Here's our summary of key economic events overnight that affect New Zealand with news the bitcoin price has hit a new all-time record high about two hours ago.
But first, US consumer inflation expectations are rising, for the year ahead at least. Consumer prices are now expected to be +5.7% higher in a year, but 'only ' +4.1% higher in three years.
While most analysts see the American economy growing at close to a +5% rate in Q4-2021, the data seems to be pointing to a much better result.
Meanwhile, there was a US Treasury 3yr bond auction today with US$163 bln offered where the Fed took a massive US$32 bln (compared to just US$4 bln at the previous event). Still the balance was well supported. The resulting median yield was 0.69% pa, up from 0.60% at the prior event a month ago.
Although they slipped slightly from September, Taiwan's exports grew strongly again in October, with the fastest rises being with the US and EU. However, exports to mainland China still dominate their trade even if the growth across the Taiwan Strait is tailing off. Taiwan's import growth is dominated by oil.
In China, all eyes are on the CCP's big event in Beijing. But concerns are growing over their Delta spread, and the property developer bond default situations still linger. Industry activity is slowing, in fact fast enough for the iron ore price to fall faster, now that order volumes are falling too.
In Australia, new data shows that their rooftop solar installations now exceed 3 mln delivering almost 16 gigawatts of capacity. Solar-sourced electricity now accounts for 38% of demand on their national electricity market. Electricity prices are staying high and driving this demand, because ageing coal-fired plants are being removed from their electricity networks.
In Australia, Delta cases in Victoria have risen to 1126 cases reported there yesterday. There are now 16,178 active cases in the state and there were another 5 deaths yesterday. In NSW there were another 187 new community cases reported yesterday with 2,898 active locally acquired cases, and they had another 7 deaths yesterday. Queensland is reporting another new case. The ACT has 13 new cases. Overall in Australia, more than 81% of eligible Aussies are fully vaccinated, plus 8% have now had one shot so far.
The UST 10yr yield opens today at 1.50% and up +4 bps since this time yesterday. The US 2-10 rate curve starts today unchanged at +105 bps. And their 1-5 curve is steeper at +99 bps, while their 3m-10 year curve is also steeper at +144 bps. The Australian Govt ten year benchmark rate is up +4 bps at 1.78%. The China Govt ten year bond is up +1 bp at 2.92%. The New Zealand Govt ten year is down -1 bp at 2.53%.
In equity markets, Wall Street started their Monday session with a small rise, but it has since slipped into negative territory in early afternoon Monday trade. Overnight, European markets were flat, although Paris rose +0.2%. Yesterday, Tokyo fell -0.4%, Hong Kong also fell -0.4%, but Shanghai rose +0.2%. The ASX200 ended flat, but the NZX50 ended down -0.3%.
The price of gold will start today at US$1824/oz and another +US$6 rise from this time yesterday and a two month high.
And oil prices are firmer too at just on US$81/bbl in the US, while the international Brent price is now just on US$83/bbl. Both represent about a +US$1 gain.
The Kiwi dollar opens today +½c firmer at just over 71.7 US. Against the Australian dollar we are also firmer at 96.5 AUc. Against the euro we are up to 61.9 euro cents. That means our TWI-5 starts today at just on 75.4 and equaling a four year high.
The bitcoin price has risen sharply overnight, and now at a record high US$66,052 and a +6.3% jump. Volatility over the past 24 hours has also been high at just over +/-3.6%.
The easiest place to stay up with event risk today is by following our Economic Calendar here ».
Daily exchange rates
Select chart tabs
104 Comments
(Very sensible, Cameron Bagrie)
"We need better balance and a data dictated… economic base dependent on wellbeing including housing and education outcomes…. The Government has done really well supporting the economy by running expansionary fiscal policy and spending money. But that sugar candy economics does not deliver an enduring economic base….tough economic choices are coming down the pipeline, the age of sugar candy economics needed to end." he said.
And we all know what sugar is.........
