The Pickering Post
Tuesday, 12th December 2017

If you would like to be involved or support the upkeep and further development of this site, it would be very welcome no matter how small.


ANOTHER GFC, ONLY THIS TIME WITHOUT A COSTELLO SURPLUS?

... you’re kidding aren’t you!

Larry Pickering

Four-time Walkley Award winning political commentator and Churchill Fellow, has returned to the fray over concern that the integrity of news dissemination is continually being threatened by a partisan media.

BLOG / FACEBOOK



Watching the Dow in a one thousand-point freefall last night was more an indication of why China’s confused mix of Communism and Capitalism must eventually fail.

The people being hurt were the Chinese middle class that was coerced by its Government into borrowing money and spending life savings to buy the very shares that took the biggest hits.

Is Beijing losing control? Well, it has certainly thrown its hands in the air and walked away from the turmoil, so it may be finally ready to allow market forces to interpret how it sobers up from a giddy 20 years of unsustainable growth.

Beijing pumps up its Shanghai Exchange like we pump up our currency, that’s why no-one takes any notice of it, it isn’t a fair indicator of the Chinese economy.

The billions Beijing threw at failing stocks was meant to present a deceptive picture for investors (and a little face-saving internationally) but instead the giant Panda finished up with two black eyes and appearing pissed on fermented cane juice.

But there will be no recession for China, only a correction. It’s a correction that the West has always expected yet has typically overreacted to.

Within the decade China will overtake America as the world’s largest economy, of that there is no doubt, despite the amateurish way it is handling its bourgeoning growth.

It has developed massive housing and infrastructure beyond its fledgling middle class demand and now it must back off, take a breather, and pause while the middle class catches up to expectations. Its trading partners must also take a breath.

When the US coughs we all get pneumonia but when the Panda farts the rest of the world shits itself, but for no justifiable reason.

China still holds much of the US debt and, as I have written here before much to the chagrin of readers, the US will recover from the Obamas and Bushes of this world because of its massive middle class economy and rural protectionism.

The US may have only one fifth the population of China but that one fifth is all demand whereas China’s middle class is still in transition. And there is no way double-digit growth rates can continue unchecked without parallel rates of domestic demand.

The world, including China, is suffering under unprecedented debt. Eastern Europe is all but insolvent while coping with millions of (mostly genuine) Syrian refugees. The oil price has tanked to where exploration is on hold. Russia’s oil pipeline to Western Europe is being secretly tapped and Ukraine and NATO countries aren’t paying their bills while Obama continues with Russian sanctions.

Everyone owes money to everyone else and in a way that’s healthy and certainly not the conditions that make for another sub-prime rate inspired GFC.

And if another GFC does arrive one day, fools like Kevin Rudd will be well and truly dead.



Comments

Oliver's confession that he donates monthly to UNHCR speaks volumes.

YEPPER Oliver... you've got it right!

And the people with the blue ribbons seem to think they are better than the dole bludging ribbon-less people. I direct debit to UNHCR each month, when I go shopping I put my silver change in the Seeing Eye Dog, so I reckon I do my fair share of donating. I want a Gold ribbon :)

What a load of crap some of you are going on with. It is no ones business who donates what, who does, or who doesn't. This is a public forum, end of story. If Larry wants to make it a private site, that is his prerogative. His F/B page is public. The TAB is public, you don't have to have a bet to access racing info. And Bruce to call people dole bludgers if they don't donate, is a bit over the top. Hunter had a dig at me last night, well the last time I donated was to remove the bloody ribbon. And after all this finger pointing, just on principle, I will not be donating in the near future.

Sleep well m'friend and not to worry about those creeps!

Good night all.

One has to laugh Hunter!

OMG... Horse in disguise?????? Just perhaps???????

Take your hand off it Donald.

Donald's thinking has been infected....if his brain was a hard drive you would reformat it.

Nada... you're 'done' here....you know Donald... if you can't take the heat, then keep the hell out of this kitchen!

You are right on here Hunter! You'n Bruce have the right idea here!
Donald 'dear'...now that you wish to join us here, perhaps you'd like to tell us a little about yourself?
Many of us would take umbrage with our about some of being 'old people'??? Do let's hear more of your thinking Donald?
We await your 'thinking' with great interest!

Donald is the product of new age thinking after being brain washed in our leftie education system.

Then why do you keep polluting this site. Why don't you just piss off to your other like minded blogs.

Lots of freeloaders who have no shame.

Hunter , I will give you one guess.

Donald: When are you going to chip in to running this blog. You seem to be have a lot to say at the expense of those who are willing to contribute. Bludger.

Sorry about that people... Bruce you had/have the right idea though!....
I really feel passionate about rudeness... it's not necessary particularly on this site.

Stop riding on other's coat tails and get your own admiration society. You bag out Larry now and then and use his site to peddle your past failures as if they are relevant. Your party is dead in the gutter! Your site is dead as its irrelevant man, now piss off.

Oh buggar off you grand standing creep of a man. The site of you popping up on my screen makes me want to vomit.