What has Trump done now?

[kgwilson]

Albo has had a yarn to Trump & Trump has called him a "very fine man" & is considering tariff exemptions due to the US trade surplus with Australia. Dutton of course won't give Albo any credit. Politics Aarrgghh!

[Marty_d]

Being called "a very fine man" by dickhead is worrying.

Puts him in the same crowd as Kim Jong Un, Putin and Victor Orban.

[Grumpy Old Nasho]

All Ordinaries is up +25.00 this morning. Dow Jones is up +167.01

[Jerry_Atrick]

Donald Trump to halt enforcement of law banning bribery of foreign officials - https://on.ft.com/4aRjwb9 via @FT

[red750]

[facthunter]

I can't recall anyone else Trump has referred to in the SAME terms. It's not because of Albo's personal wealth or golfing prowess...  Nev 

[rgmwa]

3 hours ago, Jerry_Atrick said:

Donald Trump to halt enforcement of law banning bribery of foreign officials - https://on.ft.com/4aRjwb9 via @FT

So corruption is now an approved business practice for US companies doing business in foreign countries. That also conveniently removes any ethical constraint on Trump from accepting foreign bribes for favours as part of his official duties, not that he could be prosecuted anyway because he's immune. What else would you expect from a crook.

[facthunter]

Time to remove the Blinker$ people. The Mega RICH MAFIA is now running the show and it's NOT for YOUR benefit. Nev

[Jerry_Atrick]

Ahhh but they are "good" business people, apparently, and of course good business people are better with other people's money

Edited February 11 by Jerry_Atrick

[facthunter]

Bullies and stand over merchants.  Thats extortion NOT business. Nev

[old man emu]

Amongst all Trump's craziness, he has actually come out with something that that has some sense to it. He wants to stop the minting of the one cent coin. His reason is that it costs more to make a one cent coin than its face value.

 

If you ever notice prices for day-to-day goods in the USA, like groceries, you will see that they are often priced at $(x).99. Obviously putting that price on something is for psychological reasons. We think that something priced at $(x + 1).00 is much more expensive than if it was priced at $(x).99. However, if items are priced in that way in the USA, one has to buy five items in order to get a five cent coin in change, or ten to get a ten cent coin. Otherwise, you are going to get up to four one cent coins. 

 

I have heard an argument against getting rid of that coin is that it would be inflationary. Inflation would be caused by the price of items increasing by at least one cent per item in going from $(x).99 to $(x + 1).00. But Australia long ago abandoned those very small denomination coins, and any inflationary effect seems swamped by inflation from other sources. Day-to-day items are now priced to the nearest five cents. I had a look at a recent grocery docket and the only items that showed a price in individual cents were some delicatessen products that were priced at so much per kilogram, but which, due to the weight supplied, resulted in a cost that was in odd cents. Another example is the purchase of petrol. I wanted to put $50.00's worth in my car manually, but couldn't get the pump to stop at $50, and it went over to $50.01.

 

I paid for the fuel, and groceries ($50.08) with plastic. Those exact amounts appeared on my card statement. I know that if I had wanted to pay in cash, the fuel would have been $50.00 and the groceries $50.10. So it was a case of swings and roundabouts, but was convenient to pay with plastic. Another day I needed just to get some butter. That time I paid with a note and got coins in change. The one and two dollar coins are OK, but small denomination silver coins are basically useless and have been put in my coin container to wait for the day when I can get them converted to either gold coins or notes, or simply credited to my account.

 

I wonder if any possible furor amongst the Yanks if these one cent coins are withdrawn would be due to their misunderstanding of the minimal effect on inflation, or the fact that despite claiming to be the most digitally savvy Nation, their financial system hasn't introduced EFTPOS. Imagine going to Colesworths and having to sign a credit card slip when you bought bread and milk.

[facthunter]

It will just recognise your face as you walk through.. and bill you. Nev

[Marty_d]

1 hour ago, old man emu said:

Amongst all Trump's craziness, he has actually come out with something that that has some sense to it. He wants to stop the minting of the one cent coin. His reason is that it costs more to make a one cent coin than its face value.

 

If you ever notice prices for day-to-day goods in the USA, like groceries, you will see that they are often priced at $(x).99. Obviously putting that price on something is for psychological reasons. We think that something priced at $(x + 1).00 is much more expensive than if it was priced at $(x).99. However, if items are priced in that way in the USA, one has to buy five items in order to get a five cent coin in change, or ten to get a ten cent coin. Otherwise, you are going to get up to four one cent coins. 