Add into the mix the future of cities;
https://by-my-solitary-hearth.net/2021/11/05/but-cities/
then ask where the remaining icing should be spread?
Really interesting read. I think the writer's vision of where most of us are headed is about right - dispersing again. Is already fortuitously happening to a small degree 'cause COVID.
I mentioned the coming energy crisis to mainstream thinking friends recently and they were like "there are clever people who will solve this, there is always an answer, play the game and get 'rich' on property so you can afford to get hold of whatever is left for your life-time, etc". FFS.
Unusual for an economist but this is where he nails it "The Government has done really well supporting the economy by running expansionary fiscal policy and spending money. But that sugar candy economics does not deliver an enduring economic base." His reference to 'sugar candy economics" is apt when they are careless about where the money they printed goes. Political arrogance, and gutless expediency will be what lies behind much of this as we have discussed on occasions in the past, about conversations that should be occurring but aren't and the Government fails to ensure that money created to support the economy gets spent in a way that builds resilience, but instead gets frittered away to to a lack of controls and regulation. Any adult and a lot of kids could explain the consequences of unrestrained or undirected spending on a limited budget!
“money created to support the economy……” how about too money created to support the people. One unquestionable fact is that covid has exposed the extreme neglect of NZ’s hospital and health services by successive governments. Surely addressing this must be a priority now. Instead $40 billion allocated to a highly uncertain viability airport rail link for Auckland and heaven knows how much for a pie in the sky new jet airport in Central Otago. Ask the people. Would they sooner have these grandiose and vainglorious projects or hospitals and suchlike, that are accessible, professional and efficient. NZ has to wake up and demand a stop to this squandering of the public purse at both national and local level.
The argument used against this, is that ‘there are different budgets’. But when you’re starving, you’ll quickly empty the holiday fund. I would say, Prioritise, fix, move on. Health is top of the list. But we need to beware of bureaucracy, the mechanism that statists use to suck the life out of society. The MOH is a prime example of a poorly functioning bureaucracy, more concerned with form (forms) than function. As an aside, Labour lost my very wavering vote when it proposed that cycling bridge across the harbour. Talk about tone deaf.
Foxglove,
For personal reasons, I am now taking a keen interest in Pharmac, having been diagnosed with cancer a few months ago. It turns out that the only treatment which can help is a combination of two drugs available in many countries, but not funded here. For many , the cost would simply be out of reach condemning them to an early death. I am well aware of how fortunate i am to be able to afford them.
My oncologist reckons that we're 20 years behind in the funding of cancer drugs and a 2019 report by the International Comparisons of Modern medicines ranked NZ last among OECD countries for both access to funded medicines and pharmaceutical investment overall. this is shameful.
appreciated. had my battle with same some six years ago but a much more straightforward case I would think. again with insurance, a quick diagnosis & an excellent surgeon. my family has worked in NZ’s health industry for over thirty years. During that time, that experience, it has been left in every government’s too hard basket. My favourite old axiom of Kipling’s “TheThin Red Line” is well played out in this arena. This government is little different but they are in the seat now, at a time where denial of severe shortcomings is now impossible, and the onus is on them to act accordingly with the responsibility entrusted to them as our government to implement provision of reliable and meaningful hospital and healthcare, for all of us. Start building it up now in other words.
But but , 2017 was the ObVIoUs BuBbLE! or was it 2013? or 2011?
With suitable background music
https://www.swanbitcoin.com/bitcoins-energy-usage-is-not-a-problem-here…
You should love Bitcoin, its all about Energy...
Podcast if you prefer is here
Zimbabwe and Weimar Germany are already in the textbooks under the subject of money printing, but we won't be, and neither will most of the developed world, because that's not what we're doing. We are monetising debt, which is not the same thing, and doesn't result in monetary inflation the likes of which people think they're hedging against with Bitcoin.
It also creates a liability on the other side of the ledger. When the debt is repaid the money is removed from circulation. It is not at all inflationary in the same way as simply printing money. If it was, inflation would be through the roof globally, given the staggering amount of QE we've collectively embarked on over the past decade.
