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Sunday, 17 June

16:35

Maybe we need a degree in Western Civilization after all "IndyWatch Feed Economics.au"

Ive kept out of the latest silly culture war so far, but I couldnt resist this from Josh Frydenberg. After decrying a long march to the left in Australian universities, he says

It is absolutely critical that the next generation of students understand about where the rule of law came from, where democracy came from, freedom of speech, freedom of religion, womens suffrage

Looking through that list, it can be described as a potted summary of the long march to the left  in Britain (and by extension Australia) over the course of the long 19th century from the French and American revolutions to the outbreak of the Great War.  At the beginning of that period, Freydenbergs conservative precursors supported the rule of law, and opposed democracy, freedom of speech and religion and womens suffrage. It was only after long struggles that restrictions on freedom of speech and religion like the Six Acts and Penal Laws  were repealed. The fight for (initialy male-only) democracy and womens suffrage took even longer.

If we extended Frydenbergs list into the 20th century, wed get something like this University of Sydney course which covers

struggles over labour rights and working conditions in the 1900s, womens suffrage, Aboriginal land rights, race relations and the White Australia Policy, homelessness during the Great Depression, freedom of speech during the Cold War, the Vietnam Moratorium and sexual liberation in the 1970s, the environmental movement, refugees and asylum seekers, and LGBT rights today

Looking at this mess, I think we might need a course in the history of Western Civilisation after all. It should be provided to people like Frydenberg and dAbrera so they can decide exactly whether they want to stop the clock at 1970, 1950 or perhaps at 1900.

14:52

Alan Jones paedophile grooming boys? "IndyWatch Feed National"

Front page of The Daily Mirror December 6, 1988
 
Sydney radio station 2GBs Alan Jones sent love letters to school boys, had boys in his room late at night and perved on them in the shower when he was a teacher at The Kings School in Sydney in the early 1970s. This behaviour led to Alan Jones forced resignation in 1973.

That type of conduct would be considered grooming today and the police would be called for sure.

And if it was anyone but Alan Jones the matter of the forced resignation by The Kings School would have been given a start at the current Royal Commission into Institutional Responses to Child Sexual Abuse.

Again in 1988, only a matter of hours after getting off a Qantas plane in London, Alan Jones was arrested in a toilet for Outraging Public Decency.

Alan Jones is the lowest of the low, why has he never been charged with grooming?

Source Supplied.

08:00

June 17 #OnThisDay in #Australian #History "IndyWatch Feed National"

1788 - The name "Sydney" was used for the first time in some new settlement in some strange, far off land where the dregs of society were shipped...no, not 10 Downing St, although that sounded just as promising as Canberra....
The original name/s for Sydney are Djubuguli (Bennelong Point) and Cadi (all of Sydney Cove).

1804 - Some 300 Aboriginal people threw spears at armed Hawkesbury River settlers, who opened fire and returned to Richmond Hill with stolen goods they have retrieved. A military detachment at Windsor shot two Aboriginal people.

1826 - One bloke who does a bit of haunting is Frederick Fisher - he was done a nasty mischief on this day and his ghost has been seen, celebrated and interviewed at length ever since.

1836 - Michael Maloney was hanged at Sydney for burglary from the house of Richard Hamlyn at Goulburn.

1836 - James Hare was hanged at Sydney for burglary from the house of Richard Hamlyn at Goulburn.

1843 - Continuing the grisly theme and today saw The Wairau Massacre take place, the first deadly fight between the Maori and Europeans since the since the Treaty of Waitangi was signed.

1843 - Gov George Gipps ordered the removal from office of Justice John Walpole Willis, resident Judge in the Port Phillip District, after powerful interests in Melbourne petitioned for his recall.


1867 - One of our greatest writers, Henry Lawson, was birthed on the gold fields.

1890 - The Mansfield Railway Line (Vic) was extended a whopping 4.5 kms from Molesworth to Cathkin.

