It's the economy, stupid!

 
  Graham4405 Minister for Railways

Location: Dalby Qld
Fake signs have sprung up around Sydney telling people...
don_dunstan
"Using long words confusing to security." - Love it! Laughing

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  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
Anyway, back to the economy. It appears that the world's ultra rich are rushing to pull cash out of banks and put it into vaults in Switzerland (among other places) because of fears that negative interest rates are going to erode their money. ZeroHedge:

According to CNN, several Swiss private bankers roaming the halls of Davos have said that clients have asked to withdraw large sums of cash so they can store it themselves, in a vault or in some other type of secure facility. The trend is beginning to wear on Switzerland's reputation as a safe and amenable locale for the world's wealthy to stash their cash.

"A lot of people [are] thinking about what they should do, and alternatives to this," said Adriel Jost, head of economics at Wellershoff & Partners, a consultancy based in Zurich.

Davos denizen Norman Villamin, chief investment officer for private banking at Switzerland's UBP, said a limited number of clients have moved their cash into private storage. Some may have sold their business or a home recently, and "can't deploy the cash all in one go," he explained.

For five years, Swiss banks have struggled with some of the steepest negative rates in Europe, a monetary framework designed to keep the Swiss franc from appreciating (remember the explosion of volatility that ensued when the Swiss de-pegged the franc from the euro five years ago?). But banks are being charged an outrageous rate to store excess reserves at the central bank. The SNB has maintained a policy rate of -0.75% at its December meeting, while signaling that rates will likely remain on hold at least through next year. This has forced many large Swiss banks, including Credit Suisse and UBS, to charge a negative interest rate on some of their largest customer deposits.

Negative interest rates are becoming a global problem leading to the hoarding of cash. If our own RBA cuts again in early February it will be the lowest point that official rates have been in Australia since the creation of the Reserve Bank. People dependent on interest payments to support their retirement will be completely stuffed (already below one percent in many cases) - they'll have to eat into their capital because banks won't pay anything at all to look after your money.
  C2 Junior Train Controller

Not quite economy talk either ,. Got a add in FB say a child is asulted ever two minutes in Australia , women dies once a week,  a women goes homeless every week. Scott from marketing threating people with cashless card . No chrises housing,  robo Dept suicide ,  cut funding indeginous women.  nothing to see here news.ltd
  billybaxter Chief Commissioner

Location: Bosnia Park, Fairfield
The idea of putting cash in vaults to avoid negative interest rates seems a bit strange. I thought the idea behind it was to stop banks hoarding reserves, to try and get money flowing by making investments, even ones with poor returns, more interesting than saving. And do the ultra rich even use cash? Aside from a few nationalities like Germans and Japanese, I thought cash use was really only used for day to day purchases. And massive drug deals. In any case, the cost of renting the vault equates to a negative interest rate.
  billybaxter Chief Commissioner

Location: Bosnia Park, Fairfield
The idea of putting cash in vaults to avoid negative interest rates seems a bit strange. I thought the idea behind it was to stop banks hoarding reserves, to try and get money flowing by making investments, even ones with poor returns, more interesting than saving. And do the ultra rich even use cash? Aside from a few nationalities like Germans and Japanese, I thought cash use was really only used for day to day purchases. And massive drug deals. In any case, the cost of renting the vault equates to a negative interest rate.
  DirtyBallast Chief Commissioner

Location: I was here first. You're only visiting.
Again, I'm astonished that there are people here prepared to...
don_dunstan
Don - nice try, but it's just another failure by you to understand your own inadequacies.
  C2 Junior Train Controller

