New Years Eve Links 31 December 2020

 

Macro & Markets

Americas

Asia

 Europe and Middle East

Terra Specufestorus

…and furthermore…

 

Latest posts by Chris Becker (see all)

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        • happy valleyMEMBER

          Thank goodness we have the best-ever (just ask them) gubmints (LNP, of course) running Straya and NSW? Anyway, this whole thing is all Labor’s fault, isn’t it?

    • Pauly 📡MEMBER

      Some interesting dynamics with cancelling a new year’s party and then having to pick your favorites to invite around.

    • reusachtigeMEMBER

      The sickness is coming for ya bloke! There’s nowhere to hide. It’s just a matter of time.

    • What is fantastic is the lack of coverage that the gold, sorry I mean diamond standard contact tracing still can’t seem to establish the quarantine leak and the linking persons. Funny how there hasn’t been any major headlines about that….

      • The rumours of the Avalon couple at the beginning are still simmering. Gladys is doing a China play by lying big early ( about the patients zero) and during the fog of pandemic, will ride it out like she did Dazza, the shredding, pork barrelling etc

    • Yeah get this. We had to relocate new years to our place because they said 5 visitors and with 4 people in our household, we would be the best to host it as the 4 wouldnt be counted as visitors. Same 9 people..
      Fml. Been cleaning since the announcement.

  1. Stewie GriffinMEMBER

    U.S. DEPARTMENT OF THE TREASURY

    Depending on its design and other factors, a stablecoin may constitute a security, commodity, or derivative subject to the U.S. federal securities, commodity, and/or derivatives laws. If so, the federal securities laws, and/or the Commodity Exchange Act (“CEA”), would govern the stablecoin itself, transactions in, and/or participants involved in the stablecoin arrangement.

    https://home.treasury.gov/system/files/136/PWG-Stablecoin-Statement-12-23-2020-CLEAN.pdf

    • Stewie GriffinMEMBER

      Coming soon to blockchain based businesses:

      The assumption that organisations do not need to pay tax is made in error. The reason is straightforward: some organisations will always comply and pay their fair amount of tax. They will not seek to unfairly gain a competitive advantage by cheating. As a result, the tax authority will always be able to match the incoming transactions and the outgoing transactions for each of the businesses in a country. Any transactions that do not match will eventually be caught. In other words, a single compliant organisation will be able to unravel an entire criminal economy that tries to avoid its obligations.

      Economics in terms of say having a cloud based accounting system stored on the blockchain, which has an infantismal cost per record or transaction, will drive activity onto the blockchain. The powerful ability to data match on the blockchain and ensure tax and regulatory compliance, will guarantee that Govts support the legitimate use of blockchains.

      Public blockchains are private, but not anonymous. Once an identity has been tied to or associated with an address, it effectively illuminates a whole swath of economic activity:

      When you put money in and take money out of an exchange, it must be attributed to an identified individual. Under the European provisions detailed in the Fifth Money Laundering Directive (5MLD) [1], custodian wallet providers are required to engage in anti-money laundering activities for all but small casual amounts of money that are transferred. Every exchange is a custodian wallet provider. There are no exceptions to the rule. Exchanges hold your money under a custodial arrangement. Consequently, when the regulations come into full effect, in January 2021, it will be necessary for all exchanges and custodial wallets, for exchanges within the United Kingdom and Europe of more than €150, to report customer identity information.

      I won’t bother cutting out more quotes and boring those not interested in the tech, but if you are the rest of the article was well worth a read.

      https://craigwright.net/blog/law-regulation/bitcoin-and-tax/

      The only aspect not touched on in the article is the impact of the Common Reporting Standard (CRS). This is the global AML initiative that requires virtually all organisations that handle or hold money on behalf of investors, depositors, etc, who are not residents of that country, to provide a list to to their local tax authority, eg ATO (or in the case of the US and its equivalent under FACTA the IRS). This list is then exchanged with the tax authorities of the foreign nations of those respective depositors, investors, etc.

      This is the mechanism by which the ATO is about to get vast treasure troves of offshore data to data-match against local Australian tax payers.

      • GunnamattaMEMBER

        I am OK with all that. Even if I wasnt (and I agree it brings some concerns) it is the way things are heading, so I figure lets use that data to embed some accountability. All the more reason why every last business, and all people (including politicians and public identities) should be reporting revenues outlays and taxes paid in pretty close to real time.

        Somewhere near this is where it all ends up, recreating everyones underlying financial structure from available data

        EXERICA | Financial statement data at unimaginable speed and scope
        https://www.youtube.com/watch?v=ATlup3b00GA&feature=emb_logo

        Could get confronting for some…..

        • Stewie GriffinMEMBER

          Interesting link on Exerica – Big data meets AI. If the tools to analyze big data sets is advancing so rapidly to the point where AI can construct standard pro-forma accounts from data dumps of any organisation, it really isn’t hard to see the same technology being applied in other areas, like transaction mapping and tax monitoring.

          I don’t have a problem with the regulators legitimising the blockchain space – the fact that this is a new technology doesn’t mean existing legal principals don’t apply. I’ve made damn sure I’ve been compliant and paid my taxes. As CSW wrote in another article, there is no need for a specialised “Law of the Horse” in regards to the legal framework around commerce involving horses, or cows or any other such thing. Broad legal principals exist that cover all these contingencies, things like tax obligations arising on the buying and selling of an asset don’t go away simply because it is a “crypto asset”. Ditto if you think you can hide your activity forever, many eyes are coming to the chain and those transactions will be there forever.

          But back to big data and stuff like Exerica, the IMF recently put out an article on big data and how they are looking at systems that will change the way that it is controlled:

          The world needs a new system of governance for the buying and selling of data
          Data is the key to unlocking the potential of the fourth Industrial Revolution. It fuels AI, precision medicine, robotics, and the Internet of Things. How we use data and how we safeguard it will determine the ultimate success or failure of the revolution. But there are fundamental questions that need to be answered to move forward: Who owns data? What can you do with it? Who derives the economic benefits?

          https://www.imf.org/external/pubs/ft/fandd/2020/12/shaping-a-data-economy-wef-sonmez.htm

          IMHO the best current means of achieving the dual mandate of pricing data down to the byte and ensuring data integrity and ownership is through blockchain technology.

      • Interesting stuff Stewie, but no real surprise if listening to those in the financial sector who deal with this stuff day to day.