1891 The Labor party first entered the New South Wales Legislative Assembly with 35 members elected.

1893 Prospector Paddy Hannan filed a Reward Claim, announcing the discovery of gold at Kalgoorlie, Western Australia.

1906 - The highly celebrated (go on, admit you raise a glass to it every day!) Prahran to Malvern steam bus service, reputedly the first Victorian use of self propelled vehicles for public passenger traffic, was abandoned.

1911 - Suffrage in Britain
A week before the Coronation of King George V and Queen Mary, Margaret Fisher led Australian and New Zealand women in a London demonstration. Some 40,000 marched in support of a Bill granting women the right to vote. The British government did not enact the suffrage law until 1919.

1912 - William Frederick Ball was hanged at Armidale Gaol for the murder of Louisa Ball at Bingara.

1926 - The coastline of NSW was gently handwashed, rinsed and hung out to drip dry when the effects of a tsunami were felt courtesy of an earthquake in our unofficial 7th state, NZ.

1940 - The Captains Flat Railway Branch Line (NSW) was opened for train business from Bungendore Junction to Captains Flat....

07:15

Toasted ferments Thoughts are like fishes///



It was while eating a sandwich recently that I concluded the best toasties contain three ferments

Bread and cheese obviously, then sauerkraut or kimchi are good additions but you could just have kombucha or beer as a chaser I guess.

01:51

Expect China and Russia To Continue To Undermine Democracies "IndyWatch Feed National"

Riga, Latvia: Bob Posners name is perfect for who he is: a mild, middle-aged British public servant, not given to grand statements or dramatic claims.

He comes across as the sort of chap whod say things like anything for a quiet life.

But suddenly its not that quiet.

Image result for putin and Xi, photos

Posner is the director of the UK Electoral Commissions finance and regulation section. His job is to make sure, using the principle of follow the money, that elections and referendums are run lawfully.

Usually this is just going over receipts and rapping the knuckles of anyone loose in their funding declarations.

By Nick Miller
Sydney Morning Herald

But now there are a significant number of major investigations and inquiries on our books, he says. Just last week they opened another new investigation into a major campaigner in the Brexit referendum.

It does seem different and it does seem a concern, he says.

I find myself talking to my counterparts in a number of other countries about their issues. I find myself talking to security services in the UK and elsewhere, in the US in particular.

That doesnt seem normal to me. That seems very different to when I started my job four years ago. Theres been a change of some sort.

When fake news meets marketing

Earlier this year British Prime Minister Theresa May said she was deeply concerned by Russias attempts to weaponise information.

The Kremlin is seeking to undermine the international rules-based system, she said.

...

Saturday, 16 June

16:00

The Weekend Quiz June 16-17, 2018 answers and discussion "IndyWatch Feed Economics.au"

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 error.

Question 1:

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...

08:28

Glacial improvement "IndyWatch Feed Economics.au"

Tightening, slowly

I took a look here at the employment growth figures during the week, which broadly showed that the unemployment rate in Australia is back down to where it was in 2013. 

The number of unemployed persons dropped sharply in the month of May, down by 26,800 to 714,600, taking the unemployment rate down from 5.6 per cent to 5.4 per cent. 

So that's the good news. 

The state making the most substantial inroads lately has been Victoria, with the number of unemployed persons down to 174,400 from 208,500 a year earlier.

Very good news!

The unemployment rate in Victoria has declined accordingly to 5.1 per cent, down from 6.1 per cent a year ago.

So that's getting quite close to the 4.9 per cent of New South Wales. 

Like Sydney before it, Melbourne is enjoying the fruits of its construction boom.

Some progress, then, but overall there are still more than 700,000 out of work, and there remains plenty of slack in the labour force nationally. 

A look at the trend chart for unemployed persons underscores this point.

In October 2014 the two most populous states had a combined 442,900 unemployed persons, a figure that's since fallen by about 60,000 or 14 per cent. 

08:00

June 16 #OnThisDay in #Australian #History "IndyWatch Feed National"

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...

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