Eyes on bitcoin and US CPI; American wholesale inventories top out; Canada struggles for Chinese election interference; China CPI eases, China PPI falls; UST 10yr 4.17%; gold and oil down; NZ$1 = 59 USc; TWI-5 = 69.2

Finance capitalism basically sought to break away all of the public infrastructure. Most financial fortunes and financial fortunes in history were made just in the way that Zola had described, by prying thefts from the public domain.

But the financial capitalism doesn’t say… You don’t have to steal it; you actually make it your policy, giving away the financial domain in the way that President Yeltsin gave away all of Russia’s natural resources, public utilities, electric companies, anything that yields an economic rent that can be just easy income without any investment. And you financialize it.

You’ve had, for the last – really since the 1980s, but even since World War 1 – this movement to prevent industrial economies from being low cost. But the objective of finance capitalism, contrary to what’s taught in the textbooks, is to make economies high cost, to raise the cost every year.

That actually is the explicit policy of the Federal Reserve in the United States. Turn over the central planning to the banking system to essentially inflate the price of housing, with government guaranteed mortgages, up to the point where buying a home is federally guaranteed up to absorbing 43% of the borrower’s income.

Well, you take that 43%, you take the wage withholding for social security and healthcare, you take the taxes; the domestic market shrinks and shrinks. And the finance capital strategy is exactly what it is in the United States today, in Europe. Shift all of the money away from the profits of industrial capital that are reinvested in making new means of production. To expand capital into a shrinking economy where the financial sector intrudes more and more into the economy of production and consumption and shrinks the economy. Link

In 1989, The Imperial Palace in Tokyo was ''worth'' > all of California. In 1999, shares of any company with a .com in its name were ''worth'' 100x earnings. In 2007, owning 5 houses with variable rate mortgages was considered ok. In 2021, FTX = Buffett. We never learn, uh? Link

https://cryptohayes.medium.com/speechless-9b1b5114bb2c

It’s India’s ‘Fundamental Obligation, Advantage’: Jaishankar on Russian Oil Purchase

'Arctic Silk Road' Comes Alive As Russia Sends Oil To China

This was all entirely foreseeable as commented here many times when they announced the closure of the refinery and that this would also reduce NZ emissions (patently ridiculous)

Re the dailytelegraph my understanding though was that Marsden Point was never able to process Taranaki condensates, it was designed for Middle Eastern crude?

i will get 100l of each asap... that should help

Scaremongering.

If we run out of gas in 3 weeks, we can lower the OCR by 50bps as a temporary measure to stimulate the economy.

Why do people keep bringing up these old bogeymen that were solved by our central planners decades ago?

An euphemism for Trump’s hairpiece?

It shows the US has at least a solidify half of the voting pop. that is not bonkers bonkers.

Demographics is still destiny.

If the Southern whites want to go back in the Jim Crow direction the aren't doing it. 

Looks like the Supreme Court has shot the Republicans in the foot. 43% of Dem voters say abortion rights are the main issue for deciding their vote, only 18% primarily driven by inflation. 

I guess this is the consequence of pushing so hard for policies that most of their citizens don't support. 

I have noticed that critics of the Chinese regime amongst Chinese immigrants are few and far between. It is quite curious. It is okay to be critical. I'm very critical of the British Empire. Most of us here are very critical of our own regime. There is something very unhealthy going on.

..be nice to see an Anne-Marie Brady feature on here.  But I expect not and for the usual reasons.  

So Canada has uncovered all this political interference...

US warns Australia against joining treaty banning nuclear weapons

Former Prime Minister Sir John Key has dolloped praise on China in comments to Chinese state media published as Xi Jinping's Communist Party holds a historic national congress.

Link:   https://www.newshub.co.nz/home/politics/2022/10/sir-john-key-dollops-pr…

Congress is supposed to even that out, sort of.

Do you think the average Wyomington wants their law written in California?  It keeps the states togeather. One state one vote. (well two)

Their whole setup is mad over there, including the mid terms. Huge time and money wasted instead of just getting on and running the country. You can see why America is slowly going down the gurgler.

It's on sale.

Be quick!

A couple of billionaires are having a pissing match.

Bitcoin and others are always going to be problematic. The whole "not your keys, not your coin" thing makes it unlikely to be widely adopted. It's too complicated and risky for the average non nerdy person. 

News such as 3 billion dollars worth of stolen bitcoin being located inside a popcorn tin in the bathroom closet of a hacker gives one an uneasy feeling about its viability.