19th July, 2017
The great powers develop a dialogue
In a 12 July interview, US President Donald Trump reflected
on his recent meeting with Russian President Vladimir
Putin: "Yeah, I think we get along very well, and I think
that's a good thing, that's not a bad thing. People said,
'Oh, they shouldn't get along.' Well, who are the people
that are saying that? I think we get along very, very well.
We are a tremendously powerful nuclear power, and so
are they. It doesn't make sense not to have some kind of
Articles include the following:
- Energy austerity kills—end privatisation, RET
- APRA boss promotes international rules over domestic needs
- Alarm bells over Australian housing bubble
- QE unwind: Damned if you do, damned if you don't
- Italian banking crisis endangers EU, Glass-Steagall raised
- China-led reconstruction will put Syria back on the Silk Road
- PPP/Macquarie Bank roadblock hits Indiana
- Dissecting the latest Trump-Russia 'fake news'
- ABC pimps for 'Russian hackers' faker CrowdStrike
- Whistleblower alleges HSBC behind suppression
- British collusion with sectarian violence
- Gaining ground on Glass-Steagall
- Thank God Sully wasn't a climate scientist!
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'Free market' smashes milk producers
Download and distribute the A4 flyer (PDF)
25th July, 2017
Empty houses destroy myth of supply and demand—prepare for a crash!
The 2016 census has destroyed the lie/delusion that “demand” has driven up house prices, revealing that a million—one in ten—Australian homes are empty. Buying houses to stand empty for the capital gain is not real demand, but speculation. It is also dangerous for the market: when property prices are rising empty houses push prices (and rents) even higher, but in a downturn the speculators are the first to stampede for the exits, unlike genuine homeowners who try to hang on for as long as possible—the rapid sell-off of this much housing will push prices down faster and further.
For years, vested interests have denied that the Australian housing market is a bubble, insisting that prices are driven by demand and a claimed housing shortage. The census has now obliterated that claim. It is a bubble, and all bubbles end the same way—they burst. As Deloitte Access Economics’ latest Australian business outlook report declares: “We’re sitting on a housing powder keg.” It is time to snap out of denial and prepare for a crash!
In London, investing in houses and apartments for the capital gain and leaving them empty is called “land banking”. The practice has grown in Australia alongside the bubble, the percentage of empty homes having almost doubled since the 2001 census, when property prices had just started rising. Since the 2011 census the number of empty houses in Melbourne increased by 19 per cent, and in Sydney 15 per cent. The 18 July Sydney Morning Herald reported figures from property market analysis firm CoreLogic showing Sydney’s dwelling prices skyrocketed 18.4 per cent, more than $120,000, over the past year, and Melbourne’s have risen 13.1 per cent, more than $70,000. Rental income could never match such capital gains. Until the house is sold, however, the gains are all on paper.
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