The Boomer Legacy


The Market is always Right

Market failure is an oxymoron, for we all know that free markets never seldom always work. Because unregulated markets never always operate in an equilibrium, the economy is seldom always self-stabilising. Perfect competition ensures that liquidity, confidence and affordability crises will inevitably cannot arise.

No one Everyone borrows at the same interest rate; every enterprise responds to supply and demand in exactly the same way; by definition fraud speculation usury inequality nepotism monopolies cartels oligarchy hypergamy insider-trading money-laundering daigou failure bubbles bailouts corruption bunga-bunga theft fascism slavery 13 illuminati bloodlines inefficiency cannot exist. All debt is investment and all savings are misdirected capital. Wealth creation is seldom can only be achieved by hard work and balancing of risk. Riches are nearly always seldom acquired by inheritance, marriage or asset-value inflation.

Only unimpeded markets can guarantee full-employment, so any form of government regulation is always a needless obstruction to business. Likewise privatisation, economic reform, tax-cuts and unhindered market-competition are always beneficial and the rewards will accrue mainly to the elite equally to everyone.

Choices that face our society can only be framed in economic terms. The profit motive is the only driving force of civilisation and GDP is its only metric. Only an unfettered market, comprised solely of rational agents equipped with perfect information, will never always determine the fair value of everything, to deliver increasing prosperity for the super-rich all.

Sample #2040
Dutch disease done right    (Aug 2012)

Topic Images

There are currently 55 photographs in this section.



Prosperity is just around the corner: You need to understand that all the restructuring and rationalisation and flexibility and realignment and right-sizing and off-boarding and change-initiatives and rebalancing and rewiring and rebranding and streamlining and casualisation and sub-contracting and independent supplying and efficiency and traineeships and synergies and outsourcing and supplier agreements and internships and 6-month trials and wage-moderation and team-building and disintermediation and disruption and cost-cutting and freelancing and gig-economies and zero-hours and unpaid overtime and 457-visas and productivity-gains will benefit everyone — eventually

#2036 IMG thumb

Click to enlarge…   Ξ 

Red flags at the Circular Quay promenade   (Jul 1992)

Consumer karoshi: You need to create a culture in which your customers are prepared to die

#2047 IMG thumb

Click to enlarge…   Ξ 

Market Street escalators at Centrepoint, Sydney   (Jan 2016)

Let them eat cakes: Just a spoon full of high-fructose corn-syrup helps the processed food go down

#2034 IMG thumb

Click to enlarge…   Ξ 

Candle wax at a Kent Street wine-bar, near Town Hall   (Jan 2014)

Public Private Partnerships: Marxism without the dialectic; socialism for the rich; austerity for everyone else

#2029 IMG thumb

Click to enlarge…   Ξ 

The southern ramp to the Anzac Bridge, at Pyrmont in Sydney   (Jan 2013)

Fixing Inequality: While the gender pay gap is mostly a myth, the radial pay gap (income as a function of distance from the CBD) is not

#2026 IMG thumb

Click to enlarge…   Ξ 

Woodcroft housing estate versus Harris Street Ultimo   (Jan 2013)

The new economy: Women hawk their wares 200m from the Kremlin: many were wives of smugglers and truck drivers offloading stolen goods, many others were destitute ex-state employees

#2059 IMG thumb

Click to enlarge…   Ξ 

Vendors on Tverskaya St, Moscow   (Dec 1991)

Wealth always trickles down: Our system works because enough of the electorate believe they still have a chance to become rich (Citigroup, 2005)

#2035 IMG thumb

Click to enlarge…   Ξ 

Begging for loose change near Sydney Town Hall   (Sep 2016)

Cheap goods better than bullets: Relishing the spoils of privatisation

#2058 IMG thumb

Click to enlarge…   Ξ 

Stall on Tverskaya St, Moscow   (Dec 1991)

Taming animal spirits: There is something more systematic about the way people behave irrationally, especially during periods of economic stress (Greenspan, 2013)

#2039 IMG thumb

Click to enlarge…   Ξ 

Lunchtime in a George Street amusement arcade, Sydney   (Sep 2003)

Quantitative kinesiology: Despite all the confidence, sound fundamentals, record-low interest rates and green-shoots, it appears we didn't survive the crash

#2011 IMG thumb

Click to enlarge…   Ξ 

Outside the Sydney branch of the Deutsche Bank in Hunter Street.

