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MacroBusiness Monday, May 21, 2018 - 09:00 Source

By Leith van Onselen The International Monetary Fund (IMF) has released a new “cutting-edge dataset” measuring private and public debt across the global economy since the 1950s. Below are the key findings from this report: The first observation is that, almost a decade after the collapse of Lehman Brothers, global debt, at $164 trillion—or about

The post A decade after GFC, global debt hits record high appeared first on MacroBusiness.

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MacroBusiness Monday, May 21, 2018 - 08:30 Source

Via the FT: The US has stepped back from the brink of a trade war with China after Washington halted plans to impose tariffs on up to $150bn of imports, according to the US Treasury secretary. “We’re putting the trade war on hold,” Steven Mnuchin said in a television interview on Sunday. The declaration from

The post China/US trade war cancelled appeared first on MacroBusiness.

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En Passant Monday, May 21, 2018 - 07:51 Source

 

My article in Solidarity magazine on the Banking Royal Commission. It’s the economy, stupid.

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MacroBusiness Monday, May 21, 2018 - 06:24 Source

And this time it is going to win, via the AFR comes the $640 billion British funds management giant Aviva Investors: “We are short the Aussie dollar, we are long Australian interest rates and we are also long protection on the Australian banks,” James McAlevey, a senior portfolio manager at Aviva’s AIMS fixed income fund told

The post The Big Australian Short returns appeared first on MacroBusiness.

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The Australian Independent Media Network Monday, May 21, 2018 - 06:00 Source

Monday 21 May 2018  I decided to take a weeks rest after the scourge of writer’s burnout had lingered beyond it’s used by date. My wife had found me asleep with my head on the keyboard – the computer typing a story of its own truth. Anyhow, I am now refreshed ready to take up…

The post Day to Day Politics: Liberal Party’s “women problem” and other stuff. appeared first on The AIM Network.

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MacroBusiness Monday, May 21, 2018 - 00:28 Source

Malcolm Turnbull is off to China: Malcolm Turnbull has announced that he will visit China later this year – the first confirmation that the annual leaders’ dialogue will proceed after a six-month freeze in diplomatic relations – as his trade minister sought to keep the trade relationship separate from security concerns. Canberra is attempting to

The post What will Australian life be like under the Chinese dictator? appeared first on MacroBusiness.

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MacroBusiness Monday, May 21, 2018 - 00:20 Source

DXY roared again Friday night as EUR fell decisively below 1.18: EUR positioning remains hilariously long setting us up for a higher DXY yet: AUD hung on against DMs: As the market moved to moderately short last week. CFTC net positions are -23.1k contracts versus -16.8k last week: A stable AUD launched against crashing EMs:

The post Market piles into Australian dollar shorts appeared first on MacroBusiness.

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MacroBusiness Monday, May 21, 2018 - 00:20 Source

By Leith van Onselen The political backlash against Queen Lucy Turnbull’s Greater Sydney Commission continues to mushroom, with several NSW MPs anticipating a “pile of pain” from voters fed up with the endless destruction of their living standards as migrants are force-fed into the city. From The ABC: As the Sydney building boom attempts to

The post Political backlash builds against Queen Lucy’s dystopian Sydney appeared first on MacroBusiness.

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MacroBusiness Monday, May 21, 2018 - 00:19 Source

Call pest control, Melbournians: Melbourne’s mayor-elect Sally Capp is the first woman to take the top job in almost three decades. The Property Council executive, who took leave during her campaign, has been named as Melbourne’s next lord mayor after nabbing 53.05% of votes after preferences in the byelection. Businesswoman Jennifer Yang fell short of

The post Property pest nests in Melbourne Town Hall appeared first on MacroBusiness.

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North Coast Voices Monday, May 21, 2018 - 00:16 Source

In 2007 Clarence Valley communities saw off an Australian prime minister (John Howard) and his water minister (Malcolm Turnbull)  - telling them "Not A Drop".The issue of inter-basin water transfer became an election issue that year and the National Party lost the seat of Page and the Liberal-Nationals Coalition Government lost the federal election.Having learnt nothing from the commitment of local people in the Clarence Valley, including traditional owners, once again the water raiders have raised their heads above the parapet.The Daily Examiner, letter to the Editor, 1

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MacroBusiness Monday, May 21, 2018 - 00:15 Source

CoreLogic released its auction report yesterday, which reported a further fall in the preliminary national auction clearance rate to 60.3% from 61.0% last weekend (later revised down to 58.2%). The preliminary clearance rate was also way below the 73.1% recorded in the same weekend of last year, with a clear downward trend present: Auction volumes

The post Auction clearances tank further into the 50s appeared first on MacroBusiness.

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North Coast Voices Monday, May 21, 2018 - 00:15 Source

lesterlost.comState and federal governments have known for years that there is a correlation between unoccupied residential

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MacroBusiness Monday, May 21, 2018 - 00:10 Source

Prepare the DDT, Melbournians: Melbourne’s mayor-elect Sally Capp is the first woman to take the top job in almost three decades. The Property Council executive, who took leave during her campaign, has been named as Melbourne’s next lord mayor after nabbing 53.05% of votes after preferences in the byelection. Businesswoman Jennifer Yang fell short of

The post Property parasite nests in Melbourne Town Hall appeared first on MacroBusiness.

