveling Wilbur

      Yet more accidental simultaneous agreement. Would be so much easier for everyone if they gave both teams a ball.

      I remember this time when I was in Hanoi and

    • Sir Angus if you don’t mind. This is the problem when you knight these clowns. Every board wants them as a director for the status. They have no idea what they are doing. They monetise the title. Similar to those who have a public profile. Crown board is an example where it has not gone well.