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Showing posts from May, 2014

Piketty's Capital: An Economist's Inequality Ideas Are All the Rage and other news and views for Friday 30 May

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Piketty’s Capital: An Economist’s Inequality Ideas Are All the Rage Dads who do chores bolster daughters’ aspirations  – “Fathers who help with household chores are more likely to raise daughters who aspire to less traditional, and potentially higher paying, careers. So finds a new study that suggests how parents share dishes, laundry and other domestic duties plays a key role in shaping the gender attitudes and aspirations of their children, especially daughters.” Free-market think-tanks waged war on entitlement, conscripted an Australian Joe  – “The neoliberal thought collective is a well-organised, politically connected movement of like-minded individuals who have dedicated their lives to spreading the ideas they believe in. That they have managed to influence governments, including the Abbott government, may be dismaying to those who disagree with their ideas, but it shouldn’t be surprising.” How Millennials Could Upend Wall Street and Corporate America  – “By 2020, Millennia

Another 15 banks investigated for fraud? Well fancy that

Well fancy that: (Reuters) - U.S. prosecutors have opened criminal and civil probes into at least 15  banks  and payment processors as part of a wide-ranging consumer fraud investigation, according to documents released on Thursday by a congressional committee. The Justice Department's investigation, known as "Operation Choke Point," is more than a year old and aims to crack down on fraud by going after firms that handle and move money for various suspect businesses. Just for good measure let me add this one that Reuters also  reports today : The U.S. Attorney's office in Manhattan is investigating at least five  banks  over whether they overcharged the government for expenses incurred during foreclosures on federally backed home loans, filings and interviews show. And don't forget my earlier report today:  What’s $10 billion? Just another bank fine

What's $10 billion? Just another bank fine

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t gets a bit monotonous. Another major bank facing a major fine for improper behaviour. Today it is BNP Paribas that is reportedly facing a $10 billion fine for evading US sanctions against Iran and other countries. Once again there is no talk of any bank official going to jail for what is a criminal offence. You will find details of other examples of the ethical standards of banks in the Owl's  Ticket clippers section . It is a depressing collection.

Julia Gillard leaves the list of the world's powerful women but Gina remains and other news and views for Thursday 29 May

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Julia Gillard leaves the Forbes magazine list but these two remain. The World’s 100 Most Powerful Women Maya Angelou Poem “The Mask”  - Noxolo Kheswa via Google+8 hours ago “In Memory Of This Great Woman!!!! we thank God For her Life.” Video shows Joe Hockey protesting against university fees Australia: The 2014 World Cup: A tough gig  – “… the sun has all but set on the ‘Golden Generation’ who underpinned Australia’s success over the past decade. Of the 14 players fielded in Australia’s last World Cup game, realistically only team talisman Tim Cahill and Marco Bresciano are likely ‘starters’ in Brazil. … The passing of the ‘Golden Generation’ and the enormity of Australia’s challenge in Brazil have clear parallels in the domestic economy as, following an unprecedented 22 years of uninterrupted expansion, major risks are now intensifying. Most importantly, the dual booms in commodity prices and mining construction that delivered Australia through the global financi

Malcolm Turnbull ruins his leadership chances

Dining with a Treasury secretary is acceptable. Being seen with Clive is no hanging matter. But a New South Welshman skipping a State of Origin. An irreparable mistake

The frustrating inadequacy of numbers about violence against women and other news and views for Wednesday 28 May

The Digital Disruption in Banking - Demons, demands, and dividends  – “Due to this growing vulnerability of  traditional banking practices, an increasing opportunity exists for new market entrants to steal market share over time. A potentially ominous sign for banks is that nearly half of customers would likely bank with a company they currently do business with but that does not currently offer banking services. The number surpasses 70 percent for those ages 18 to 34.” The frustrating inadequacy of numbers about violence against women How Jerry Brown Got Californians to Raise Their Taxes and Save Their State  – “He’s brought the state back from the brink—and is poised to easily win re-election.” Carney urges bankers to adopt ‘high ethical standards’  - “Financial capitalism is not an end in itself, but a means to promote investment, innovation, growth and prosperity,” Mark Carney [the governor of the Bank of England] told an audience in London. He added that the financial crisis h

Some differing views on the European election and other news and views for Tuesday 27 May

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“Charlie’s Country”  – “The great Australian Aboriginal actor David Gulpilil co-wrote and stars as a dispossessed tribal man in this haunting drama from director Rolf de Heer. Though there is a story, the movie draws much of its power from poetic closeups of its star’s magnificently weathered face, as expressive as that of the great silent screen stars.” Heads roll across Europe in wake of polls  - The aftershocks of EU elections that saw a surge in support for anti-establishment parties rippled across Europe on Monday with mainstream party leaders losing their posts and a battle building over the bloc’s top job. The struggle over the EU’s future is due to be joined on Tuesday, when EU leaders gather for dinner in Brussels to weigh the region’s new leadership. At least two prime ministers, Britain’s David Cameron and Hungary’s Viktor Orbán, were working to block the candidacy of veteran Brussels fixer Jean-Claude Juncker, frontrunner for the EU’s most high-profile post. The Nation

Public interest in climate change declining and other news and views for Sunday 25 May

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Princeton University and University of Oxford researchers found that negative media reports seem to have only a passing effect on public opinion, but that positive stories don’t appear to possess much staying power, either. Measured by how often people worldwide scour the Internet for information related to climate change, overall public interest in the topic has steadily waned since 2007. To gauge public interest, the researchers used Google Trends to document the Internet search-engine activity for “global warming” (blue line) and “climate change” (red line) from 2004 to 2013. They examined activity both globally (top) and in the United States (bottom). The numbers on the left indicate how often people looked up each term based on its percentage of the maximum search volume at any given point in time. Credit: William Anderegg Public interest in climate change unshaken by scandal, but unstirred by science Europe’s centre crumbles as Socialists immolate themselves on altar of EM

Another day, another major bank, another scandal, another fine

From  The Financial Times   comes the news that a shadow has been cast over another key global financial benchmark after UK regulators found that a Barclays trader had manipulated the London gold fix that is used to value billions of dollars of derivatives contracts annually. The UK’s Financial Conduct Authority fined the British bank £26m on Friday and reprimanded it for nine years of lax controls for its failure to rein in an options trader who in 2012 drove the gold price lower to avoid paying £2.3m to one of the lender’s clients.

