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Australia on verge of recession (Read 1306 times)
Bobby.
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Re: Australia on verge of recession
Reply #75 - Dec 19th, 2024 at 3:40pm
 
thegreatdivide wrote on Dec 19th, 2024 at 3:34pm:
Bobby. wrote on Dec 19th, 2024 at 2:49pm:
Dear TGD,
do you have any links?


https://www.rawstory.com/paul-krugman-trump-2670479246/



Thanks - scary stuff:


Krugman then predicts that a widening trade deficit could lead Trump to pressure the Federal Reserve to drastically slash interest rates, which would likely reignite inflation.

"I don’t think markets are properly pricing in the likely inflationary consequences of Trump’s coming war on arithmetic," he concludes.
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Bobby.
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Re: Australia on verge of recession
Reply #76 - Dec 19th, 2024 at 4:13pm
 

THE FED JUST CRASHED THE STOCK MARKET...

 
Streamed live 6 hours ago
FED Just CRASHED The STOCK MARKET...

Governments Around The Would Are Collapsing All At Once...



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Bobby.
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Re: Australia on verge of recession
Reply #77 - Dec 19th, 2024 at 4:16pm
 

ALERT: CHRISTMAS RALLY CANCELLED - MARKETS IMPLODE IS THE CRASH BEGINNING?


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thegreatdivide
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Re: Australia on verge of recession
Reply #78 - Dec 19th, 2024 at 4:47pm
 
Bobby. wrote on Dec 19th, 2024 at 3:40pm:
thegreatdivide wrote on Dec 19th, 2024 at 3:34pm:
Bobby. wrote on Dec 19th, 2024 at 2:49pm:
Dear TGD,
do you have any links?


https://www.rawstory.com/paul-krugman-trump-2670479246/



Thanks - scary stuff:


Krugman then predicts that a widening trade deficit could lead Trump to pressure the Federal Reserve to drastically slash interest rates, which would likely reignite inflation.

"I don’t think markets are properly pricing in the likely inflationary consequences of Trump’s coming war on arithmetic," he concludes.


Yes, that's the mainstream economists' conclusion (of which Krugman is one).

So, we are stuffed either way, with Trump's and Musk's non-economist policies,  or mainstream orthodoxy's policies.

The wealthy will ofcourse sail through any financial crisis, as always;  I'm sure Musk has a cool couple of $billion safely stashed away...


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Bobby.
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Re: Australia on verge of recession
Reply #79 - Dec 19th, 2024 at 5:07pm
 
thegreatdivide wrote on Dec 19th, 2024 at 4:47pm:
Yes, that's the mainstream economists' conclusion (of which Krugman is one).

So, we are stuffed either way, with Trump's and Musk's non-economist policies,  or mainstream orthodoxy's policies.

The wealthy will ofcourse sail through any financial crisis, as always;  I'm sure Musk has a cool couple of $billion safely stashed away...




The question is -

will 4 years of Biden leave Trump with a wrecked economy?
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thegreatdivide
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Re: Australia on verge of recession
Reply #80 - Dec 19th, 2024 at 5:18pm
 
Bobby. wrote on Dec 19th, 2024 at 5:07pm:
thegreatdivide wrote on Dec 19th, 2024 at 4:47pm:
Yes, that's the mainstream economists' conclusion (of which Krugman is one).

So, we are stuffed either way, with Trump's and Musk's non-economist policies,  or mainstream orthodoxy's policies.

The wealthy will ofcourse sail through any financial crisis, as always;  I'm sure Musk has a cool couple of $billion safely stashed away...




The question is -

will 4 years of Biden leave Trump with a wrecked economy?


Obviously not, US unemployment is low,  inflation and interest rates are falling, despite the ever-increasing US deficits and debt - actually in common with  Trump's previous  term maintaining spending while cutting taxes on the wealthy (apparently the US can get away with it - the advantage of possessing the global reserve currency, and the most 'financialized' economy in the world. )
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thegreatdivide
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Re: Australia on verge of recession
Reply #81 - Dec 19th, 2024 at 5:54pm
 
Proving just how sick our financial system is, requiring government to sell bonds to private sector  investors:

(News Wire)

ASX plummets after US reserve’s pivot

Following the announcement by US Federal Reserve chair Jerome Powell, bond yields rose on the prospects of less rate cuts, while shares fell due to having an inverse relationship with bonds.

Mr Powell said: “With today’s action, we have lowered our policy rate by a full percentage point from its peak and our policy stance is now significantly less restrictive. We can therefore be more cautious as we consider further adjustments to our policy rate.”


ie bond buyers are demanding higher yields because they think interest rates wil stay higher for longer - because (according to them)  the government is over-spending.

Deplorable - "over-spending" in a cost of living crisis which is badly affecting the least well-off.

The derivatives warriors will have a field day in a recession; one John Paulson pocketed $2billion during the GFC when millions of people lost their homes.

Greed rules.....

[derivatives:  "financial weapons of mass destruction" according to Warren Buffett.]




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Bobby.
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Re: Australia on verge of recession
Reply #82 - Dec 20th, 2024 at 9:36am
 

Update.