        Like Gunna I don’t have problems when used to monitor and regulate money flows between countries by corporates and those HNW individuals who can so easily scam national tax systems …. BUT, does anyone really think that is all that will happen?????

        There is a concerted push to get the sheeple to bypass cash in favour of electronic transactions. Consider the number of businesses that stopped receiving cash (with gov encouragement) under the guise of ‘health safety’ … the sub 45’s yrs seem particularly susceptible to this nonsense. No cash? then you are on the path to ultimate control by govs and their enablers.

        Be very worried people. Your world is being changed around you and we are sleep walking into a potentially very nasty dystopia….

        You’all have a happy New Year now…

        • Stewie GriffinMEMBER

          Theoretically the ability to monitor cash transactions has been with us for years, through serial numbers on Bank bills. The reality is that this monitoring or scrutiny has only generally been worthwhile when investigating major criminal syndicates or the odd RBA study of money moving through the economy. The difference this time though is that the cost barrier to carry out these investigations and data-matching exercises has fallen precipitously, to the point where if blockchain technology were actually adopted, it would be virtually non-existant.

          I don’t know if countries would ever go fully digital and completely do away with physical cash. I do know however that it has long been big Govt and economists wet dream in terms of complete control over the economy. I would like to think that we won’t go down that sort of monstrous path…. but for a monetarist client society that we’ve become, I think it is probably inevitable.

          • But if a country went full digital removed all cash could the cash economy not be replaced by a block chain off the network cash equivalent. So in the past Joe blogs did cash jobs and avoided tax. Now he carries a USB secure digital block chain wallet like Bitcoin that stores all his off the network income. Client uses thier digital wallet to transfer directly to Joe blogs digital wallet. The cash economy could continue off the network. But risk is when you transfer that money to your credit card or bank account to use it to purchase goods in retail. you would need a legit way to disguise that income you just put into your bank account.

  2. The virus will be everywhere come winter given we can’t stop it in summer.

    Gladys is a psychopath letting 24k into the SCG.

    Disgusting human being.

    • Ukraine fnMEMBER

      She learnt from the best SFM, remember how it was ok to go to the footy at the beginning of the year?

    • She’s almost as bad a Dan for letting a certain protest
      go ahead when Victoria was in the same position.

      • Ukraine fnMEMBER

        Agree @Col politics on both sides have not taken responsibility when needed and made very questionable decisions when under pressure. Gunna wrote in a post awhile back how the public service has “yes” types now and been gutted of experienced and vocal types that would question the politicians decisions, hence the rubbish situation with the fires rolling into covid that we find ourselves in now.
        All care no responsibility.

        • happy valleyMEMBER

          But remember – after the last federal election, SFM said words to the effect that bureaucrats are purely there to implement ministerial decisions and when you have such superb objective and impartial decision makers as among SFM’s lot, there’s no need for unbiased, sensible advice?

          Same goes for the gold standard ruby princess Gladys and her lot?

          • bureaucrats are purely there to implement ministerial decisions

            How can this be? Margarete Thatcher said that Yes Minister was an accurate portrayal of how government and the public service worked.

      • That’s because the right wing, the Liberal Party, know what they’re doing, they’ve said so themselves, to themselves, and all of us too. By intersecting a keen business sense with, viral dynamics, integrated into high tech, they’ve covered all bases, they have the all seeing eye.

        What we don’t know, is the left wing, or the Labor Party dimension to this. I don’t quite get it, but it will be their fault somehow. 2gb(og) and SkySpews, will better explain it.

    • ScoMos handbook for managing pandemics:
      Step 1, outsource border controls to Singapore
      Step 2, outsource international arrivals Biosecurity quarantine to states
      Step 3, offer ADF but have no plan on how to deploy them
      Step 4, urge everyone to go about their normal business and that everything is okay
      Step 5, take credit when Covid numbers are down, blame state when numbers rise
      Step 6, use financial and political means to undermine any Covid restrictions
      Step 7, secure vaccine and wait for TGA approval whilst other countries are already vaccinating when you could legislate an emergency pathway yourself.
      Step 8, make sure Sydney test goes ahead so you can have lunch at Kirribilli with the Aus cricket team and brag how tough a year it’s been but your leadership has steered the ship (Ruby Princess aside)

      • happy valleyMEMBER

        Sounds like he’s channelling The Donald but I guess ScoMo has just been awarded some US military (?) award by his mate for who know’s what?

      • lololol. Australian drug approval process is for the TGA to wait 4 wks after it’s been approved in places like the US, UK & EU, then approve it. They don’t actually do anything.

        • 100% agree, just wait for a CE or FDA then, they take a look at it ….Technically NZ can get the vaccine faster.

    • What I love about this virus is that it doesn’t care for any special priveledge granted to people or events. It just romps on through all the nice little class divides humans put in place because they feel they are above the rest of us.

      • Gavin, it does care about class; the classier ones get to hide away at the holiday homes, withdraw from work if need be (or wfh) while the lower class have to work, live in more densely pop areas and can’t wfh.

    • Yes this , and she had the nerve to suggest that it’s all Qld fault and to have both tests in NSW. This shows her true colours.

  3. Why are we waiting another 3 months to start vaccinations? Can no one in Australia co-ordinate Anything?

      • ErmingtonPlumbingMEMBER

        A friend of mine was made redundant just before Christmas. GlaxoSmithKline at Ermington has been closed down and Panadol will no longer be made in Australia.
        She and her husband have made a good living and raised a fine family working for almost 30 years in Sydneys Pharmaceutical industry.
        Similar opportunities will not be available to their childrens generation who have been totally betrayed by free trade agreements and our lack of tariffs.

        https://au.gsk.com/en-au/media/press-releases/2016/ermington-manufacturing/

        • Arthur Schopenhauer

          Facilitated by both the Liberal and the Labor Parties. Look at how the Labor party votes. You’d be surprised how little that union heritage affects their voting.

          Last time I looked there were only three Federal Parliamentarians with STEM degrees. One Engineer come farmer, and two doctors.

          It’s like importing a Plumber from Singapore every time a Plumber is needed.

        • EP,

          No opportunities my @rse. There’s lots of security jobs at shopping centres, baristas still in good demand and cleaners as well.
          They may have to work 3 or 4 jobs, 7 days pw, but that’ll teach them a SFM work ethic.