How Nigel Farage gave British democracy back to the voters and other news and views for Saturday 24 May

How Nigel Farage gave British democracy back to the voters : Ukip has changed the shape of politics – for the better  - “Whether or not Ukip wins, this month’s European election campaign has belonged to one politician alone: Nigel Farage. Single-handedly he has brought these otherwise moribund elections to life. Single-handedly he has restored passion, genuine debate and meaning to politics. Single-handedly he has reinvented British democracy. This is a superlative achievement, and Mr Farage deserves to be celebrated. “ When Shareholder Capitalism Came to Town  – “In the recent history of bad ideas, few have had a more pernicious effect than the one that corporations should be managed to maximize ‘shareholder value.’ Indeed, much of what we perceive to be wrong with the American economy these days—the slowing growth and rising inequality, the recurring scandals and wild swings from boom to bust, the inadequate investment in research and development and worker training—has its roots i

Eating advice for campaigning politicians

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British Labour did not do as well in local government elections this week as it had hoped to and the search for explanations has begun Labour MPs expressed despair at a series of media gaffes by Mr Miliband during the campaign – including an unfortunate photocall at which he struggled to eat a bacon sandwich. Labour grandee Tessa Jowell said the basic presentational errors of the campaign were unforgivable. ‘If you are a politician . . . don’t eat a bacon butty when the world’s cameras are on you.’

A politician quitting on a matter of conscience? Put it on page 10

Members quitting parliament on matters of principle are a rare event – so rare that I cannot think of one happening in my 50 plus years covering politics in Canberra. As for state parliaments I am less knowledgeable but a quick googling did not help me find one apart from this week’s resignation by Dr Chris Davis as the member for Stafford in Queensland. It was,  said Dr Davis , “ with sadness that I have advised the Speaker of my resignation.” The passage of recent government legislation affecting critical aspects of our democracy goes contrary to my value system and that of the majority of my electorate. I would never have stood for Parliament on such a platform, nor do I believe I would have been elected. My most recent speech to Parliament offers additional insights. My sacking has been a catalyst. It is sadly no longer possible for me to effectively represent my electorate in such an environment, despite my best endeavours. A significant parliamentary event surely. We

A modest improvement in UKIP's chances in the European parliamentary election

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The strong showing by UKIP in the UK’s local government elections has resulted in the markets making a five percentage point improvement in the assessed probability of that party gaining most votes in the elections of members to the European Parliament. Those votes for MEPs were caste on the same day as those for local governments but will not be counted until Sunday when elections in all European countries are concluded. At this point of proceedings I am happy with my recommendations: EUROPEAN ELECTION $460 on Labour at $2.20 to win most votes in the UK at the European parliamentary election $450 on UKIP at $2.25 to win most votes in the UK at the European parliamentary election. UKIP and Labour are both winners. Full details of my political betting are at my  political speculator’s diary blog .
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So that budget business is not going down so well with the punters. Well how about this: Or this: (click to enlarge)

Miranda Devine has forgotten Julia Gillard already

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Mmm. So Australian voters rush to embrace what the extreme and malevolent hate. Tell that to Julia Gillard.

Reporting a military coup – this morning’s Bangkok papers

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The military seized power, dissolving the caretaker government, suspending the constitution and ordering protesters to return home in a bloodless coup yesterday. The power seizure took place after talks between the pro- and anti-government camps failed for a second day yesterday. The army brought them together for talks to settle the country’s protracted political conflict, without success. Military sources said the negotiations were brought to an end after the government insisted on holding on to power. Army chief Prayuth Chan-ocha, who chaired the talks, left the Army Auditorium, the venue of the talks, as soldiers moved in to detain all negotiators and whisked them away in passenger vans. Representatives of the Senate and the Election Commission were later allowed to go free. Radio and television stations were ordered to suspend their normal broadcasts. A curfew between 10pm-5am was imposed and gatherings of more than five people banned. All schools nationwide were ordere

How Australia’s winking Tony Abbott became one of the world’s most unpopular prime ministers

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In politics it is often the simple things that have the most influence on voters. And so we are seeing this week as university students contemplate paying higher fees while knowing the PM’s daughter avoided the millstone of a HELP* debt because one of her daddy’s Liberal Party friends helped her get a scholarship. The politics of this part of the Coalition budget could hardly be worse. There the story was again tonight at  the top of the list  of most talked about items on 9  News,  just like  yesterday . Still near the top of the list as well – tonight just behind the bull – is what the  Washington Post  on  its website  has called, surprise, surprise, W inkgate,  under the headline  How Australia’s winking Tony Abbott became one of the world’s most unpopular prime ministers Finally, the madness has taken its name: Winkgate. The gate opened when Australia’s prime minister, who has recently bungled his way from one scandal to the next, took a call from a listener on a radio sho