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MacroBusiness Monday, May 21, 2018 - 00:09 Source

From the last journalist standing at Domainfax: Staff fraudulently activating school kids’ bank accounts to earn bonuses isn’t a victimless crime. Nor is the practice of faking customer referrals to meet performance hurdles and generate kickbacks – no matter how big or small. But that’s just what’s been going on inside Commonwealth Bank. It speaks

The post CBA rogue bank now exploiting children appeared first on MacroBusiness.

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MacroBusiness Monday, May 21, 2018 - 00:06 Source

Terrific new report from Platts on the iron ore “scraptastrophe”. Beijing’s visible hand: China’s demand for iron ore and scrap through 2020 The Chinese central government’s introduction of tougher environmental policies – including lower utilization rates over the 2017-2018 winter heating season – has brought new challenges of supply disruption and higher production costs. Ongoing

The post The iron ore “scraptastrophe” is here appeared first on MacroBusiness.

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MacroBusiness Monday, May 21, 2018 - 00:05 Source

Iron price charts for May 18, 2018: Spot fell. Paper burned overnight. Steel broke Friday. The mid-year draw down has begun. It happens pretty much every year and Summer rains disrupt Chinese construction and steel mills rebalance inventories going into EOFY. This year there is the added complication of the developing slowdown: I expect to

The post Daily iron ore price update (it begins) appeared first on MacroBusiness.

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MacroBusiness Monday, May 21, 2018 - 00:01 Source

Global Macro / Markets / Investing: Tesla Shareholders Urged to Separate Chairman’s Role From Musk – Bloomberg How university economic theories are failing us all – Patreon A.I. Is Harder Than You Think – NY Times Crypto Wealth Sinks $45 Billion in One Week – Bloomberg The Hidden Risk of Passive and Index Hugging –

The post Links 21 May 2018 appeared first on MacroBusiness.

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The Australian Independent Media Network Sunday, May 20, 2018 - 18:10 Source

Well, you thought he couldn’t do it; you thought that Tony Abbott was indulging in intemperate exuberance [or telling fibs] when he said in 2013 that during the first five years of his reign as Emperor of Australia, he would create one million new jobs. Well, you would have to eat your words now, wouldn’t…

The post Oh Ye of Little Faith! appeared first on The AIM Network.

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Your Democracy Sunday, May 20, 2018 - 15:47 Source
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Club Troppo Sunday, May 20, 2018 - 14:15 Source


I happened upon this post in ‘drafts’ without my having drafted anything. Events now make that unnecessary.

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The Australian Independent Media Network Sunday, May 20, 2018 - 13:56 Source

The most recent quarterly update of Australia’s National Greenhouse Gas Inventory states that emissions per capita, and the emissions intensity of the economy, were at their lowest levels in 28 years in the year to December 2017, a fact loudly stated by Josh Frydenberg in the hope that we won’t notice that emissions rose again…

The post And still they ignore the existential threat posed by climate change appeared first on The AIM Network.

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The Australian Independent Media Network Sunday, May 20, 2018 - 10:11 Source

As one gets older, one is immediately confronted by the shock of dates… No, I don’t mean going on them… Although that would be quite a shock too. I mean, the shock of when someone says something like, “When the GFC hit ten years ago…”, you tap your watch and go, “Ten years ago, I’m…

The post 2024 And Not A Royal Wedding In Sight, So People Have To Think About Politics appeared first on The AIM Network.

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Poll Bludger Sunday, May 20, 2018 - 03:50 Source

No change in voting intention, but Malcolm Turnbull's approval rating is at its strongest in nearly two years.

The post BludgerTrack: 51.9-48.1 to Labor appeared first on The Poll Bludger.

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North Coast Voices Sunday, May 20, 2018 - 00:16 Source

The Guardian, 17 May 2018:The announcement in last week’s budget that the ABC’s funding indexation will be frozen for three years from July 2019 is the latest in a series of extraordinary attacks by a government that displays an unprecedented level of hostility to the national broadcaster. It represents a real cut to the broadcaster’s operating costs

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North Coast Voices Sunday, May 20, 2018 - 00:15 Source
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Harrangue Man Saturday, May 19, 2018 - 20:59 Source

This morning I held my hand up and watched to see what it do. Within seconds it happened, my index finger twitched. It kicked up just enough that if I was holding something but not gripping with intent then I would have dropped it. I waited to see if it would happen again and there was another after thirty seconds.Close up observed finger betrayal. If we were a guerrilla movement my index finger would cop one in the back of the middle knuckle for being a government spy. Then I got up and moved on with my life. I'm still alive and I should not be.

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Renew Economy Saturday, May 19, 2018 - 16:52 Source

Alan Jones and Josh Frydenberg traded barbs on radio on Thursday. And beneath the bravado was an insight into how far to the right the debate around Australia’s climate and energy politics has shifted.

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Renew Economy Saturday, May 19, 2018 - 15:48 Source

France government incentive to trade in old petrol and diesel cars for new EVs proves unexpected success.

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Renew Economy Saturday, May 19, 2018 - 15:40 Source

Automaker behind world's best selling EV unveils Nissan Energy Solar – a home solar, storage, and smart control package – including second hand EV batteries.

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Renew Economy Saturday, May 19, 2018 - 15:13 Source

Wind, solar PV and Nuclear have gained electricity market share in China, but because of another downturn in hydro, coal generation continues to grow.

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