Your grandfather wasn't the only one to do that. In the late 50's the Soviet leader Nikita Kruschev made a speech directed at the USA and allies referred to now as the "we will bury you" speech. He later banged on the pulpit at the UN with his shoe in an angry rant, and constantly threatened anyone who would listen. If anyone spoke out against him he and his supporters would storm out of the UN.
People in the west were shit scared of him. I remember learning that sometime around 1966 the USA and the USSR were to have talks on limiting nuclear weapons - they had to decide on the shape of the table first, a difficult choice, square, rectangular, or round - they were never able to settle on a shape that both sides could agree to so the talks never eventuated.
People were petrified and everyone expected another war. The generation that went through the war dug nuclear shelters in their backyards or in remote locations, and the youth took to the streets to protest, and then they took to dope and LSD.
Either way it was an escape.
I get all that Peter - but what did Elton John ever see in him?
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
Just to clarify things for you mate because I know you don't have any qualifications in this area - it was never the USSR causing the trouble but the USA.
The USSR went to the USA several times asking to stop the arms race and end the GAP. It became stated US policy that in order to defeat the USSR economically they needed to force the arms race harder and push for war if it meant victory - on several occasions the Russians sought a truce and peace - denied by the Americans.
The culmination of the second world war with the detonation of two atomic weapons in japan had fuck all to do with the war, it was entirely about showing the Russians the iron will and the intent of the Americans, their willingness if you will, to use atomic weapons - it shocked the Russians no end that the Americans were that fucking crazy -
The war waged against the USSR was not about weapons or even communism, it was entirely about allowing American corporations access to Russian resources and markets - there was no change in direction from Gorbachev via Glasnost or Perestroika - the Russian economy simply collapsed under sanctions and pressure from the US - if the US weren't such complete dicks about controlling markets and resources the USSR would more than likely still be with us today in a thriving economy similar to China only further ahead - in fact, in reality it is.
Would you like some reference text from my studies to brush up ?
The US nuked Japan because the Russia and Japan's ceasefire had come to an end, and the Russians were pouring into Korea, soon to be invading Japan. The US didn't want an East and West Japan, so they nuked them to end the war quickly. I thought everyone knew that?
Really - everyone knew that America didnt want russia in korea, and america bombed japan after russia had moved into korea?
"As agreed with the Allies at the Tehran Conference (November 1943) and the Yalta Conference (February 1945), the Soviet Union entered World War II's Pacific Theater within three months of the end of the war in Europe. The invasion began on August 9, 1945, exactly three months after the German surrender on May 8 (May 9, 0:43 Moscow time).
Although the commencement of the invasion fell between the atomic bombings of Hiroshima, on August 6, and Nagasaki, on August 9, the timing of the invasion had been planned well in advance and was determined by the timing of the agreements at Tehran and Yalta, the long term buildup of Soviet forces in the Far East since Tehran, and the date of the German surrender; on August 3, Marshal Vasilevsky reported to Stalin that, if necessary, he could attack on the morning of August 5."
The Kohlberg Kravis Roberts co-founder and co-chief executive George Roberts visited Australia in June last year and remarked that Australians seemed terrified of a global crisis they had not actually experienced.
Nothing has changed. Boston Consulting's annual global sentiment survey revealed last week that people were gloomier than they were a year ago, and on some measures in worse psychological shape than consumers in countries where the global crisis had wreaked havoc.
The recent March half-profit results from NAB, Westpac and ANZ provided another insight: the three banks all announced tighter margins in Australia, and expanding margins in New Zealand.
There are some structural trends at work there: home loans were 90 per cent fixed rate in New Zealand three years ago, and are now 60 per cent floating rate. The war for deposits that is still squeezing bank margins here also started earlier in New Zealand, and has eased.
But New Zealanders are also in a better mood. Credit and charge card spending in Australia edged up by only $251 million to $21.4 billion between February and March, according to MWE Consulting's payment cards report, to be 1.1 per cent down in a year. In New Zealand, card spending last month was 7.2 per cent higher than a year earlier.
There are, of course, reasons to worry. Fears that another systemic crisis will be spawned by Europe's sovereign debt debacle are far from baseless.
It isn't a concern that Australians hold alone, however, and there are others that we share. Households have been lifting savings and cutting consumption throughout the Western world, and while household savings detract from consumption as they rise, population growth and income growth return as the main spending drivers when savings stabilise, as they appear to have done this year in Australia.
The government pulled demand forward with its crisis fiscal stimulus and created a spending lull that is persisting, but so did other governments, and a baby boomer effect is also transnational. Baby boomers have absorbed five years of sub-par compound investment growth since the global crisis. As the curtain comes down on their peak income-generating years, they are saving more aggressively to compensate. The effect is magnified here because super savings are mainly marked to market, but it is happening across the developed world.
There are some pieces in the jigsaw that have a local flavour, however. Here are a few.
The Kohlberg Kravis Roberts co-founder and co-chief executive George Roberts visited Australia in June last year and remarked that Australians seemed terrified of a global crisis they had not actually experienced.
Nothing has changed. Boston Consulting's annual global sentiment survey revealed last week that people were gloomier than they were a year ago, and on some measures in worse psychological shape than consumers in countries where the global crisis had wreaked havoc.
The recent March half-profit results from NAB, Westpac and ANZ provided another insight: the three banks all announced tighter margins in Australia, and expanding margins in New Zealand.
There are some structural trends at work there: home loans were 90 per cent fixed rate in New Zealand three years ago, and are now 60 per cent floating rate. The war for deposits that is still squeezing bank margins here also started earlier in New Zealand, and has eased.