    • Apparently we don’t have an emergency pathway for approval for the TGA. Perhaps parliament should have an emergency sitting to amend the law during a pandemic for us to be able to fast track the vaccine. We could be having healthcare workers and the aged vaccinated right now which would be a smart thing to do if we want to protect ourselves leading into winter. It’s yet a ScoMo do nothingness approach here as well!

      • happy valleyMEMBER

        ScoMo is on hols which are sacrosanct for our ScoMo, plus you’d probably find a high lack of interest from other pollies to do anything?

        • Give me a break, Scumo has worked hard all year trying to subvert the states. “Don’t close the schools, don’t wfh, don’t close the borders, allow 10 x the spread before you react”, pass the quarantine requirements to the states and deny responsibility for aged care, and get all the credit!

          He deserves a break for all that hard work.

          • happy valleyMEMBER

            True – he must be exhausted from all the shafting and subterfuge on top of of his marketing “responsibilities”?

      • There is an emergency pathway. Here is the relevant section of the Therapeutic Goods Act
        18A Exemption because of emergency

        Minister’s power

        (1) The Minister may exempt from the operation of Division 2 of this Part:

        (a) specified therapeutic goods; or

        (b) therapeutic goods in a specified class.

        The exemption must be made in writing.

        (2) The Minister may exempt goods under subsection (1) only if the Minister is satisfied that, in the national interest:

        (a) the exemption should be made so that the goods may be stockpiled as quickly as possible in order to create a preparedness to deal with a potential threat to public health that may be caused by a possible future emergency; or

        (b) the exemption should be made so that the goods can be made available urgently in Australia in order to deal with an actual threat to public health caused by an emergency that has occurred.

        18A Exemption because of emergency

        • So saving Australian’s lives is clearly not in the national interest. How else can you conclude the lack of action?

  4. Playing Chicken with a Bug that’s even more sociopathic than themselves – Hubris! Playing with other people’s health & lives – Expendable! I don’t hold the hanky mate. $$Let it Flow$$, $$Let it Flow$$, $$Let it Flow$$.

      • That’s true, but look how that’s worked around the world.

        There’s a large slab of people who don’t care, but they’ll infect those who do care.

    • Given the standard of cricket so far, they’ll be lucky if 5 spectators turn up. Plus, how old is your average SCG member…surely 60-70, i.e. covid target market. They’ll stay away in droves.

      • Arthur Schopenhauer

        From my Extended Family Christmas experience, at least 50% of the Baby Boomers are so selfish and entitled they think Covid is a joke, and won’t touch them. The virus is really a conspiracy to stop them going on cruises 🚢 around the Croatian Coast.
        John Howard’s ‘stralians. Fkn he’ll.

    • innocent bystanderMEMBER

      I hear some ppl are relocating their wedding receptions and funeral wakes to the SCG?

  5. Arthur Schopenhauer

    What’s with the constant stream of Federal Government sponsored charity advertising on regional TV? Angel Flights, Swimming Pool Safety, Asthma, Being s Decent Dad, PTSD Vets & Police, etc, etc.

    These commercials make up all prime time add breaks. And curiously, no CFA Fire safety adds. Not an Irrigation Pump, Ute or Tractor add to be seen.

    Smells like the work of a marketing genius. Anybody know what’s going on? Yet another Rum Corp Rort?

    • Ukraine fnMEMBER

      No paying adds so they fill it up with the community service adds. It was only a couple of years ago that they took off the RSPCA add with the wombat (amongst other animals) with bandages on them running across the screen and that add was made in the mid 1980’s !

        • Ukraine fnMEMBER

          Probably not paying a brass razo for the slots and the stations use them because its better than having no adds at all and the programs need to fill the time slot eg program runs for 20min adds 10min 1/2 hour time slot filled !

    • GunnamattaMEMBER

      The Federal government is spending like billyo to support demand. But they are also spending it in accordance with their ideological imperatives…..

      If you are ’employed’ – [ie have a contract ‘of’ service] – then you will get sweet FA
      If you are contracted [ie a contract ‘for’ service] in any way – from the guys working on building sites as subbies, through all the ‘professional’ lawyers, doctors, and specialists of any type, anyone ‘working’ for themselves, and all the way through to large corporates, and their executives [mainly on contracts] – then there are endless buckets of government funded slops to be head down and gulping from.

      But I am still of the view that at some point the Iron ore price comes off, and there will be some sort of need to return to some sort of solvency regime, and there will be those who baulk at the idea if MMT and handing over so much debt to future generations, and then all that spending will come off, and some of those ‘contracts’ will be found wanting.

      Its all about getting future generations on the hook OK, but they want them on the hook as expendable (for any reason) equivalents of chattels, not as employees. Thats where this spendathon is nudging us as a society. Our government is actually waging a war on permanent employment – where the employees have leave entitlements, superannuation entitlements, duty of care obligations, and rights to be accorded ‘due process’ for any form of decisionmaking affecting the ’employment’ relationship – to favor a world where all forms of employment are expendable without any basis needing to be established, for anyone, other than that the contracting party has decided to expend.

      • Sometimes we all need to go exercise hard then sit down and have a deep breath.
        Have you ever started a business gunna. Its hard and stressful and not risk free. And yes if you are successful there are great rewards to be had.

        • Its hard and stressful and not risk free. And yes if you are successful there are great rewards to be had.

          The vast majority of businesses in Australia are not startups. Even if they are startups the question then becomes one of their financial viability. At this very moment they have an operating environment where.

          1. Australians are about the most expensive in the world.
          2. Australian land costs are about the most expensive in the world.
          3 Australian energy costs are about the most expensive in the world.

          That adds up to almost no Australian business being viable on a global basis (some miners and farmers excepted), and to a world where those risk taking startups are only viable inside the bubble that is the current Australian economy. As i dare say nobody here needs to be informed that bubble has been kept inflated by

          A. Commonwealth and State proceeds from mining and agriculture revenues redistributed throughout the broader economy.
          B. A generation long drive to promulgate debt and stuff it into the orifices of as many Australians and Australian entities as possible.
          C. A population ponzi focussed on providing as many new orifices as possible into which to shove debt.

          The risk taking to which you refer is essentially driving no better economic benefit for Australia than the countless Australians who happen to have a mortgage, and buy groceries.

