Tag Archives: steve keen

The Pricing Carbon Choir – Why Should *Any* Sane Person Trust Economists After The GFC?

2 Jul

There’s a little faux furore doing the rounds in the last 24 hours.

Allegedly, that awful Tony Abbott doesn’t trust economists.

In particular, he does not trust their judgement over their “popular” position on the proposed carbon “X”.

From The Australian:

Opposition Leader Tony Abbott defies economists on carbon tax

Tony Abbott today slapped down economists who were backing a price on carbon to deal with climate change, accusing the numbers men of getting it wrong.

The Opposition Leader urged economists vocally calling for a carbon tax or emissions trading scheme to examine their thinking.

Speaking at the The Australian-Melbourne Institute Growth Challenge conference in Melbourne, Mr Abbott said economists should not be taken in by Labor’s use of the term “market-based mechanisms’’.

“It may well be, as you say, that most Australian economists think that the carbon tax or emissions trading scheme is the way to go,’’ he said.

Maybe that’s a comment on the quality of our economists.’’

Indeed.

Consider.

Not one of these economists who are calling for a carbon “X”, saw the GFC coming.

Not one.

Australians lost billions from their retirement savings.

Our country was plunged, unprepared, into a massive Labor and greenie-Ken Henry-inspired monster debt-a-thon.

Why?

Because NOT ONE of these #JAFA’s saw the GFC coming.

Including the latest #JAFA economist to be given charge over the Australian economy – and your future – the new Treasury Secretary, former student of “Helicopter Ben” Bernanke, Martin Mini-me Parkinson.

Only one (1) Australian economist did see it coming.

Dr Steve Keen –

And only twelve other economists, worldwide, along with him.

Proof?

Here’s a paper referencing the thirteen international economists who all predicted and forewarned of the GFC for years in advance, and propounded cogent analyses as to why a GFC was coming. Including Australia’s own Dr Steve Keen, who won an award voted on by his international economic peers for having done so:

This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not.

Note that well.

It was only those rare economists who shun the kind of modelling that is “ubiquitous in mainstream policy”, and instead use “accounting” models, that got it right.

In other words, it was only the few economists worldwide who think like accountants, who were able to see the GFC coming.

Is it any wonder then, that our much-ridiculed accountant in the Parliament, Senator Barnaby Joyce, is always the only one on the ball when it comes to correctly predicting the risks of what is coming?

REMEMBER back in 2009 when Barnaby Joyce pondered aloud the possibility of the US defaulting on its debt?

Just to recap in the concisest way, things went badly for Joyce. We found ourselves pondering this yesterday as we listened to the dulcet tones of the ABC’s Eleanor Hall on The World Today: “. . . the [US] Treasury has warned that Congress has only until August 2 to come up with a compromise to lift the $US14 trillion debt ceiling or risk a default and a default would have drastic consequences, not just for the US but for the global economy”.

Is the time approaching where Joyce must be acknowledged as a clear-eyed prophet?

Strewth found him in a reflective mood.

“Maybe they will retract their pillaging of me and hand back the shadow finance portfolio as the sun is blotted out with the return of the migrating pigs,” Joyce mused.

“Alas, Cassandras are rarely enjoyable company in any party. It was hardly the greatest feat of the prefrontal cortex amygdala [utilised for intuition, he explains] to foresee that one, but politically it had to wait for the economic karaoke to bravely sing all together prompted by the big bouncing cheque.”

Amen.

But wait, dear reader.

There’s another outstanding reason why no sane person should trust the “leading” “mainstream” economists’ opinions about “pricing carbon”.

The majority of these economists you are hearing from on the subject, have a massive conflict-of-interest.

They are owned.

By banks.

Take a look at this little online stoush that I had right here on barnabyisright.com, with “leading” #JAFA economist Saul Eslake.

He objected to my portrayal of his and his fellow dozen economists’ Open Letter in support of “pricing carbon”, as being a Banksters’ Glee Club.

Then under return fire, he foolishly conceded that, as far as he knows, 77% of those economists (including himself) are current and/or former employees of banks.

Mr Eslake himself being former chief economist of the ANZ Bank, and now employed by BHP Billiton (who stand to make a killing from “pricing carbon” – really!), and the Australian Government via the “independent” Grattan Institute.

Quelle surprise!

By Saul’s Own Words They Stand Condemned.

