Mr Pascoe: Only two mistakes…….provided we don’t talk about the big one.

Columns by Mr Pascoe are always entertaining and fun to read, and when the drive to catch eye balls is in harmony with talking sense they can be powerful medicine.

In his most recent outing, Mr Pascoe took us on a trip down memory lane to pay a visit to two of his most cherished mistakes as a financial prognosticator.  Though if you read closely he barely concedes the second.

Rather than deny you the pleasure, by providing a potted summary, click this link and settle back with a cup of finest cocoa.

The article ended with

“..Keeping perspective on both the doom and boom remains a lonely pursuit – but it’s the only one worth pursuing, even with the occasional bad call….”

A double serving of LOLs please. Continue reading

South Australia pays the price of the LNP obsession with #FakeInvestment 

South Australian Premier Jay Weatherill correctly rejects a population Ponzi scheme as an economic plan for South Australia’s future.

The biggest challenge facing South Australia and other regional parts of Australia is the preferred LNP Australian economic model which favours unproductive speculation and #FakeInvestment in the form of private bank credit creation “household debt” directed towards asset price speculation. Continue reading

Premier Gladys:  Selling off NSW homes to foreign buyers by the plane load.

25% of all new housing construction in NSW is sold to a foreign buyer.  In addition there are many sales of existing houses and apartments to the hundreds of thousands of foreign buyers temporary resident in Australia.

Unfortunately despite the wide coverage given in the media to a report on Foreign buying of residential real estate in NSW, based on a Credit Suisse Freedom of Information request to the NSW Government, no link to the actual report has been provided. Credit Suisse do not appear to have made it available to the general public.

Continue reading

Socialism with a spine? Is that the only alternative?

In an article published by the Guardian today John Quiggin discusses whether “Socialism” may find new support now that the flaws in neoliberal economics are becoming impossible to ignore.

A lively discussion of this article appeared on Macrobusiness that included the following comment.171010 - Quiggin

“The private banks that offer cheap mortgages supported by an independent central bank will be at minimum curtailed. In their place we’ll have a central bank working hand-in-glove with the government to print money into existence via buying the sovereign bonds that fund various forms of agreed public income generation – infrastructure investment, basic income, digging holes, filling them in, etc.”

This over complicates the reforms that are required. Continue reading