DOW closed flat   +0.04%

ASX  down  0.79%


https://www.marketindex.com.au/asx200
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thegreatdivide
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Re: Australia on verge of recession
Reply #83 - Dec 20th, 2024 at 9:45am
 
Bobby. wrote on Dec 20th, 2024 at 9:36am:
Update.

DOW closed flat   +0.04%

ASX  down  0.79%


https://www.marketindex.com.au/asx200


No crash in the US, then....

Meanwhile Trump wants to increase the debt ceiling while Musk wants to slash government spending (see the latest MMT post #1037).

Who is more.... likeable?  Huh
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Bobby.
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Re: Australia on verge of recession
Reply #84 - Dec 20th, 2024 at 9:48am
 
thegreatdivide wrote on Dec 20th, 2024 at 9:45am:
Bobby. wrote on Dec 20th, 2024 at 9:36am:
Update.

DOW closed flat   +0.04%

ASX  down  0.79%


https://www.marketindex.com.au/asx200


No crash in the US, then....

Meanwhile Trump wants to increase the debt ceiling while Musk wants to slash government spending (see the latest MMT post #1037).

Who is more.... likeable?  Huh



I don't understand it.
It looks like they are delaying the inevitable.



thegreatdivide wrote on Dec 20th, 2024 at 8:54am:
The conflict between Trump, who wants to increase the debt ceiling (and wants Biden to do it now....), compared with Musk who wants to slash government spending despite hurting the people who rely on it (....what does this say about the morality of th world's richest man?)

Raw Story)

Trump lashes out at 'nasty trap' laid by Democrats in lengthy screed

President-elect Donald Trump took to his Truth Social platform on Wednesday to complain about the state of the omnibus spending deal — and demand that no deal pass without raising the debt ceiling for next year.

The debt ceiling, which can force the United States to default on payment obligations it already made, was extended to 2025 after a month of furious negotiation last year by then-House Speaker Kevin McCarthy (R-CA), who tried to squeeze draconian cuts to social spending out of the deal, and the Biden administration. At the time, some Republicans were opposed to raising the debt ceiling at all.

Now on the hook if the nation defaults and blows up the world economy, Trump is complaining that the debt ceiling was timed by Democrats to be a "trap" against him.

"Sounds like the ridiculous and extraordinarily expensive Continuing Resolution, PLUS, is dying fast, but can anyone imagine passing it without either terminating, or extending, the Debt Ceiling guillotine coming up in June?" asked Trump.

"Unless the Democrats terminate or substantially extend Debt Ceiling now, I will fight ‘till the end," he continued. "This is a nasty TRAP set in place by the Radical Left Democrats! They are looking to embarrass us in June when it comes up for a Vote. The people that extended it, from September 28th to June 1st, should be ashamed of themselves. It was political malpractice!"

Trump added: "Also, the Communist Global Engagement Center, a project of Crooked Hillary Clinton, should not in any way, shape, or form be extended and, the shielding of the very corrupt J6 Unselect Committee of Political Losers and Thugs would be suicidal for any Republican approving it. Likewise, this is not a good time for Congress to be asking for pay increases. Hopefully, you’ll be entitled to such an increase in the near future when we, 'MAKE AMERICA GREAT AGAIN!'"

All of this comes as one of Trump's closest allies and strategist, tech billionaire Elon Musk, blew up GOP support for the resolution and threatened primary challenges against any Republican who votes for it — a development that upended the whole process.

.....

A right royal mess, all because Musk is beholden to the balanced budget/debt and deficit myth.






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thegreatdivide
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Re: Australia on verge of recession
Reply #85 - Dec 20th, 2024 at 10:04am
 
Bobby. wrote on Dec 20th, 2024 at 9:48am:
I don't understand it.
It looks like they are delaying the inevitable.


That's because mainstream economists have led everyone astray,  hence you are beholden to the mainstream debt and deficit myth.


But it all seems to be coming to a head; governments in Canada, France and  Germany are in chaos because their finance ministers are preaching government austerity in the face of a cost of living crisis; and now the world's biggest economy is grappling with the same fake deficit and debt mythology.

Most likely we will see Congress kick the debt and deficit can down the road again next Saturday...stay tuned. 


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Bobby.
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Re: Australia on verge of recession
Reply #86 - Dec 20th, 2024 at 2:57pm
 
thegreatdivide wrote on Dec 20th, 2024 at 10:04am:
Bobby. wrote on Dec 20th, 2024 at 9:48am:
I don't understand it.
It looks like they are delaying the inevitable.


That's because mainstream economists have led everyone astray,  hence you are beholden to the mainstream debt and deficit myth.


But it all seems to be coming to a head; governments in Canada, France and  Germany are in chaos because their finance ministers are preaching government austerity in the face of a cost of living crisis; and now the world's biggest economy is grappling with the same fake deficit and debt mythology.

Most likely we will see Congress kick the debt and deficit can down the road again next Saturday...stay tuned. 




yes -

update

ASX down 1.37%
https://www.marketindex.com.au/asx200

$A to $US  0.62

https://www.xe.com/currencyconverter/convert/?Amount=1&From=AUD&To=USD
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