What? Prices going up IS because the value of the dollar is eroding! If you reduce the size of your measuring stick, everything will look longer.
Everyone thinks they are getting rich because their house prices are going up, but measured in Bitcoin they are down significantly.
#TheBitcoinStandard
The value of the dollar has 100% been eroded. There's a reason why house prices have gone ballistic around the Western world (not just in NZ), and it's not because they are 'worth' any more. It's because people are desperate to get rid of their cash that's losing it's value at 15% a year, and put it into a hard asset (Like property or Bitcoin).
"orders of magnitude"?
Lets say two orders of magnitude. If house prices have increased 2 orders of magnitude since mid 2008 when the GFC was underway before QE started, then the Auckland median house price should have increased from 440K to somewhere around $40 million.
Well said. Jeff Snider says:
https://www.macrovoices.com/podcast-transcripts/922-jeff-snider-qe-stil…
https://alhambrapartners.com/2021/02/04/even-the-people-printing-the-mo…
Central banks are trying to backstop/counteract deflationary forces:
https://www.lynalden.com/inflation/
The best read on inflation.
But when debt is monetised it isn't going to be repaid
That's not true. If it was, the debt would be worthless. In this case the debt we are talking about is mostly in the form of government bonds, which certainly aren't worthless. I'm pretty sure the bond holders are expecting to get repaid at some point.
How monetising debt works though is like this. In a society xyz, the broad money is 100 billion dollars. The government debt in this society is 10 billion dollars. The government decides to monetise this debt. It therefore prints 10 billion dollars to purchase its own debt. The government now has zero debt but the broad money supply is now 110 billion dollars. All other things staying the same in the MxV = PxQ equation the society now has undergone 10% inflation to pay for governments decision to monetise the debt as the money supply has increased 10% so prices increase 10%. There is no free lunch the government has just got the private sector to pay for its debt through inflation and inflation is a tax.
I guess theoretically the govt could un-monetise the debt. But this has never happened and never will.
The government debt in this society is 10 billion dollars.
This government IOU is always monetised by banks before the central banks do the same. What banks owe (so called bank deposits) after purchasing government securities (syndicate and tender) is recorded on bank liability ledgers for the public to spend. In reality these deposits are temporarily transferred to the central bank Crown Settlement Account waiting to be dispersed via transfer payments to individual bank account holders.
What the central bank owes the banks that sell these same government bonds to it remain recorded on it's liability ledger until the bonds are sold or redeemed at maturity, not circulating in the community.
A recent Bloomberg article described central bank easing with the phrase “pumping money into the economy.” That’s a misconception. Monetary easing is actually an asset swap. The public was holding savings in one form, and now it holds it in another. The Fed buys Treasury securities from the public, and replaces them with currency and bank reserves (base money) that someone has to hold, at every point in time, until the Fed sells its bonds and retires the cash. All monetary policy does is to change the mix of government obligations held by the public. Only fiscal policy – specifically deficit spending – changes the total amount of those obligations. - courtesy of Hussman
Debt needing repaid or not is not the point.
The problem is the massive use of debt allows unwise resource allocation. You can spend on the wrong stuff.
There is still a limited actual resource, so when you buy that stupid bridge, the builders are not building houses.
chebbo,
Not sure you really understand this. As PDK points out, there has been very significant inflation in asset values. This has been a direct result of much lower interest rates as QE has forced them lower, as a deliberate policy. However, huge amounts of the money created has never gone into the wider system but has stayed within the financial system. Velocity has been declining for many years now. In the US, the Fed. pays the banks interest on the money left with it.
You thinking the debts being incurred are going to somehow paid off is the most naive thing I've ever heard. Oh wait, they can be paid off.... when the value of the dollars plummets shrinking the size of the debts. Oh i guess thats inflation, the whole point of which is to reduce debt.
