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MacroBusiness Friday, January 21, 2022 - 11:30 Source

The attitude in markets is all one-way: China’s central bank set its strongest reference rate for the yuan in three years in a sign it’s loosening its grip on the currency amid a relentless rally. The People’s Bank of China set the reference rate at 6.3485 per dollar, the strongest since May 2018, similar to

The post What is holding up the yuan? appeared first on MacroBusiness.

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Your Democracy Friday, January 21, 2022 - 11:22 Source

wilcoxwilcox

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MacroBusiness Friday, January 21, 2022 - 11:00 Source

From the always excellent Jeremy Grantham at GMO: Executive Summary All 2-sigma equity bubbles in developed countries have broken back to trend. But before they did, a handful went on to become superbubbles of 3-sigma or greater: in the U.S. in 1929 and 2000 and in Japan in 1989. There were also superbubbles in housing

The post Grantham: Superbubble about to burst appeared first on MacroBusiness.

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xkcd.com Friday, January 21, 2022 - 11:00 Source

Current (water) running through the water (wires) causes it to boil, increasing the pressure (voltage), but resisting (impeding) the flow of hydroelectricity (water currents). This is the basis for Ohm's law.

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Cheeseburger Gothic Friday, January 21, 2022 - 10:55 Source

God this is good writing. Over at McSweeney’s.

Some faves that really spoke to me, man:

Bon Iver

Perhaps the most accurate term to apply to your situation is “seriously injured and lost in the woods.”

Pavement

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MacroBusiness Friday, January 21, 2022 - 10:30 Source

Over the past two months, we have witnessed the Morrison Government reduce visa requirements on foreign workers to alleviate so-called skills shortages via: Extending post-study work rights for international students; Uncapping the number of hours that international students can work; and Waving visa fees for ~175,000 arrivals international students and backpackers to encourage them to

The post Prof. Bill Mitchell: Immigration reboot will reverse jobs gains appeared first on MacroBusiness.

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The Australian Independent Media Network Friday, January 21, 2022 - 10:05 Source

So who will speak on behalf of the dead? Will they ever lie as forgotten sacrifices in the putrid side gutters of the golden path to profit and mindless economic growth? Who decided to let a sickness reign unfettered across our land? Was it a collective decision? Did the People agree? Or did one person…

The post The Omicron Murders? appeared first on The AIM Network.

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MacroBusiness Friday, January 21, 2022 - 10:00 Source

The ferrous complex is blowing off as hot money chases anything on two legs: When we see overnight gains in paper markets like this it is a dead giveaway that global hot money is chasing Chinese easing. One can take this as a signal if we assume that China is on the verge of flood

The post Daily iron ore price update (hot money blowoff) appeared first on MacroBusiness.

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MacroBusiness Friday, January 21, 2022 - 09:49 Source

NSW has recorded another 25,168 new COVID cases and a record high 46 deaths: Victoria recorded 18,168 new COVID cases and 20 deaths: The next chart plots cases across both jurisdictions since the beginning of the Delta wave last winter: Active cases continue to fall in NSW: Hospitalisations across NSW and Victoria continue to fall

The post NSW COVID deaths hit grim high appeared first on MacroBusiness.

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Your Democracy Friday, January 21, 2022 - 09:49 Source

syndromesyndrome

The CIA believes it is unlikely Russia or another foreign adversary used microwaves or other forms of directed energy to attack the hundreds of American officials who claim to have been affected by "Havana syndrome".

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MacroBusiness Friday, January 21, 2022 - 09:30 Source

The bear market property party is underway in China on its new, that is old, ponzi fix for developers to spend their client’s deposits on sustaining the unsustainable: Citigroup The potential easing will likely be executed at the local level on a case-by-case basis without a formal announcement, according to analysts including Griffin Chan The

The post China triggers property bear market party appeared first on MacroBusiness.

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Your Democracy Friday, January 21, 2022 - 09:10 Source

backpackersbackpackers

It sounded a touch desperate – Prime Minister Scott Morrison imploring backpackers to “come on down” to Australia, as the Omicron crisis escalated.

“Enjoy a holiday here”, said the one-time managing director of Tourism Australia, and “at the same time join our workforce and help us”.

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MacroBusiness Friday, January 21, 2022 - 09:00 Source

Alan Kohler argues that today’s political failure is the result of decades of neoliberalism that has systematically hollowed out government processes and talent. True enough. But we shouldn’t let systemic explanations for the disastrous performance of the Morrison Government lead to us overlooking its peculiar contributions to national failure. After all, although untested, Labor has made

The post Is Morrison mental? appeared first on MacroBusiness.

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MacroBusiness Friday, January 21, 2022 - 08:38 Source

Western Australia’s borders will remain closed indefinitely, after Premier Mark McGowan abandoned his plan to reopen in a late night press conference. McGowan said with the “game changer” of Omicron wreaking havoc interstate, he has been forced to delay the planned 5 February reopening: “Unfortunately, the world changed in December; Omicron arrived”… “Omicron is a

The post WA seals itself off from Australia appeared first on MacroBusiness.

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MacroBusiness Friday, January 21, 2022 - 08:30 Source

Wall Street stumbled going into the close as traders abandoned most of the confidence gained throughout the session with a big reversal that will wipe out any potential for a solid close for Asian stocks as the trading week ends. The USD also firmed against all the major currency pairs with moves in bond markets

The post Macro Morning appeared first on MacroBusiness.

