Inequality

A message from Bernie Sanders’ field officer

We very much doubt Bernie Sanders would endorse what his field officer said. Perhaps his staffer is just disgruntled that Bernie cut his hours

Bernie Sanders should be a Republican if he studied the facts

Bernie Sanders posted the following to his social media platform today:

Today, the 3 wealthiest Americans own more wealth than the bottom half of our people, and income and wealth inequality is worse now than at any time since the 1920s. This is a moral outrage and bad economics. Unacceptable.

Despite Bernie Sanders’ net worth of $2.5mn, there is an irony for him to act like hr speaks for the poor and oppressed.

The funny thing is that many Americans aspire to be as successful as Jeff Bezos, Bill Gates or Warren Buffett. Undoubtedly the Bottom 50% use/have used Windows, have ordered something on Amazon or used products that sit in the portfolio of Berkshire Hathaway. Bezos, Gates and Buffett all came from relatively humble beginnings. So it isn’t a system that has gifted their success.

What Sanders is forgetting is that the net worth of the Bottom 50% has improved substantially since Trump took office. What is often overlooked by politicians is the simple fact of “lived experience.” Sanders can cry about the”gap” all he wants but if a growing number of people feel less under a rock, they’ll gladly overlook the bluster of Trump and his loose Twitter fingers if he keeps delivering for them. It works the other way too. Telling voters how great they have it when they don’t has the opposite effect.

Since the series began, the St Louis Fed shows the Bottom 50%’s aggregate wealth peaked in 2Q 1991 at $4.3 trillion. In Q1 2009, that net wealth plummetted 61% to $1.7 trillion. It sunk to a rock bottom of $300 billion in 2Q 2011, 93% down.

Under Obama, net worth for the Bottom 50% declined from $1.7 trillion in 1Q 2009 to $1.1 trillion, down 35% over his two terms. This might do some explaining as to why the “forgotten” wanted large scale change.

Under Trump, the latest net worth is back to $1.6 trillion. Still well off the highs of 3-decades ago, but one imagines if things keep improving out to November, then these people won’t want to risk their fortunes reversing again.

Of course, many will ponder the unfair wealth gap of the Top 1% at $34.5 trillion in the latest figures.

Sanders should be outraged that the ultra-wealthy have done much better under Obama with a 100% gain in net worth under his term vs the paltry 15.3% so far under Trump.

Best he become a Republican instead!

Now I know my ABC

FNF Media has finally got around to updating the state of our ABC as compiled in the 2018/19 annual report.

The national broadcaster still believes we should fork over even more taxpayer dollars to keep this icon producing more of what the citizens supposedly demand, even though more of the audience believes that “efficiency/management quality” is headed south (p.158) and overall ratings continue to slide.

Despite over $1bn per annum, why do ratings in the metro and regional areas keep falling? We wrote about this last year:

Comparing 2016/17 and 2015/16 the TV audience reach for metro fell from 55.2% to 52.5% and regional slumped from 60.3% to 57.3%. If we go back to 2007/8 the figures were 60.1% and 62.4% respectively. For the 2017/18 period, the ABC targets a 50% reach. Hardly a stretch.

In 2018/19 it fell into the mid-40s. So inside of 13 years, ABC audiences have shrunk by 10-15%. That is appalling.

We have argued for a long time that the ABC needs a complete overhaul.

In the 2018 annual report, the ABC staff survey revealed engagement was at 46%, 6% below the previous survey. This put the broadcaster in the bottom quartile of all ANZ businesses. Reform was and still is desperately needed.

ABC staff complained that management didn’t do enough to get rid of underperformers. Another clear signal that state-sponsored mediocrity was tolerated and staff didn’t like it.

In the 2018/19 annual report, Chair Ita Buttrose AC made the following comments,

Staff morale was badly shaken, and my priority has been to reinvigorate it by restoring order and enhancing good governance with the help of Managing Director, David Anderson, and his management team. Our employees, in content areas and vital support functions, need a strong sense of direction and a feeling that management has their backs. I feel we are now providing it.

Tucked away in the back pages (p.216) is an interesting subsection on the Code of Practice. There is some eye-opening content with respect to the way it conducts its business.

Take this gem to start with on complaints as to whether it constitutes a potential breach of the charter:

A complainant is entitled under section 150 of the Broadcasting Services Act 1992 (Cth) (“the BSA”) to take their complaint to the ACMA if, after 60 days, the ABC fails to respond to the complainant or the complainant considers the ABC’s response is inadequate.

The ACMA has a discretionary power to investigate a complaint alleging the ABC has,
in providing a national broadcasting service, breached its Code of Practice. Section 151 of the BSA provides that the ACMA may investigate the complaint if it thinks that it is desirable to do so.

The ACMA’s jurisdiction under sections 150-151 does not encompass the ABC’s print content or content disseminated by the ABC over the internet or through mobile devices.

Print and internet-based content fall out of the remit for complaints. So technically ABC can say what it pleases. ACMA is hardly wielding a big stick when it comes to the ABC.

Accuracy is a fun area which would seemingly fall foul of rarely being presented in context:

2.1 Make reasonable efforts to ensure that material facts are accurate and presented in context.
2.2 Do not present factual content in a way that will materially mislead the audience. In some cases, this may require appropriate labels or other explanatory information.