Understand basic concepts before you turn your attention to failing to understand blockchain
Is it the 'debt' or the creation of unrestrained 'credit' that causes the inflation? The private banks have been issuing credit, seen by the users as debt. Chebbo is correct that debt takes money out, but it appears in part, as profit on the bank's ledgers. But the issue that causes inflation is the issuing of credit which we have seen in the housing market. The banks have shown little restraint in issuing credit here to enable people to buy houses, thus incurring the debt against their future earnings. It has been the issuing of this credit which caused the inflation.
It is going to pump to an eye watering level soon, one that is most definitely unsustainable. This is the peak of the bull market. Afterwards the price will decline for a year or two before it finds its bottom, then begin its next bull run. Its cycles are so obvious its painful. Overall the trajectory remains up, and will continue so. You'll see $1 million per Bitcoin before you see $10k Bitcoin (i.e never again). There is a reason Wall Street now has Bitcoin ETFs and the worlds richest man has it on the balance sheet of Tesla and Space X, not to mention countries beginning to buy it (Ecuador is first). Pretty impressive ponzi if you ask me..
Me personally, I will be selling 100% of my holdings into the peak of this bull cycle around the end of December/early Jan (in my opinion) and buying back in the bear market. Will I catch the top? No way. I would rather leave 20% on the table than try and sell at the pico top and miss out. I have a plan in place and will stick to it.
If it was at say $125k NZD, that's a 5x for you. Not bad! Would it be silly to not take some profit? Maybe, depends on your situation, and only you can decide. Many put it into cold storage with out planning on touching it for 10/20 years, nothing wrong with this either :) Good luck!
And who will you be selling your holding to?
Someone, who, just like you did when you bought, thinks it's going up from the price you trade at. Are they wrong? Or are you wrong for selling a rising asset?
It only matters who 'you' are......and someone, someday, is that person you (second-person singular) don't want to be.
(NB: Anyone whose ever been a dealer knows it's easy; obvious, until it isn't. And as your post suggests, "Once a dealer, always a dealer")
Ah there he is, was wondering when you would show. Better late than never.
I have never said fiat is dead, its still our currency and will be for many years. I never said BTC solves everything. You speak a lot of rubbish.
*yawn* - furthermore if you actually read what I post, I will be selling this bull run and buying back in at a later date. I'll let you figure out why...
I've been pondering this myself recently. The new 39% tax rate doesn't change your plan at all VTHO? Say the cycles are maturing and top to bottom we only have a 60% drop, you'd have to really nail your exit/entry just to come out better than break even. Important to take some profit I think, but my plan involves a certain amount of long term hold regardless of price.
The tax rate increase was a real kick in the nuts to be honest. I reassessed my strategy and increased my exposure slightly to account for it, in the end it shouldn't make much of a difference now. I'm lucky enough to have brought up large in the March 2020 Covid dump, seeing a 60% drop from the top of this cycle would still leave me with large profits so I'm not too concerned about timing it perfectly. I fear holding long term is not enough to extinguish tax liability in the eyes of IRD. The crypto tax law is very new so this is yet to be put to the test. Taking profit or paying yourself is very important, I agree. Good luck!
Yeah with the potential tax bill and no guarantee of successfully finding the bottom I don't think it's worth trying to time the peak of the bull run.
I'm going to hold, buy the dips. Might get rekt short term but this is long term play. There could be a fair bit of good news spread out into next year (spot ETF's, banks and other big players getting in), institutional money is here, the market has evolved with defi and nfts and some suggesting the usual four year cycles are lengthening and a thing of the past. The answer might be somewhere in the middle. Will be interesting to watch...
I have a base amount of Bitcoin that I never want to sell. Its just not worth the risk of not being able to actually buy it back again in the future. But I am looking forward to cleaning out all my shitcoin positions, I have just accumulated way too many over the years haha
You might be right, or you could be wrong. If you've potentially made life changing money already from crypto I don't see why you'd take such a black and white approach. Why not aim to keep 50% crypto and 50% a mix of cash and other assets? That way you'd always be happy with the outcome whatever way crypto goes long term?
