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Here are the answers with discussion for this Weekends
Quiz. The information provided should help you work out
why you missed a question or three! If you havent already done the
Quiz from yesterday then have a go at it before you read the
answers. I hope this helps you develop an understanding of modern
monetary theory (MMT) and its application to macroeconomic
thinking. Comments as usual welcome, especially if I have made an
An external surplus is a necessary but not sufficient condition for a nation that wishes to grow during a period of fiscal surpluses and private domestic deleveraging.
The answer is True.
This is a question about the relative magnitude of the sectoral balances the government fiscal balance, the external balance and the private domestic balance. The balances taken together always add to zero because they are derived as an accounting identity from the national accounts. The balances reflect the underlying economic behaviour in each sector which is interdependent given this is a macroeconomic system we are considering.
To refresh your memory the balances are derived as follows. The basic income-expenditure model in macroeconomics can be viewed in (at least) two ways: (a) from the perspective of the sources of spending; and (b) from the perspective of the uses of the income produced. Bringing these two perspectives (of the same thing) together generates the sectoral balances.
From the sources perspective we write:
(1) GDP = C + I + G + (X M)
which says that total national income (GDP) is the sum of total final consumption spending (C), total private investment (I), total government spending (G) and net exports (X M).
Expression (1) tells us that total income in the economy per period will be exactly equal to total spending from all sources of expenditure.
We also have to acknowledge that financial balances of the sectors are impacted by net government taxes (T) which includes all tax revenue minus total transfer and interest payments (the latter are not counted independently in the expenditure Expression (1)).
Further, as noted above the trade account is only one aspect of the financial flows between the domestic economy and the external sector. we have to include net external income flows (FNI).
Adding in the net external income flows (FNI) to Expression (2) for GDP we get the familiar gross national product or gross national income measure (GNP):
(2) GNP = C + I + G + (X M) + FNI
To render this approach...
1806 - Some convicts decided on a change of scenery so they
lifted the brig 'Venus' from Port Dalrymple (in Tassie) and sailed
off into the sunset and over the ditch to NZ.
1801 - Lieut William Paterson founded a settlement on the Hunter River. Alas! He forgot the first rule in real estate - location, location, location, and thus it was kicked to the kerb (abandoned to you fancy-pants readers) in 1802.
1806 - Sydney's very first girl's school was opened by Mrs Williams while many parents breathed a sigh of relief and stopped eyeing off the latest line of chastity belts.
An early St Trinian's....?
1807 - The first Russian ship in Australian waters, the trading sloop Neva, 370 tons, popped into Sydney to share a bottle of voddy with the colonials. While anchored in Neutral Bay, Lieutenant Leonid Hagemeister collected Aboriginal weapons, which were sent to St. Petersburg
1828 - John Curtis was hanged at Sydney for the theft of a cow from the herd of William Wentworth, at Bringelly.
1828 - James (or Joseph) Johnson (also called Philip Macauley, Phillip Gawley) was hanged at Sydney for highway robbery and assault of George Tills outside Liverpool.
1857 - Beginning the looong tradition of pollies wasting time & money by "looking into it" Member of the Victorian Legislative Assembly, Sir Charles Gavan Duffy, headed a select committee established to inquire into federation of the Australia's colonies.
1869 Explorer Charles Sturt dropped off the perch.
1879 - Proving that scratching about in the dirt isn't just a fun hobby prospectors John Atherton and James Robson tripped over tin deposits on the tablelands inland from Cairns, Queensland.
1884 - The Bendigo Railway Line (Vic) was opened from the glorious Castlemaine Station (Maldon Junction) to equally delicious Maldon Station.
1885 - Not to be outdone by Benders transport improvements, Ballarat saw the launch of the Golden City steamer on Lake Wendouree.
1887 - Queen's College at Uni of Melbourne (named for the Jubilee of Queen Vicky's reign), was founded by the Reverend William Quick (Founders Day) on the piece of land granted by the Victorian Government to the Methodist Church.
