Published on May 20, 2019
Published on Aug 25, 2011
Armstrong Economics Blog/Australia & Oceania
Re-Posted May 20, 2019 by Martin Armstrong
Australia’s center-right government won a surprise victory over the left. Voters backed the center-right government in a slowing economy for another three years and rejecting the opposition’s progressive agenda which has been really pretty out there at times. Despite trailing in most opinion polls for years, Scott Morrison’s Liberal-National coalition won attacking Labor’s pledge to take tougher action on climate change and strip tax perks from wealthy Australians. Many are calling Labour’s loss for its leader Bill Shorten, the shock of all time up there with the loss of Hillary Clinton because the polls just got it wrong again.
The Australian election was held today; voting is compulsory as everyone over the age 18 is required to vote; turnout was greater than 95%… and all the media and pollsters are stunned, shocked, jaws-agape, as the conservative coalition has received a stunning, unexpected, unanticipated victory.
Australian Prime Minister Scott Morrison has won the election. Yes Alice, 2019 media in Australia look identical to media in the U.S. circa November 2016.
The economy, immigration and push-back against the insufferable climate-change nonsense appear to be the top issues that led to Morrison’s surprising win. None of the pollsters or media saw it coming. The BBC are stunned:
BBC – […] The final result of the election may not be known for some hours, but with more than 70% of votes counted the [Conservative] Coalition has won, or is ahead in, 74 seats in its quest for a 76-seat majority, with Labor on just 66 seats.
[…] Try finding someone who says they saw this result coming.
For well over two years, the coalition has trailed behind Labor in the opinion polls, and the assumption had been it would be Labor’s turn to govern.
But somehow Scott Morrison managed to turn things around at the 11th hour – and he did it largely on his own.
With some of his cabinet colleagues considered too toxic to appear in public on the campaign trail, ScoMo made this election about him, and his ability to be the trustworthy, daggy-dad Australia needed. (read more)
Labor leader Bill Shorten , who has led Labor since it lost office in 2013, conceded defeat and congratulated Morrison. Shorten’s losing moonbat platform was centered on creating a “fairer society”, similar to the social justice movement in the far-left U.S. Democrat party.
The labor movement planned to increase taxes on the wealthy and bring social justice demands to central government. Their agenda was counting on strong support from college-aged students and climate change activists. However, the majority of Australians saw the predictable economic damage that was certain from the proposals to raise taxes and institute the Australian version of the Green New Deal.
Australian left-wing media is going bananas….
The progressive movement is crying in the streets.
Published on Jul 30, 2015
Published on Oct 9, 2017
Armstrong Economics Blog/Understanding Cycles
Re-Posted May 13, 2019 by Martin Armstrong
QUESTION: Dear Martin,
During the WEC in Rome you’ve mentioned that center of finance moving to Asia after 2032. I’m wondering if work ethics from a country with no religion can be sustainable for so many years? My assumption is if the religion helped to shape the Europe’s success (and not any other part of the world at that time) and later on the USA (with religious work ethics), can it be preserved in China or will it fade away as people over there don’t want to work (they only do that in order to survive) ? Sorry for the strange question but didn’t manage to ask you during the WEC Rome on your thoughts on this topic,
ANSWER: The work ethic is not really derived from religion but from the freedom under capitalism. Both in Russia and China, people retained their religious beliefs but in secret. Chine practiced the Tall Poppie Syndrom where they did not care what you thought provided you did not stick your head up above others. Russia under Stalin was one of paranoia. He directed children to report on their parents. This is why China has boomed for it left humanity intact. The Chinese are highly motivated to work more so than in the West. It is part of their culture.
Nevertheless, at some point, China will peak and then decline. The cycle will then return to Europe and then off to the Americas. As society expands, the birth rate declines and people want to enjoy the good life. You even see that is Augustus’ Family Laws.
National Economic Council Director Larry Kudlow appears on Fox Business to discuss the most excellent April jobs report and the continued forecast for U.S. economic growth.
Director Kudlow points out the greatest current economic benefits are being felt in the blue-collar Main Street sector; and rebuts former Vice President Joe Biden’s comments on the administration policy.