Oh no!

Pauline Hanson plans to run in Queensland poll.

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So, are you a closet communist?

This is sure to uncover the commies amongst us.

I think Marx was right about the inherent flaws in financial capitalism and wrong about communism:

“Owners of capital will stimulate the working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and the State will have to take the road which will eventually lead to communism.”

– Karl Marx, 1867, Das Kapital

Soros’s view is much more accurate:

Open Society – Reforming GlobalĀ Capitalism

“Communism sought to abolish the market mechanism and to impose collective control over all economic activities. Market fundamentalism seeks to abolish collective decision-making and to impose the supremacy of market values over all political and social values. Both extremes are wrong. We need to recognise that all human constructs are flawed. Perfection is beyond our reach. We must content ourselves with the second-best; an imperfect society that opens itself open to improvement. Global capitalism is badly in need of improvement.

And my mate Hyman!

Perspective: Why ā€˜Market Fundamentalismā€™ HasĀ Failed

Minsky argued that the Great Depression represented a failure of the small government, laissez-faire economic model, while the New Deal promoted a highly successful Big Government/Big Bank model for financial capitalism.

The current crisis just as convincingly represents a failure of the Big Government/Neoconservative (or, outside the United States, what is calledā€œneoliberalā€) model that promotes deregulation, reduced supervision and oversight, privatization, and consolidation of market power in the hands of money manager capitalists.

So are you a closet communist?

Flick Crit: Rachel Getting Married

The latest film review on Cinema Takes:

Rachel Getting Married: Uncomfortable in Connecticut

Thereā€™s nothing like a wedding to bring out the best and worst in families.

Rachel Getting Married, directed by Jonathan Demme, is set in upper middle class, comfortable Connecticut. Grinding poverty is not a factor in this familyā€™s conflicts.

The drama centres on rehabilitation, not just of its central character, but of the whole family. Neuroses stalk the halls of the home that is the setting for the celebrations: sibling rivalry and jealousy, father/daughter, mother/daughter. More baggage than LA International Airport.

Kym is on leave from drug rehab to attend sister Rachelā€™s wedding to Sidney. Rachel is a high achiever par excellence, Ms Perfection. She is finishing her PhD in Psychology, arguably the worst possible background for dealing with a recovering sister. In fact all the family are guilty of over-analysis. All of them know the 12 steps of rehab by heart. Kym takes the one called ā€œmaking amendsā€™ to new territory in her speech to the pre-nuptial dinner. Echoes of many an embarrassing family moment on these public occasions for many in the audience.

Anne Hathaway as Kym is magnificent. Her striking appearance shifts between Liza Minnelli, Joan Crawford, Bette Davis, Keira Knightley and Audrey Tautou. Some company! She was too young for Twin Peaks but was made for it.

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Share market gloom continues

Despite an emerging sentiment that the brunt of the damage in the local and global share markets was now behind us, it appears markets are determined to push the boundaries to new lows.

In a report published in The Australian, US stocks dropped overnight to new lows not seen in more than a decade as complete risk aversion and the weight of a global recession led investors to either get out or bet against equities once again.
For banks, and all of the companies that rely on the credit markets to sustain growth, a continued fear about what still remains on corporate balance sheets reigns.

“Where there has been smoke so far, there has eventually been fire every time,” said David Klaskin, chief investment officer for Oak Ridge Investments in Chicago.

Overall, the Dow closed down 250.89 points, or 3.41 per cent, to 7114.78, marking its lowest closing point since May 7, 1997. In 10 sessions, the Dow has lost more than 14 per cent and is down 19 per cent for the year.

The broad stock declines have fed into the same level of concern from investors in late 2008, when money managers said many of their clients were increasingly asking for the safest route possible.

“People are totally risk averse to anything right now. They’re backing off any asset allocation and just getting out as it’s going to take a while before any stimulus money moves in,” said Thomas Nyheim, a portfolio manager with Christiana Bank & Trust.

Gordon Charlop, managing director at Rosenblatt Securities, said: “So many people had thought you were at the spot where it didn’t make sense to sell anymore, and that doesn’t seem to be the case. It seems to be the opposite, that there is no attractive level to jump in.”

Clinton’s recent visit to China is SIGNIFICANT

Secretary of State, Hillary Clinton’s recent visit to China is a significant event in U.S – Chinese relations and the implications are sure to effect the future direction of the global economy and world markets.

Global markets have every reason to be jittery. In the last few years, JapanĀ  and China have bought into US treasury bonds and hold large significant US currency reserves. Why? To keep the value of the dollar high so the US can continue buying lots of their exports. What would the dollar be worth if they were not propping it up? What will it be worth when they can buy no more?

This seems to be the question being asked by investors on Wall Street Continue reading

Unsustainable Election Numbers

The latest Newspoll published in The Australian continues to detail incredible numbers for Labor. But I think the numbers are mainly due to the Liberals being so bad.

The two-party preferred is 58-42, with Labor on 47 percent of the primary vote.

66 percent are satisfied with Rudd performance, with only 43 percent satisfies with Turnbulls. But the worrying number for Turnbull is that 19 percent are uncommitted, meaning that 38 percent are dissatisfied. If only a small amount of the uncommited move to dissatisfied then Turnbull will have real trouble maintaining his support in the party room.

Could this be why Turnbull is now trying to out do the government on reducing carbon emmissions?

Even Dennis cannot seem to spin this poll as being good for the coalition in any way.