A bank security guard tried to prevent me from taking this photograph due to copyright reasons. I hope he enjoyed my detailed and patient lecture on photography-rights   (Jan 2012)

Consumer kaizen: You need to create a culture in which your customers are prepared to kill

#2057 IMG thumb

Click to enlarge…   Ξ 

High Street bus-stop, Penrith   (Feb 2017)

Rent not Enterprise: Anyone can become a property tycoon, but they have not got the guts or they have not got the money (Triguboff, 2014)

#2012 IMG thumb

Click to enlarge…   Ξ 

Vacant commercial land at Lawson in the Blue Mountains   (Jan 2012)

26 years of uninterrupted growth: There is no disconnect between the prosperity we enjoy and the systematic initiatives we took to achieve them

#2051 IMG thumb

Click to enlarge…   Ξ 

Philip Lodge Motel demolition at Haberfield   (Jun 2016)

Keeping interest rates low: Whatever happens, deregulated cheap credit cannot be blamed

#2060 IMG thumb

Click to enlarge…   Ξ 

Fiona the mannequin's car-yard, at Parramatta Road Granville   (Apr 2017)

Everywhere the glint of gold: Casino-chip high-turnover short-term lease investment vehicles for international high-rollers

#2055 IMG thumb

Click to enlarge…   Ξ 

The construction boom at Wentworth Point   (Sep 2016)

Keen to defend the interests of those above: We hold these truths to be self-evident: that the Wealthy are job creators; that the benefits of Economic Growth are shared equally; that Equality of Opportunity matters more than Equality of Outcomes

#2024 IMG thumb

Click to enlarge…   Ξ 

The rear of a Korean restaurant, in a Pitt Street Lane near Town Hall   (Oct 2012)

Wave your paddle: It's not a bubble but a sign of briskly growing wealth: in the past twenty years house prices have barely risen 1½ percent a month, whereas median incomes have ballooned at 250 basis points every single year

#2019 IMG thumb

Click to enlarge…   Ξ 

Stop/ Go drive-way traffic lights at Longworth Ave, in Point Piper   (Sep 2012)

Potemkin Prosperity: The central irony of the financial crisis is that while it was caused by too much confidence, too much borrowing & lending and too much spending — it can only be resolved with more confidence, more borrowing & lending, and more spending (Summers, 2011)

#2033 IMG thumb

Click to enlarge…   Ξ 

Green shoots at the Westpac plaza in Sydney   (Jan 2014)

We are übering everywhere: Because the Sharing Economy sounds so much nicer than Government Regulation Evading Extractive Capitalism (NYTimes, 2017)

#2049 IMG thumb

Click to enlarge…   Ξ 

Subterranean ingress and egress aperture cover at Watsons Bay   (Dec 2014)

Supporting the Plutonomy: The non-rich only account for surprisingly small bites of the national pie (Citigroup, 2005)

#2007 IMG thumb

Click to enlarge…   Ξ 

Power utility pole opposite the railway station in Warrimoo   (Feb 2011)

The Cargo Cult: We march about in crudely made uniforms, carefully pressing buttons on small screens… waiting patiently for the day He will return, bearing great gifts

#2016 IMG thumb

Click to enlarge…   Ξ 

Palm tree outside the abandoned St Mary & St Mina's Coptic Orthodox Church at Sydenham, near Sydney airport   (Sep 2012)

In Goldman, Sachs We Trust: The financial sector is the bedrock of our entire social structure and enables massive cultural progression — whereas the 1960s were wasted on frivolous nonsense like aerospace and NASA, we now have growing wealth via debt securitisation and the ISDA

#2010 IMG thumb

Click to enlarge…   Ξ 

The financial district in eastern Sydney, with the rocket-shaped 1 O'Connell Street in the middle background   (Jul 2011)

The knowledge-based economy: If you can no longer make a profit by making things, then you can profitably spend your time making things up

#2013 IMG thumb

Click to enlarge…   Ξ 

The interior of the Queen Victoria Building, near Sydney Town Hall   (Jan 2012)

Segregation now, segregation forever: Discrimination has been given a universally acceptable face

#2030 IMG thumb

Click to enlarge…   Ξ 

Distillery Drive cutting at Jacksons Landing, in Pyrmont   (Jan 2013)

