The Boomer Legacy


The Market is always Right

Market-failure is an oxymoron, for supply will always match demand when we unshackle the power of free enterprise. By definition fraud speculation oversupply dumping shortages maldistribution usury inequality exploitation nepotism monopolies cartels carpetbagging oligarchy hypergamy insider-trading money-laundering rent-seeking daigou bubbles bailouts people-trafficking corruption bunga-bunga theft fascism slavery 13 illuminati bloodlines inefficiency simply cannot exist. Wealth creation is seldom can only be achieved by hard work and balancing of risk. Riches are always nearly always seldom never acquired by inheritance, marriage, rent-seeking or asset-value inflation.

Choices that face our society can only be framed in economic terms. The profit motive is the sole driving force of civilisation and GDP is its only metric. Directors can only be responsible to their shareholders. Likewise, the overarching self-interest of banks to protect their investors' equity is an unassailable bulwark upon which our entire financial system is built. This is why there have never as many billionaires as there are right now.

All savings are misdirected capital. All debt is an investment to utilise growth opportunities. Consequently, any attempt by governments or citizens to alter the course of business is a direct attack on growth and can only lead to disequilibrium. Only free trade, comprehensive deregulation, nimble competition, privatisation, more austerity, increasing foreign investment, persistent micro-economic reform and completely unfettered markets will never always determine the fair value of everything, to deliver increasing prosperity for the ruling-elite all.

Sample #2044
All snakes, no ladders    (Apr 2015)

Topic Images

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Go for growth: More population → bigger economy → more dynamic consumers → greater aggregate demand → more money for retailers → increased GDP → stronger budget outcomes → accelerating property values → more property-billionaires → more mortgages → wealthier banks → more political donations → more deregulation & tax-cuts → more vigour & competition → more construction & services → more resources & infrastructure → more university & private college enrolments → eventually more jobs → greater average income → more money in everyone's hip pocket

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

Zero sum game: The link between free trade and rising global prosperity was 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, super-yachts, racing cars, pink helicopters, private school fees, mistresses and bribes in New York, Beijing, Bucharest, Latvia, Lagos, Monaco and Riyadh

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

Initiate exit strategy: We had never been as healthy, prosperous and optimistic

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Fig Street tunnel, Ultimo   (Jul 2017)

In the circle of FIRE: We made so much money in fees & rents & loans & margin-accounts & arbitrage & hedge-funds & short-selling & bear-raids & Basel 1 & buy-to-let & money-laundering & terrorism financing & offshore accounts & consultancies & casinos & cryptocurrencies & wealth-effects & Nigerian emails & Indian call-centre scams & Israeli binary options trading & DPRK sanction-running & loans to offshore shell companies & discretionary trusts & REITs & insurance fraud & bank bill swap reference rates & LIBOR rigging & asset stripping & data mining & transfer pricing & buyouts & buybacks & takeovers & spin-offs & spin-outs & IPOs & LBOs & split-strikes & mergers & demergers & litigation & bailouts & bonuses & bankruptcies & foreclosures & liquidation & political donations & rezoning & deregulation & privatisation & tax-planning & tax-evasion & conjuring ever more abstruse financial instruments, that there was little point in doing anything else

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

The best money can buy: Of particular interest to ICAC has been the planning decisions along Canterbury Road and Charles Street, which saw some Liberal and Labor councillors voting together to approve developments which council's planning staff had previously rejected due to non compliance (SMH, 2017)

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Apartment construction at Charles Str, Canterbury   (Oct 2015)

Jobs & Growth: Social cohesion was a luxury we could no longer afford

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Wall markings behind Parramatta Road, Strathfield   (Jul 2014)

Wealth always trickles down: Our system worked because enough of the electorate believed they still had a chance to get rich (Citigroup, 2005)

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

The shadow state: Our top-down, monolithic, globalist system will endure forever

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North from the Empire State Building   (Oct 2017)

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

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

Creating value: Ghost offices; zombie flats; short-term lease goldmines

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Weeds grew on an abandoned eight-storey office-block used for land-banking, at Clarence Street in Sydney   (Oct 2012)

What this little black rock could do: I'm going to be a complete economic pragmatist. We have to make sure this economy works. We have to export dollars. We have to realise we have a moral responsibility to other people in other nations to keep their lights on (Joyce, 2017)

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

Defenestrate your livelihood: We mortgaged the future and bet it all on there not being one

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The Coal Loader wharf, Waverton   (Jul 2017)

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)

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

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

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

Prosperity was just around the corner: Because reform had no limits

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Red flags at the Circular Quay promenade   (Jul 1992)

All snakes, no ladders: We stuck to the plan, even though we kept changing it

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Subterranean utilities footpath markings outside the QVB   (Apr 2015)

Squad goals: We used your money to score points against each other

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

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

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

Futuregate: How long could you continue to shape the narrative in a world full of user-generated content?

