Treasury acknowledges housing bubble. (h/t The Lorax) The Australian
Bernanke translated. WSJ
US bank stress. Alphaville
US so captured. Rortybomb
US manufacturing. Calculated Risk
The rape of Ireland. Bloomberg
Portugal and Spain to follow. BusinessWeek
China's inflation opportunity. Reuters
China's coming bust. Alphaville
The harmonious society. Silence!Reuters
Sensible Koeans. JAD
Soros on gold. Precisely.
And now for shadow banking. Gillian Tett
China/US price divergence. Gavyn Davies
More MRRT bluster exposed. FT
Give actors hard hats. SMH
Gittins. Barf
St George as Northern Rock. Michael West
India upholds ore export ban. Reuters
Nikel drag. Seeking Alpha
Gottliebsen pwned. Delusional Economics
The baby-boomer bust for houses. The Uncoventional Economist
4 comments:
From Bernanke translated:
“Second, the current system leads to uneven burdens of adjustment among countries, with those countries that allow substantial flexibility in their exchange rates bearing the greatest burden … ”
TRANSLATION: “The Chinese are making life miserable for countries like Brazil, South Korea, India, South Africa, Israel, and others that let their currencies move more freely, but are now at a competitive disadvantage because China won’t let its currency rise faster. All this flak should be direct at Beijing, not at Washington.”
Except Australia. We like our competitive advantage being destroyed. We like to kick our exporters when their down. Its all part of a "necessary restructuring" of our economy. Just ask Ross.
Mr Condescending is at his most pukesome today.
That's because higher productivity leads to increased real income and as that income is spent new jobs are created elsewhere in the (services) economy.
Now if I'm not very much mistaken, Australia's productivity growth has been in the toilet for a decade, the same decade where we enjoyed fabulous income growth by virtue of our dirt becoming more valuable.
Well earned Australia!
Michael West wrote some classics in 2008 didn't he! I think it was that very article prompted me to get my parents savings out of St George.
And Gail Kelly, hasn't she done well for herself! Makes me wanna puke.
P.S. Should be "kick our exporters when they're down" above. Man I wish you could edit comments on blogs.
Treasury warning on home price 'bubble'. The Australian
A SENIOR Treasury official has sounded the alarm over Australia's property market.
...
"The elephant in the room is house prices or more specifically the risk of a precipitous drop in them, perhaps from an external shock or perhaps from their own internal dynamics when affordability constraints or capacity debt levels see prices and expectations of house prices start to move in the opposite direction,"
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