The sector of the economy that stands to benefit the most from “pricing carbon”, is the financial sector.

Banks.

And banksters.

And their many minions.

Including Malcolm Turnbull, whose balls are owned by international carbon-trading-pushers Goldman Sachs, after their “confidential settlement” to keep him out of court in the half a billion dollar lawsuit over the HIH collapse, in which Mr Turnbull was a named defendant.

Tony Abbott – who has an economics degree himself – is actually demonstrating both brains and balls, by defying the “mainstream wisdom” of economists over the carbon “X”.

No sane person should trust economists at all after the GFC.

And especially, no sane person should ever trust those “leading” mainstream economists who are now out there publicly singing for their supper, on behalf of the bankstering industry.

The “Pricing Carbon” Choir.

Blithering Idiots, and Liars all.

Economist Who Predicted The GFC Warns Of “Perfect Storm”

15 Jun

From Bloomberg:

A “perfect storm” of fiscal woe in the U.S., a slowdown in China, European debt restructuring and stagnation in Japan may converge on the global economy, New York University professor Nouriel Roubini said.

“There are already elements of fragility,” he said. “Everybody’s kicking the can down the road of too much public and private debt. The can is becoming heavier and heavier, and bigger on debt, and all these problems may come to a head by 2013 at the latest.”

Nouriel Roubini is the New York University professor who came to fame as one of the dozen or so economists – including Australia’s own Dr Steve Keen – who predicted the GFC.

Mind you, he was running a little late. Dr Keen began publicly warning of a GFC in December 2005.  Roubini issued his warnings from mid-late 2006.

Now he’s running a little late again, with this warning of a “perfect storm”.

Barnaby Joyce began warning of the risk of “economic Armageddon” nearly 18 months ago. And for exactly the same reasons – rising levels of public and private debt in the USA, and around the world.

It’s worth taking a minute or two to clearly recall just what Barnaby had to say.

From the Brisbane Times, October 23, 2009 (emphasis added):

The Nationals Senate leader Barnaby Joyce is openly canvassing an economic upheaval that would dwarf the current global financial crisis, triggered by the US defaulting on its sovereign debt within the next few years.

In unusually pessimistic comments for a senior political figure, Senator Joyce said the US Government was running such large deficits and building up so much debt that it was in a similar position to Iceland or Germany before World War II.

In a Senate estimates hearing on Wednesday night, he asked Treasury secretary Ken Henry what would be the implications of an American debt default for the Australian economy.

Dr Henry warned that canvassing extreme scenarios could alarm the community.

”I don’t mind discussing hypotheticals in general … [but] one has to be careful not to discuss publicly hypotheticals that are that extreme,” Dr Henry said.

”I don’t, myself, consider that outcome to be a high probability outcome, certainly not one that I would want to say much about in a public forum.”

But Senator Joyce insisted yesterday that the dangers to the global economy from the run-up in US private and public sector debt were real and should be debated.

”It is the elephant in the room,” Senator Joyce said. ”This is a huge risk that Australia faces. What is the game plan, what happens if it comes unstuck?

And from the Sydney Morning Herald, December 11, 2009 (emphasis added):

The Opposition finance spokesman, Barnaby Joyce, believes the United States government could default on its debt, triggering an ”economic Armageddon” which will make the recent global financial crisis pale into insignificance.

Senator Joyce told the Herald yesterday he did not mean to alarm the public but there needed to be a debate about Australia’s ”contingency plan” for a sovereign debt default by the US or even by a local state government.

”A default by the US means complete economic collapse around the world and the question we have got to ask ourselves is where are we in that,” Senator Joyce said.

His warning came as the Rudd Government ramped up its attack on Senator Joyce as an economic extremist…

Senator Joyce said the chances of a US debt default were distant but real and politicians were not doing the electorate a favour by refusing to acknowledge the risk.

Senator Joyce said that if the US recovered, global funds would flow back into North America. ”There will be only one way Australia will be able to keep funds here and that is by putting up interest rates, which will therefore bring real costs back to households,” he said.

”That is the first scenario, which is extremely bad for Australia. The worse scenario is where the US doesn’t repay its debt – the $2 trillion in debt it owes to the Chinese, the $1 trillion in debt it has to the Japanese and the $US1 trillion in debt to others – and then we are really nailed.

”The outcome is a shift away from the US dollar as the international trading currency and a shift to the Chinese yuan, and China becomes an immensely powerful player overnight.

