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The Australian Independent Media Network Thursday, January 3, 2019 - 20:30 Source

The first time that I published this post was in 2012 on the old Cafe Whispers blog, and republished it on The AIMN prior to the 2013 federal election. I hesitate to publish repeat posts but on this occasion I have made an exception, and present it again (slightly edited). Why am I doing this?…

The post This is why I vote Labor appeared first on The AIM Network.

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The Australian Independent Media Network Thursday, January 3, 2019 - 16:57 Source

The Choice It is the first day of the new year and I feel that this is the proper time when one should turn his attention to Socrates and hear once more his exhortation, “know thyself” and read also over his observation that an unexamined life is not one that is worth living. That life,…

The post The choice appeared first on The AIM Network.

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MacroBusiness Thursday, January 3, 2019 - 16:27 Source

Wow what a day to be a FX trader! Bigly volatility on the Yen and crosses, with the Aussie dollar losing nearly 3 cents within a few minutes! Most currencies are nearly back to where they started, but this has had a big impact on equity markets with the catalyst being Apple’s late earnings revision

The post Macro Afternoon appeared first on MacroBusiness.

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Harrangue Man Thursday, January 3, 2019 - 15:11 Source

In the New Year we run around our house announcing the first time something has happened for that year; first wee, first poo, first shower and so forth. We get it out of our system by Jan 2 most years.Then there are other firsts, the unintended ones, like being bitten. As a member of the top of the food chain I expect to bite the dead not be bitten by the living.I just got bitten in the crook of my elbow by an ant.I didn't make it past the first week before Australia's fauna struck back.Australia: where things go bite in the night—and day!

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Harrangue Man Thursday, January 3, 2019 - 15:01 Source

The black cat loves me; she friggin' loves me. She's always trying to nuzzle, lick sweat off my skin or sit on me. Such as the knee. Because she loves rubbing herself against me and if she is on my knee and I am using a glass she will lurch up to rub on my arm when I raise the glass to my mouth and when my arm comes down I bounce off her and smash the glass rim into my teeth.

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MacroBusiness Thursday, January 3, 2019 - 13:30 Source

Cross posted from The Conversation: by Davina Jackson Honorary Academic, School of Architecture, University of Kent Today’s smart cities rely on networks: squillions of semiconductor devices that constantly pulse electromagnetic waves (light and radio frequencies) through telecommunications satellites. Data Cities, by the author. Lund Humphries (2018), Author provided Another genre of satellites, equipped especially for Earth

The post The paradigm now shaping our world’s digital cities appeared first on MacroBusiness.

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MacroBusiness Thursday, January 3, 2019 - 13:08 Source

For anyone paying attention, one of the H&H’s excellent calls a few months ago was to get long Australian bonds as the RBA’s fantasy of future growth ran into the nasty reality of a housing and China bust. To wit, today we see bond returns jumping: Damien Boey of Credit Suisse is another bond bull

The post Bonds, Australian bonds appeared first on MacroBusiness.

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MacroBusiness Thursday, January 3, 2019 - 11:42 Source

by Chris Becker Can’t keep a good economic liberal down – here’s the latest attempt to shore up the multi-trillion property market with the Treasurer calling for the banks to get cracking on those government subsidised printing presses. From Skynews: Treasurer Josh Frydenberg is demanding banks stimulate ‘affordable and timely’ lending after revelations Australian house

The post As house prices tumble here comes the call for “stimulation” appeared first on MacroBusiness.

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MacroBusiness Thursday, January 3, 2019 - 10:30 Source

by Chris Becker Looks like we’re reliving the GFC all over again with interconnectedness so high that global currency and stock markets are going to crash because some single Chinese youths are not buying as many iPhones as they should. Apple announced a near 10% reduction in its forward guidance, releasing this report: While we

The post It’s all about Apple as it blames China appeared first on MacroBusiness.

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MacroBusiness Thursday, January 3, 2019 - 09:54 Source

by Chris Becker Some epic volatility in the FX market at the moment with Yen moving both Aussie and USD around: This is very troubling indeed, with the lack of liquidity as key levels are taken out really showing how volatile and dangerous the FX world really is – and why most traders don’t hold

The post Australian dollar crashing appeared first on MacroBusiness.

