ZH: China PMI plummets

Discussion in 'Markets & Economies' started by CriticalSilver, Aug 23, 2012.

  1. CriticalSilver

    CriticalSilver New Member Silver Stacker

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    Japan yesterday, China today ... Who's left? Germany?

    I just don't get it though. We don't they introduce a carbon tax to increase their competitiveness, fix their environment and then live happily ever after. Maybe all they really need is Swan, Gillard, Combet, Garret and Wong. If we could just get them over to China, they could rescue the Chinese economy and save Australia's budget surplus at the same time.
     
  2. Dogmatix

    Dogmatix Active Member

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    ^ haha sarcastic much :) funny :)
     
  3. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    Sarcasm? What sarcasm? :| Gino has hit on the solution. Should also nationalise telco assets and retrospectively tax any industry that seems to be growing faster than the average.
     
  4. CriticalSilver

    CriticalSilver New Member Silver Stacker

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    You're right! We will need to send them Conroy. That will be a loss to this nation of ours, but we might just have to make the sacrifice for the global economy.

    Thinking about this a little more, they will probably also need to do any damn fool thing the USA military and security interests tell them to, so we will have to send them Roxon and Smith as well. Damn, they were just starting to shine for Australia too!
     
  5. CriticalSilver

    CriticalSilver New Member Silver Stacker

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    Chinese manufacturers force fed credit by the Chinese Politburo, giving a boom in Aussie commodities and real-estate that was likewise force fed by teh Chinese Politburo, but is now all unravelling unless the Chinese Politburo start the cycle over again and force feed more credit. (and some doubt the genius of Wayne Swan and Rudd/Gillard in steering Australia through the GFC!)

    Check that AUD go, down under US$1.03 now with precious metals rising.

     
  6. CriticalSilver

    CriticalSilver New Member Silver Stacker

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    Well it seems we are all Chinese now ...

     
  7. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    "Swan should be the most nervous". Ha. Anyone who spends anticipated revenues years in advance when those anticipations are based on a formula that is so complicated that even the very people paying the tax couldn't give [mandated] shareholder guidance one quarter in advance is a fool.
     
  8. Dogmatix

    Dogmatix Active Member

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    The whole of Treasury forecasting is a joke. I can't remember the last time they came even close to an accurate forecast.

    Their head honcho is a Keynesian tool.
     
  9. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    They produce crappy forecasts and Swan harps on about how challenging it is to balance the budget given "plunging" revenues and the like, but if you look at the numbers the biggest fall in annual revenues (in 2009-10) was only 3.8%. 3.8%! Oh boo-hoo, it's so hard to balance a budget with such volatile and uncertain revenues! (For comparison, BHP's revenues "plunged" 12.1% in 2009-10 and they still turned a profit - in fact gross profit went UP 6%. They didn't need deficit spending.)

    Treasury should move to monthly budgets (and probably call them guestimates).
     
  10. goldpanner

    goldpanner New Member

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    I just looked at some charts of iron ore prices and that was a very sudden collapse of the price. This is going to hit the Pilbara region and all the associated industries in Perth very hard and of course the revenue for the government.

    To me it was fairly obvious that the boom in iron ore would not continue for ever as the Chinese could not continue building empty cities for ever, but this has happened incredibly quickly.
    Just shows you how rapidly things can change from boom to bust! I think Gillard is wrong - this is a major turn around.
     
  11. rbaggio

    rbaggio Active Member Silver Stacker

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    The baltic dry index concurs.

    Looks like no-one needs ships at the moment.
     
  12. GoldenEgg

    GoldenEgg New Member

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    Nervous? The guy will 100% lose his seat next year and most likely then retire on a pension of 80,000+ a year.Plus he also has the accolades given to him earlier in the year to fall back on should anyone doubt his prowess , i recall some world bank type bozo naming him 'Best treasurer in the world'?
     
  13. CriticalSilver

    CriticalSilver New Member Silver Stacker

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    In case you didn't see it, Fortescue announced project cuts and 1000 jobs to go today.

     
  14. CriticalSilver

    CriticalSilver New Member Silver Stacker

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    When I woke up this morning, I heard a disturbing sound ... and what I heard, was the jingle-jangle of the AUD falling through US1.02. .. currently at US$1.0195.

     
  15. Dogmatix

    Dogmatix Active Member

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    Does the AUD follow any fundamentals? So often it has behaved against my expectations.

    Edit: I think the same of most currencies at the moment
     
  16. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    There was a discussion amongst us about the AUD some time back. I'll see if I can find it. ;)
     
  17. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    I can't find it doggie. Gawd we've talked some shite in the past.
     

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