The cranes are flying: In October 2016 there were more apartment construction cranes on the Australian eastern seaboard than in all the major cities in the USA

#2054 IMG thumb

Click to enlarge…   Ξ 

Apartment construction cranes at Lewisham   (Sep 2015)

The engine of growth: Our generation has reaffirmed the notion that markets can remain irrational for a lot longer than investors can stay solvent

#2043 IMG thumb

Click to enlarge…   Ξ 

The window-display for Central Autohaus in Alexandria   (Jun 2015)

Too big to fail: It took decades to construct a perfectly balanced equilibrium of collateralised debt and rising property prices

#2052 IMG thumb

Click to enlarge…   Ξ 

Barangaroo office construction, Millers Point   (Aug 2016)

Bubble watching: Given the large increases in housing prices in some cities and ongoing strength in lending to investors in housing assets, members also agreed that developments in the housing market would bear careful monitoring (RBA, 2015)

#2046 IMG thumb

Click to enlarge…   Ξ 

Spectators on the steps of the former CBC Bank, Martin Place   (Apr 2006)

Zero sum game: The link between free trade and rising global prosperity is obvious: designed in the USA → marketed from the UK → manufactured in the PRC → shipped via Panama → channelled through a Singapore marketing-hub → transfer-priced through Luxembourg → laundered in Moldova → banked in the Cayman Islands → trinkets for trophy homes, yachts, mistresses and bribes in New York, Beijing, Bucharest, Latvia, Monaco and Riyadh

#2015 IMG thumb

Click to enlarge…   Ξ 

Shipping container facility at Tempe, near Sydney Airport   (Sep 2012)

Forget your past: The role of property developers is to systematically obliterate every last trace of your childhood

#2008 IMG thumb

Click to enlarge…   Ξ 

What was once 12 Kensington Street in Kogarah   (Apr 2011)

Agile entrepreneurs: Surveillance cameras [✓]  Motion-activated floodlights [✓]  Canvas-covered windows [✓]  3m high fencing [✓]  Steel chains on the front gates [✓]  Threatening no-trespass signs [✓]  A resourceful SME serving a niche-market [✓]

#2018 IMG thumb

Click to enlarge…   Ξ 

Domestic bliss on Neville Street in Marrickville   (Sep 2012)

The wealth effect: We played in teams to set the wealth-creators free

#2042 IMG thumb

Click to enlarge…   Ξ 

Vitamin pill promotion at Martin Place in Sydney   (Oct 2014)

The retail ziggurat: The consumer economy is the ultimate pyramid scheme

#2005 IMG thumb

Click to enlarge…   Ξ 

Shopping trolleys huddle beneath the mobile-phone towers on top of Marketplace Leichhardt   (Sep 2010)

A licence to kill: There is nothing on your dinner table that hasn't been put there by some drug-addled truckwit a hard-working and conscientious transport worker

#2048 IMG thumb

Click to enlarge…   Ξ 

The “roo bar” of a prime-mover at Kings Langley, near Blacktown   (Aug 2015)

A city of forgotten men: There's class warfare all right, but it's my class, the rich class, that's making war and we're winning (Buffet, 2006)

#2038 IMG thumb

Click to enlarge…   Ξ 

Homeless opposite the Queen Victoria Building, Sydney   (Aug 2014)

The FIRE economy: We made so much money in fees & rents & loans & IPO's & margin-accounts & short-selling & bear-raids & Basel 1 & money-laundering & offshore accounts & discretionary trusts & bailouts & bonuses & foreclosures & deregulation & privatisation & tax-evasion & conjuring abstruse financial instruments, that there was little point in doing anything else

#2045 IMG thumb

Click to enlarge…   Ξ 

The Elizabeth street facade of the Commonwealth Bank Building   (Jan 2014)

A rising tide lifts all yachts: We should be celebrating the broad diversity of our jobs and incomes

#2056 IMG thumb

Click to enlarge…   Ξ 

Darling Harbour Marina   (Jan 2017)

The working harbour: Luxury craft languidly moor where people once earned a living

#2031 IMG thumb

Click to enlarge…   Ξ 

Pier 21 at Jones Bay Wharf, in Pyrmont   (Jan 2013)

Dutch disease done right: Not to worry. If the economy works the way the textbook says, this gain to miners should flow through the economy, causing higher wages and higher tax payments (Gittins, 2017)

