DON’T BAN PUTIN FROM THE G20 SUMMIT

A piece in THE AGE today: Don’t ban Putin from the G20 Summit

And my comment below:-
Putin

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THREE FORCES PUSHING AUSTRALIA TOWARDS RECESSION

CallamPickering

 

 

From Callum Pickering at Business Spectator

 

See also this ominous news about Oz bank lending:-

http://www.abc.net.au/news/2014-07-16/one-mans-crusade-against-the-national-australia/5603068

http://www.abc.net.au/news/2014-07-14/policy-pitfalls-of-mortgage-insurance/5596510

 

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DON’T GET FINED $30,000 FOR MOVING HOUSE

Gavin-2-231x300

 

Dr Gavin Putland elaborates.

 

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NOT AGAIN?

putin-missiles

 

 

It’s always rotten - and people need to be brought to account.

 

 

 

 

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CHINA

Panda

 

 

Chinese caught in a bear trap?

 

 

 

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ONLY WHEN THE FAT LADY SINGS?

fat lady singsMarcus Padley’s typically matter-of-fact irony about the sharemarket “Don’t let a little bubble spoil some irrational exuberance” in THE AGE yesterday has much to recommend it. He’s spot-on.

You can still do very well in shares whilst making the Chicken Littles looking for the sky to fall (a reversion to the mean) appear extremely stupid.

When the market does eventually correct, the easy response is “Well, even a broken clock is right twice every day!”

So, what someone who studies the fundamentals is up against, whether in the stockmarket or in real estate, is that it’s clearly not over until it’s over.

Seems the fundamentals don’t matter when the bubble money is still running ….. only when the fat lady sings.

As Padley says: “The only people that get caught in a correction are those who think investment is always long term.  It’s not.  It’s about letting your profits run and cutting your losses.”

Nevertheless, it has always seemed more than a pity to me that destruction is repetitively visited upon people and their economies once the music does stop, and that it was indeed our elected governments playing the bubble music, per medium of bubble-inducing tax regimes - as sometimes augmented by quantative easings.

 

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AUSTRALIA’S “BIG 4″ BANKS AT INCREDIBLE RISK BECAUSE OUR LAND PRICES ARE TRANSITORY

risk

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Catherine Cashmore at Naked Capitalism

What have we learned? Absolutely nothing?

http://www.nakedcapitalism.com/2014/07/six-years-global-financial-crisis-learned.html

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A PREAMBLE YOU’LL NEVER SEE

George Williams’ piece in THE AGE today:  Time to fix a silence at the heart of Australia’s constitution

And my comment:

PREAMBLE comment THE AGE

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MASON GAFFNEY, +1, IRVING FISHER, 0

“Stock prices have reached what looks like a permanently high plateau.”

- Irving Fisher, 21 October 1929SVs-to-GDP-1024x548

Gaffney

<– “A rise in land prices cannot simply flatten out at a high plateau because the increment has become part of the expected return that buyers are paying for, and lenders are relying on. So prices that cannot rise further have to drop: there is no equilibrium level at the inflated level of the boom ….”

“Cleaning up the mess from the last few manic years will cost sweat and tears and some fortunes, whoever undertakes it. Lower rents and land prices will finally let us recover, but the process of getting from here to there entails a fall from illusion to reality, from high to low, that will agonize many ….”

“New administrations will prolong the agony by trying to defer it. They will bail out a few of the victims and many of the culprits by raising national debt and inflating the currency to validate bad debts and sustain land values.”

- Mason Gaffney, “After the Crash: Designing a Depression-Free Economy

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Many thanks, Ed Dodson, at the School of Cooperative Individualism

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