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MacroBusiness Thursday, January 3, 2019 - 09:31 Source

by Chris Becker Here’s the first post-NY update to the iron ore complex, with prices as of yesterday: Texture from Reuters: Shanghai steel futures turned lower on the first day of trading for 2019 on Wednesday after disappointing data from China stoked investor worries about global economic growth. Prices of steelmaking raw materials also ended

The post Daily iron ore price update (back on track) appeared first on MacroBusiness.

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MacroBusiness Thursday, January 3, 2019 - 09:00 Source

By Chris Becker A volatile start to the New Year on overseas markets with large gaps down on equities filled but not with confidence as bond markets and safe haven currencies remain the place to dump cash. Recapping Asia’s session yesterday first where the Hang Seng Index gapped 2% down on the open and has

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Thursday, January 3, 2019 - 08:30 Source

by Chris Becker Those crazy Norwegians! Saving money from a sovereign wealth fund and then investing in their future with huge incentives to electrify the transportation grid. It’s not like they spend over $42 billion a year importing oil to power their cars like Australia – which has less than two weeks of strategic reserve

The post Norway goes electric as Australia remains ICE bound appeared first on MacroBusiness.

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MacroBusiness Thursday, January 3, 2019 - 08:00 Source

by Chris Becker It should be a no-brainer on both sides of politics that objective facts and statistics are required to make policy decisions. But the Australian Bureau of Statistics remains under significant funding pressure to provide such data. More from The Age: Pressed by the Labor Party about the next census in 2021, following

The post ABS still under pressure for no reason appeared first on MacroBusiness.

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Poll Bludger Thursday, January 3, 2019 - 06:54 Source

Fraught preselections aplenty as the major parties get their houses in order ahead of a looming federal election.

The post Poll positioning appeared first on The Poll Bludger.

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En Passant Thursday, January 3, 2019 - 06:05 Source

Want to do me a favour AND have a chance at winning a $101 Dymocks bookvoucher?

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MacroBusiness Thursday, January 3, 2019 - 00:05 Source

Macro/Markets Chinese Investors Back Away From Global Property Markets Wall Street Journal Mainstream Economics Has Become a Celebration of the Wealthy Rentier Class Evonomics Private-Equity Firms Create Funds That Are Built to Last Wall Street Journal China got on the bandwagon to provide global satellite internet  QZ Americas Jerry Falwell Jr. can’t imagine Trump ‘doing

The post Links 3 January 2019 appeared first on MacroBusiness.

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The Australian Independent Media Network Wednesday, January 2, 2019 - 22:11 Source

London, New Year’s Eve 2018. It is a very English middle-class trait: the world will end if the price of a certain life style goes up. Certain services will be cut. Access to certain travel destinations might be restricted. (The usual European haunts in France and Spain rendered dearer if notinaccessible.) But there is no…

The post Brexit Armageddon appeared first on The AIM Network.

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MacroBusiness Wednesday, January 2, 2019 - 17:09 Source

Not a good start to the New Year here in Asia today, with stocks down across the region, and the Australian dollar falling as a proxy as an unexpected slate of data from China, coupled with unease over the US trade talks – let alone the stupid Trump (but I repeat myself) shutdown – adding

The post Macro Afternoon appeared first on MacroBusiness.

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MacroBusiness Wednesday, January 2, 2019 - 14:30 Source

Cross posted from The Conversation   by Frank Bongiorno Professor of History, ANU College of Arts and Social Sciences, Australian National University On the morning of Monday, March 4 1996, the young treasurer in the Howard government, Peter Costello, and his press secretary, Tony Smith – now the speaker of the House of Representatives – took

The post Cabinet papers reveal Howard and Costello budget black hole appeared first on MacroBusiness.

