|IndyWatch Australian Economic News Feed Archiver|
IndyWatch Australian Economic News Feed was generated at Australian News IndyWatch.
Schiphol the international airfield Serving the Netherlands capital city, Amsterdam is starting an Automated teller machine which will allow travellers to exchange their euros for bitcoin or ethereum. The airport explained in a statement on Wednesday that the car has been an option to convert their remaining euros into the two popular cryptocurrencies when they leave the country based an option to convert their remaining euros into the two popular cryptocurrencies when they leave the country itll offer travellers ability to convert their remaining euros to the two popular cryptocurrencies when they leave the country. The new Automated teller machine service facilitated by a partnership with a Dutch software company ByeleX we hope to offer a helpful service to passengers by onset we hope to offer a helpful service to passengers by find out if theres sufficient demand from travellers, the release indicates.
Tanja Dik, director of Consumer Products & Services at Schiphol, commented: . With the bitcoin Automated teller machine, them to readily exchanges local euro for the global cryptocurrencies bitcoin and ethereum permitting potential to spend euros in their home country. That may be beneficial if, for example, it isnt possible to spend euros in their house country. The effort comes as other international airfields are starting to embrace the idea of cryptocurrency as a potentially useful added service for their clients. Earlier this year, Australias Brisbane airport also announced a plan to roll out a crypto payment choice for consumers shopping at retail outlets across the terminal. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
The House Ethics Committee has informed all US Congress members that they must disclose any investment worth more than $1,000 as of June, 18. All lawmakers on Capitol Hill make an annual financial disclosure but a new memo has informed them that any cryptocurrency purchase or sale that exceeds $1,000 must be reported within 45 days.
Cryptocurrency, and its most well known token Bitcoin, came to be as a means to disrupt the global banking system. Many of those who initially embraced it were distrustful of the government and saw using the fiat alternative as a way to keep control of their own finances without federal interference. As its popularity rose and then exploded in late 2017 people from all walks of life were pulled into the investment craze.
This new memo from the Ethics Committee means that the public will know if their member of Congress is trading in digital assets, even as regulatory rulings over their status are still being debated. Some see the decision as a way to protect against future conflicts of interest, as when voting occurs on any bill that may affect the way cryptocurrency is officially seen by federal regulatory bodies.
Representatives elected to Congress, and their staff have been required to disclose personal assets for decades, including real estate and investments. In 2012 that was tightened further to include a full disclosure of any holdings in stocks, bonds or derivatives by members of Congress or their family members. Now as investments in digital assets such as Bitcoin become more popular questions of how they should be reported have arisen since, in many cases, they remain unregulated and undefined by the federal government.
The recent memo from the House Ethics committee also included guidelines on crypto related side jobs. Members of Congress are limited to earning $28,050 from employment apart from their work in the house. The memo has informed them that this cap includes crypto mining.
This memo from the US House of Congress follows a similar demand for disclosure in the Australian Parliament. The register of...
Thanks to everyone who commented on the first twelve chapters of my book-in-progress, <em>Economics in Two Lessons</em>.
Heres a draft of Chapter 13 on Redistribution
Comments, criticism and praise are welcome.
Earlier draft chapters are available. These arent final versions, as I am now editing the entire manuscript, but you can read them to see where the book is coming from.
<a href=https://www.dropbox.com/s/ao6s4jaejbrzap1/QuigginChapter1Revised.pdf?dl=0>Chapter 1: What is opportunity cost?</a>
<a href=https://www.dropbox.com/s/r1k8iqcpeboosbh/QuigginChapter2Revised.pdf?dl=0>Chapter 2: Markets, opportunity cost and equilibrium</a>
<a href=https://www.dropbox.com/s/x4umnbwj4kmihd6/QuigginChapter3Revised.pdf?dl=0>Chapter 3:Time, information and uncertainty
</a><a href=https://www.dropbox.com/s/s2fkdwmbmje6fdo/QuigginChapter4Draft.pdf?dl=0>Chapter 4:Lesson 1: Applications</a>.
<a href=https://www.dropbox.com/s/pmml30mkozzj9j5/QuigginChapter5Draft.pdf?dl=0>Chapter 5: Lesson 1 and economic policy</a>.
