Wednesday, December 15, 2010

Links December 15: China readies yuan

Global yuan trade. FT, WSJ
US/China trade pressure. FT
Hedge funds are psychopath factories. HBR (h/t nakedcapitalism)
US retail approaches 2007 peak. Calculated Risk
On petrol prices. Econompic
Exposure to PIGS. Zero Hedge
Contagion rife: Ireland, Portugal, Greece, Spain, Italy, Belgium
5 biggest 2011 risks. PragCap
More credit juice for China. FT
Soros backs Munchau plan for Europe. FT
Gittins: No Dutch Disease, commodities boom or housing bubble...$!&*@
No two speed economy. Saul Eslake
Melbourne apartment glut. The Age
RSPT backflip. PR campaign resumes. Mitch Hooke, Matthew Stevens
Another cup and handle on the ore chart? Bloomberg


The Lorax said...

Gittins says:

In other words, our economy is roughly 80 per cent self-sufficient. At a pinch, we could make it completely self-sufficient...

This is manifestly untrue. Look around any Big W, Bunnings or Harvey Norman and its apparent that the products on offer are overwhelmingly imported. Even in supermarkets we are increasingly reliant on imported product. Any modern economy is now utterly dependent on computer hardware, and Australia produces zilch.

Ross has now completely lost the plot. He may be able to fool some of the people with his weekly condescending waffle, but every punter knows we import almost everything of value these days.


David Llewellyn-Smith said...

I'm thinking about posting on it later but is there really much point?

The Lorax said...

Well yes. If one of Australia's leading economic commentators is publishing complete and utter bullsh*t someone needs to say so!

David Llewellyn-Smith said...

Not self evident?

The Lorax said...

Maybe to you and me, but obviously not to Ross. Someone with some semblance of economic credibility should call him to account.

He crossed the line today into pure fantasy.

Anonymous said...

Agree with The Lorax. Gittins really did the whole "absence of evidence" thing today: no mention of the reliance upon all those pretty service industries on the construction sector....which employs the greatest number of men in this country....which is wholly dependent upon a foreign-income supplied housing bubble...
I think a strong rebuttal from you David is in order: it would either show that Gittins has no idea about how the Australian economy actually works, or that he is delusional.
Chris B.

Luke Garratt said...

Can't see the cup and handle in the ore chart sorry