May 10th 2012 Eco. surveys 1st_1/4_2012 and foreign workers in Aust.

For me the May meeting was likely to be a non-event. I got no further than the foyer of Burwood RSL, the security would not accept what I could produce in the way of ID. Surely the ASC is in its fourth year and I've attended at least 9 of the 10 meetings each year if not all. Never had the indignation of being challenged before. I did remedial driving tuition 2006/7 and when my provisional licence was cancelled, with issue of a class C photo card, told at the time the cancelled (provisional) card could assist in the matter of ID in lieu of a C class licence. Comparing the cards shows very little difference, and apparently what difference is detected is not relevant in the circumstance above related. So I primarily depend on a RTA (now RMS) card superseded, and one issued by AEC (Australian Electoral Commission) to claim status as a Subject of Australia in N.S.W. So far has worked well, so why not at this club? The answer came from ASC secretary with words to effect "... there are politicians who have financial interests in hotels, they hate the clubs". The secretary had to sign me in on this occasion.

For the June meeting the current RMS issued photo card will be removed for the purpose of taking out membership with the Burwood RSL club -- it only costs $2 for a year. However on searching the Internet I did come across this:

"To prove who you are to Roads and Maritime Services, you need to provide either a NSW-issued driver photo licence or NSW Photo Card that is current or expired within the last two years (provided it is not recorded as lost, stolen or destroyed), or two other documents - one from List 1 and one from List 2." [http://www.rta.nsw.gov.au/licensing/proofidentity/index.htm]
Further to the above the following was turned up:

"Unless authorised by law, Roads and Maritime Services (RMS) will not release a driver's or rider's licensing information to a third party organisation without the permission of that driver or rider.

RMS provides an online Driver Licence Check (DLC) service to authorised organisations, such as heavy vehicle operators and CTP insurers to assist them to fulfill their duty of care responsibilities concerning road safety as well as to encourage the promotion of good driving practices.

Interested organisations can click here for further information"  [http://www.rta.nsw.gov.au/licensing/release_information_to_authorised_organisations.htm]

Though having instruments valid (and/or verifiable) in May, as I understand it - the card held for preceeding 5 years - why rejected? What's the difference when a club's duty is to comply with the law -- matter of bona fide -- and that of a policeman(sic) who can do a DLC. Intend to refer to Don (ASC secretary and a lawyer) for opinion ... 

By the way this blog done 30/06/2012 so I can add a little more. Between May and June I was away, I (we) returned from a trip the morning of the June meeting, another late night Friday morning after the meeting, a week past before the current licence was returned to its rightful place. In its absence "swanning around" in a vehicle without its accompaniment i.e. the precious life-giving(sic) licence.


FROM the ASC club's assemblage a SUMMARY

Apart from economic and financial recorded information, recent postings on the Internet. Predictable from the last meeting, Don showed the ABC's '7.30' Report from 29/03. This report was an exposure of where migrant workers are sourced and the unreliability of details given to obtain visas to enter Australia.

Before the viewings some points and other comments:-

(1) The Soviet styled government in China, according to Don is (or has) eased restrictions on other banks; The government controlled Central Bank of China, doesn't (or will not have) a monopoly. 

(2) Don suggested that Futures Traders are gambling on gold price to fall. 

(3) The White Australia policy of the past -- till circa 1970 -- gets a mention and the history behind its inception  -- Chinese attracted to the gold fields during the 19th century. 

(4) As an introduction to the first presentation, where the term "derivative" was mentioned, Don told us there are two types of derivatives: "Over the counter derivatives" and "Exchange derivatives"; the latter derivatives Don gave in dollars ..., [Edit. regardless an astronomical figure].  

Other comments from the club members taken from a cassette: North America doesn't have an active steel mill, gets its steel from China?!?! AND radio station 2GB (Sydney based) offer listeners Ross Greenwood, who comments on economic and financial matters.

A total of just under 2hrs of video, including two interviews and the ABC report fore mentioned Report.

Things covered by one commentator:

How successful is the American federal government dealing with economic recovery since GFC(?)

Critical of government stimulus as wrong jobs; wrong balance of trade; wrong current account direction; wrong assessment of CPI; wrong policy of FRB and bonds V's interest rates,a potential for inflationary outcome.  

On taxation of corporations and individuals in a capitalist society, compared with that in a communist country; the question becomes (as in America) is it capitalist or fascist in reality(?) 

Unemployment i.e. work participation in US is lowest since 1981, then the correction was austerity, not as with President Obama with financial stimulus. 

The commentator refers to the "phony economy", the true position is not reflected in the price of gold and currency $US when compared with Europe and its euro. 

He corrects B.Obama's claim that America's economy was built by the middle class, but by entrepreneurs (e.g.s cited), that higher taxes and government spending is a reversal of his predecessor.


The first video a 20min. interview with the Shadow Open Market chairman during an American conference.

Q and Ans. followed in respect of:-

1. "Dual Mandate" should economic concerns be embraced whole or individually.
2. Higher job growth as a precursor to increase interest rates. Though without reviewing recorded info. again, it was suggested the mechanism could works in reverse?!?!
3. The questioner asks should banks be "stress tested" on issues pertaining to interest rates and bonds.
4. Suggested if there were to be a collapse in the bond market the result harmful to the economy.  
5. Rising interest rates -- apparently without jobs growth -- is a concern, as half of total interest payable to foreigners.
6. Another concern is the servicing of foreign debt.
7. The solution to trade imbalance is more export.  AND
8.  The chairman says banks hold bonds and mortgages sufficient to withstand shock (Edit. presumed orchestrated be the Fed's) and its not for the government to "bail-out" banks.

During the next 5mins. the questioner put to the chairman, why does China export to the US and retains increasing amounts of $US in US bonds; rather than utilization of trade advantage for betterment of their people.

The last 5mins. the chairman draws on many years of administration service. He mentions two years 1966 and 1979 when either, inflation was under control or out of control, and no surprise where intervention came from. 

William McChesney Martin member of the Fed. from 1951 to 1970 the later years as chairman. 

"After the presidential election of 1960, Republican Party candidate Richard Nixon blamed his defeat on Martin's tight-money policies (NYTimes Magazine, 01/20/2008.) "  [Edit. It seems from what follows this oversight(sic) was not to be repeated].

The elderly gentleman questioned told his questioner (and views): A Congressional formed Federal Reserve Consultancy came into existence apparently after 1960?!?!  

Lastly asked if interest rates go up, inflation accelerates and bonds lose value?  He replies, by evaluating the history and what incumbents did when likely to suffer election loss.
 
The last video interview with an economic-financial guru was conducted with a lady interviewer.  Questions put on economic possibilities brought answers of an advisory nature: as to the future, and what a person could do to minimise a financial catastrophe.  Markets and commodities mostly fluctuate independently and move between highs and lows. However when catastrophe does eventuate "derivatives" will be greatly affected, the financial world and systems will shrink as a result.