Knobby22
Mmmmmm 2nd breakfast
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We have the ability to pay off our debt quickly however it would involve taxing the multinationals exporting our gas and minerals more effectively.
We have the ability to pay off our debt quickly however it would involve taxing the multinationals exporting our gas and minerals more effectively.not if they have to pay out CDS swaps ( and other derivatives ) that might be incalculable
several pension funds have massive unfunded liabilities ( and that seems to be just the US )
but of course they could always print more US dollars
Doesn't our fiat monetary system create the principal but not the interest thus making debt in total unrepayable?Globally though Net debt is $0.
Debt in total or net debt?Doesn't our fiat monetary system create the principal but not the interest thus making debt in total unrepayable?
It remains to be seen whether it is a timing issue of imports, or it is a sign of some big recessionary cutbacks to come.September is usually a strong month for West Coast imports as U.S. companies bring in their year-end holiday goods. Not so in 2022.
On Wednesday, the Port of Los Angeles reported its lowest import total for September since 2009, amid the Great Recession. The day before, the neighboring Port of Long Beach posted its weakest import total for September since 2016.
Imports to Southern California ports are falling fast because shippers have shifted volumes to East and Gulf coast ports, fearing disruptions from West Coast port labor negotiations. Simultaneously, volumes are now pulling back nationwide due to falling demand.
“In the month of September is where the real story lies,” explained Gene Seroka, executive director of the Port of Los Angeles, during a news conference on Wednesday.
Earlier this year, imports of durable goods bought heavily during the pandemic — furniture, appliances, etc. — began pulling back. In September, declines were heavily driven by reductions in holiday goods, as well.
“September is traditionally a high-volume month for end-of-year products,” said Seroka. “Think toys and games, clothing, footwear and other products. Those holiday gift items dropped precipitously compared to last September, mainly because they came in earlier. This year our peak season was in June and July, as savvy importers moved up the arrival of these goods to bring some certainty back to when they could get to market.”
Yeah this was always going to happen. Look at peloton for the poster boy for this. Everyone bought everything in the pandemic and now they don't need another fridge/couch/exercise bike/laptop/whatever for years and years.meanwhile, in the world of what IS happening rather than what should/might/in theory happening, a plunge in container imports into the LA ports probably needs to be taken into account .
From FreightWaves
It remains to be seen whether it is a timing issue of imports, or it is a sign of some big recessionary cutbacks to come.
The other big indicator, the BDI , has stabilised around the 1800 mark after crashing to 750 in September, but it is still down nearly 60% since the beginning of the year.
Mick
On a local related subject, i have been told on the grapevine that containers price in Australia are heading down steeply ahead , due to a flood of containers ..aka reduced commerce?meanwhile, in the world of what IS happening rather than what should/might/in theory happening, a plunge in container imports into the LA ports probably needs to be taken into account .
From FreightWaves
It remains to be seen whether it is a timing issue of imports, or it is a sign of some big recessionary cutbacks to come.
The other big indicator, the BDI , has stabilised around the 1800 mark after crashing to 750 in September, but it is still down nearly 60% since the beginning of the year.
Mick
but if you ' tax them effectively ' ( they are already paying royalties and other government costs ) , where is the incentive to spend five to ten years planning and building the mine ( and various other plant and infrastructure ) add in many Western Governments change every 3 or 4 years along with random policy changes , and commodity prices and currency fluctuations .We have the ability to pay off our debt quickly however it would involve taxing the multinationals exporting our gas and minerals more effectively.
Doesn't our fiat monetary system create the principal but not the interest thus making debt in total unrepayable?
I had heard there was a lot of empty containers sitting around at various port's.On a local related subject, i have been told on the grapevine that containers price in Australia are heading down steeply ahead , due to a flood of containers ..aka reduced commerce?
This could put an end to some supply issues based inflation .
maybe , reduced demand ( as opposed to the delivery of delayed orders ) and now the customers ( and businesses ) are financially constrained .On a local related subject, i have been told on the grapevine that containers price in Australia are heading down steeply ahead , due to a flood of containers ..aka reduced commerce?