”It’s the real financial crisis, and the real financial crisis will mean this preamble we have just had pales into insignificance.”

Asked what sort of contingency plan he would advocate, Senator Joyce said it was like trying to prepare for a tidal wave but the local economy should have more self-reliance.

”Things you look for in that economic Armageddon are the capacity to feed ourselves, the capacity to provide the fundamentals in medicines and basic fundamental requirements for our nation.”

Barnaby was right.

And noone took any notice.  18 months later, Australia has no contingency plan.  Just a dramatically weakened government financial position.

This blog was created for the express purpose of sourcing and sharing information from around the world, in support of Barnaby’s prophetic warning.

If you browse the pages here, especially over the past month or so, you will find many news articles referencing the US debt default crisis.

Watch and listen to this interview just 8 days ago, where respected US congressman and 2012 Presidential Candidate Ron Paul, the Chairman of the House Financial Services Subcommittee on Domestic Monetary Policy, openly confirmed that the US is defaulting on its debts.

The big risk event that Barnaby predicted was “distant but real” in late 2009 … is happening right now.

Barnaby was mocked and ridiculed out of his new job as Opposition Finance spokesman, for daring to speak out. For daring to talk publicly about risks contrary to the “received wisdom” of the “experts”.

Who were those “experts”?

Let’s begin a Name ‘n Shame list of all the pompous, know-it-all cretins who now owe Barnaby a wimpering, grovelling apology.

Naturally, we’re talking about the likes of former Treasury secretary (and now unconstitutionally-appointed personal adviser to Gillard) Ken “The GFC is over” Henry.

RBA Governor Glenn “I don’t know anyone who predicted the GFC” Stevens.

Treasurer Wayne “Half a million new jobs” Swan.

And former Finance Minister Lindsay “dark arts” Tanner.

And, pretty much the entire Canberra press gallery.

They were all wrong. Totally, utterly, catastrophically wrong.

Time is proving our country accountant Senator from Queensland to be a veritable modern day prophet.

With more wisdom, commonsense, foresight, and courage, than the entire Labor Party, Treasury department, RBA Board of governors, and Canberra press pack of financial “journalists” combined.

So let us all pay close heed to his most recent warning – that the government plans to steal our super to pay down debt.

Barnaby is right.

China Lending Tumbles, Signals Slowing Economy

14 Jun

From Bloomberg:

China’s lending tumbled in May and money supply grew at the slowest pace since 2008, adding to signs that the world’s second-biggest economy is cooling.

“This provides another data point highlighting the growth risk,” said Tao Dong, a Hong Kong-based economist for Credit Suisse Group AG. “I think the economy is heading to a soft landing in the second half of 2011, but the risk of a hard landing seems to be on the rise,” Tao said, adding that small companies are short of credit.

A moderating expansion in the Chinese economy is adding to concerns that global growth is faltering.

How’s that promised single year of budget “surplus” in 2013 looking, Wayne?

Final Proof That RBA Governor Glenn Stevens Is Either A Liar, Or A Blithering Idiot

13 Jun

Illustration - John Shakespeare

Reserve Bank of Australia Governor Glenn Stevens has been criticised at this blog previously:

Stevens’ Nonchalance ‘Stunning’

Stevens: ‘Risk Of Serious Contraction’ Passed

Stevens’ Australia’s Most Useless?

Now, conclusive proof that our Guv’na … who earns $1.05 million per annum, including a $234,000 pay rise at the peak of the GFC … is an ignorant, incompetent, ivory-towered #JAFA who should be sacked immediately, if not sooner.

From the RBA’s own website, behold! Stevens’ official speech to the Australian Business Economists Annual Dinner, Sydney, 9 December 2008.  That’s right around the time that you, dear reader, were cr@pping yourself about the imploding global sharemarket … and he was enjoying a $234,000 pay rise.

Let’s see what he had to say about the Global Financial Crisis, and the events leading to it (emphasis added):

Many people have said to me recently that the times are ‘interesting’. My response has been that they are, perhaps, a little too interesting. I need not remind this audience of the international financial turmoil through which we have lived over the past almost year and a half, nor of the intensity of the events since mid September this year, in particular.

I do not know anyone who predicted this course of events. This should give us cause to reflect on how hard a job it is to make genuinely useful forecasts. What we have seen is truly a ‘tail’ outcome – the kind of outcome that the routine forecasting process never predicts.