 

I have heard an argument against getting rid of that coin is that it would be inflationary. Inflation would be caused by the price of items increasing by at least one cent per item in going from $(x).99 to $(x + 1).00. But Australia long ago abandoned those very small denomination coins, and any inflationary effect seems swamped by inflation from other sources. Day-to-day items are now priced to the nearest five cents. I had a look at a recent grocery docket and the only items that showed a price in individual cents were some delicatessen products that were priced at so much per kilogram, but which, due to the weight supplied, resulted in a cost that was in odd cents. Another example is the purchase of petrol. I wanted to put $50.00's worth in my car manually, but couldn't get the pump to stop at $50, and it went over to $50.01.

 

I paid for the fuel, and groceries ($50.08) with plastic. Those exact amounts appeared on my card statement. I know that if I had wanted to pay in cash, the fuel would have been $50.00 and the groceries $50.10. So it was a case of swings and roundabouts, but was convenient to pay with plastic. Another day I needed just to get some butter. That time I paid with a note and got coins in change. The one and two dollar coins are OK, but small denomination silver coins are basically useless and have been put in my coin container to wait for the day when I can get them converted to either gold coins or notes, or simply credited to my account.

 

I wonder if any possible furor amongst the Yanks if these one cent coins are withdrawn would be due to their misunderstanding of the minimal effect on inflation, or the fact that despite claiming to be the most digitally savvy Nation, their financial system hasn't introduced EFTPOS. Imagine going to Colesworths and having to sign a credit card slip when you bought bread and milk.

Are you serious, the Yanks don't have EFTPOS?

[old man emu]

5 minutes ago, Marty_d said:

Are you serious, the Yanks don't have EFTPOS?

Just looked it up. They do have it under a different name, Interlink. My bad.

[Marty_d]

Even a stopped clock is right twice a day. It is a no brainer to remove small coins, in fact I'd argue that unless you can show commonly purchased items that cost less than 50 cents, that should be the minimum currency.

In terms of shopping it wouldn't make a massive difference to stores if they discounted up to 49 cents in a transaction. It'd certainly stop them advertising stuff for "$19.99" because they want you to mentally assume something is under $20.

[facthunter]

The stopped clock may show the correct time twice a day but how do you know WHEN it's correct?   I wouldn't shop where everything is ending in 99 cents. It's an indication of them assuming you are a bit thick. Nev

[old man emu]

Can you imagine the complexity of the cash register software in the USA, where the price at the shelf is not the ultimate price. They add sales tax at the register, and the level of tax can vary from State to State, even city to city within a State.Say what you will about the negatives of GST, but at least it is easy to calculate, and include in the shelf price. 

 

American tourists often comment that they are surprised when they find that the register price is the same as the shelf price. Some even need to avail themselves of the free health care provided in civilised countries.

[red750]

When we did away with 1c and 2c coins, the odd cents remained on the price of most things. On a grocery lists, they evened themselves out to within five cents. When you got to the total, the amount was rounded up or down. A total of $xx.47 became $xx.45, and $xx.48 becane $xx.50. Over a trolley of groceries, the win or loss was no more than 3c, and over a period of time the wins and losses cancelled each other out. I haven't paid cash at a register for more than 20 years. Ahhh, fantastic plastic. I don't have a bank ap to pay by waving the phone.

[red750]

[old man emu]

Bit of a problem for Prince Rogers Nelson (June 7, 1958 – April 21, 2016)  the Artist Formerly Known As Prince w changed his name to an unpronounceable symbol, on his 35th birthday.

 

[red750]

[red750]

While Elon Musk seizes control of federal agencies and illegally cuts funding to essential services like food aid and cancer research, Trump quietly rewards him with nearly half a BILLION in taxpayer money for armored Cyber Trucks.
This isn't a government; it's a heist.

 

[facthunter]

The Plebs won't be Enamoured with that. Musks Taste funny and the Tesla "T" looks like fallopian  tubes. Musk has a lot of Kids.  Nev

[rgmwa]

It's pretty clear after just these first few weeks that the post-war world order largely established by the US has now been rescinded by the US, and is well and truly dead. Trump's view is that domination and intimidation are far more effective ways to make America great again than traditional diplomacy, free trade and shared values with other nations. The US no longer has allies or enemies, only competitors that Trump is determined to beat. Only quid pro quo deals matter now, corruption is legal, and he sees himself like Putin, only a bigger and better version. Ukraine is now Europe's problem except that Zelensky owes the US for all the munitions it was given for free by Biden. America is now being run for the benefit of the the occupant of the White House and his pliant GOP entourage. Court orders and the rule of law are largely irrelevant, former insurrectionists are now patriotic heroes, and the national accounts are being managed by the swindlers and thieves. It's a pretty sorry state of affairs. I wonder what the world will look like in 12 months from now.

 

[facthunter]

Italy has had an active MAFIA for a long time.  This MOB look like a more extreme version.  Nev