<a href=https://www.dropbox.com/s/44bvl01adcv2fte/QuigginChapter6Draft.pdf?dl=0>Chapter 6: The opportunity cost of destruction</a>
As I mentioned a while ago, after years of having the blog managed for me by Jacques Chester (thanks again!) Im now out on my own. Im working through WordPress.com. A reader has mentioned that the process of commenting has become burdensome, something Ive noticed with the default WordPress setup. Ive tried to fix this by removing the requirement for an email address.
Id appreciate it if readers could comment on what happens when they try to post a comment. If you cant comment at all, please email me at email@example.com
COMMENT: I found it very interesting when my bank would not allow using a credit card to buy cryptocurrencies. A friend of mine in Singapore said the government there has also instructed banks not to honor cryptocurrencies. It appears that government is starting to retaliate against the cryptocurrency world and I must question its viability long-term.
Downunder, the Australian Tax Office (ATO) warned crypto traders/investors that their profits from trading in the years 2017 to 2018 will not go unnoticed and they have come straight out and warned on their website: Anyone involved in acquiring or selling cryptocurrency must keep records of their cryptocurrency transactions. Virtually every government classifies cryptocurrencies as assets. Therefore, any gain relative to the hard c...
Lets kick off today with some facts.
The entire developed world is booming.
All major G7 countries are currently expanding
Even Japan is seeing some economic growth.
Never before in modern economics have all major developed economies and emerging markets expanded at the same time.
According to an article in The Economist, the only countries expected to shrink this year are Venezuela, Puerto Rico, North Korea and Equatorial Guinea.
Thats it. Only four countries arent going to see their gross domestic product grow
Quite frankly, its odd.
At any other time in history, some countries expand while other contract.
Check it out
Entire World Grows Together
Source: The Economist
This simultaneous growth comes a decade after the financial crisis.
Thats 10 years after we learnt the sinister truth. That Wall Street financial engineering created layers of debt. And this debt is now in charge and propping up the entire financial system.
Perhaps the synchronised growth is a payback for the financial cliff the US singlehandedly led us over.
The near decade-long economic expansion is unprecedented. It continues no matter how many countries threaten to cut off energy supplies or intimidate one another with their bombs. The unrelenting growth continues.
Things continue to be built, at the lowest possible cost, using the cheapest possible labour. Then its bought by someone on the other side of the world, with fiat dollars that are slowly being eroded, to be worth the least amount compared to the other fiat dollars.
Its a constant game of reverse one-upmanship.
Who can make it the cheapest, and then who can buy with a currency made the most worthless by governments?
This method, by the way, is behind the confounding, synchronised global growth trend.
It ends with a boom
The world economy is tipped to reach 2.7% for 2018. Thats lower than the 4% average in the pre-financial crisis years. Nonetheless, its still consistent expansion.
There are setups in place that will further encourage the synced expansion.
The US tax cuts will stimulate the US economy a little longer.
Wile the European Central Bank is ending its bond buying program and therefore ending stimulus to the eurozone it has confirmed itll keep the rates low until mid-2019.
China has no plans to buy less rocks from us. It reported a 6.8% increase in first quarterly GDP f...
June 21, 2018: Open Source Industry Australia (OSIA) has warned in a Techdirt article that the TPP-11 chapter on e-commerce may damage or destroy the free software licensing sector. OSIA is worried about Article 14.17 of the TPP-11 agreement, which provides that No Party shall require the transfer of, or access to, source code of software owned by a person of another Party, as a condition for the import, distribution, sale or use of such software, or of products containing such software, in its territory.
In its submission to the Senate Standing Committee on Foreign Affairs, Defence and Trade, OSIA wrote:
Article 14.17 of CPTPP [TPP-11] prohibits requirements for transfer or access to the source code of computer software. Whilst it does contain some exceptions, those are very narrow and appear rather carelessly worded in places. The exception that has OSIA up in arms covers "the inclusion of terms and conditions related to the provision of source code in commercially negotiated contracts". If Australia ratifies CPTPP, much will turn on whether the Courts interpret the term "commercially negotiated contracts" as including FOSS licences all the time, some of the time or none of the time.