          That ‘risk taking’ by business (big and small) has overtly taken the form for many observers in contemporary Australia of:-

          – Outright fraud for contracted parties (suppliers and service providers)
          – Tax avoidance
          – Outright fraud for employees vis actual rates of remuneration, superannuation and leave entitlements.

          If this is the ‘payoff’ or economic dividend for the people of Australia – and recent data from the RBA and Australia Institute inter alia suggests that it is quite pervasive – then the next question arising is one of ‘does this represent an effective bang for buck vis the deployment of national assets as far as the majority of Australians are concerned? And ‘What are the upsides and risks of this approach for Australians? (Overall, and at a range of levels within Australian society)

          At the level of national government – particularly this ScoMo government – the ideological imperative is about increasing the precariousness for the many, who are taking every bit as much economic drive for the national economy as all the ‘risk takers’ – speculating, tax avoiding and defrauding away in a futile quest for economic viability they are comfortable with at a personal level (and one could observe it can be lucrative for them personally in some/many circumstance but that in the absence of economic viability this can only be achieved at the cost of other factors of production bearing the ‘cost’ of the underlying and inherent uncompetitive nature of the ‘business’

          All that ‘hard and stressful’ is fundamentally (in the overwhelming majority of cases) ultimately about ripping someone somewhere off. First cab off that rank is usually the taxpayer, but over the course of a generation it has also increasingly been people sold, coerced, inveigled, or bullied into investing their lives into an honest days effort, when that effort does sweet FA for them or the overall economy.

          • Although I’m sure your right with some businesses and industries, that’s not the world I live in. My world is working 12 to 14 hours at day trying my best to improve my business and the lives of my employees ( even while they take the piss by using ever sick day and short cut they can). And yes during this covid crisis there has been some proping up from the government. However if I’m not on my game and a couple of things go against me my businesses will be bankrupt in a year and all I have worked for is gone.
            This is the real world for most business owners and if you could stop the resentment and cast away the green eyes monster you might be able to see things from a different angle. I mean this, I really think your view dont align with reality in the majority of cases.

          • My experience s align with yours Gunna.
            In the last ten to fifteen years in my field , architect, certainly since the GFC, there has been a marked change. I believe there was a hell of a lot more integrity and value of knowledge before. This extends to the all my dealings with professional s and authorities. I would suggest that a lot of firms are not truely financially viable. Poaching clients , undercutting fees and resourcing work to people who are inadequate ly trained or basically just cheap. This puts strain on the effective delivery of service being charged. And this race to the bottom then extends to the greater field where fees are not sufficient to do the work.

            Whenever I see the praise on small businesses I am critical, and this come from someone who actually creates things, these businesses aren’t creating anything they reducing the value of things. Not the cost.

            I guess it’s the whole capital over Labor thingy. And the inevitable race to the bottom in terms of the value of everything except capital

        • “there will be those who baulk at the idea if MMT and handing over so much debt to future generations, and then all that spending will come off”

          Mate don’t ascribe things to MMT that are patently wrong, you projecting your own personal ideological beliefs on MMT is not a statement of fact. MMT is politically/ideological neutral and only describes how the fiat system works both in the currant paradigm and those of the past, thousands of years between hard money systems.

          MMT does not hand debt onto future generations because the future does not pay back the past with stuff or are you suggesting that the deceased take material offerings to settle a contractual obligation post morte and then the contract is satisfied.

          Aside I feel for your currant issues with family and hope that can be remedied sooner than later … at least its not WWIII level stuff.

      • The war on work entitlements has been going on for 20 yrs. The LNP wants to turn us into a country of self-employed.

        Society is a wheel, and the wheel is rotating us back to a prettier version of the 1800s.

          • BarratuesdaiMEMBER

            We’ll have an early election the date will be based on the best possible marketing opportunities for the current government.
            Post Election-
            1. ALP win- “everythings fuked, terrible LIb/Nats letting the virus run wild… Immigration is our saviour… cashless welfare card/ CBDC all round”.
            2. Lib/Nat win- “everythings fuked, terrible opposition and state ALP, letting the virus run wild… Immigration is our saviour… cashless welfare card/ CBDC”

  6. reusachtigeMEMBER

    The hot chick from Gilligan’s Island just died of the China virus. Shows it can get you anywhere.

      • Arthur Schopenhauer

        Bloke! Merry Christmas & Happy New Year! 🥳 May the Relations Parties be many, the flag poles be rigid and the bloking be more bloke than Maxie Walker, Merv Hughes & Dennis Lillie, combined.

  7. Totes BeWokeMEMBER

    Victoria’s dumb growth economy report.

    https://www.heraldsun.com.au/news/victoria/report-says-victoria-must-switch-from-dumb-growth-economy-and-restore-manufacturing-base/news-story/aebb4c4ad307f427d01ab08033dd756b

    Access via @sustpopaus

    “Victoria was a “parasite” dependent on other states’ minerals exports, but the Andrews Government had shown no willingness to confront structural economic weaknesses”

    It’s time other states stopped Victoria and NSW. Vote Independent, wipe out federal Labor and it’s all possible.

    • Australia is a dumb country, we get told we don’t do manufacturing because our pop base is too small to compete (cars etc), yet in world terms we are in the following position on the league table for producing.

      Iron Ore: No 1,

      Gold: 2

      Coal: 4

      Nickel: 5

      Bauxite: 1

      Yet we don’t manufacture any earth moving / mining equipment. Caterpillar and Komatsu; US & Japan. What mining does Japan do?

      A dumb country.

      • Totes BeWokeMEMBER

        We’re able to be dumb while we have a low population, and we populate.

        When we’re 50m, we’ll be hit like a ton of bricks. Poverty will be off the scale.

  8. boomengineeringMEMBER

    Gavin in a few years
    Autocar
    The man who owns 400 cars
    Slide 1 of 52: Along with two more, plus more than 400 other classic cars and around 65 motorbikes. Buying whatever takes his fancy, Rodger has built up what he claims is the biggest car collection in the UK and one of the biggest in the world, and it’s not open to the public.
    When Rodger Dudding bought an almost-new Jensen FF back in 1968, little did he know that half a century later he would still own it.
    Along with two more, plus more than 400 other classic cars and around 65 motorbikes. Buying whatever takes his fancy, Rodger has built up what he claims is the biggest car collection in the UK and one of the biggest in the world, and it’s not open to the public

      • I think Michael Hudson made the point in one of his books that the tax rates were this high in the US to effectively tax away unearned income and economic rent.
        Edit: That is to say, you can be guaranteed that over a certain amount the income generated is unearned or economic rent.