My money is going into  MLC 5% so it's ok I think a few offer that,  but if they go bust will gov bail us out. WTF would you put money in neg  intrest Unless  you want to hide it and not pay tax..Cripto Currency crazy Howard statred  shares and killed honest work. Buy art , paintings new or old so much to buy at auctions or green technologies make money work ... Gods law for money is it needs circulation to work not locked up loosing money. with negative Interest. The digital money is unacountable and untraceable we are routed
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
Don - nice try, but it's just another failure by you to understand your own inadequacies.
DirtyBallast
Yes Mr. Psychotherapist.
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
The idea of putting cash in vaults to avoid negative interest rates seems a bit strange. I thought the idea behind it was to stop banks hoarding reserves, to try and get money flowing by making investments, even ones with poor returns, more interesting than saving. And do the ultra rich even use cash? Aside from a few nationalities like Germans and Japanese, I thought cash use was really only used for day to day purchases. And massive drug deals. In any case, the cost of renting the vault equates to a negative interest rate.
billybaxter
Obviously the cost of renting a vault is less than the cost of keeping money in the Swiss Central Bank - which is why they're doing it. As per the article, the Swiss are charging 0.75% to keep your money with them - that's a pretty significant deterrent.

The fact that the global investment environment has turned to poo is probably the reason why the ultra-rich are doing this; not all of them, granted. But many have obviously decided that their money is safer in the form of cash sitting in a bank vault in Switzerland than it is anywhere else. Sweeden recently decided to stop negative interest rates but they might be forced to reinstate them - Japan has now had negative rates for many years. For developed countries negative rates seems to the be the way to go - you have to wonder how much longer before we follow them.
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
There have been massive protests on the streets of Paris last night against the Marcon government, this time in relation to moving the aged pension eligibility. But the thing that I find absolutely astonishing is that there's barely a mention in the international media - and I haven't been able to find any Australian news outlet covering it at all. From America's ABC;

PARIS -- Women workers danced in protest and striking Eiffel Tower employees shuttered France's most famed monument Friday — but the government pushed ahead anyway with a troubled bill redesigning the national retirement system... Travelers faced renewed disruptions on regional trains and the Paris subway, and some schools and other public services also faced walkouts. The Eiffel Tower closed, and the Versailles chateau and Louvre Museum warned visitors of potential disruptions.

The number of striking workers and halted trains dropped considerably this week after the government made a series of concessions. But unions hope Friday's actions will revive opposition to the reform.

Its been over a year since rolling protests and industrial action began against the Macron government and the protesters are showing no signs of slowing down. Probably don't want other disgruntled workers across the world getting the same idea...
  apw5910 Deputy Commissioner

Location: Location: Location.
Why do things get "shuttered" nowadays instead of simply shut?
  DirtyBallast Chief Commissioner

Location: I was here first. You're only visiting.
Don - nice try, but it's just another failure by you to understand your own inadequacies.
Yes Mr. Psychotherapist.
don_dunstan
Glad to have you as one of my patients.
  Valvegear Dr Beeching

Location: Norda Fittazroy
Glad to have you as one of my patients.
"DirtyBallast"
Are you sure he can afford you?
  Carnot Minister for Railways

Fear levels are rising with the Novel Chronovirus spreading fast. First confirmed case in Australia today, and predictions of over 250000 infections in China in less than 10 days time.  Perhaps it's reaching those levels already:

http://www.zerohedge.com/geopolitical/uk-researcher-predicts-over-250000-people-china-will-have-coronavirus-ten-days



That'll rattle stockmarkets and the economy overall...
  justapassenger Minister for Railways

Why do things get "shuttered" nowadays instead of simply shut?
apw5910
It's not a News Ltd article, so the restrictive daily quota for multisyllabic words doesn't apply.
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
Glad to have you as one of my patients.
Are you sure he can afford you?
Valvegear
I'm paying him exactly what he's worth (ie nothing).

I'd like him to explain how pointing out domestic violence is normalised in a particular community is "failure to understand my own inadequacies"... he's the sort of psychotherapist who would blame you for your own problems as soon as you walk through the door.
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
...

That'll rattle stockmarkets and the economy overall...
Carnot
Not sure if I believe this, there's a global pandemic disease scare every five years or so (swine flu, SARS, etc etc). They never turn out to be the end of humanity that we're all hoping for... well the Church of Climatology people are hoping for that anyway.
  DirtyBallast Chief Commissioner

Location: I was here first. You're only visiting.
Glad to have you as one of my patients.
Are you sure he can afford you?
I'm paying him exactly what he's worth (ie nothing).