Mr Stevens, you are either a liar.

Or, you are a blithering idiot.

Here’s a paper referencing more than a dozen international economists who all predicted and forewarned of the GFC for years in advance, and propounded cogent analyses as to why a GFC was coming. One of them, Australia’s own Dr Steve Keen, won an award voted on by his international economic peers for having done so:

This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not.

[* So is it any wonder then, that our much-ridiculed accountant in the Parliament, Senator Barnaby Joyce, is always the only one on the ball when it comes to correctly predicting the risks of what is coming?]

Indeed, here’s Dr Keen on our national broadcaster’s premier political program, The 7:30 Report, way back in November 2007 – 10 months before the Lehman Bro’s collapse kicked off the GFC main event – talking about the RBA’s latest interest rate increase, and warning of the dangers of high household debt levels:

So right there is one prominent Australian economist, who was loudly and very publicly forewarning of a coming GFC. For 3 years prior!

Indeed, lots of other, ordinary people like me saw the GFC coming too, and so were able to protect themselves from the financial devastation.

Devastation that you, Mr Stevens, somehow could not see coming.

You say, “I do not know anyone who predicted this course of events”.

Well mate, our taxes say it’s your #&^%! $1.05 million job to know!

Millions of good, decent, trusting Aussies lost hundreds of billions from their retirement savings, thanks to a GFC that jumped-up, mainstream-theory-blinkered imbeciles like you couldn’t see coming.  When so many others – little people, with simple commonsense – did.

You are a national disgrace. And your Million Dollar Man salary, a despicable waste of taxpayers money.

Sack Glenn Stevens now.

Australia “Almost Certainly” In Recession In 2011, Economists Warn

13 Jun

From the Sunday Telegraph (sorry, no link), Finance Writer Nick Gardner dares to say the unspeakable:

Rates To Trigger Recession

Australia is on the verge of a recession.

Economists warn the economy will almost certainly be in recession later in the year as the Reserve Bank raises rates to avoid excessive inflation.

The forecast comes as most of the domestic economy continues to shrink in the face of weak consumer spending and a record-breaking strong dollar.

The economy contracted by 1.2 per cent in the March quarter, exaggerated by damage to our iron ore and coal exports because of natural disasters. And last week the ABS released jobs data showing the economy has lost 80,000 full-time jobs in the past two months. However, we are likely to skirt a recession this month.

“Miners are now having to work double time to fill not only the orders they would normally be catering for this quarter but also the coal they did not deliver in the previous three months because of the weather disruption,” said Steve Keen, professor of economics at the University of Western Sydney.

“That is likely to produce a pronounced bounce in the volumes this quarter, so we’ll probably have mildly positive growth by the end of June.

“However, after those orders have been filled, we’ll be back to our normal levels of exports and that’s when I think we will hit the skids and our growth will turn negative again for the last six months of the year.”

Shane Oliver, chief economist at AMP Capital, agrees.

“It’s later in the year we have to worry, especially if the RBA raises rates. It risks bringing the entire economy outside of resources to a standstill.”

The Australian Industry Group said the manufacturing, construction, and services sectors all shrank in May. Its indices, where 50 indicates an expanding sector and below 50 a contracting sector, showed manufacturing reached 47.7, services hit 49.9, and construction hit 39.6 – its 12th straight month of contraction.

In the lead up to the recent May budget, Treasurer Wayne “Goose” Swan was loudly propagandising that the coming budget would be all about “jobs jobs jobs”.  Indeed, he claimed that Labor has “created 750,000 jobs” since coming to power. No proof, of course. And noone in the lamestream media asked for any either.  Or bothered to try and check if Wayne’s claim was true.

We debunked that claim here … using his own budget documents.

Wayne also claimed that the Green-Labor government will create “half a million more” “in the next two years”.

We debunked that claim here … using his own budget documents.

Now, according to the ABS, we learn that “the economy lost 80,000 full-time jobs in the very same two month period that he was loudly parrotting his BS, unchecked by the media and “expert” commentators.

Off to another brilliant start on that “half a million more” jobs pledge, aren’t you Wayne.

"Goose" talking jobs jobs jobs

Dr Steve Keen Explains That Our Banks Have Lent Irresponsibly

11 Jun

Dr Steve Keen is one of only 13 economists world-wide who predicted the GFC in advance. And not just on a guess or a hunch … only these 13 advanced reasons why they believed that a GFC was coming.

