Category Archives: Australia

Crime and Punishment in Australian Business (as in the Former is on the Rise, and Wondering if They Will Ever See the Latter)

Yves here. This is Lambert’s pick, but since I still remember my two years in Sydney fondly, I thought I would comment. Australia is often stereotyped as being 20 years behind the US in a good way: it has a commitment to collective good, a sense of community, and a robust middle class, things that are increasingly wanting in the US. And it has those qualities along with better broadband and first class, cheap healthcare (the offsets are getting used to the seasons being the reverse of up North, having to adopt a footie team, dealing with the onerous documentation requirements of their tax authority, and having most movies get there after you can see them on international flights).

The interesting quality of this article by Houses and Holes is its sense of consternation about what looks like rising corruption in Australia. I don’t mean to sound condescending, but being in a country so much further along in this ugly process, there’s an underlying trust in authorities and process evident in this piece, while those sentiments are in tatters in the US.

Most societies have a level of crooked behavior that they tolerate; the assumption seems to be that these dirty backchannels are sometimes the only efficient way to work around obstacles, and that enough bad guys will be caught and punished to keep the dubious dealing at a manageable level. You can see here a quiet sense of horror, as if someone in a movie sees their hand suddenly changing into something they don’t recognize as human and realize they may be undergoing a fundamental, chthonic transformation.

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Tell University of Western Sydney They are Dopes for Planning to Dump Steve Keen

The Australian press is giving raspberries to a plan by the University of Western Sydney to pretty much eliminate its economics department, which would result in Steve Keen and other instructors being fired. Keen is a well known and respected heterodox economist, so this move looks particularly misguided.

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The Sucking Sound of (At Least Some) Skilled Workers Leaving the US

Defenders of the Obama Administration’s indifference to high levels of unemployment often claim the problem isn’t readily remedied because the US suffers from “structural unemployment”. That’s really wonkese for blaming the victim. No sirreebob, the problem isn’t that there aren’t enough jobs, but that the workers are no damned good, as in they don’t have the right skills for our new super duper information based economy! In mainstream media outlets, claims like this are usually followed by a business owner saying there clearly aren’t enough skilled employees, he can’t hire any good machinists for $13 an hour. Generally speaking, Mr. Complaining Boss is offering below the going rate, but why let pesky details spoil a good narrative?

You don’t have to look hard to find evidence against this argument.

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Robert Cowley, 2nd Baron Ardwhallan: an Unauthorized Web Biography (II)

By Richard Smith, spelunker of the Web. We started Robert Cowley’s web bio here and this is the second installment. We will be in Mayfair, London, or on the Gold Coast of Australia, and the story involves a dead Daily Mail journalist, a great racing driver, and a bad racing driver: a very bad one, […]

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Robert Cowley, 2nd Baron Ardwhallan: an Unauthorized Web Biography (I)

By Richard Smith, proud scion of a 5,000-year-old line of soot-smeared metal bashers, (purportedly). An early version of this post was born prematurely, and then, since blogging is more forgiving than obstetrics, hurriedly stuffed back into the womb by the flustered midwife. This is the fully developed version.

Robert Cowley, aka Earl Cowley, aka 2nd Baron Ardwhallan, aka Sir Robert Cowley, aka the Right Honorable Robert Cowley, is a faker, fantasist, social climber, fraudster and con man from Australia.

I suppose I could stop there, but it wouldn’t be much of a biography, and Cowley has such a shadowy and fantastical pedigree that it would be a shame not to record some of it: the traces he leaves aren’t always durable, but they are always vivid while they last.

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Satyajit Das: Top Secret – The Chinese Envoy’s Briefing Paper On The Australian Economic Outlook (Part II)

By Satyajit Das, derivatives expert and the author of Extreme Money: The Masters of the Universe and the Cult of Risk Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives – Revised Edition (2006 and 2010)

Your Excellency, I am pleased to present the requested report on the economic outlook for the Great Southern Province of China, currently referred to by the local population as “Australia”. For convenience I will refer to the country by this older name. We will now turn to the outlook.

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Satyajit Das: Top Secret – The Chinese Envoy’s Briefing Paper On Australia’s Economy (Part I)

By Satyajit Das, derivatives expert and the author of Extreme Money: The Masters of the Universe and the Cult of Risk Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives – Revised Edition (2006 and 2010)

Your Excellency, I am pleased to present the requested report on the economic outlook for the Great Southern Province of China, currently referred to by the local population as “Australia”. For convenience I will refer to the country by this older name.

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Turning Japanese is a Boon

By Rumplestatskin, a professional economist with a broad range of interests and a diverse background in property development, environmental economics research and economic regulation. Cross posted from MacroBusiness.

What few seem to appreciate, either inside or outside of Japan, is just how strong the resulting Japanese recovery from 2002-2008 was. It was the longest unbroken recovery of Japan’s postwar history, and, while not as strong as pre-bubble Japanese performance, was in fact stronger than the growth in comparable economies even when fuelled by their own bubbles.

How on Earth did Japan manage that with their ageing population and zero population growth?

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New Zealand Science Minister Wayne Mapp Endorses Dubious “Miracle Cure” Multi-Level Marketing Company

My last pop at New Zealand’s regulatory set-up mentioned New Image International, the company that uses multi-level marketing techniques to sell Colostrum as a miracle cure. The New Image product pitch is a generic hoax, as explained last time out:

…major warning signs include:

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