      • Totes BeWokeMEMBER

        Hey Ermo, why didn’t Labor take that to the election? Along with dismantling trusts?

        Because they’re all smoke and mirrors elites, and couldn’t give 2Fks about the plebs.

        • Because the Coalition have bs’ed the public for so long about small government that for 50% of the population it is true. Also a significant proportion of that 50% profit from the rampant pork barrelling and corruption.

          • The reason why 50% of the population don’t want higher taxes is because the coalition like most conservative parties push the idea that small government and therefore lower taxation is better. And I’ve heard enough statements from people who you would classify as working class or poor (or even people on social security), to support this idea, so it is not just the rich. They will never vote Labor, unless Labor use the logic of people like Michael Hudson to point out why low taxes on the wealthy are a bad idea.
            The second point is about the more general question of why Labor struggles to win elections against the current mob, and not specifically about taxes.

          • The terms unearned income and economic rent need to become a common part of the vocabulary and understanding of most people for things to change. We should be bashing the conservatives over the head with these concepts.

          • Totes BeWokeMEMBER

            Of course, but why wouldn’t the party for greed and business do it they can? It’s up to the plebs party to oppose and maybe even be an alternative government.

            Read tapri above, it spells it out very well. If you skim you’ll find the good bits.

            This is all Labor’s fault. Everything wrong in Australia without exception is Labor’s fault for betraying Australia, Australians, the environment, and the working class.

          • The terms unearned income and economic rent need to become a common part of the vocabulary and understanding of most people for things to change. We should be bashing the conservatives over the head with these concepts.

            Unfortunately this would be a direct attack on not only elites, but the much larger Quiet Australian/Howard’s Battler demographic striving/dreaming to own enough rental properties so they don’t need to work.

            Hardly anyone is prepared to push the message, and those that do are labelled commies and – ironically enough – economic wreckers by the conservative dominated media narrative.

          • Totes BeWokeMEMBER

            Drsmithy

            There’s just not that many negative gearers. I was surprised reading a few months ago, was it 10%?

            “Hardly anyone is prepared to push the message”

            Labor did, and it’s not why they lost the election.

            Labor are dishonest, their election review didn’t include a number of issues that cost them.

            Here’s why they lost.

            https://tapri.org.au/wp-content/uploads/2020/10/Big-Australia-finalV6.pdf

            Australians would embrace taxing the rich but that’s not what Labor’s about. Lying elites feathering their own pockets at the expense of the plebs and Australia.

          • Unfortunately this would be a direct attack on not only elites, but the much larger Quiet Australian/Howard’s Battler demographic striving/dreaming to own enough rental properties so they don’t need to work.
            I thought the work ethic was paramount and making an unearned income in antithetical to that.

          • Dr Smithy. The implication of what you said is that people want to retire early. The fewer people working the less productive an economy is. And if the people not working are generating their income from non-productive assets, such as rental properties, the less people are employed in the economy and the higher the unemployment rate. You need to skewer them with their own hypocrisy, and then they will find it difficult to justify their position. Labor parliamentarians still get a spot on Insiders and QandA, so there are plenty of opportunities for them to do this.

          • There’s just not that many negative gearers. I was surprised reading a few months ago, was it 10%?

            It’s not about negative gearers, it’s about people who want to believe that someday, they might possibly have a chance to own an investment property.

            Labor did, and it’s not why they lost the election.

            No they didn’t.

            Australians would embrace taxing the rich but that’s not what Labor’s about.

            They won’t because they’ve been convinced that “rich” means people earning maybe $150k and up (which is where the media discussion always gets steered when the topic is brought up, precisely to produce this outcome).

            http://www.temporarilyembarrassedmillionaires.org/

            Heck, the propaganda has been so effective that you probably couldn’t even talk about putting in some additional tax brackets at $500k, $1m and $2m without the upper middle bogans going bananas.

          • I thought the work ethic was paramount and making an unearned income in antithetical to that.

            Pretty sure you’ll find they consider being a landlord as “work”, and they won’t take kindly to being told otherwise.

          • The Traveling Wilbur

            From first-hand knowledge sure you’ll find they consider being a landlord and having to pay a property management company to look after their property and tenant for them as “work”, and they won’t take kindly to being told otherwise.

          • Totes BeWokeMEMBER

            drsmithy

            All Labor’s fault. If they weren’t so distracted with 1000 irrelevant issues, they could tell the electorate we’re going to have a wealth tax at earnings xyz, no deductions, we’re going to dismantle trusts. Labor are full of sht.

          • Yes I was just wondering earlier about how many man-hours of work per week a $1M house generates compared to a $1M business that employs people.

          • Totes BeWokeMEMBER

            Drsmithy

            “Labor did, and it’s not why they lost the election.

            No they didn’t”

            They literally did.

            I will concede Australians have stopped listening to Labor so selling a narrative is difficult for them, but if the message is clear it can be sold.

            David

            $1m house returns about $25k before substantial expenses.

            $1m business provides someone a $200k plus wage I’d guess (including their labour).

          • And to reiterate your own words back at you Dr Smithy:
            striving/dreaming to own enough rental properties so they don’t need to work.
            😉

          • Yes Dr Smithy. This fits with the concept of the land of opportunity and that anyone can make it in the US. Also the prosperity gospel fits into this narrative as well.

    • Totes BeWokeMEMBER

      “The proposal would “facilitate entry of key individuals travelling internationally for the entertainment, film and sporting industries”

      We are rapidly becoming America in every way. Politicians should lose their jobs over this.

      Same article is in daily mail with scathing comments. DM is terrible in a lot of ways, but I now read it in preference to CorruptFax.

    • alwaysanonMEMBER

      To be fair she apparently had to hire 24/7 private security for the two weeks to ensure she stayed in there. I’d imagine that cost more than most Aussies could/would pay – at least 20k? And my guess is she stuck her show (Masked Singer?) with the bill or at least was able to write it off as an expense.

