Renegade Economist Show 80
as broadcast on www.3cr.org.au on Wed March 11th
Black Screens: Brenda Wallace from the Wellington activist community discusses kiwi government tactics to reduce internet freedoms. Karl is back from NZ and whips through the growing media storm we are building with co-host Alice Bleby. Dont forget Speed Renting next Tues 17th and Phil Anderson’s talk on the Secret Life of Real Estate on the 19th
Thomas Friedman – New York Times:
Let’s today step out of the normal boundaries of analysis of our economic crisis and ask a radical question: What if the crisis of 2008 represents something much more fundamental than a deep recession? What if it’s telling us that the whole growth model we created over the last 50 years is simply unsustainable economically and ecologically and that 2008 was when we hit the wall — when Mother Nature and the market both said: “No more.”
Glenn Prickett, senior vice president at Conservation International. But, he cautioned, as environmentalists have pointed out: “Mother Nature doesn’t do bailouts.”
Tax Miners More
The Australian Financial Review’s John Kehoe reports that:
“To create a tax on our natural resources would not only protect them but also shift the tax burden onto products with a low elasticity of demand and provide more consistent revenue streams.” said the Qantas chief financial office Colin Storrie and Virgin Blue CFO Keith Neate.
Breaking in on the Rent Seekers – Bryan Kavanagh (LVRG)
As published in the Age today (Business Opinion page)
So, Australian Bureau of Statistics Catalogue No. 5506.0 now tells us that we collected less than $40 billion from taxes on ‘property’ in 2007. Although publicly-generated land rent was $325 billion, we chose to fine labour and capital to the extent of some $285 billion for daring to work, allowing eighty-six percent of Australia’s land rent to be privately capitalised into the bubble – and thereby establishing the conditions necessary for an extraordinary financial collapse.
Early data received by the LVRG indicate that the ratio of property sales to GDP in Australia has fallen almost 30% from its peak in 2007-8. This is the largest fall since the 31.4% plunge that preceded the recession of 1990-1. Since 1972, whenever this ratio has fallen more than 17.5% from the last year to the present one, there has been a recession in the next year. Thus the ratio has been a leading indicator of recession.
Renegade Economist TV – see Michael Hudson and Fred Harrison delve into the GFC. 22,000 views in just a week.
Job ads post record fall (crikey)
Glenn Dyer writes:
The ANZ Job ads series was soft in January after a tough December and today we found out that February was the toughest month so far in the history of the series: a record drop of more than 10% on January.
Calamity looms for low-income nations
Tim Colebatch, Canberra
FEARS are growing that the global financial crisis could turn into a calamity for developing countries, with the International Monetary Fund warning that 26 countries — including Papua New Guinea and Vietnam — are at high risk.
It singled out 26 countries, including Vietnam, PNG, Nigeria and 12 other African countries as highly vulnerable. Mr Strauss-Kahn said they required at least $US25 billion ($A40 billion) of new financing, and potentially up to $US140 billion.
The Airwaves Are Sacred – Double Dee and Steinski (Who Owns Culture)
Fly Mode – Odd Nosdam