I'd like him to explain how pointing out domestic violence is normalised in a particular community is "failure to understand my own inadequacies"... he's the sort of psychotherapist who would blame you for your own problems as soon as you walk through the door.
don_dunstan

I always knew that my recent posts would be too subtle for you to decipher.


It’s all about the methodology you employ to argue your case. The subject matter is totally, TOTALLY, irrelevant. Domestic violence IS abhorrent, no question. I find it offensive that you think I condone it.

You consistently justify your position regarding our pet subject with “They do it too, so it must be ok for us as well” or, “If we stop, they’ll keep doing it anyway” but now you totally denounce that reasoning when applied to something else. Double standards, pure and simple. If you use those arguments to justify coal then you must use them to justify everything else horrible in the world. You're a hypocrite if you don't.
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
Glad to have you as one of my patients.
Are you sure he can afford you?
I'm paying him exactly what he's worth (ie nothing).

I'd like him to explain how pointing out domestic violence is normalised in a particular community is "failure to understand my own inadequacies"... he's the sort of psychotherapist who would blame you for your own problems as soon as you walk through the door.

I always knew that my recent posts would be too subtle for you to decipher.
DirtyBallast
My God but you're so damn superior aren't you. Does your massive head fit through your front door? I'd be surprised if it didn't have to be specially modified -
It’s all about the methodology you employ to argue your case. The subject matter is totally, TOTALLY, irrelevant. Domestic violence IS abhorrent, no question. I find it offensive that you think I condone it. You consistently justify your position regarding our pet subject with “They do it too, so it must be ok for us as well” or, “If we stop, they’ll keep doing it anyway” but now you totally denounce that reasoning when applied to something else. Double standards, pure and simple. If you use those arguments to justify coal then you must use them to justify everything else horrible in the world. You're a hypocrite if you don't.
DirtyBallast
There's ZERO moral equivalency between a completely dodgy psudo-science in the form of "catastrophic anthropogenic climate change" and the very real experience of women stuck in abusive relationships that a seventh-century Arabian war-lord's philosophy helps justify. None. Frankly its an insult to those bashed women that you'd even try and compare their experience to the false God of climate change.

You Church of Climatology people consistently fail to appreciate that all you are parroting is simply a doomsday cult with a history of failed predictions - not a single thing that has managed to come true - and yet you're still ardent believers in it like fading Jehovah's Witnesses still hoping that the church will deliver on its promised Armageddon... any day now. I put you in the same category as those people who desperately wanted to catch the space-ship that resided in the tail of comet Hale-Bopp - except that you're insisting that the rest of us should also drink the Kool Aid along with you.

And if you had half a brain you'd realise you're following a false prophet: We're now in the year 2020 and Tuvalu and the Maldives are nowhere near under-water despite the fact that this was confidently predicted by the very best 'climate scientists' some 20 years ago. Al Gore said large parts of Florida and Manhattan would be underwater this year - Tim Flannery confidently predicted that Perth would be uninhabitable by now because of a lack of water and that mainland reservoirs wouldn't have meaningful water levels. This bloke was appointed as the head of his very own "Climate Change Authority" by the Gillard government @ $300,000 p/a, don't forget. This was despite the fact that nothing he said in his books from 15-20 years ago is even remotely true - and yet that P.T. Barnum has the gall to still lecture us about the doomsday carbon monster.

The lack of predictive power in the models is incredibly important - because Shorten wanted to spend hundreds of billions on ameliorating our impact on the carbon output of the country. That flawed model that has no predictive power whatsoever tells us that it's junk science, incapable of predicting the sun coming up tomorrow. But we still have to believe in it because you're an adherent - you insist that you're right completely contrary to the observations.

It's an article of faith - The Church of Climatology. You people have the cheek to want to drag the rest of us along with you on your faith journey without a shred of evidence that building more solar farms/endangered bird mincers and/or pumped storage dams will have the tiniest bit of difference to the imaginary disasters that you've incorrectly predicted for the last 20 years. Thank God the Australian people saw through all that rubbish like Grandma's underpants and voted down the crazy Shorten proposal last year or we'd be well on our way to total bankruptcy by now.