1888 - Melbourne Footy Club were trying to spread the love of the game in Banana Bender country where they played a match against QLD at the Exhibition Ground.
Melbourne 6.16 defeated Queensland 3.5 (Attendance: 5,000)
1903 - The Lake Condah Mission Aboriginals formed an unbeatable football team in 1902, the Darlot Creek Wanderers which the Hamilton Spectator reported on this day having won by 52 points against Condah.
1906 The town of Roma, Queensland became the first town in Australia to be lit and po...
SOCIAL media has been such a game changer that NSW is to have a look at how the 2005 uniform defamation law is coping. But some things remain constant: humans like to be liked, like to be respected and like to be trusted. It is in our evolved genes. So we should be careful.
Whether the respect or trust is deserved is another matter. And deserved or not, humans will fight for it. Indeed, men (they were nearly all men) if insulted used to duel for honour with swords and pistols injuring or killing themselves so often that law-makers and policy-makers encouraged and then insisted that honour be settled in the courts and not the dueling field.
As the press became more popular, publication became more widespread, so the damages for loss of reputation became higher. The law became more complicated and costs went up.
Newspapers and later broadcasters staked their reputations on reliability and veracity. It meant, of course, that anyone defamed by them could argue thay had suffered great reputational loss because the publishers had urged everyone to rely on them.
As Tom Bathurst said in the defamtion action this week against broadcaster Alan Jones the damages had to be enough to convince Mr Joness devoted followers, who write to him and hang on every word that he says, to convince them that his charges are baseless.
Before the internet, Newspapers and broadcasters usually took great care to avoid defamation actions, and they still do. Editors and sub-editors were trained to spot defamation dangers.
Newspapers and broadcasters had a monopoly on the widespread publication of news and information. You needed an expensive press or broadcast licence to be in the game.
Then came the internet. It did not take much to publish material. Then came Google and it took even less. Then came social media and suddenly anyone could be a publisher to a lot of people at virtually no cost. They could also be republishers of other peoples material.
The new publishers arose around the time the 2005 defamation law was taking shape.
These new publishers have little or no understanding of defamation law. They know nothing of the old legal adage: you publish at your peril.
Rather, in Australia, they were imbued with inapplicable US concepts of freedom of speech.
Barkandji People Proposed ILUA
Proposed ILUA area roughly centred on Menindee and includes Broken Hill, Wilcannia, Ivanhoe and Mildura.
The apical ancestors are listed as follows
Manfred Mary / Mary Johnson / Mary Brodie
Cuthero Jack Brown
Susan Webster also known as Annie Webster
Jack Doctor Benson
Taylor Matjulum Gibson
Cate Newton / Maggie Tyler
Tall Boy Keegan
Fanny Buugali Williams
Appeared in the Koori Mail of June 13, 2018
Some items of interest are
Aboriginal Cultural Heritage of the Menindee Lakes Area
Part 1 Aboriginal Ties to the Land
Sarah Martin 2001
Corner Talk - An Annales Influernced Narrative from the Corner Country of NSW
Sarah Martin 2004
Humpy, House and Tin Shed
Aboriginal Settlement History on the Darling River
Paul Memmott, Published I B Fell Research Centre, University of Sydney, 1991
Menindee Mission Station 1933 1949 and Carowra Tank Aboriginal School
Beverley and Don Elphick 2000
The Tin Camp - A Study of Contemporary Aboriginal Architecture in North Western NSW
Stephanie Diana Smith
Master of Architecture Thesis, University of Queensland, 1996
Aboriginal Cultural Association with Mutawintji National Park
Dr Jeremy Beckett, Dr Luise Hercus, Dr Sarah Martin
edited by Claire Colyer 2008
Leaked documents have provided details about Microsoft's upcoming Surface tablets, the next-generation Xbox, a two-screen handheld device, and the next HoloLens:
Andromeda, Microsoft's mythical pocketable, two-screen, hand-held device that's supposed to carve out a whole new market for itself, is due for release in 2018. The documents also say that, after Andromeda, Microsoft OEMs will produce their own comparable products, just as they've done with Surface Pro.
