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Tuesday, 27 June
20:06
This is how housing policy should change, with Peter Tulip Pete Wargent Daily Blog
Housing policy podcast
This week Peter Tulip, Chief Economist of the CIS and former Reserve Bank researcher, joins me on the podcast to discuss how housing policy should change.
Listen out for some forthright views on the current macroprudential restrictions...
Tune in here (or click on the image below):
You can also watch the video on YouTube here:
20:05
Big Picture podcast Pete Wargent Daily Blog
Big Picture podcast
14:52
Is Indonesias New High-Speed Rail Line Worth It? Pacific Money The Diplomat
Whether or not the rail line turns a profit, Jakarta is hoping that the project brings a wider range of subsidiary benefits.
13:40
1929, 1973, 1987 and 2000Why its NOT Different This Time Daily Reckoning Australia
Friendly warningtodays The Daily Reckoning Australia is long on charts and short on text.
These pictures paint more than a thousand words. However, theres only ONE message from todays issue and that ishistory repeats and now is the time to exercise extreme caution.
In 2006, while the US Housing Bubble was in full inflating mode, Dr Jean-Paul Rodrigue studied bubbles and manias past to formulate this all-too-repeatable pattern of human behaviour.
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Source: Dr. Jean-Paul Rodrigue |
In a detached state of mind, we can rub our chins, nod our heads and think yes, this represents a fair and rational assessment of mans evolving emotional states.
Yet, when were in the middle of it all and markets are playing mind games, its not easy to remain so composed. Patterns get repeated time and time again because, at our core, we are emotional beings. Amidst the racket of fear and greed, voices of reason are invariably drowned out.
There is much whoopin and a hollerin over a new bull market on Wall Street.
Yes, in technical terms, the S&P 500 Index does meet the 20% recovery definition of a new bull market.
But, as I showed in last weeks issue of The Gowdie Advisory, there were no less than four and almost five so-called new bull markets in the Dows near 90% plunge between 1929 and 1932.
...13:28
Ready to Rumble Daily Reckoning Australia
On Saturday, the Wagnerians were on the road to Moscow to confront Putin. By Sunday, a deal had been worked out.
But were talking about something much more amusing, the upcoming battle between Elon Musk and Mark Zuckerberg. The two ultra-billionaires, both serious martial art enthusiasts, were set to square off after Musk supposedly prompted by Zuckerbergs move to compete with Twitter issued a challenge.
It was probably a joke; Musk proposed a cage match.
Zuckerberg shot back send me location.
So, the fight is onmaybe. We hope so. It would be entertaining. And extremely lucrative for everyone involved ringside seats, hotel bookings, broadcast rights, T-shirts and memorabiliait would probably be the single most profitable event in history. Vegas odds-makers are going 3-2 for Musk.
Gentlemanly combat
Settling rivalries with a battle of champions is a venerable way to spare the money and lives that would be lost in a real battle. Its also much more honourable. In the Bible, David and Goliath faced each other single-handedly. So did Achilles and Hector in Homers Iliad.
Typically, the cost of war is borne by those who are least responsible for it taxpayers and draftees. Instead, why not just let the deciders settle it on live TVand make a profit on it? Zelenskyy and Putin, for example, are fighting over who controls the eastern section of Ukraine, traditionally a borderlands area. How about a cage match?
While disputes between nations are often resolved by force, elections are usually a matter of fraud. Hell keep us out of war, promised supporters of Woodrow Wilson. Hell create a Great Society, they pledged for Lyndon Johnson. Hell make America great again, they vouchsafed on Donald Trumps behalf. Once elected, the president then undertakes to reward his campaign donors. Voters are often forgotten or stabbed in the back.
Think about how much expense, corruption, and bombast could be avoided by replacing national elections with cage matches. Hillary versus DonaldDonald versus Joe. Who knows which way these rumbles would gobut they could hardly be worse than the verdict of the voters.
Back on the beat
But lets move onthe Fed has paused. Stocks are still high. Unemployment is still low. And the credit catastrophe, if there is one, is still ahead.
As to the coming catastropheDavid Rosenberg, former head economist at Merrill Lynch, is on the case.
DNyuz:
Hecautioned that investors appear overly optimistic today, just as they were nearly 25 years ago. For example, theyve roughly tripled Nvidias stock price this year, lifting its market capitalisation to north of US$1 trillion. Theyve also more than doubled the stock prices of Tesla, Meta, and other popular tech names too.
...
08:26
Construction insolvencies take off alarmingly Pete Wargent Daily Blog
06:09
Restoring trust in politics Crispin Hull
Question Time should be abolished. Its corrosive effect on our democracy was exposed yet again last week the last sitting week before the long winter break.
Question Time was supposed to increase trust in the institution of Parliament by keeping the executive government accountable. But it has now been reduced to a scripted pantomime.