As I've said before, I'm sorry but the majority of Australia simply doesn't believe in your silly Church of Climatology and they will never, ever vote for it. So stop worrying about it and start living.
  C2 Junior Train Controller

Wow 4 joins of his own rant. You don't go anywhere Don you don't know what is happening to the iced rivers on Holland the ski season in Scotland the Pacific islands sinking 6/7 month fire seasons while sacking and slashing resources remember manus mate Money well spent?
Queenslanders are not Australians we hear. you! Are you stolen generation child do you struggle with that because your racist and black and watch Japanese She Males.. Drag your virgin bum out of the hard wood closet.
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
Time for a new tin foil hat Don, the present one is getting a bit tight.

https://www.carbonbrief.org/analysis-how-well-have-climate-models-projected-global-warming

https://www.carbonbrief.org/analysis-how-well-have-climate-models-projected-global-warming


https://climate.nasa.gov/news/2943/study-confirms-climate-models-are-getting-future-warming-projections-right/
wobert
Nice try but the data gets retrospectively changed to fit the model. Even our very own Bureau of Meteorology does it: SBS;

The Bureau of Meteorology has been accused of changing temperature records to fit a "global warming agenda" by a Queensland Liberal senator.

Senator Gerard Rennick refused to back down from his attack on the weather's bureau record-keeping practices during questioning of his past scepticism towards the federal agency on Sky News on Monday.

The Liberal senator again alleged the bureau rewrote weather records to fit a global warming narrative, claims first made before his election in May.  “I’m accusing them of not following proper process for recording statistical data,” he told Sky News.

Senator Rennick's concerns relate to the weather bureau updating old weather readings to allow like-for-like comparisons with temperatures recorded using modern equipment.

“We should have more rigorous testing on the Bureau of Meteorology in the way they changed data,” he said.

They occlude any data that they don't like or that doesn't retrospectively fit the models. For example, the tidal records at Fort Dennison NSW and The Isle of the Dead TAS go back 180 years but because they don't show sea level rises they're thrown out.

Why?
  wobert Chief Commissioner

Location: Half way between Propodolla and Kinimakatka
You've been watching/reading to much Murdoch /News/ Sky after dark rubbish again. There are none so blind as those that will not see.
  Valvegear Dr Beeching

Location: Norda Fittazroy
"The Bureau of Meteorology has been accused of changing temperature records to fit a "global warming agenda" by a Queensland Liberal senator.
Senator Gerard Rennick refused to back down from his attack on the weather's bureau record-keeping practices during questioning of his past scepticism towards the federal agency on Sky News on Monday.

The Liberal senator again alleged the bureau rewrote weather records to fit a global warming narrative, claims first made before his election in May.  “I’m accusing them of not following proper process for recording statistical data,” he told Sky News.

Senator Rennick's concerns relate to the weather bureau updating old weather readings to allow like-for-like comparisons with temperatures recorded using modern equipment.

“We should have more rigorous testing on the Bureau of Meteorology in the way they changed data,” he said.


Isn't it fascinating?  Some nobody of a senator makes accusations without quoting a shred of evidence, and Don accepts it as gospel truth. The Senator has a Commerce degree which no doubt makes him an expert on climate science.

Ah!, but he's a Liberal senator. Imagine the indignation if such an accusation had come from Senator Hanson.
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
Not actually do to with the economy but wasn't sure where else to put this. Apparently I'm racist because I prefer white sheets and towels (they don't fade when you wash them, you know)... News.com.au;

A Kmart influencer has been accused of being a “racist” and “white supremacist” after posting a photo of the discount department store’s $45 white quilt cover.

Claire has 111,000 followers on her Instagram page @thekmartlover which sees the Tasmanian woman post photos of her favourite Kmart items and stylish home.

Last week she found herself at the centre of a social media storm over a post of Kmart’s white waffle quilt cover on her bed.

Sharing the picture on Instagram Claire wrote “white is right” as part of the caption. The choice of words soon saw her hit with a torrent of abuse accusing her of being a racist.

She changed the post’s caption but tearfully revealed in an Instagram story over the weekend how she had been affected by the cruel claim.

Seriously?

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