But New Zealanders are also in a better mood. Credit and charge card spending in Australia edged up by only $251 million to $21.4 billion between February and March, according to MWE Consulting's payment cards report, to be 1.1 per cent down in a year. In New Zealand, card spending last month was 7.2 per cent higher than a year earlier.
There are, of course, reasons to worry. Fears that another systemic crisis will be spawned by Europe's sovereign debt debacle are far from baseless.
It isn't a concern that Australians hold alone, however, and there are others that we share. Households have been lifting savings and cutting consumption throughout the Western world, and while household savings detract from consumption as they rise, population growth and income growth return as the main spending drivers when savings stabilise, as they appear to have done this year in Australia.
The government pulled demand forward with its crisis fiscal stimulus and created a spending lull that is persisting, but so did other governments, and a baby boomer effect is also transnational. Baby boomers have absorbed five years of sub-par compound investment growth since the global crisis. As the curtain comes down on their peak income-generating years, they are saving more aggressively to compensate. The effect is magnified here because super savings are mainly marked to market, but it is happening across the developed world.
There are some pieces in the jigsaw that have a local flavour, however. Here are a few.
Perhaps we feel guilty for not being part of the GFC so we self inflict.
From comments that I read over at macrobusiness and other sites it's clear that many imagine that they are living in Zimbabwe.
Peter, an alternative explanation is that we haven't deflated our property bubble yet. Other countries don't need to worry anymore, because they've already deflated theirs, i.e. they've seen the worst. We are like the drunk man who knows he is going to have to go to the bathroom to vomit soon.
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
Perhaps we feel guilty for not being part of the GFC so we self inflict.
From comments that I read over at macrobusiness and other sites it's clear that many imagine that they are living in Zimbabwe.
Peter, an alternative explanation is that we haven't deflated our property bubble yet. Other countries don't need to worry anymore, because they've already deflated theirs, i.e. they've seen the worst. We are like the drunk man who knows he is going to have to go to the bathroom to vomit soon.
Doc do you seriously think that taking 20% off house prices will suddenly make every one feel better?
We are collectively well paid, we have good chances of employment, and we have good health. Exactly why do we feel collectively worried about what might happen?
Any expressed market opinion is my own and is not to be taken as financial advice
Doc do you seriously think that taking 20% off house prices will suddenly make every one feel better?
We are collectively well paid, we have good chances of employment, and we have good health. Exactly why do we feel collectively worried about what might happen?
Other countries have deflated their land bubbles and so must we. In a globalised economy, we can't be the odd one out. The high cost of land/rent in Australia is feeding into higher business costs making us uncompetitive.
Anecdote: My partner's father is a director of a large multinational food processing company. They source a lot of their ingredients — dairy, meat etc. — from Australia. Not any more. Recently they decided to buy from New Zealand and the United States instead because they feel Aussie prices are internationally uncompetitve. Many others have cited the high cost of doing business in Australia.
Peter, Australia is overvalued and needs to deflate.
I think most Aussies instincitvely know that we need to go through some pain. They're just unsure when their medicine will be administered.
Doc do you seriously think that taking 20% off house prices will suddenly make every one feel better?
We are collectively well paid, we have good chances of employment, and we have good health. Exactly why do we feel collectively worried about what might happen?
Other countries have deflated their land bubbles and so must we. In a globalised economy, we can't be the odd one out. The high cost of land/rent in Australia is feeding into higher business costs making us uncompetitive.
My partner's father is a director of a large multinational food processing company. They source a lot of their ingredients — dairy, meat etc. — from Australia. Not any more. Recently they decided to buy from New Zealand and the United States instead because they feel Aussie prices are internationally uncompetitve. Many others have cited the high cost of doing business in Australia.
Peter, Australia is overvalued and needs to deflate.
I think most Aussies instincitvely know that we need to go through some pain. They're just unsure when their medicine will be administered.
Doc I'm ok with house prices edging downward, but we are uncompetitive because of our high dollar, and that is because of our mining industry.
House prices don't set exchange rates. Actually our exchange rate has remained fairly constant in relation to the $Kiwi so I could have told your father in law that his company could have sourced dairy products cheaper from NZ many years ago - they are a better and more efficient dairy products supplier than we will ever be.
On a global comparison, our wages are also way too high, so it's not really housing related.
Any expressed market opinion is my own and is not to be taken as financial advice
Australia is, and has been, deflating for the past 2 years at least. The issue is simply that some price softening combined with inflation over time will bring us to sensible prices. At this stage, most of the signals I'm reading suggest this is happening.
We don't actually NEED to have a spectacular crash for this to occur. And I'm betting we won't.
Doc I'm ok with house prices edging downward, but we are uncompetitive because of our high dollar, and that is because of our mining industry.
House prices don't set exchange rates. Actually our exchange rate has remained fairly constant in relation to the $Kiwi so I could have told your father in law that his company could have sourced dairy products cheaper from NZ many years ago - they are a better and more efficient dairy products supplier than we will ever be.
On a global comparison, our wages are also way too high, so it's not really housing related.
I'm with you on our high dollar Peter, but what will be the catalyst for the dollar to correct itself? The end of the mining boom as you imply. And that will hit national income and employment and should bode very badly for the economy and house prices. We're caught in a trap. I think people sense this.
We weathered the GFC because Labor was willing to borrow big and spend and keep house prices inflated. I don't think many people put our avoidance of pain down to innovation or cleverness. I think people know this.
And they read about job losses every other day.
Our best hope is an orderly deflation and this is what seems to be underway in some parts of the economy now.
Pray it remains orderly.
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
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