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Your Democracy Friday, January 21, 2022 - 07:28 Source

berserkberserk

RISING TENSIONS (3)

Washington refuses to hear Russia and China

 

by Thierry Meyssan

 

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MacroBusiness Friday, January 21, 2022 - 07:17 Source

DXY is firming again as EUR wilts: AUD was firm across the board: Oil was also firm: Base metals are threatening to blow off: Big miners stalled: EM stocks did better: And junk: Thanks to an evening of bear flattening: Which cut stocks some slack: Westpac has the data wrap: Event Wrap US existing home

The post Australian dollar lifts with RBA bets appeared first on MacroBusiness.

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Renew Economy Friday, January 21, 2022 - 03:01 Source

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MacroBusiness Friday, January 21, 2022 - 00:10 Source

Yesterday’s employment report from the Australian Bureau of Statistics (ABS) revealed that Australia’s youth are benefitting greatly from negative immigration: Total youth jobs rose by 40,500 in December, comprising a 29,300 increase in part-time jobs and a 11,200 increase in full-time jobs: The youth unemployment rate dived by 1.5% to 9.4% and is now 2.8%

The post Immigration collapse ends youth jobs depression appeared first on MacroBusiness.

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MacroBusiness Friday, January 21, 2022 - 00:05 Source

In the week ended 20 January, the CoreLogic daily dwelling values index rose 0.11%: All major markets except Melbourne recorded rises: So far in January, dwelling values have risen by 0.61% across the five major capitals led by Brisbane and Adelaide: Quarterly growth across the five major markets has moderated further to 2.70%, with massive

The post CoreLogic weekly house price update: Brisbane still booming appeared first on MacroBusiness.

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MacroBusiness Friday, January 21, 2022 - 00:01 Source

Global Macro / Markets / Investing: Taxing extreme wealth could lift 2.3 billion people out of poverty – CNN Fed to raise rates three times this year to tame unruly inflation – Reuters Bitcoin Futures Markets Signaling Volatility Ahead – Valkyrie Cryptocurrency Federal Reserve is in ‘deep trouble’ over ‘disaster’ balance sheet – Fox Business ‘Black

The post Links 21 January 2022 appeared first on MacroBusiness.

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The Australian Independent Media Network Thursday, January 20, 2022 - 17:00 Source

The French Parliament has approved a new law that effectively prevents citizens who are not vaccinated against Covid-19 from going out in public. I want to look at a couple of reports on the law and then consider whether this new law crosses a line. No Jab? No Social Life Euro Weekly News reports the…

The post Is Macron Being A Pr*ck? France’s New Vaccine Law appeared first on The AIM Network.

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The Australian Independent Media Network Thursday, January 20, 2022 - 16:32 Source

In 2015, the Climate Change Authority recommended emissions reduction targets for the government to take to the Paris climate conference: a 2025 target of 30 per cent below 2000 levels further reductions by 2030 of 40 to 60 per cent below 2000 levels In response, Labor proposed an emissions reduction target of 45% below 2005…

The post After the seven hottest years on record, Labor lessens its climate ambition appeared first on The AIM Network.

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MacroBusiness Thursday, January 20, 2022 - 16:30 Source

Stocks rebounded somewhat throughout the region today despite the continued selloff on stocks overnight, with risk currencies coming back a little against the USD in the wake of more inflationary concerns. Bitcoin remains stuck at the $42K level while gold surged overnight to put in a new monthly high and is holding on to those

The post Macro Afternoon appeared first on MacroBusiness.

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John Quiggin Thursday, January 20, 2022 - 16:01 Source

A fun and often useful way of getting perspective on events from what seems like the relatively recent past is to take the time interval between those events and the present, then count back an equal time into the past [1].

For example, The Beatles first big hit, Love me Do, came out 60 years ago, in 1962. Going back 60 years to 1902, the hits of that year included Scott Joplin’s ragtime number The Entertainer. The recent buzz around Get Back can be compared to the revival of interest in Joplin generated by the Newman-Redford movie The Sting[2]

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Renew Economy Thursday, January 20, 2022 - 15:39 Source

rooftop solar

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Renew Economy Thursday, January 20, 2022 - 15:07 Source

 Canva).

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MacroBusiness Thursday, January 20, 2022 - 14:30 Source

Westpac chief economist Bill Evans is now forecasting that the RBA will begin lifting the cash rate from August. My view is that the RBA won’t start lifting rates until wage growth breaches 3%, which depends in part on the speed at which mass immigration is rebooted: In this note we set out some changes

The post Westpac: RBA to tighten from August appeared first on MacroBusiness.

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MacroBusiness Thursday, January 20, 2022 - 14:00 Source

CoreLogic has released its Quarterly Auction Market Review for the December quarter of 2021, which reveals that auction volumes surged 85% over the quarter to record highs: There were 42,918 homes taken to auction across the combined capital cities over the December 2021 quarter, up 85.1 per cent from the previous quarter (23,184) and more

The post Auction volumes surged 85% in Q4, dragging down prices appeared first on MacroBusiness.

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MacroBusiness Thursday, January 20, 2022 - 13:30 Source

A fortnight ago, I questioned why Novak Djokovic was required to be vaccinated to enter Australia to play in The Australian Open given he had already been infected twice with COVID, arguing “Djokovic likely has better natural protection than somebody that is vaccinated but has not had the virus”. Today, data has been released in

The post Prior COVID infection more protective than vaccination appeared first on MacroBusiness.

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