Do you know how many times over even recent history, markets have provided an 'obvious cycle' and a pathway forward, only to see that disappear as some unforeseen happening arrived? Dozens. Perhaps an uncountable number over time. Buy Bitcoin, Tesla shares, residential property or bat guano if, for whatever reason you're sure; you know, the price is going up, and sell it if you know it's going to fall. It's that simple. The hard part is knowing the unknown.
Yea you're not wrong BW. If we knew the future with 100% accuracy then we'd all be billionaires. History might not repeat but it often rhymes and the more time you spend in crypto the better in tune you get with it. It is all math at the end of the day, here is a quote from a very smart friend "Think of it as price jumping around but 1000s of entities software and people using averages and fibs forms a construct that constrains price, market wide". It has very distinct patterns and when you can see how it works you can make ALOT of money. The golden ratio of 1.618 derived from the fibonacci sequence plays a huge part, it is quite fascinating in its own right. Anyway, got off track there sorry. You make a plan, execute it and hope it pays off, simple as that.
Fond (or was that terrifying!) days of 'controlling' a start-up trading room. Having a blank sheet of paper and a pen in front of you and 'initial expectations' of $100k a day - from literally $zero, and 'knowing' that the people you'd put into the seats, that until yesterday were empty, had the confidence and ideas that come through in your comments.
Like having a child, enjoy it, those days will pass in the blink of an eye. Cheers.
I thought 2017 was the obvious bubble??!! or was it 2013? or 2011? People will look back on these prices in the future and say it was so cheap!
It has been cyclical based on the Bitcoin halving cycle, but I think the affects of this will abate in the future as relatively it becomes less impactful. Eg current rates are 900 a day, which will drop to 450 in 2024. And once the big players get involved.....
Bitcoin is into it’s 4th parabolic run-up on a log scale, over the past decade. Bubbles don’t pop, then re-inflate 4 times. This is due to exponential network adoption. Ignore price action, and look at the underlying technology. The global payment rails for the 21st century digital economy are being laid before your eyes, and many are distracted by price. Don’t be asleep at the wheel.
In today's episode of crypto regret stories, I just worked out that a dinner I paid for my wife and I while on holiday in New York a few years ago has cost me the best part of $50,000 NZD at today's bitcoin value.
Back in the day I had one of those crypto Visa debit cards, and used about 1/2 of a bitcoin to pay for a nice meal out (I believe it was around $500 NZD worth of bitcoin at the time).
Next time we go out she's getting the Burger King coupon special!
Meanwhile, there was a US Treasury 3yr bond auction today with US$163 bln offered where the Fed took a massive US$32 bln (compared to just US$4 bln at the previous event). Still the balance was well supported. The resulting median yield was 0.69% pa, up from 0.60% at the prior event a month ago.
5% of the amount of accepted competitive tenders was tendered at or below 0.08%. Demand for pristine collateral remains unabated, as does the Fed's need to top up it's balance sheet to offset circulating legal tender liabilities, as prior asset purchases expire on the redemption date.
That is also kind of the point, if you can see where all that bond money is going to flow in the future, the early adopters will be rewarded :)
https://www.youtube.com/watch?v=Pa019xHaYnM
Great 3min summary on the intrinsic value of Bitcoin based on CDS rates
Look up anything by Greg Foss, a 30 year bond trader.
https://www.youtube.com/watch?v=yPgH2sK_psg $2m price target maths
Again Australia leading the way with solar. Yes they have issues with it which they are sorting out, but that just requires cleverly engineered solutions which they are slowly putting online.
Meanwhile in NZ, our government actively discourages solar rooftop installations via the power companies they own. No subsidies, nothing, while James Shaw zips around the world making an ass of himself and the governments policy to buy fake carbon credits to reduce our emissions.