Indeed, in May 2010 Dr Keen was the winner of the Revere Award – voted by his peers – for being the international economist who first and most cogently forewarned of the coming GFC

Here’s Dr Keen explaining how our “safe as houses” banks have lent irresponsibly. Even moreso than American banks.

Listen and learn, from a rare expert who is still in touch with the real world, and therefore does know more than just useless intellectual “theories”:

Joyce: ‘More Modelling Than Naomi Campbell’

3 Jun

Barnaby Joyce accuses Labor of using dodgy statistics in its propaganda for its Orwellian-named “Resource Super-Profits Tax” (RSPT).

From The Australian:

The Federal Government has more modelling “than Naomi Campbell” on its proposed mining tax, but none of it makes any sense, Nationals Senate leader Barnaby Joyce says.

He has accused the Government of hiding behind questionable statistics in its push to implement a 40 per cent tax on the super profits of mining companies.

They’ve got more modelling than Naomi Campbell, but it’s all wrong,” Senator Joyce said today.

Indeed, the modelling is all wrong.

Professor Steve Keen, winner of the Revere Award for being the international economist who first and most cogently forewarned of the coming GFC, has demonstrated that Treasury’s modelling is based on economic fallacies and “a gaping hole in logic“, in a series of articles for Business Spectator.  They can also be found on Professor Keen’s DebtWatch blog.

Returning to Barnaby:

He took special aim at Treasury over pie charts Treasurer Wayne Swan used to back the Government’s argument miners have been paying half the tax they were paying a decade ago.

Respected business commentator and ABC TV’s Finance presenter, Alan Kohler, today checked the numbers for himself in a column for Business Spectator titled, “The Government’s RSPT Spin Is A Disgrace”:

Another big accounting firm, Deloittes, has gone through ATO data and demonstrated that the effective tax rate for Australian mining companies (company tax plus royalties) is 41.3 per cent, compared with the average across all sectors of 27.18 per cent. I went into the ATO website and did the same calculation: it’s true.

In one of its taxpayer-funded advertisements, the government says: “Before the last boom Australia got 1 in every 3 dollars of mining profits in royalties and resource charges, we now receive just 1 in every 7 dollars.”

This statement is a disgrace, even leaving aside the fact that we are paying for it.

Back to Barnaby:

Senator Joyce wants to see the figures Treasury used to formulate the charts, but Departmental officials have opted to stall at a series of Senate estimates hearings this week.

“The pie charts don’t make any sense,” he said.

“They’ve had four days to explain two pie charts and they can’t do it.”

Indeed, according to mining magnate Andrew ‘Twiggy’ Forrest today, the head of the Treasury department Ken Henry – the architect of the now infamous Henry Tax Review – can’t even explain it himself:

Mr Forrest said Dr Henry had effectively conceded at a lunch with leading economists late last month that he was uncertain how financiers would view the rebate.

“When asked … he (Dr Henry) said, `I’m sure some clever banker is going to find out how to make it work’,” Mr Forrest said.

What he’s saying to the Australian people is that he doesn’t know.

“Ken Henry doesn’t have the answers and what I know with absolute certainty is that he didn’t consult with the banking industry, like he didn’t consult with the mining industry.

As this blog has highlighted many times, Treasury secretary Ken Henry is not fit to hold his position, and should be sacked.  The huge controversy over the RSPT only serves to confirm this view.

Yesterday Andrew Forrest revealed details of his own private conversations with Ken Henry over the RSPT, during which Henry admitted that the “logic” of his RSPT all rests on one critical assumption.  The fact that this assumption is dead wrong, further proves Henry’s ivory-towered, disconnected-from-economic-reality incompetence:

“Ken has described to me how the tax works and it relies on a critical assumption, that the so-called guarantee of 40 per cent of losses in bankruptcy actually has a value to financiers,” Mr Forrest told ABC Radio.

“If it doesn’t, then in Ken Henry’s own words, the logic of the entire tax collapses and this is just a 40 per cent take, which of course will then damage the industry.”

Mr Forrest said he had told Mr Henry that the 40 per cent tax credit guarantee on losses would be worthless to the mining industry as it would not be worth anything to financiers when they decided on loans.

“It theoretically works for economists in textbooks, it doesn’t work in the real world.”