Oppositions pose questions like a prosecutor at a trial. They are not to elicit information from the person being questioned. They are not posed for the voters or jurors to listen to the answer. Rather they are structured as a narrative as if the questions themselves are the facts for the voters or jurors to accept.
You stole a gun on 23 June, didnt you? You used it to rob the XYZ bank on 24 June, didnt you?
The Voice will give Indigenous people say over tax policy, wont it? It will force the government to take into account Indigenous views on military bases, wont it?
And so on only interspersed by meaningless Dorothy Dix questions from the Government side.
That is what happened last week. That is what happens most weeks.
It has two effects: it engenders distrust for and contempt of Parliament and other political institutions and it causes some voters to fall for the concocted narrative created by the questions.
Dorothy Dix, by the way, was the pen name of a highly paid US syndicated advice columnist who was reputed to craft her own questions and then answer them.
Opposition Leader Peter Dutton, however, got it exactly the wrong way around when asserting through a question that, if the Voice referendum passed, it would be able to influence where military bases were placed.
It disclosed his ignorance of the law and the Constitution. Lets take the example of a military base proposed for land over which an Indigenous group of people had native title. Lets say the Voice had passed. There would be a consultative process and agreement reached.
On the other hand, lets say the Voice had not passed. Indigenous people would be rightly outraged and utterly uncooperative in any process. They would rightly assert their native title to block the base. The High Court held in the...
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Monday, 26 June
17:22
Japans monetary policy experiment is working William Mitchell Modern Monetary Theory
Last week RBA wants to destroy the livelihoods of 140,000 Australian workers a shocking indictment of a failed state (June 22, 2023) I wrote about the sense of being in a parallel universe when one reads official statements from the Bank of Japan and juxtaposes them against the stream of statements coming
15:26
Australias token mapping to be tech agnostic, says Treasury official "IndyWatch Feed Crypto"
Trevor Power hopes the framework will fall closer on the spectrum to the EUs MiCA than the current regulatory position in the United States.
14:00
Australian Dollar and Bitcoin "IndyWatch Feed Crypto"
1.00 AUD = 0.00002 BTC
0.00010 BTC = 4.50 AUD
Converter
11:21
Keep Australia safe: Dystopian draft bill against misinformation unveiled "IndyWatch Feed Crypto"
The proposed legislation could have serious implications for free speech in Australia, says Shadow Communications Minister David Coleman.
08:42
Dont follow the US: Blockchain Aus CEO hammers regulation by enforcement "IndyWatch Feed Crypto"
Blockchain Australia, the countrys peak crypto industry body has announced a new CEO who wants to speed up the crypto regulatory process.
08:36
Hard to describe how depressed I am feeling about Australian politics right now.
The Voice Referendum was always going to be a longshot because referendums usually fail. But Albaneses refusal to put forward a model, and the promotion of someone as abrasive as Noel Pearson as a leading advocate risk a defeat so bad that the fallback of option of a legislated Voice is unlikely.
In economic terms, Australians will be worse off by the next election than when Labor was elected lower real wages, higher unemployment, higher interest rates, a more regressive tax system.
The fact things would have been even worse under the LNP doesnt cheer me up
And just to make the picture complete, the Greens are overplaying their hand on housing. Should let #HAFF thro
08:33
Monday Message Board John Quiggin
Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please.
Im now using Substack as a blogging platform, and for my monthly email newsletter. For the moment, Ill post both at this blog and on Substack. You can also follow me on Mastodon here.
05:06
"Supply" pressures easing Pete Wargent Daily Blog
Supply chain pressures at record low
Amidst all the panic about persistent inflation, it's reassuring to stop and consider how supply chain pressures are now easing (and how!).
Let's take a look via a few illustrative graphics.
Firstly, oil prices - a key input into production - are down from around US$110 to under US$70.
This hasn't yet been fully reflected in fuel prices, which have still been averaging close to $1.90 per litre for unleaded through the fuel cycle.
Meat prices achieved by farmers have crashed lower since a year ago, although this also hasn't yet been reflected in supermarket prices for consumers.
The brilliant analyst Charlie Bilello fired out a few illuminating charts on Twitter this weekend.
Global container freight rates have fallen by a remarkable -88 per cent from their highs, and are now at their lowest level since 2019, he highlighted.
