The March data on Stamp Duty paid in NSW has been released by the NSW Office of State Revenue and still the Gladys foreign buyer “Secret Business” continues.
As noted in past Glass Pyramid exclusives:
…..the NSW State Government stopped releasing data in November 2016 (see the large table below) when it became clear it would provide some useful information on just how much property was being bought by foreign citizens either offshore or temporary resident in Australia.
Even though Gladys has made it clear that she does not care how much residential housing foreign citizens buy, provided she is able to run a skim operation and milk them as much as possible for revenue, she is still very shy about letting the people of NSW know just how many new foreign milk cows have been added to her herd.
And she is shy for a very good reason.
She knows that the people of NSW are sick and tired of politicians who sell off Australia to foreign buyers one suburban block at a time. Continue reading
Cheers for that.
It was an interesting interview and well worth the time.
Though I am surprised that Steve Keen is still pushing the idea of a “Debt Jubilee” as an application of QE for the People and I don’t understand why he keeps using the term “Helicopter Money”. I think both are real political and economic lemons to be avoided if at all possible. Continue reading
It has been a busy week at the Glass Pyramid as a cloud of confusing and obfuscating commentary on “Foreign Debt” has again descended on the nation.
Never have so few worked so hard to convince the general public that racking up trillions of dollars of debt to foreign lenders is nothing to be worried about.
The objective of the exercise seems clear … sprout enough economic gibberish in a condescending tone and hopefully the populace will relax and go back to regular programming …. another plate of unproductive capital inflows (foreign debt), another serve of imported goods / services, more job losses, more businesses heading offshore and all with a side serve of smashed avocado (though only if Bernard Salt has approved your demographic to munch on the stuff).
So what did Ross do ?
He is normally such a pleasant avuncular chap and often says unkind words about the current government’s state of economic confusion, so surely he is one of the good guys / aka one of the few remaining ‘progressives’ at Fairfax not engaged in marketing the glorious housing bubble and the remaining trickles of gold ?
Well a lot of the time he does say sensible stuff but every so often he reaches into the bag of economic fables and myths and pulls out a big hairy rabbit with a bad case of myxo. Continue reading
We don’t hear too much about “foreign debt” these days.
Neither the foreign debts owed by our private companies and private banks nor the foreign debts owed by our governments especially the Federal Government in Canberra.
So it was quite a retro moment when an editorial in the Australian was titled “Our complacent reliance on foreigners’ savings”
Note: It appears Ross Gittins decided yesterday to don the hyper-colour T-Shirt, spin some late 80s stadium rock and run the “foreign debt is cool” nonsense again in the SMH yesterday. More on that creaky skeleton of the 1980-2000s in a separate post. Continue reading
The following comment was made in response to a comment at Macrobusiness
“..The slightest withdrawal of the economic stimulant (debt) plunges an economy into depressive conditions…”
“..There are other forms of economic “stimulus” that don’t incur debt, a sovreign state paying for infrastructure, free health and education, and providing a Wealfare State with its monolopy right to Print the fiat,. for example are ways money can be “pumped” into the REAL economy without incurring the expotentially growing out of controll, economic overhead of compounding interest…” Continue reading