        • alwaysanonMEMBER

          Even at $17k – people are whining about paying the $3500 for the hotel quarantine as it is. There is no way that they could have offered that to your average punter with a straight face. This is one area where they can only really trust the rich to stump up the cash to do it properly – many are already paying ~$200k for their private jet charter from US/Europe to get home so the security cost isn’t the issue for them it would be to others…

          • Totes BeWokeMEMBER

            When rules can be bent or offered to favoured people, corruption and other undesirable BS follows.

            One rule for everyone. No exceptions.

      • Shades of MessinaMEMBER

        Yeah as long as she is following the rules and covering costs then I am not sure what the issue is.

        Means one more hotel quarantine room open for a returning citizen.

        Ridiculous that returning citizens from low risk countries can’t quarantine at home anyway.

  9. My prediction for 2021:Covid is a godly avatar that has taken shape to destroy the Australian property bubble. It will keep coming back in Melbourne and Sydney every few months until all local businesses are completely destroyed and the jobs gone forever. The banks will go bust as they have no one to lend to. The pacific peso will be like toilet tissue. There will be relentless floods and bush fires to add to the misery. Then slowly a new country will emerge that is built on hard work and honesty and will consume the bare minimum. Everyone will be toiling in the farms to earn their daily bread. Since the people will become more healthy, the hospitals will close own. Since working in the farms do not require a degree universities will close down. Since people have no money the shopping malls will go bust.

    • Sounds like a good idea, because you never know…

      At least this time I’ve got access to a couple of my project cars to fill in the time and a job (hopefully) to spend some money on my hobbies.

  10. I can’t decide which is worse – the fact that Australia now so shamelessly elevates celebrities above the hoi polloi as they’ve always done in the US or the fact that Australia is so bereft of talent that Danni Minogue qualifies as a celebrity.

    Sad.

  11. Just caught up with a neighbour that has bought an electric scooter for Christmas & 50th combined. MGawd it does 100kph & darn near jumps out from under him when he throttles on! He said it was scary, as he was going pretty much full tilt up my street passing cars & chucking intermittent wheelies, which it did easily……. all in shorts & a Tshirt…… It was inspiring for a minute or two till I realised those small tyres won’t like the potholes around here….. I’ll have to ask him about agility & stopping next time I see him.

    • Yeah it’s the small wheels I don’t like, maybe convert into like a tractor train – that’d be cool.

    • I’ve had one for a couple years now that does ~30km/hr on a level and maybe 10-15km uphill. I ride it back and forth to work <5km away when it isn't raining and I love it. On a bus it takes 30-45 min in peak hour and on this I can do it in less than 20 – and it is heaps more fun. I ride on the footpath or bike lanes (1/2 of the trip now has the bike lanes which is nice). When on the footpath I get off it and walk it around people when it is close and make sure I don't scare or hurt anyone – it is still soo much faster and nicer than the bus even with stopping to be considerate. And you can stop and hop off and then hop back on easily compared to something like a bike. I love it and won't go back…

          • boomengineeringMEMBER

            Gav,
            Just saw the 65 Mustang off.
            His mechanic thought it was full of bog but it was just rustproofing membrane that had melted a bit where the exhaust was.
            No rust, but, (and a big but) it looked like a previous owners home job of cutting the rust out & replacing of floor panels and a patch section of chassis. Cocky sht welds and folded over rusty edges. Told him it was a terrible restoration job but not that unsafe. No where near the original strength but even without rust, steel fatigues over that amount of time.
            He thought because it was pulling to the left and more when braking it may have collapsed a rusty section of the front end. Told him there were many reasons that could happen. Flatter left tyre , Wheel alignment. Previous front smash. Left brake dragging. Even to a small degree left hand drive needing the camber of the road on opposite side.
            Used to do engineering certs once but when the authorities asked me to continue I declined as could be bothered with the backlash of declined certification and don’t like cars anyhow.
            Mates rates saw him happy as Larry.

          • Could also be lazy calipers. In need to need seal kit and good brake fluid flush. But yeah I agree. Those previous bodge repairs is why I would not give a quote on a Resto job unless it was fully blasted back to bare metal and etch primed. Then you know what you’re working with. Restoring old cars is like peeling back and onion, layer upon layer of bad repairs often.

          • boomengineeringMEMBER

            Just texted to try those first as only a small chance of wheel bearings or left front control arm bushings.
            btw think they were drum brakes.

          • FYI it could be just a small adjustment to the brake pad wheel adjuster cog at the bottom of the drum. You can lift the car front and spin the wheel and determine if the slack/friction between the two front tires is relatively constant and adjust it by moving the cog down or up relative to the other wheel.

            My next go would be the brake fluid equalizer if old.

          • Yeah Skip is right and over tightened drum brake on 1 side could be an issue. I can’t recall if 65 Mustangs were drums on all 4 corners. Probably were.. so might just need adjustment.

          • boomengineeringMEMBER

            Yep as per list, left brake dragging. But my job was to look for rust as he had his own mechanic that couldn’t do rust repairs.

        • ErmingtonPlumbingMEMBER

          I understand that a Rich cnt like yourself has trouble interpreting working class vernacular Reusa.
          Cnt is usually used as positive qualifier when used by us simple working class folk.
          Used in conjunction with Mad, Funny, clever, lucky etc or in this case [email protected] is a positive way of referring to a person.
          In the above “[email protected]” is taking my favorite 1980s adolescent meaning of the word,…that being “Not so Cool”

          Often we blue collar bogans will use Cnt as a simple possessive determiner, or as OUR prefered pronoun for people we love and respect.
          I hope that clears things up a bit for ya,…ya big rich boofy cnt.
          😘

  12. Holiday In ScomodiaMEMBER

    I’m confused- Xmas miracle Scomo and Co’s wonderful economic management have lead us back to speculation, while deliveroo’d us from evil… yet they appear to think there is massive wave of insolvency ahead and businesses about to tank? I.e. the businesses we are relying on to be snout in trough to help with Job Maker, the businesses that employ the mortgage payers, that power the property investors and various other ‘go-having’ chosen subjects? Hmmm…

    https://www.abc.net.au/news/2020-09-23/government-to-boost-support-for-businesses-facing-closure/12694904

      • Stewie GriffinMEMBER

        Some genuine FOMO demand in a manipulated, liquidity constrained system – a system that is constantly underwritten by Tether printing.

        Trade it by all means (I have) but don’t mistake it for anything other than a ponzi.

        PS: make sure your exchange has access to real USD.