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Thursday, 22 June
14:00
Australian Dollar and Bitcoin "IndyWatch Feed Crypto"
1.00 AUD = 0.00002 BTC
0.00010 BTC = 4.40 AUD
Converter
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Wednesday, 21 June
14:00
Australian Dollar and Bitcoin "IndyWatch Feed Crypto"
1.00 AUD = 0.00002 BTC
0.00010 BTC = 4.35 AUD
Converter
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Tuesday, 20 June
14:00
Australian Dollar and Bitcoin "IndyWatch Feed Crypto"
1.00 AUD = 0.00003 BTC
0.00010 BTC = 3.95 AUD
Converter
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Monday, 19 June
14:00
Australian Dollar and Bitcoin "IndyWatch Feed Crypto"
1.00 AUD = 0.00003 BTC
0.00010 BTC = 3.85 AUD
Converter
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Friday, 16 June
14:00
Australian Dollar and Bitcoin "IndyWatch Feed Crypto"
1.00 AUD = 0.00003 BTC
0.00010 BTC = 3.75 AUD
Converter
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Thursday, 15 June
14:00
Australian Dollar and Bitcoin "IndyWatch Feed Crypto"
1.00 AUD = 0.00003 BTC
0.00010 BTC = 3.70 AUD
Converter
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Tuesday, 13 June
18:10
Explore Altcoins with MEXC: A Comprehensive Review "IndyWatch Feed Crypto"
The world of cryptocurrencies is constantly growing, with more and more altcoins emerging every day. For experienced and novice traders alike, finding the right platform for trading these digital assets is crucial. One such platform is MEXC, a popular altcoins exchange that has gained traction in recent years. In this comprehensive review, we delve into the ins and outs of this powerful platform, examining its features, pros, and cons, as well as comparing it to some alternatives.
MEXC: An Overview
MEXC is a Singapore-based altcoins exchange that was established in 2018. Over the years, it has rapidly expanded its offerings, now boasting over 1,600 cryptocurrencies and a global user base of more than 10 million. The platform provides users with a wide array of trading options, including spot, margin, and futures trading, as well as various staking services. Furthermore, MEXC has obtained key licenses in several countries, such as the United States, Canada, Australia, and Estonia, enabling it to operate in strict jurisdictions.
Key Features of MEXC
MEXC prides itself on offering a multitude of features to cater to the diverse needs of its users. Some of the standout aspects of this altcoins exchange include:
- A vast selection of over 1,600 cryptocurrencies, providing ample trading opportunities for users
- Multiple trading options, including spot, margin, and futures trading, as well as leveraged ETFs
- High liquidity and trading volume, ensuring smooth and efficient transactions
- No mandatory KYC (Know Your Customer) requirements for basic trading, allowing users to maintain their privacy
- A user-friendly mobile app for Android and iOS devices, enabling seamless trading on-the-go
- Staking services for numerous cryptocurrencies, letting users earn passive income
- An affiliate program, offering lucrative rewards for referring new users to the platform
Pros and Cons of MEXC
As with any exchange, MEXC has its own set of advantages and disadvantages. Heres a quick look at the key pros and cons:
Pros
- A large assortment of over 1,600 cryptocurrencies, catering to diverse trading interests
- Several trading options, such as spot, margin, and futures tr...
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Saturday, 10 June
05:07
WikiLeaks Founder Julian Assange Facing Extradition After Losing Challenge "IndyWatch Feed Crypto"
Julian Assange, the founder of WikiLeaks, is facing extradition from Britain to the United States after losing a challenge that would prevent that. Assange, who is wanted on 18 charges related to the release of confidential U.S. military records and diplomatic cables, will, however, renew his appeal next week according to a report by Reuters. The British High Court ruled that Assange had no legal grounds to challenge the extradition decision.
Previously, a British judge ruled against Assange's extradition, citing concerns about his mental health and the risk of suicide if held in a maximum security prison. However, the decision was overturned on appeal after the U.S. authorities provided assurances, including the possibility of transferring Assange to Australia to serve any sentence.
WikiLeaks gained prominence in 2010 for releasing classified files and diplomatic cables, marking one of the largest security breaches in U.S. military history. As a journalist, Assanges platform highlighted war crimes and incredible breaches of public trust by the U.S. military. His efforts to bring crimes and actions committed by the government to light have been met with furious retaliation despite the protections journalists should receive, even when reporting on sensitive information. To punish Assange for his work is to set the precedent that journalists who delve too deeply into government affairs will be made an example of.
Assange's case has drawn international attention and sparked debates regarding freedom of the press and the potential implications for whistleblowers. The renewed appeal next week will be a crucial moment in determining Assange's fate as he continues to fight against extradition to the United States.
The latest issue of Bitcoin Magazine Print is the Gatekeepers Issue, featuring Assange on the front. We lead the editorial of The Gatekeepers Issue with an open letter to Julian Assange titled Dear Julian, a download page for the cover story explains. In this piece, the author likens Assange's actions to those of ancient Greek Titan, Prometheus. To read the full story, you can input your email to receive a virtual copy of the open letter and to fully appreciate the Gatekeepers Issue, you can sign up for a subscription here.
Friday, 09 June
14:00
Australian Dollar and Bitcoin "IndyWatch Feed Crypto"
1.00 AUD = 0.00003 BTC
0.00010 BTC = 4.00 AUD
Converter