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Sunday, 24 September

17:52

When intra-governmental relations became absurd the US-Fed Accord Part 3 "IndyWatch Feed Vic"

I am writing this while waiting for a train at Victoria Station (London), which will take me to Brighton for tomorrows presentation at the British Labour Party Conference. The last several days I was in Kansas City for the inaugural International Modern Monetary Theory Conference, which attracted more than 200 participants and was going well when I left it on Saturday. A great step forward. I believe there will be video for all sessions available soon just in case you were unable to watch the live stream. Todays blog completes my little history of the US Treasury Federal Reserve Accord, which really marked a turning point (for the worse) in the way macroeconomic policy was conducted in the US. In Part 1, I explained how from the inception (1913), the newly created Federal Reserve Bank, Americas central bank, was required by the US Treasury Department to purchase Treasury bonds in such volumes that would ensure the yields on long-term bonds were stable and low. There was growing unease with this arrangement among the conservative central bankers and, in 1935, the arrangement was altered somewhat to require the bank to only purchase debt in the secondary markets. But the change had little effective impact. The yields stayed low as was the intent. Further, all the prognistications that the conservatives raised about inflation and other maladies also did not emerge (which anyone who knew anything would have expected anyway). In Part 2, I traced the increased tensions between the central bank FOMC and the Treasury, which in part was exacerbated by the slight spike in inflation that accompanied the spending associated with the prosecution of the Korean War in the early 1950s. The tension manifested into open disagreement about the FOMCs desire to raise interest rates and end the pegged yield arrangement with the Treasury. In Part 3, we discuss the culmination of that tension and disagreement and examine some of the less known and underlying forces that were fermenting the central bank desire for rebellion.

We left Part 2 with the Federal Open Market Committee (FOMC) riddled with internal dispute about what course of action it should take given the general feeling that it should break the arrangement with the US Treasury and start pushing up interest rates to head off the inflationary pressures associated with the Korean War expenditure.

The last meeting we discussed was held on February 6, 1951.

The Minutes of the Board of Governors of the Federal Reserve System reveal that the Board was concerned about several leaks to the press concerning the FOMCs Jan. 31 meeting with President Truman.

The discussions among FOMC board members w...

01:03

When I Dance My Shadow Dances Too "IndyWatch Feed Vic"

We all know the feeling of discovering parts of ourselves that we may have suspected but didnt know existed. Some of these parts come from the shadow self. The psycho-spiritual notion of []

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Saturday, 23 September

22:39

A fishy story "IndyWatch Feed Goulburn"

  Since 2006 scientists from the Arthur Rylah Institute have been surveying Goulburn River tributaries, including the King Parrot Creek, to assess the status of Macquarie Perch, Macquaria australasica, populations. During that time they have accumulated a great deal of data and obtained insights into the habits, requirements and biology of this fascinating native fish. []

07:23

The Little Bird Weekly News "IndyWatch Feed Vic"

Its hard to believe the weeks are spinning by the way they are. Its only a week out from close of submissions to the Senate Inquiry into the Cashless Debit Card Bill and Im up to my neck in code, creating an open data project using QLD crime & social statistics. With new trials of cashless income management just announced in Hervey Bay and Bundaberg and the Inquiry bearing down on us, I thought it would be useful to take a close look at the kinds of statistics being used to argue for income management. Creating a new open data project is a significant undertaking however I hope to have it up within the coming week, either before or just after submissions close on Friday 29 September.

Some good news this week is that my submission to speak about open data and financial transparency at LinuxConf 2018 was accepted and I also received a bursary to attend the ACOSS conference in a few weeks in Melbourne. Unfortunately, the bursary only covers the conference ticket so it remains to be seen whether I can fund the travel and accommodation to go to Melbourne for the event. If you would like to support my work, you can become a Patreon Patron. I promise to update my goals as soon as I find the time.

Stories of people affected by Centrelinks robodebt campaign are up again according to @not_my_debt, including this gut-churning announcement that went out during the week.


In technology news, Andre Obler from Aussie grassroots organisation, the Online Hate Prevention Institute spoke to Radio Sputnick about the racist hate categories plaguing Google & Facebooks advertising programs, while Theresea May told the United Nations that social media companies should take down terrorism posts within 2 hours.

...

04:58

Killing Ground: An Aussie Horror Film That May Scare Us Into Breaking The Silence "IndyWatch Feed Vic"

Sometimes art imitates life, and sometimes life imitates art. Catherine McGauran is hoping new Australian film Killing Ground will motivate life, and resolutions.

The outback may just be the most formidable character in Australian film and literature. More than just scenery or background, the bush is active in creating or enabling the horror that plays out in our much-loved Australian gothic stories.

Damien Powers film Killing Ground is a textbook expression of post-colonial anxiety, grounded in white Australians fear of the bush. It can go from idyllic playground to unpredictable captor in seconds.

At first Killing Ground looks like just another foray into this genre. However, it is Powers overly predictable use of tropes and cinematic techniques which make the film so terrifying these familiar structures reinforce our post-colonial story, by shoving latent fears into our face, with a new level of ferocity.

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Killing Grounds release coincided with the decision of two Melbourne councils to drop Australia Day ceremonies on January 26. Yarra City Council made the decision out of respect for Aboriginal Australians and because of the depth of feeling about what that day means for so many of our residents. Prime Minister Malcolm Turnbull said the move was out of step with national values, and proceeded to strip Yarra City Council of its power to hold citizenship ceremonies.

But is it really out of step? The nature of social media has brought discussions like this from the fringes and into the mainstream. As a result non-Aboriginal Australians are learning more about our disturbing history, which is at best glossed over in schools, and support for recognition of this is growing.

Even the national broadcasters network Triple J held a survey to gauge where its listeners stood on moving the Hottest 100 from January 26. Powers film is part of this movement, suggesting that the disturbance of white Australias past is now so palpable that it can no longer be ignored. We are haunted by an unacknowledged past, which is why the post-colonial narrative of the sinister outback is so simple, yet so haunting.

Europeans....

Friday, 22 September

10:57

South-East Oz Part 3: Bendigo & Ballarat "IndyWatch Feed Vic"



Black-eared Cuckoo
On our last morning in Deniliquin (see following post) I again checked out the back roads north of the town, seeing Pallid Cuckoo and a nice female Superb Parrot feeding in a flowering eucalypt.


Pallid Cuckoo


Superb Parrot
We headed...

10:54

Kefford Corporation Gulfstream G-IV-SP Bizjet N810LP Calls into Longreach Airport - Plus More incl a Cessna 182 Fly-in! "IndyWatch Feed Vic"

On Sunday 10 September, Kefford Corporation (of Victoria) Gulfstream G-IV-SP bizjet N810LP was photographed shortly after arriving into Longreach Airport from Darwin.



After taking on fuel, N810LP continued to Canberra.

And also noted visiting Longreach Airport on Sunday 10 September was Gulf Coast Aviation Cessna 510 Citation Mustang bizjet VH-KXM.  It arrived from Bankstown and later departed to Vanrook Station near Normanton.

Meanwhile, over the course of Friday 8 September to Monday 11 September, several light General Aviation (GA) aircraft descended on Longreach as the Cessna 182 Association of Australia held their Spring fly-in to Longreach Airport.



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