If the Australian courts rule that open source licenses are not "commercially negotiated contracts", those licences will no longer be enforceable in Australia, and free software as we know it will probably no longer exist there. Even if the courts rule that free software licenses are indeed "commercially negotiated contracts", there is another problem, OSIA said:
The wording of Art. 14.17 makes it unclear whether authors could still seek injunctions to enforce compliance with licence terms requiring transfer of source code in cases where their copyright has been infringed.
Without the ability to enforce compliance through the use of injunctions, open source licenses would once again be pointless. Although OSIA is concerned about free software in Australia, the same logic would apply to any TPP-11 country. It would also impact other nations if they joined the TPP-11 later. In other words, the impact of this section on open source globally could be significant.
THIS weeks pledge by Foreign Minister Julie Bishop to counter-balance Chinas power push in the Pacific with a greater Australian presence on the ground offers a slither of hope in an otherwise grim international outlook. There has been much wringing of foreign-policy hands recently over threats to the rules-based international order. The sources of that threat can be distilled to three. Russia is unabashedly using an arsenal of weapons of mass deception. China is expanding its program of weapons of mass construction. And, meanwhile, the United States has slowly and unilaterally disarmed itself of great portions of its diplomatic power.
These are the three unexpected trends stemming from the end of Soviet communism and the fall of the Berlin Wall. At the time, we thought the peace dividend would fall in to our lap and there would be a virtual end to nation-to-nation military rivalry and conflict. Democracy and market capitalism had won, or so it seemed. But 30 years later, democracy, market capitalism, the rules-based international order, and a collective and multi-lateral approach to world trouble spots and trade are under threats unimagined when Soviet communism was defeated.
Russia has no shame. Even when caught out meddling in elections in democracies, it just denies it and carries on. It is using technology not in the imagination of the military mind a decade ago.
China uses construction power to widen its sphere of power and influence. It has built islands from reefs in the South China Sea and made territorial claims based on them, flouting international law and the rulings of international courts. It has offered easy loans to small nations, particularly on its Belt and Road Initiative, to enable Chinese trains, trucks and ships to go from one friendly access point to another across the Eurasian landmass.
Failure to repay, however, threatens the sovereignty of the small nations who are then compelled to cede leases over and equity in the access points in lieu of debt repayment.
The US appears powerless to do much about either China or Russia, perhaps in the case of latter because Russia has a hold over the President. The USs heart might be in the right place to promote peace and stability but its responses to R...
There is an interesting dilemma currently emerging in Australia,
which provides an excellent case study on how governments can use
fiscal policy effectively and the problems that are likely to arise
in that application. At present, the Australian states are engaging
in an infrastructure building boom with several large (mostly
public sector) projects underway involving improvements to road,
ports, water supply, railways, airports and more. I travel a lot
and in each of the major cities you see major areas sectioned off
as tunnels are being dug and buildings erected. Not all of the
projects are desirable (for example, the West Connex freeway
project in Sydney has trampled on peoples rights) and several
prioritise the motor car over public transport. But many of the
projects will deliver much better public transport options in the
future. On a national accounts level, these projects have helped
GDP growth continue as household consumption has moderated and
private investment has been consistently weak to negative. But, and
this is the point, there have been sporadic reports recounting how
Australia is running out of cement, hard rock and concrete and
other building materials, which is pushing up costs. This is the
real resource constraint that Modern Monetary Theory (MMT)
emphasises as the limits to government spending, rather than any
concocted financial constraints. If there are indeed shortages of
real resources that are essential to infrastructure development
then that places a limit on how fast governments can build these
public goods. The other point is that as these shortages are
emerging, there is still over 15 per cent of our available labour
resources that are being unused in one way or another 714,600 are
unemployed, 1,123.9 thousand are underemployed, and participation
rates are down so hidden unemployment has risen. So that indicates
there is a need for higher deficits while the infrastructure
bottlenecks suggest spending constraints are emerging. That is the
challenge. Come in policies like the Job Guarantee.
Australia is currently enjoying a major infrastructure spending boom via several large-scale projects in the States and Territories, but also at the Federal level (for example, the National Broadband Network construction).