#2040 IMG thumb

Click to enlarge…   Ξ 

Remnants of the 2000's resources boom at Lithgow   (Aug 2012)

Offshoring has brought huge economic gains: The beautiful thing about our Global Economy is that there is no corresponding Global Tax System

#2020 IMG thumb

Click to enlarge…   Ξ 

Shepherd Street factory yard, at Marrickville   (Sep 2012)

An ecosystem of influence: A technomic management of consumer insights; the unique activation of a paid-owned-earned investment optimisation in one gamified, collaborative engine

#2022 IMG thumb

Click to enlarge…   Ξ 

William Street beverage hoarding (since rebuilt with LEDs) at Kings Cross   (Oct 2012)

Genuine underlying growth: 150-year old graves and the Property Bubble

#2006 IMG thumb

Click to enlarge…   Ξ 

The Futton Street cemetery at Penrith, behind St Stephens Anglican Church   (Dec 2010)

Creating value: Why invest in a productive asset when you can get a 15% return in an on-shore tax-haven by merely sitting on derelict properties?

#2025 IMG thumb

Click to enlarge…   Ξ 

Weeds grow on an abandoned eight-storey office-block, at Clarence Street in Sydney   (Oct 2012)

Empty Nesters: The price of an abandoned house will increase by more each day than most workers can earn in a week (REA Group, 2017)

#2027 IMG thumb

Click to enlarge…   Ξ 

Irelands Road in Blacktown, western Sydney   (Nov 2012)

Jobs & Growth: Social cohesion is a luxury we can no longer afford

#2050 IMG thumb

Click to enlarge…   Ξ 

Wall markings behind Parramatta Road, Strathfield   (Jul 2014)

A foot on the ladder: With 1 151 565 reasons to smile, seasoned investors can still snap up unrenovated bargains and flip them all the way to heaven

#2021 IMG thumb

Click to enlarge…   Ξ 

Renovator's ladder in Stanmore, in Sydney's east   (Sep 2012)

Creative Destruction: The best way to neutralise dissent is by levelling the playing-field

#2032 IMG thumb

Click to enlarge…   Ξ 

The abandoned White Bay Power Station at Rozelle   (Jan 2013)

Luxury is a human right: Stand on principle on the way up and you'll miss the stampede; stand on principle on the way down and you'll be run over

#2009 IMG thumb

Click to enlarge…   Ξ 

Even the pigeons live in style at Hogben Street in Kogarah   (Apr 2011)

Futuregate: How can you continue to shape the narrative in a world full of citizen-generated content, where even the president denounces you as an enemy of the people?

#2037 IMG thumb

Click to enlarge…   Ξ 

Mainstream media at the Sydney Opera House   (Jul 2014)

Growth by numbers: Rapid population growth → more dynamic consumers → greater aggregate demand → boosted GDP → more vigour & competitiveness → increasing home values → more mortgages → healthier banks → more deregulation & tax-cuts → more construction & services → more jobs → greater average income → more money in your hip pocket

#2053 IMG thumb

Click to enlarge…   Ξ 

Front-yard garden gnomes in Summer Hill, Sydney   (Oct 2016)

All snakes, no ladders: We are sticking to the plan, even though we keep changing it

#2044 IMG thumb

Click to enlarge…   Ξ 

Subterranean utilities footpath markings outside the QVB   (Apr 2015)

What this little black rock can do: Our prosperity rides on the ore and gas and coal carriers steaming the seas to our north, just as surely today as it once rode on the sheep's back (Abbott, 2014)

#2041 IMG thumb

Click to enlarge…   Ξ 

The steelworks and coal loader at Port Kembla harbour   (Sep 2014)

Double your money in 7–10 years: Dr Wilson says Sydney is likely to have a $2 million median house price by 2030 and a $3 million median by 2038

#2028 IMG thumb

Click to enlarge…   Ξ 

Hopscotch squares at the Woodcroft housing estate, in Blacktown   (Dec 2012)

From brewery to Kowloon: Factories ↓ = Precariat ↑

#2014 IMG thumb

Click to enlarge…   Ξ 

Central Park development, at Broadway in Sydney   (Jul 2012)

Our vision is to create a better everyday life: …by getting our customers to do all the work and then pay us for the privilege

#2017 IMG thumb

Click to enlarge…   Ξ 

The united nations of IKEA, at Tempe   (Sep 2012)