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MacroBusiness Wednesday, January 2, 2019 - 13:35 Source

by Chris Becker It hasn’t taken long for the red button to be pushed with force by traders across the region, despite a holiday in Japan, with the Hong Kong Hang Seng Index gapping down 2% at the open: This takes it straight back to the Xmas lows and threatens the December lows too. The

The post Asian share markets selling off in the New Year appeared first on MacroBusiness.

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MacroBusiness Wednesday, January 2, 2019 - 12:37 Source

by Chris Becker The Australian dollar is just hanging on above the 70 handle against USD in early trade post NY celebrations: Terminal support at the red-line level just above 70 cents relates to the 2015 yearly lows which if it breaks, spells a very sharp downward trajectory. Other undollar currencies are doing a lot

The post Australian dollar clinging on to 70 cents appeared first on MacroBusiness.

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The Australian Independent Media Network Wednesday, January 2, 2019 - 12:23 Source

By Denis Bright  The re-democratisation of the US is reflected in improved voter turn-outs at the mid-term elections on 6 November 2018. The Blue Wave to the Democratic Party in the Senate this time was not fierce enough to over-turn the majority for the Republican Party. The new senate balance is now Democrat 47, Republican…

The post Embracing 2019: Re-Igniting a Progressive American Revolution? appeared first on The AIM Network.

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MacroBusiness Wednesday, January 2, 2019 - 12:00 Source

by Chris Becker From Commsec’s latest report: Crude oil’s sharp fall since October is helping to put some extra coin in consumers’ pockets, in the form of falling unleaded petrol prices. Aussie motorists on the East Coast are enjoying the lowest pump prices in 15 months as the discounting cycle continues. According to MotorMouth and

The post Enjoy low petrol prices as the oil bear market drags on appeared first on MacroBusiness.

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The Australian Independent Media Network Wednesday, January 2, 2019 - 11:23 Source

When the Gillard government proposed removing John Howard’s grandfathering of the Parenting Payment, moving parents onto Newstart when their youngest child turned six if they had a partner and eight if they didn’t, the parliament’s Joint Committee on Human Rights held a public hearing into the legislative changes. In their report, the Committee members expressed…

The post Labor begins the New Year with the same old excuses appeared first on The AIM Network.

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xkcd.com Wednesday, January 2, 2019 - 11:00 Source

The good news is that if the number of work and friend relationships you have exceeds your willingness to do the bare minimum to keep up with everyone's life events and stuff, one way or another that problem eventually solves itself.

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MacroBusiness Wednesday, January 2, 2019 - 10:30 Source

by Chris Becker CoreLogic are out with their first results of the new year and it’s not rosy if you’re a speculator, with a near 9% year on year fall in Sydney, and nearly 5% overall across the nation. Here’s some highlights: Housing market conditions ended the 2018 calendar year on a weak note, with

The post CoreLogic: National dwelling prices down nearly 5% in 2018 appeared first on MacroBusiness.

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MacroBusiness Wednesday, January 2, 2019 - 10:15 Source

by Chris Becker As adult supervision returns to Congress (but not the Senate) on January 3rd, the US Government shutdown rolls on with news this morning that President Trump has invited the new Congressional leadership to the White House. From The Hill: Trump will host the leader and whip of each party from both chambers,

The post When will the Trump shutdown end? appeared first on MacroBusiness.

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The Australian Independent Media Network Wednesday, January 2, 2019 - 09:00 Source

Gosh, doesn’t time fly? Here’s some proof: Today we celebrate our 6th birthday. It’s hard to pick a highlight out of those six years, but the one most special to us is the way our readers rallied around in May last year when without their support we would have been forced to close our doors.…

The post Another year older appeared first on The AIM Network.

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John Quiggin Wednesday, January 2, 2019 - 08:28 Source

I just read (on a plane) The Labyrinth Index the latest novel in Charlie Stross’ Laundry series (a mashup of HP Lovecraft and Len Deighton). The central conceit is a spell which causes Americans to forget the existence of the President whenever they go to sleep. After reading the book and nodding off, I had a dream that someone has a similar office in Australia, with a couple of deputies, one in charge of the bush and another in charge of the money. On waking though, I couldn’t remember any of these

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