In Oz peak power consumption is midday summer when it's hot and the Sun is shining. In NZ it's winter mornings and evening when the Sun ain't shining. Solar households free-load on transmission networks here to a much greater degree, only using power during periods of peak demand.
Not sure I'd call it 'free loading'. A colleague who has gone to all solar, but retained a connection (no back ups) told me that initially his power meter was unwinding at a great rate. The power company had completely under estimated the output of his installation. He does use a limited capacity battery storage. But those flows into the grid would reduce drain from hydro lakes, and loads that may see coal stations fire up or increase their loads. If there are occasions when they do need to draw from the grid, they are or should be in the minority (lower half), so getting some back on occasion shouldn't be too much to ask, plus they would still be paying for it, and at a higher rate than they get paid for the power their solar installation generates.
but they only pay for those short periods of peak demand, so they are using electricity at the time that it is most expensive for the transmission networks to supply it, and only contribiting a tiny bit of network charges. Transmission networks are built to a certain capacity, the capacity needed to meet peak demand which your friend contributes to that deamnd. But they are paid for by usage charges of which your friends hardly contributes to.
Unless their lmiited battery is enough to meet all their evening and morning peak demand on a cold cloudy day until the solar recharges it during the day. Then they ok from a network point of view, but the cost of their install has trippled, not something that can be rolled to the masses, it's an uneconomic hobby that few can afford.
Easily dealt with, home battery storage and grid energy storage. Both of which are reasonably easy to do, neither of which the government is investigating (other than lake onslow). Where's the pilot salt energy storage plants or other grid battery store? Government isn't interested... so will continue to do the wrong thing and pretend it's doing something good.
I know many who will never sell, they have it as a hedge against monetary inflation. Others trade it for profit and cash out into fiat to spend. Nothing wrong with either option. If it is really _just_ a "speculative hyped up ponzi scheme" then it really has fooled some of the greatest minds on the planet - the most obvious being the richest man alive, Elon Musk, who has it on the balance sheet of Space X and Tesla. What a sucker..
Its all about what each individual wants in life. I myself will keep most of my Bitcoin, but will sell all my shitcoins. The question is, if I sell my Bitcoin, what am I going to do with the money?? more than likely just spend it on instant gratification and shit I don't need. Bitcoin really makes you think about the long term, because you know 100% that there will be less and less Bitcoin produced in the future.
As another eg my friends goal is to get a house deposit, so crypto is just a means to an end.
People buy assets for different reasons. Some as you say just view it as a way to make more fiat, that's fine. Others view everything through the lens of getting more BTC.
Thus even if you believe it's the future, you might think the fiat price is getting to a local top. Then you sell some holdings into fiat so you can acquire more BTC when the fiat price drops lower. Rinse and repeat. That's trading.
I’ve got a solar system and I see from dashboard that it’s the equivalent of owning 1.2ha of pine forest, and that it offsets 13 tonnes of carbon. Why doesn’t the government actively encourage solar uptake with some sort of incentive? We get a measly 8c a kilowatt for the power we export. I have to say it would been financial nonsense had we paid the full price for our system.
The question is are you entirely off-grid?
If you are reliant on any wider electricity infrastructure then why should the government subsidise you? They are effectively giving you a free pass on grid maintenance while still getting all the benefits of that ongoing supply.
The answer is obvious and contained in his statement regarding carbon offset. Because in a few years time, the NZ government will have to pay billions of dollars in carbon offsets. Sure we need some clever engineering to account for the different load curves, but that's not something we should be scared of.
Thats the kicker though. You still need all that giant mess of infrastructure regardless. So the inherent carbon loading is still there.
~80% of NZ electricity is already renewable. The 20% that is not, is exactly the load that will be called on when the sun isn't shining and all these individuals immediately tap into the grid to maintain there modern comfortable lifestyle.
Essentially people are swapping one already existing large renewable for multiple entirely new systems (and all the carbon required to Design, Manufacture, transport, install, and maintain) So reality is you are double loading for no real-world gain, particularly when the larger systems have significantly longer effective lifespans.