Which is exactly what contrarian economist Steve Keen says is true about almost all mainstream economic thought, in his brilliant book Debunking Economics.

UPDATE:

From The Australian:

One of Australia’s most respected economic forecasters, Chris Richardson, has demolished the intellectual and economic modelling behind the government’s resource super-profits tax, effectively telling Treasury it got it badly wrong..

The assault on the fundamental logic of the tax will seriously embarrass the government and the architect of the tax, Treasury secretary Ken Henry, given their repeated claims that their model will not deter investment and the mining industry is merely running a fear campaign.

House Prices Tipped To Implode

3 May

While Barnaby may not have spoken about private debt, it is arguably the great threat to Australia’s economy.  The first to suffer from excessive debt burdens are the thousands of overextended First Home Buyers.

From The Australian:

Australia is in the midst of an unsustainable housing bubble that could burst at any time, warns the man who predicted the global credit bust of 2007.

Edward Chancellor, of US investment bank GMO, says the Australian economy is yet to emerge from the global financial crisis, despite the widespread belief it has escaped the worst of it ahead of the rest of the world.

Mr Chancellor, whose Crunch Time for Credit? was published in 2005, estimates Australian house prices are more than 50 per cent above their fair value – a once in 40-year event. “If house prices were to revert to their historic long-term average (ratio of average price to average income) they would fall quite considerably,” he told The Australian.

He described Australia’s banking system as a “cartel” and said luck rather than skill had allowed the Australian economy to fare better in the global financial crisis than other developed economies.

“My view is Australia had a private sector credit boom just like the US and the UK and it had a real estate boom,” he said.

“Those are the facts and you can’t paper over them.

“In this environment, house prices rose last year and that seems to me to actually have exacerbated the problem.

“The problem is the bubble and that hasn’t gone away.”

A key area of concern for Mr Chancellor was first-home buyers. As interest rates rose, the ratio of their mortgage repayments to their income would rise to very high levels, he said.

“It’s the rising interest rates, particularly with real estate bubbles, that tend to generate the collapse,” he said.

Another potential trigger was China, particularly if the demand for iron ore, coal and liquefied natural gas were to collapse.

“We would see the Chinese demand for Australian commodities as being potentially vulnerable,” Mr Chancellor said.

UPDATE:

The latest housing data says that our housing bubble – fuelled by years of easy credit, the First Home Owners Grant, and propped up during the GFC by Rudd Labor’s doubling of the FHOG – is now running out of control.

From The Australian:

Australia’s established house prices soared 20 per cent in the 12 months to March, deepening fears that a house-price bubble would emerge, and at the same time clearing the decks for a further rise in interest rates tomorrow.

The annual rise in house prices was the fastest ever recorded by the Australian Bureau of Statistics data series, which began in mid-2002. A rise of 4.8 per cent over the fourth quarter of 2009 was the second-biggest quarterly increase.

“This is a shocker,” said Rob Henderson, head of Australian economics at National Australia Bank. He added that the Reserve Bank of Australia now needed to get more aggressive, and acknowledge the need for a restrictive policy stance.

An Incredible Experience

28 Apr

Well, the KeenWalk is over. And what an incredible experience it was! I can honestly say that I have never before had the pleasure of meeting so many truly wonderful, warm-hearted, intelligent, fascinating people in one place and time.

You can find some of my thoughts about the journey – and the reasons and purpose behind it – on the KeenWalk website, along with those of other fellow travellers.

And now, after a couple days to catch up on essentials, it’s back to the “business” of debt. So much of importance has happened in world markets while I’ve been away – Goldman Sachs, Greece, the IMF, Rudd Labor’s backflip on Foreign Investment rules for property purchases – one hardly knows where to begin!

KeenWalk To Kosciuszko

15 Apr

From today through April 23rd, I am joining Professor Steve Keen on his 230km “Keenwalk” from Parliament House to Mount Kosciuszko, in protest against Australia’s property (and debt) mania that has been driven directly by the ill-conceived policies of successive Federal Governments, the RBA, and Australia’s high risk, mortgage-loaded banking system.

Please consider joining us for an afternoon section of the walk.

If you’d care to assist a genuinely worthy cause, then please consider sponsoring Professor Keen, or indeed myself. Funds raised are supporting the wonderful charity Swags For Homeless.

On my return – hopefully still upright and with all joints intact! – I will be back here collating more news stories from around the world, showing that Barnaby Is Right.

Thanks!

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