    • Totes BeWokeMEMBER

      We agree. No one thinks they have the virus, therefore don’t care. We need good governance, and as usual we don’t have it.

    • reusachtigeMEMBER

      Nah bloke. She’s doing a ace job. Resisting weak carnts calls to shut everything down. Keeping it all well balanced as usual.

    • Pool deck chatter down in Vic is that there is a lot of fury at NSW for being so stupid/selfish etc for letting this get away and how is it that they don’t have mandatory mask wearing?

      I think Straya is going to be more fractured than ever going forward.

      Happy new year hey?

    • Why shouldn’t there be a level of personal responsibility ffs? All this “blame the government/gladys” whining is a bit tiresome (and boring) tbh. Happy New Year to you damned if you do, damned if you don’t types…may you always have the freedom to make good or bad decisions.

        • The Traveling Wilbur

          Individual responsibility brah? Yeah, nah. If it was really important then the government would tell me what to do, eh bruv?

          • 100% TTW, and then they’ll whinge govt is nanny state and why can’t it be up to the individual once their inaction forces govt to think for them. This is why I was on board with the Vic lockdown and why I think Gladys is a spud. This country is full of hypocritical selfish knobs who couldn’t take responsibility for a bad fart let alone something serious.

            Why doesn’t Gladys take some individual responsibility and step down so someone who knows what they’re doing can have a chop (good luck finding that person though, this is straya, they probably don’t exist).

        • The Traveling Wilbur

          Agree completely re Nanny State – and then after that they’ll start voting ON or KAP. 😂

          Funny and partly true. Definitely true about the whining…

          Nice sneakers on the train btw. Very trendy. New?

          • The Traveling Wilbur

            Good to hear you haven’t been shirtfronting innocent public transport users after all in the name of unwarranted paranoia you declared earlier that I was just having a go at jacking up. 😉👍😒

            I was starting to feel aprehensively guilty in the event someone had already copped one on my behalf. Not very though. Odds were it would have been a Queenslander. That’s up there with shooting possums (in NZ of course) in my book.

          • You’re a real mean bugger TTW, always looking over my shoulder now lol.

            Funny you mention possum shooting in NZ. My mate lives about an hour North of Wellington on a farm and he wants me to come over and shoot all the rabbits and possums. Bloody NSW is ruining my NZ trip, so many tasty animals to shoot but not until we get that trans tasman bubble going.

        • The Traveling Wilbur

          ALL of them? Jebus. You’ll be there a while then.

          Sounds like an awesome idea actually. And that’s coming from a total target only enthusiast. Possums are that much of a problem it just has to be done. Make it as humane as possible though. So don’t skimp on the calibre and get some practice in first.

          Fresh, cool, air. Green grass (it’s supposed to be green btw). And the smell of napalm in the morning. I could do that happily for a few days in a row right now.

          PS If you see a pair of beady little eyes flick up on your night hunts and it starts making sounds like “Nuh. Nuh. Nuh. Dunt. Nuh. Nuh!” then for diety’s sake, don’t fire.

          It’s your mate.

  13. “what’s your new year’s resolution premier?”

    “haven’t thought about it but I think everyone knows it’s waffling and doing nothing”

  14. So, someone is using a noisy and smokey lawnmower.

    Harry goes to investigate.

    Guess. Just guess who it is.

    • I wish. Have some USD I need to change to AUD and my timing sucks. That’s if I can still get to the bl00dy vault to actually change it.

    • flying like one of those firecrackers launched off sydney harbour bridge.

      that’s it, I’m done…never playing with this horsesh!t USD AUD pair again. 0.40c my ARSE!

    • Forever. Never goin to happen as we’re out of cheap FFs to do it. Chyna know’s what’s coming and have planned accordingly……still don’t think it’ll help them as they’re farms are stuffed. Think hunger.

  15. This is interesting from the SMH:

    Police investigated and cleared Tony Abbott for leaving northern beaches home

    NSW Police Assistant Commissioner Mick Willing said police investigated former prime minister Tony Abbott after reports he left his home in the southern part of the northern beaches and entered the northern zone.

    Both zones are in lockdown and residents can only leave their home for key reasons including to buy essentials, work and exercise.

    Mr Willing said police spoke to Mr Abbott and “formed the view he was not in breach of the health order as it applied at that time“.

    “He was out for an lawful excuse exercising with another individual. That was checked and proven to be right,” he said.

    No mention of when and where that is, nor if there was a breach of the spirit of the lockdowns that Gladys keeps on going on about.

    • A rule of thumb when dealing with the chinese is to believe it when you see it.
      Do not listen to what the mouth says, watch what the hand does.

    • If you’re not having on of those, you’re kidding giggles, you didn’t watch the vid.

      I wonder if it was filmed at, Camellia Gardens Caringbah.

      He looks like he’s morphing into a Graham Richardson, who will then progress to SkyNews. Amazed at how he can spary more bullsh!t, than a bull’s @rse, with explosive diarrhoea (diarrhea en-US, en-CA).

  16. Soooo much gnashing of teeth, pulling of hair, and branch displays …..

    The main points of neo-liberalism include:

    THE RULE OF THE MARKET. Liberating “free” enterprise or private enterprise from any bonds imposed by the government (the state) no matter how much social damage this causes. Greater openness to international trade and investment, as in NAFTA. Reduce wages by de-unionizing workers and eliminating workers’ rights that had been won over many years of struggle. No more price controls. All in all, total freedom of movement for capital, goods and services. To convince us this is good for us, they say “an unregulated market is the best way to increase economic growth, which will ultimately benefit everyone.” It’s like Reagan’s “supply-side” and “trickle-down” economics — but somehow the wealth didn’t trickle down very much.

    CUTTING PUBLIC EXPENDITURE FOR SOCIAL SERVICES like education and health care. REDUCING THE SAFETY-NET FOR THE POOR, and even maintenance of roads, bridges, water supply — again in the name of reducing government’s role. Of course, they don’t oppose government subsidies and tax benefits for business.

    DEREGULATION. Reduce government regulation of everything that could diminish profits, including protecting the environment and safety on the job.

    PRIVATIZATION. Sell state-owned enterprises, goods and services to private investors. This includes banks, key industries, railroads, toll highways, electricity, schools, hospitals and even fresh water. Although usually done in the name of greater efficiency, which is often needed, privatization has mainly had the effect of concentrating wealth even more in a few hands and making the public pay even more for its needs.