The big question for Andromeda is the same as it has always been: why? To define a new hardware form factor, as appears to be the intent, its design needs to be particularly suitable for something. Surface Pro, for example, has appealed particularly to groups such as students (taking notes with OneNote) and artists, thanks to its form factor and multimodal input support. To succeed, Andromeda needs to offer similar appealit needs to enable something that's widely useful and ill-suited to existing hardware. But presently, there are few ideas of just what that role might be.
Read more of this story at SoylentNews.
NSW resident and non member of the Queensland parliament, Dee Madigan, has been referred to the states ethics committee for ridiculing Jarrod Bleijie MP. Author and Gruen panelist, Dee Madigan, has been referred to Queenslands parliamentary ethics committee for ridiculing in a Tweet the Liberal National Party (LNP) member for the state seat of Kawana, Jarrod Bleijie. Last month, this blogger made a Graphics Interchange Format (GIF) of a scene in the Queensland Parliament in which Mr Bleijie tore up papers and threw them on the floor during debate on changes to the states vegetative management act. Mr Bleijie had been unhappy that the hours of parliament had been extended to 
David is a full time carer for his son and in quiet times contributes to NoFibs. More at: http://nofibs.com.au/meeting-david-marler-nofibs-twitter-activist-by-griffithelects
Be wary of the Chinese technological behemoth, goes the current cry from many circles in Australias parliament. Cybersecurity issues are at stake, and the eyes of Beijing are getting beadier by the day.
The seedy involvement of Australia in the Solomon Islands, ostensibly to block the influence of a Chinese companys investment venture, is simply testament to the old issues surrounding empire: If your interests are threatened, you are bound to flex some muscle, snort a bit, and, provided its not too costly, get your way. Not that Canberras muscle is necessarily taut or formidable in any way.
The inspiration behind Canberras intervention was an initial contract between Huawei and the Solomon Islands involving the Chinese giant in a major role building the high-speed telecommunications cable between Sydney and Honiara. Even more disconcerting might be the prospects that it would work, supplying a cable that would enable the Chinese to peer into the Australias own fallible network.
What made this particular flexing odd was the spectacle of an Australian prime minister congratulating himself in securing tax payer funding for the building of a 4,000 kilometre internet cable even as the domestic National Broadband Network stutters and groans. Another juicy point is that Huawei was banned from applying for tendering for the NBN in 2012.
As the worlds second largest maker of telecommunications equipment was told, there is no role for Huawei in Australias NBN. The then Attorney-General Nicola Roxon explained that the move was consistent with the governments practice for ensuring the security and resilience of Australias critical infrastructure more broadly. Better an incompetent local provider of appropriate values than a reliable foreign entity.
The move against Huawei has largely centered on fears voiced by the intelligence community in various states that Beijing might be getting a number up on their competitors. In February this year, the FBI Director Chris Wray expressed the US governments concern about the risks of allowing any company or entity that is beholden to foreign governments that dont share our values to gain positions of power inside our telecommunications networks. Doing so would enable them to maliciously modify or steal information and provide the capacity to conduct undetected espionage.
Such comments tend to suggest envy; the US intelligence community chiefs know all too we...
The good news in the mining sector just keeps rolling in
Today, management at BHP Billiton Ltd [ASX:BHP] announced that theyve given the go-ahead to the $4.5 billion South Flank iron ore mine in Western Australia.
Thats a fair chunk of capital spending in anyones book.
Its also going to lead to 2,500 construction jobs and 600 operational roles.
The project will produce for 25 years, replacing an ageing mine thats come to the end of its economic life.