If they are going totally off-grid then that is different, but Solar in itself will not do that, so why should it be subsidised?
You have missed my point. Individual solar does not replace our current National Infrastructure, rather it relegates it into a back-up. That back-up still requires all of the carbon loading (and financial costs) to keep it ready and available to step up when required. The power issues a while back show what happens if you have the grid turned of when everyone needs it.
If you want to stay on the Grid, then why should I pay for your solar? If we all go for solar then who is paying for the backup grid? answer no-one so you decommission the national grid, and you are now running off-grid.
You do understand that the storage lakes act as large batteries already right? When the sun shines, they can spin down, when the sun isn't shining, they spin up. Yeah, there's carbon loading in building infrastructure, but that infrastructure had (near enough) infinite re-use once built. Claiming that this is hard to design therefore we shouldn't do it is conservative defeatism. Essentially "it's hard and we haven't done it before, therefore impossible". When a lot of countries are now doing exactly that, it's an irrational sentiment.
Our transport is NOT 80% renewable, it's 100% non renewable, which is where we can make a big difference, with the government rolling out subsidies for electric cars. So there's no reason we can't target that directly, if my car is parked at home during the day it is charging via solar, if I drive to work and it's a nice day, I plug my car into my charger where I park and my solar at my house is transported over the lines to my car, with a top up from some wind farms.
And it should be subsidised for exactly the above reasons. Like I said, we will have bills in the billions of dollars per year to pay in the not too distant future. How do you think we are going to pay for these? And even paying for all those carbon credits, will it make a difference? No. So let's get on and actually change.
Our transport is NOT 80% renewable, it's 100% non renewable, which is where we can make a big difference, with the government rolling out subsidies for electric cars. So there's no reason we can't target that directly, if my car is parked at home during the day it is charging via solar, if I drive to work and it's a nice day, I plug my car into my charger where I park and my solar at my house is transported over the lines to my car, with a top up from some wind farms.
So much wrong with that I don't know where to start.
You are actually suggesting the govt should pay for solar on your house, so that you can sell power to the grid, who move it to (most likely) a park on the side of the road, where an entirely new charging infrastructure would need to be built (and paid for) so that you can plug in your car and then (Most likely) pay to charge it using the electricity you sold to the grid. Where you would then bemoan the fact that you sold it for less than you paid.
If only there was some sort of simplified national generation and grid that could do this for half the price using large volume Hydro with Solar and Wind....
Do you not understand what a subsidy is? Even you just admitted that 20% of our electrical generation is non renewable. And you damn well know that 100% of our transport emissions (minus some already electric cars) are non renewable. And you seem to want to avoid that fact that we need to buy billions of dollars, per year, of carbon credits. I am suggest we use a small slice of that money, now instead, to help to decarbonise our electrical and transport systems to avoid a massive bill in the future. If the government wants to build huge solar farms instead, that's great. But large solar farms take up space and transporting the energy is less efficient. We have about a million houses in this country that have roofs who space is being wasted, that we can mount solar panels to.
I notice that you point blank refuse to answer any question about how we are going to pay billions of dollars in the future buying carbon credits, which is likely to increase dramatically as carbon credits are becoming more and more expensive. All I am hearing is "we can't, because we don't, because we can't, because we don't because it's hard because...", so as Greta would say, more blah blah blah and no action. Hilariously there is evidence from so many other countries that do exactly what I suggest (subsidise solar/battery installations and subsidising rolling out or national charging networks), but let me guess, they are in my imagination?
Talk about not having a clue about what's happening in other jurisdictions right now and how (as a result of no action from our government) we are being left behind as a massive climate change laggard.
https://8marketcap.com/
Just passed Tesla, Silver had better watch out!
how about you do a bigmac calculation. If the number of bitcoins need to buy a BigMac at your favourite McDs stays constant, then you can say traditional currencies are loosing value. If you find the number of bitcoins needed for a bigMac is changing, then you know it the value of BitCoin that is changing.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.