    ELIMINATING THE CONCEPT OF “THE PUBLIC GOOD” or “COMMUNITY” and replacing it with “individual responsibility.” Pressuring the poorest people in a society to find solutions to their lack of health care, education and social security all by themselves — then blaming them, if they fail, as “lazy.”

    Your soaking in it …. https://www.youtube.com/watch?v=8yjGPgs0_S0

    Lose yourself in a bath of luxury ….

    • It’s become apparent to me what trickle down is. Avalanches, and torrents of credit come tumbling down, real wealth is bulldozed up, wages come trickling down, that support minimum payments. Mortgages repayments may not apply to minimum payments.

      • Credit is the base of all human contracts with aspirations of future outcomes and is the baseline to more commerce law than you can shake a stick at, that said the disposition of those in the market and how all that eventuates due to dominate ideology is a critical factor in how the whole thing works.

        • Credit in this current system, this neo-liberal system, I reckon debt will be permanent and big. Debt will be used an excuse for a lack of investment, particulaly by government, hence less work hours, and low wages. Wage demands will be dismissed as the debt is too big.

          A bit off topic on NAFTA, have you heard of Peter Zeihan? Speaks a bit about NAFTA-2.
          Peter Zeihan Presents Disunited Nations: The Trade Breakdown | Upfront Summit 2020

          Clever fellow, good analysis, but like everyone, probably wrong, who knows.

          • Debt is not slavery depending on its social construct, as such, the construct dictates the outcomes and not the notion of debit in of itself.

    • .It isn’t easy to tell if Robinson is describing the accounting or the economics (eg. why qty of desired saving = planned investment). imo people (especially MMTers) should set this out before doing the saving investment thing
      re. the accounting identity. Yes, but why? Because national income accountants include unplanned inventory build up as investment (or goods the producing firm sells to themselves during the accounting period).
      In the next accounting period production slows as firms sell inventories. Income and saving drop but saving still = investment. Big deal, if you want to actually know how to deal with recessions, that isn’t very helpful.

      Doesn’t tell you what the quantum of saving / investment will be over the period or the decisions which drive it, or how to avoid a sub-optimal level. To that you need to look at the equilibrium condition. Which is what Keynes looked at.
      Assume Robinson is talking about behaviors (economics). What she is saying is income will be the equilibrium mechanism. Yes but Keynes had expected income (confidence etc.) and interest rates jointly determining the level of investment on his investment schedule (MEC). MMTers never want to hear that.

      • “equilibrium mechanism” absolutely wrong because PKE has no time for such neoclassical perceptions, really showing your Krugman biases now.

        • what the heck? So what do you think Robinson is referring to accounting or decisions? If she is referring to decisions what would you call S=I?
          And since when did Keynes not use neoclassical tools? Claiming a sub-optimal equilibrium can be reached in the short and long run, or that the economy can be in disequilibrium is not the same as rejecting an equilibrium approach.

          • Don’t do an 007 and avoid the question.
            What is Robinson describing accounting (nothing) or an equilibrium condition?

          • Not in the neoclassical notion[.]

            https://larspsyll.wordpress.com/?s=equilibrium

            modern mainstream economics to be in fine shape “as long as it is understood as the ideological and substantive legitimating doctrine of the political theory of possessive individualism” and if you manage to put a blind eye to all the caveats to its general equilibrium models — markets must be in equilibrium and competitive, the goods traded must be excludable and non-rival, etc, etc. The list of caveats soon becomes impressively large — and not very much value is left of modern mainstream economics if you ask me …

            Still — a century and a half after Léon Walras founded neoclassical general equilibrium theory — modern mainstream economics hasn’t been able to show that markets move economies to equilibria.

            We do know that — under very restrictive assumptions — equilibria do exist, are unique and Pareto-efficient. One, however,​ has to ask oneself — what good does that do? – snip

            Did I say political … oo7 is willfully ignorant … whats your excuse …

          • Look it is Robinson who is trying to nut out how desired saving = planned investment.
            Unless she is noting the ex post actual v actual accounting (nothing), then she is noting an equilibrium condition and income as the variable.
            Why are you focusing on this so much?
            It’s like that time you started teeing off on loanable funds when I didn’t mention it once.

    • That’s why you should always have a few geese running loose. They have no truck for pesky redskins.

  17. TailorTrashMEMBER

    Anyway I find it entertaining……and view with a critical eye …as with all blogs

    “Zero Hedge often reposts entire chunks of articles written by reporters for mainstream outlets, giving readers an opportunity to get at least some of the news they may not otherwise be able to afford. The site has also, as Malinen mentions, amplified small bloggers.”

    https://www.institutionalinvestor.com/article/b1nl1220xpsxpv/Why-Did-Financial-Flamethrower-Zero-Hedge-Go-All-in-on-Conspiracy-Theories

  18. Arthur Schopenhauer

    Next door holiday stay have launched into a full blown relations party. It’s looking like an entertaining New Year’s Eve. 🎉 🎊

    (Bloke!)

  19. The Traveling Wilbur

    So what are we all doing for New Years?

    Oh. Wait. Hey, if you live in Darwin, what are you doing for New Years, going to the fireworks like half the territory seems to be doing?

  20. The Traveling Wilbur

    Well, for those not aware… New Years links is up. And members only.

    So… My beloved MB imaginary friends, may I be FOURTH to wish you a very safe, prosperous and Happy New Year! Just from a different page.

  21. Hey Skippy, thoughts?

    “Lerner recalls his exchange with Keynes as follows:
    I asked why we should have to worry about that: if you give people enough money they will spend
    more and then there will be enough spending; there’s no need for any depression if you’re prepared to
    give them more money. So he asked where would you get the extra money and I didn’t say, ‘the
    printing press’. I said you could borrow it. He said, you mean the national debt will keep on growing,
    and I said yes. ‘What would happen?’ I said – nothing. So we talked for a moment and he said: ‘No,
    that’s humbug … the national debt can’t keep on growing’. … [T]hat was the end of his discussion”

    “Hansen remembers Abba saying at one point, ‘Why don’t you forget all this stuff like deficit
    finance and everything, and just print money?’ After he looked around and saw that no reporters were
    there, Keynes said, ‘It’s the art of statesmanship to tell lies, but they must be plausible lies”