One wonders what the world will look like when South Flank shuts down in 2043. You would think its safe to assume theres going to be a lot more middle-class Chinese citizens.
That number could be as large as 500 million by 2026, according to fund manager Charlie Aitken. The Australian reported today on the presentation he gave this week to the Livewire Live conference in Sydney.
Hes quoted as saying that the rise of Asias middle class is the biggest opportunity in our investing lifetime.
I agree wholeheartedly.
The only mystery is why so many people think the world is going to collapse at the same time that all this is playing out
Aitken mentioned something Ive often wondered myselfand thats just how high meat and dairy prices are going to go as the Chinese adopt a more Western diet.
If you think lamb is expensive now, just wait until we Australians are competing with this monstrous Chinese market.
Maybe become a farmer while you can. This development certainly has the potential to send agricultural land values soaring.
But the easier play on China for investors could be to hold its giant tech firms like Alibaba Group Holding Ltd [NYSE:BABA] and Tencent Holdings Ltd [HK:0700]. This is where technology and population growth collide, according to Aitken.
Adjacent to this huge Chinese expansion is oil demand. China is not only consuming large amounts of gasoline, diesel and jet fuel, its also building up a huge petrochemical industry. This provides the feedstock for plastics, fertilisers and beauty products.
As you know, demand for oil goes up alongside a rising consumer base.
Its also partly why the International Energy Agency (IEA) expects demand for crude oil to grow by 1.4 million barrels a day in 2019. Thats on par with this year.
The signs are good.
There was actually a surprise this week when it became apparent that US crude stockpiles fell.
An analyst cited in the Wall Street Journal put it down to soaring US oil demand (I keep emphasising that its a hot economy in the US...
wild kangaroo hopping along the coast of Queensland, Australia,
got a surprise.
The kangaroo had been exploring just behind a seawall in the town of Sandgate on Thursday morning when suddenly there was less ground to hop on and less, and still less.
The tide was rising and soon the little kangaroo was knee-deep in water. And then she was neck-deep.
Credit: Queensland Fire & EmergencyThankfully, people spotted her. She was peeking over the wall, looking totally at a loss.
Credit: Queensland Fire & EmergencyRescuers were sure to snap a few photos of their wild citizen in need as she hung out beside them, drying off on dry land.
Credit: Queensland Fire & EmergencyThis isn't the first time Australians have jumped at the chance to save their unique wildlife from trouble. In April, another kangaroo stuck in mud got a nice helping hand from a couple of teenagers who happened to be bicycling by.
Students from Charles Sturt University have been accused of participating in a racist and grotesque event held at the Black Swan Hotel in Wagga Wagga on Thursday evening, which included five individuals dressing up as members of the Ku Klux Klan and a sixth member dressing up in blackface as a cotton picker.
The photo was posted on Instagram and Facebook, accompanied by the caption Very very politically incorrect. Cotton prices are unreal though so its a great time to be pickin.
A Facebook post organising the unofficial university event has also surfaced. It reads:
Calling all Motts, Notts and those in between,
As exams have just commenced we are already looking forward to the end of them and thus, the idea of the muddy duck [aka The Black Swan]two dayer has been born. It will consist of Thursday night- politically incorrect themed session kicking off at 7.30pm. Tippo will be providing the usual quality drink specials. So grab a kit that would legally get you in shit and hood right in.
The post ends by wishing student Goodluck in their upcoming exams.
The Black Swan has responded with an apology stating that the pub was made aware of a (sic) incident unbeknownst to staff.
To all that message. Thank you very much for your message.We were unaware of this behaviour happening out the back of the pub, however we have immediately dealt with this.
We have zero tolerance and do not condone this sort of behaviour.
Members of the public were quick to push back arguing that the pub should have been aware and that based on the photos, the individual appeared to have been served alcohol.
In a second photo also believed to involve Charles Sturt University students, three individuals can be seen dressed as...