There is no doubt that one of the major reasons Australias GDP growth has been relatively robust in recent years is due to this large public spending commitment.
The first graph shows movements in State Final Demand indexes from the March-quarter 2008 to the March-quarter 2018 (most recent data). The March-quarter 2008 was the peak of the last cycle before the GFC slowdown.
The humps in WA and Northern Territory between 2012 and 2015 relate to the Mining boom (mostly private investment) which is now well and truly over.
But you can also see that in the last few years, the...
[ Thursday, 5 Jul; 7:00 pm; ] Settlement of refugees forum details will be released closer to the event. The AGM will be held before the forum with office bearers elected and Convenors of Action Groups endorsed. A brief year in review by Action Group convenors and vision for the future year will be presented by the current convenor Iain MacKay. Settlement of refugees [...] full article
[ Thursday, 21 Jun; 5:30 pm; ] Any interested in joining our not-for-profit association and all existing members are invited to come along to our 1st Annual General Meeting - to be held upstairs at the Armidale Bowling Club (Dumaresq St) - at 5.30 pm on Thursday June 21, 2018. Please put the date on your calendar and let any of your friends know about this important event [...] full article
[ Saturday, 23 Jun; 10:00 am to 12:00 pm. ] You're invited to the launch of the Prickly Problems Project and to celebrate 16 years of Armidale Urban Rivercare projects. Saturday June 23, 10-12pm at Creeklands Behind Phil Wheaton Oval, Erskine St Free brunch by Dumaresq Lions Club All Welcome full article
Wilderness Society have rebooted their look with the tag line Life. Support. and refreshed their campaigns with the latest being Save Ugly. Its a new angle on an ongoing problem of motivating people to value threatened environment and animals. The campaign video is styled on childrens tv with a music video that stars American actress and [...] full article
Australian based peer to peer energy trading platform Power Ledger will collaborate with Silicon Valley Power to track the renewable energy use of electric vehicles.
Perth startup Power Ledger has been pioneering blockchain based peer to peer renewable energy projects in countries around the world. Now the company has announced its first carbon credit project as it partners with Silicon Valley Power in Santa Clara, California and the Clean Energy Block Chain Network to create a digital record of Low Carbon Fuel Standard (LCFS) transactions. With its aim being to reduce both the processing time and cost of LCFS credits.
The project has two main goals, using Power Ledgers cutting edge blockchain technology which tracks energy production, storage, and use in a transparent, auditable record. To be used in order to manage the consumption of low-carbon energy from Santa Clara solar and batteries at one of Californias largest public electric vehicle charging facilities. While also cutting the time and cost of processing LCFS credits by digitizing the management system that tracks low-carbon electricity as a fuel path.
The platform aims to cut out the need for additional software, hardware or engineers to connect the city-owned PV and SVP electric power grid by utilizing API data from pre-existing meters.
Power Ledger Managing Director and Co-Founder David Martin was quoted about the project,
Silicon Valley Power is a leader when it comes to implementing innovative customer programs with cost-saving technology and digital accountability, Adding later that, Were excited to demonstrate how the platform can assist with cutting both costs and carbon in a simple manner with a secure and clean energy source.
The project is one of a host of Power Ledger energy tracking trials taking place in the US and around the world but it is the startups first foray into dealing with carbon credits. Silicon Valley Power Chief Electric Utility Officer John Roukema spoke about the collaboration saying,
Were looking forward to using the Power Ledger platform to ena...