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Mainstream media at the Sydney Opera House   (Jul 2014)

Fumbling the revolution: Street vendors set up 200m from the Kremlin

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Vendors on Tverskaya St, Moscow   (Dec 1991)

Flags of convenience: Our vision was to create a better everyday life by sharing the work with our customers

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The united nations of IKEA, at Tempe   (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)

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

Internal exodus: When people and businesses leave a regional community to take up better opportunities elsewhere, this often generates greater value and so increases the overall well-being of the population as a whole. […] It is a trend that cannot, nor should be, thwarted (Productivity Commission Report, 2017)

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Parramatta Rd, Strathfield   (Apr 2015)

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

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

Cheap goods better than bullets: We threw off the shackles of a command economy to enjoy the spoils of privatisation

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Stall on Tverskaya St, Moscow   (Dec 1991)

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

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

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)

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

A licence to kill: There was nothing on your dinner table that wasn't put there by conscientious transport professionals

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

Franchisee nation: The nature of employment changed. We didn't know what these new jobs would be, but we did know they would come

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Food cart on 37th Street, NYC   (Oct 2017)

A rising tide lifts all yachts: No matter how bad things appeared, inequality was not getting worse (Morrison, 2017)

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Darling Harbour Marina   (Jan 2017)

Keeping interest rates low: Whatever happened, cheap credit could not be blamed

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Used car-yard at Parramatta Road Granville   (Apr 2017)

Unpack & declutter: We created challenging and evolving retail markets

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Abandoned docks, Cresswell & Devon Str Dunedin, NZ   (Dec 2017)

Everywhere the glint of gold: We built stacks of casino-chip apartments for yield-desperate investors

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The construction boom at Wentworth Point   (Sep 2016)

Incentives to succeed: We held these truths to be self-evident: that the Wealthy were job creators and that the benefits of Economic Growth were shared equally

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

Future growth model: A bustling economy filled with shopkeepers, interns and bloggers

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Lower Baldwin Street, Dunedin NZ   (Nov 2017)

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

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

A bull market in everything: This time it really was different

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Charging bull statue, NYC   (Oct 2017)

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

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

Trickle-down Perestroika: Reaping the benefits of stage-4 capitalism

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Lansdowne Street, Parramatta   (Apr 2017)

Exuberant expectations: Great success and performance created their own reality (Pfeffer, 2015)

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Church Street car dealership, Parramatta   (Apr 2017)

Consumer kaizen: We needed to create a culture in which our customers were prepared to kill

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High Street bus-stop, Penrith   (Feb 2017)

Too big to fail: It took a long time to establish a perfectly balanced equilibrium of collateralised debt and rising property values

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Barangaroo office construction, Millers Point   (Aug 2016)

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

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

A pattern of abundance: Full automation was the new stage in our collaborative journey

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NTP Forklifts, at Woodville Road Granville   (Apr 2017)

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

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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)

Let them eat cakes: Just a spoon full of HFCS helped the processed food go down

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

Consumer karoshi: We needed to create a culture in which our customers were prepared to die

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Market Street escalators at Centrepoint, Sydney   (Jan 2016)

Boom without end: There was no disconnect between the prosperity we enjoyed and the methodical initiatives we took to achieve them

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Philip Lodge Motel demolition at Haberfield   (Jun 2016)

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

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Irelands Road in Blacktown, western Sydney   (Nov 2012)

A foot on the ladder: We all got richer by selling homes to each other at ever-increasing prices

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

Waiting for the great leap forward: From brewery to Kowloon, the third-world was just around the corner

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

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

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Apartment construction cranes at Lewisham   (Sep 2015)

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

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

Twilight's last gleaming: We waited patiently for the so-called Minsky Moment

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Construction hoarding at Barangaroo, Sydney   (Sep 2016)

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)

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

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

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

Forget your past: The role of property developers was to carefully remove every trace of your childhood

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

Wave your paddle: Not a bubble but a sign of growing wealth: house prices barely rose 1½ percent a month, whereas every year incomes ballooned by 250 basis points

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

Demand-driven funding: The uncapping of university places achieved precisely what it set out to do (The Conversation, 2016)

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The immaculately kept lawn at the University of Sydney main quadrangle   (Oct 2017)

Public Private Partnerships: Marxism without the dialectic, Socialism in one class

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

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

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Shepherd Street factory yard, at Marrickville   (Sep 2012)

Reflating the economy: We proved that old debt could easily be retired by taking on new debt

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Tumbalong Park attractions, Darling Harbour   (Jul 2014)

A working harbour: Luxury craft languidly moored where people once earned a living

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

The road to zero: A globalised market where all tastes were equal and each of us voted only with our dollars

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

Reckless and undignified: Trump-bashing became an international sport that every elite could play

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Broadway Donny Trump, NYC   (Oct 2017)

Segregation now, tomorrow & forever: Most of the population did not have a right to live in their own city

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

Frictionless intermediation: Because the Sharing Economy sounded much nicer than Government Regulation Evading Extractive Capitalism (NYTimes, 2017)

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

The Cargo Cult: We marched about in inexpensive uniforms, carefully pressing buttons on small screens… waiting patiently for the day He would return, bearing great gifts

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

One country, two systems: Rising inequality was unfortunate, but it was up to everyone to ensure they were on the winning side

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Woodcroft housing estate versus Harris Street Ultimo   (Jan 2013)

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 [✓]

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Domestic bliss on Neville Street in Marrickville   (Sep 2012)

In Goldman, Sachs We Trust: The financial sector was the bedrock of our entire social structure and enabled massive cultural progression — whereas the 1960s were misspent on aerospace and NASA, the 2000s had growing wealth via debt securitisation and the ISDA

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