1795 - Captain William Paterson tattled to the Home Office
in London that there were now 400 settlers, with their families, on
land extending 30 miles along both banks of the Hawkesbury
1795 - Collins referred to the hostilities at the Hawkesbury as an open war between the settlers and the Darug, who carried off the ripe corn in blankets and nets. William Rowe and his son were killed at Richmond Hill. Within a few weeks five people have been killed and several wounded, Colonel Paterson advises London.
Paterson, who had led expeditions against the Hottentots at the Cape of Good Hope, despatched 60 New South Wales Corps troops from Parramatta to the Hawkesbury River. They were ordered to destroy as many as they could meet of the wood tribe (Be-dia-gal); and in the hope of striking terror, to erect gibbets in different places, whereon the bodies of all they might kill were to be hung.
In Sydney, Pemulwuy, or some of his party wounded a convict near the Brickfield Village huts.
1798 - The Norfolk, a sloop built on Norfolk Island, arrived at Port Jackson.
This may not excite you but the convicts were simply overjoyed!
1804 - The Sullivan Cove settlement wasn't happy with it's title so it changed into something more comfortable, Hobart Town.
1821 - Alexander McDonald of the Field of Mars received permission to cut 10,000 feet of cedar and employ David Anderson, William Davis, free, James Perry, T of L, and William Clarke, prisoner.
1838 - Bryant Flannigan was hanged at Sydney for the murder of John Nagle, "Big Mary" Nagle and Patrick Riley at Bunbejong, near Mudgee.
1838 - Daniel Maloney was hanged at Sydney for the murder of Thomas Mahoney at Hassan's Walls.
1838 - Dennis Haberlin (Haverden) was hanged at Sydney for robbery at the house of John and Sarah Rawles and the attempted rape of Sarah Rawles, at Woodford Bay, Longueville.
1838 - Thomas Ribbands was hanged at Sydney for putting in fear and burglary from the house of Ann Jones, at Taree. Ann's husband John had been stabbed to death by one of their servants, Edward Tufts, earlier that year.
1839 - NSW was getting too big for it's boots so it pushed the boundaries out to include "portions of NZ that The Crown might acquire". So shove over and give us room to stick our aching feet in your hot springs.
1843 - The first elections for the NSW Legislative Council were held.
1845 - The Mitchell River, in QLD discovered explorer Ludwig Leichhardt.
1862 - 150 years ago saw the largest gold robbery in Oz history when that gang of naughty lads Frank Gardiner, Ben Hall, Johnny Gilbert and Dan Charters held up the Lachlan Gold Escort at Eugowra Rocks.
1874 - Brisvegas's first 'permanent'...
Key economic forums in cities across Eurasia point the way to new power structures rising to challenge Western dominance Ahead of the crucial Shanghai Cooperation Organization (SCO) summit in Qingdao this coming weekend, three other recent events have offered clues on how the new world order is coming about. The Astana Economic Forum in Kazakhstan centered on how mega-partnerships are changing world trade. Participants included the president of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun; Andrew Belyaninov from the Eurasian Development Bank; former Italian Prime Minister and president of the EU Commission Romano Prodi; deputy director-general of the WTO Alan Wolff; and Glenn Diesen from the University of Western Sydney. Diesen, a Norwegian who studied in Holland and teaches in Australia, is the author of a must-read book, Russia's Geoeconomic Strategy for a Greater Eurasia, in which he analyzes in excruciating detail how Moscow is planning "to manage the continent from the heartland by enhancing collective autonomy and influence, and thus evict US hegemony directed from the periphery." In parallel, as Diesen argues, Moscow aims "to ensure the sustainability of an integrated Eurasia by establishing a balance of power or 'balance of dependence' to prevent the continent from being dominated by one power, with China being the most plausible candidate." In a nutshell; this New Great Game installment revolves around "Russia's strategy to enhance its bargaining power with the West by pivoting to the East."
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