The Australian Tax Office (ATO) has cast a wide net to investigate crypto investors after classifying cryptocurrencies like bitcoin as assets liable for capital gains taxes. Earlier this year, the ATO published its guidance on the tax treatment of cryptocurrencies. Highlighting bitcoin as an example, the authority said it viewed cryptocurrencies as neither money nor
The post Australias Tax Office is Using a 100-Point Check System to Chase Crypto Traders appeared first on CCN
It is Wednesday and my blog-light day. I am travelling a lot
today and so have little time anyway for blog activities. Today,
though, I reflect on the current demand by the conservatives in
Australia to privatise our national broadcaster. This is a brazen
attempt by mindless people, who are scared of knowing about the
world beyond their own prejudices and sense of entitlement, to shut
down a broadcaster they perceive to be an ideological threat. The
amusing aspect is that this lot are too stupid to realise that the
ABC is not left-leaning anyway. It increasingly runs news and
economic commentary that is neoliberal to the core! But it remains
that a public broadcaster has an essential role to play in a media
landscape where profit rules content. The ABC has a long tradition
of providing quality programs and analysis and while it has gone
off the rails in recent years with its economic analysis (bowing to
the neoliberal norm) it still provides excellent material to the
public without advertisements that the commercial broadcasters have
(and would never) provide. I also have some nice music offerings
While the Liberal Party (Australias conservative party) is not brawling in public places and having police called out to cafes to stop them fighting and injuring others (Source), they are plotting to get private hands on our national public broadcaster.
Last weekend, at their Federal Council meeting a motion was passed to privatise the Australian Broadcasting Commission (ABC).
The ABC History began in 1932 when a single radio service was created under an Act of Federal Parliament to ensure that audiences had reasonable access to a range and high standard of radio services.
It provides content free of advertisements and is funded by the Federal government, which periodically holds it to ransom, usually when the conservatives are in power.
This Parliamentary Library analysis (August 11, 2014) The ABC: an overview is an excellent information source.
In terms of funding it is one of the lowest funded public broadcasters in the world. This table (taken from the previous linked article) shows the reality:
Todays Daily Reckoning Australia is taking you to the United States. But were not going to discuss the trade war rhetoric or international relations today. Were going to go house shopping.
After all, thats what plenty of Americans appear to be doing. I can say that because Harvard University just released its latest State of the Nations Housing report. Its been issued annually every year for three decades.
Good news for the economic outlook! The rate of people renting is in decline and home buying is rising. Thats no surprise.
America is due to see an additional 12 million households form over the next 10 years as millennials move into their peak earning years and the baby boomers live longer, plus net migration.
It should be affordable too. Median monthly payments on a modest home are actually lower in real terms than they were in 1988.
Thats despite some prodigious gains in some US housing markets since the bottom around 2011. Its all thanks to lower interest rates. The outlook for growth here is very good.
This might all seem a bit ho-hum to you sitting here in Australia, like me. But its vitally important. The mainstream news will always quote the US stock indices, but rarely anything about this.
Thats despite the fact that the average US consumer generally doesnt own stocks. But they do own houses.
Healthy real estate and job markets will drive US consumer spending. A US recession seems a distant prospect for now, while these other factors appear so strong.
We can say the same thing about Australia.
Theres plenty of people who love to scare us all with how high private debt levels are here. Not so fast on that. I saw some figures this week that suggest this is not as extreme as nominal figures appear.
If you net out the level of deposits against the gross debt, you get a debt figure of 100% of income and not 200%, as is often bandied about.
Thats not necessarily going to save some geezer whos geared to the hilt and bought at the peak of the mining boom in some regional town.
But Australia is probably less vulnerable to a systemic real estate collapse than most people assume. Repayment statistics are close to their long-term trends.
Theres also the intriguing development of the NSW government deciding to establish a Future Fund in its latest budget, with an initial $3 billion in the kitty.
Heres why this is worth keeping an eye on Should a real estate problem appear, or even general slowdown hit in NSW, it takes no imagination whatsoever to conceive the politicians pouring this money into the economy to jack things up again.
But on the whole, it seems a worthy initiative. And its not as if things are too troubled out there right now.
Australias largest listed landlord, Dexus Property Group [ASX: DXS], announced yesterday it would book a 9% rise in the valuation of i...
Scientists confirm that mysterious radio signals from outer space are not made by humankind By Rhonda Johansson News Target The universes brightest signals are extraterrestrial in origin, Australian scientists have confirmed. Their report, published in Monthly Notices at the Royal Astronomical...
The post Scientists confirm that mysterious radio signals from outer space are not made by humankind appeared first on The Daily Coin.
|IndyWatch Australian Economic News Feed Archiver|
IndyWatch Australian Economic News Feed was generated at Australian News IndyWatch.
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