This could put an end to some supply issues based inflation .
If the debt is productive and grows the economy, it can of course be repaid.
Nope, thats a fallacy.Doesn't our fiat monetary system create the principal but not the interest thus making debt in total unrepayable?
hadn't heard about the proposed fines , but did hear stories ( possibly untrue , since i don't have sources on the wharves now ) that some long-staying containers were still full ( consignments to failed businesses , or goods ordered in advance , or just deliveries stalled by logistics snarlsI had heard there was a lot of empty containers sitting around at various port's.
There was talk of forcing the clearing of empties backlog as they were starting to impede movements.
Fines were imposed by some ports for containers sitting more than 14 days on wharf and even less days for train carried based containers.
If the debt is productive and grows the economy, it can of course be repaid.
If the debt is unproductive or promotes malinvestment then it probably can't be repaid,
Its been expected that there would be a glut of containers eventually, due to the excessive amounts that were made in 2020/2021 due to the shipping crunch, they ports were so slammed that they weren't returning empty containers back to china so china was mass producing them just to keep up.I had heard there was a lot of empty containers sitting around at various port's.
There was talk of forcing the clearing of empties backlog as they were starting to impede movements.
Fines were imposed by some ports for containers sitting more than 14 days on wharf and even less days for train carried based containers.
Shell has acknowledged that it will never pay any petroleum resource tax over the life of the project.but if you ' tax them effectively ' ( they are already paying royalties and other government costs ) , where is the incentive to spend five to ten years planning and building the mine ( and various other plant and infrastructure ) add in many Western Governments change every 3 or 4 years along with random policy changes , and commodity prices and currency fluctuations .
remember the average working mine evolved from at least a year of successful exploration ( not all exploration leads to a feasible project ) a prolonged wade through various approvals ( and sometimes concerned citizens protests , and you still haven't started prepared the ground for resource extraction . ... AND plant and equipment doesn't last forever it will need to be replaced/upgraded/repaired .
MAYBE more effective use of tax revenue ( as suggested by the late Kerry Packer ) would be better
tax the resources too much ( and commodity prices drop ) and you have a mothballed ( or abandoned ) mine ( ala the nickel mines of PAN and MCR a couple of years back ) and you get no tax incomes from that mine until a restart
OH NO ! now you are arguing currency is a token of work/productivity done ( or to be done in the future )Nope, thats a fallacy.
The fallacy suggests that if you loan $100 into existence and charge $5 interest, the total amount of $105 which is repayable is impossible to repay because only $100 exists, this ignores the fact that the debt and interest doesn't have to be paid all at once, and the interest charges can be spent back into the economy allowing debts much large than the actual original principle amounts to be paid off.
This line of thinking can easily be shown to be false with a simple example, Lets say we live on an Island just the two of us, and only one single $1 coin exists and I own it. Say you lose a $100 bet and now owe me $100, some people would say that debt could never be paid because only $1 exists. However those people are missing huge point, you could collect a coconut for me each day and I pay you $1 for the coconut and each day when I pay you that $1 you make a $1 payment of that $100 debt.
So even by only having $1 cycling through our island economy, you can repay $100 in principle just by the lender spending that money back into existence.
All the reserve banks "profits" get spent on their running costs or paid to the government, either way the interest is recycled back into the economy where it can be earned and used to clear debt again. It's production that creates the value to clear debt, not the actual amount of money that exists at any one time, because money can pass through many hands.
maybe , reduced demand ( as opposed to the delivery of delayed orders ) and now the customers ( and businesses ) are financially constrained .On a local related subject, i have been told on the grapevine that containers price in Australia are heading down steeply ahead , due to a flood of containers ..aka reduced commerce?
This could put an end to some supply issues based inflation .
We have the ability to pay off our debt quickly however it would involve taxing the multinationals exporting our gas and minerals more effectively.
is that the company's fault , or the weakness of government negotiationsShell has acknowledged that it will never pay any petroleum resource tax over the life of the project.
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