Money Morning reader Wilson sent your editor a shocking video yesterday.
So shocking we could barely believe it was true. We even thought that maybe some nerdy tech wizard had dubbed the video.
But no, it appears to be the genuine article. Here’s what shocked your editor so much, and why it’s proof that you must never trust what you hear from the mainstream…
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Just say ‘no’ to Chinese investment.
That’s what Dr Philippa Malmgren a previous economic advisor to George W Bush has suggested that Australians do.
In fact, she believes that Australia could lose its ‘economic bargaining power’ should we allow China to become a direct investor in our resources.
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We’ve written for some time about what a waste of space the Federal government.
How it just sucks the life out of the private sector in order to fill the pockets of interfering and power-crazed bureaucrats.
Yet we’ve been told by all and sundry that a strong government is important, nay, crucial for the stability of both the economy and society. Without it, the argument goes, there would be anarchy in the streets.
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Yesterday, the S&P/ASX 200 added a huge 91 points (2.08%) to close at 4,495.70. And the index has been potentially predicted to do again today, already 1% higher.
The June quarter gross domestic product (GDP) figures released yesterday and were one of the main drivers of the rally. The economy grew 1.2% for the second quarter which was higher than the 0.9% predicted by economists. Annualised, GDP growth for Australia is now 3.3%.
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Yesterday, RBA Assistant Governor Guy Debelle spoke at the “Risk Australia Conference” in Sydney.
The one-day conference, which would have cost those interested, up to USD$2,800 to attend, was held at the plush surroundings of the Hilton Hotel in Sydney.
Among the sponsors of the “Risk Australia” conference was Credit Suisse. Credit Suisse, of course, is the Swiss banking firm that rejected the offer of a Swiss government bail-out in 2008, but which happily accepted USD$8.8 billion from “a small group of major global investors”, including – according to the New York Times – “the Qatari authorities.”
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| All Ordinaries | 4577.60 | ||
| S&p/asx 200 | 4541.20 | ||
| Nzx 50 Index Gros | 3107.43 | ||
| DJIA | 10320.10 | ||
| NASDAQ | 2200.01 | ||
| S&P 500 | 1090.10 | ||
| Ftse 100 | 5371.04 |