Why did the ABC report that less than 1% of burnt area in the recent bushfires had been started by arsonists? Given that most fires couldn’t be attributed to anything at the time, the ABC forgot to mention the “unknown” category so it could slice the data so it could list the smallest possible percentage. 12,000 fires had been reported since August 2019. 1,700 had been investigated with 42% reported by the NSW Police as deliberately lit.

Impartiality

…The ABC’s obligation to apply its impartiality standard as objectively as possible. In doing so, the ABC is guided by these hallmarks of impartiality:
• a balance that follows the weight of evidence;
• fair treatment;
• open-mindedness; and
• opportunities over time for principal relevant perspectives on matters of contention to be expressed.

Why did it allow a bunch of radical feminists to openly call for the murder of men, providing a platform to a convicted terrorist or happily release a tweet that said former PM Abbott liked anal sex? Or calling conservative politicians “c@nts“? Guess we’re just not open minded enough.

4.1 Gather and present news and information with due impartiality.
4.2 Present a diversity of perspectives so that, over time, no significant strand of thought or belief within the community is knowingly excluded or disproportionately represented.
4.3 Do not state or imply that any perspective is the editorial opinion of the ABC. The ABC takes no editorial stance other than its commitment to fundamental democratic
principles including the rule of law, freedom of speech and religion, parliamentary democracy and equality of opportunity.
4.4 Do not misrepresent any perspective.
4.5 Do not unduly favour one perspective over another.

Why does the ABC constantly run a climate alarmist narrative? Why does Q&A attack conservatives on the panel almost every episode?

Secret recording and other types of deception

“5.8 Secret recording, misrepresentation or other types of deception must not be used by the ABC or its co-production partners to obtain or seek information, audio, pictures or an
agreement to participate except where:

(a) justified in the public interest and the material cannot reasonably be obtained
by any other means; or
(b) consent is obtained from the subject or identities are effectively obscured; or
(c) the deception is integral to an artistic work.

In cases, the potential for harm must be taken into consideration.”

Why did the ABC insert ­itself into the election campaign with a program timed to derail the election prospects of the Left’s hate ­figure, Pauline Hanson and One Nation? An Al ­Jazeera expose, How to Sell a Massacre, was a sting three years in the making, employing hidden cam­eras to ­record One Nation’s ­unsuccessful attempts to solicit foreign funding with the aid of the National Rifle Association. Why was the ABC consorting with the national broadcaster of a foreign power which has highly exceptional human rights standards which flies in the face of all the woke agenda pushed by the ABC? Double standards much?

Privacy

Privacy is necessary to human dignity and every person reasonably expects that their privacy will be respected. But privacy is not absolute. The ABC seeks to balance the public interest in respect for privacy with the public interest in disclosure of information and freedom of expression.

That is a whole can of worms. Can we trust the ABC to execute fairly in this regard?

Harm & Offence

“7.1 Content that is likely to cause harm or offence must be justified by the editorial context.
7.2 Where content is likely to cause harm or offence, having regard to the context, make
reasonable efforts to provide information about the nature of the content through the use of classification labels or other warnings or advice.”
7.6 Where there is editorial justification for content which may lead to dangerous imitation or exacerbate serious threats to individual or public health, safety or welfare, take appropriate steps to mitigate those risks, particularly by taking care with how content is expressed or presented.
7.7 Avoid the unjustified use of stereotypes or discriminatory content that could reasonably be interpreted as condoning or encouraging prejudice.”

Again, what purpose was there to get a panel of radical feminists outright calling for the murder of men? Or just use taxpayer funds on an article on how to give blow jobs?

Kids Programs

Take due care over the dignity and physical and emotional welfare of children and young people who are involved in making, participating in and presenting content produced or commissioned by the ABC…Take particular care to minimise risks
of exposure to unsuitable content…

Why did the ABC run a kids program attacking white privilege?

We have long supported a shift to the TVNZ model, where the kiwi national broadcaster is forced to raise most of its own revenue by appealing to the demands of the market.

TVNZ gets $310m of its $318m purse from advertising. It’s staff costs excluding capitalizing into programs is $72m which converts to 23% staff cost/revenues. They do with 642 FT employees. Revenue/employee is $495,000 vs half that at the ABC. It paid a dividend back to the government of $3.7m. i.e. it is a revenue generating asset.

In 2007, TVNZ had $339m in revenue. It employed 1,023 people. Therefore revenue per employee was $331,380. So in a decade, TVNZ efficiency improved almost 50%. A 6% cut to revenue on 63% reduction in staff. TVNZ ratings are up too.

So instead of Ita Buttrose impersonating Oliver Twist she should be channeling Jerry Maguire and asking advertisers to “show her the money!”

The ABC needs to live in the real world of media because it provides no distinct differentiation from what is already available in the marketplace. You see our ABC should be confident that it has a sustainable audience for its type of journalism. It shouldn’t be one to fear but one to embrace.

For the ABC, it’s best not risk it. Easier to suck on the teat of the taxpayer and ask for even more money so it can try to arrest the decline in so much content that is totally unsalvageable.

Victoria to become 100% female if superannuation laws passed

The Democratic People’s Republic of Victoria is wanting to push legislation to allow companies to pay women a higher rate of superannuation than men to close the gap. Adjustments to the Sex Discrimination Act would be required.

Given the legislation that allows one to change gender without question in Victoria, why would anyone identify as male if their superannuation might be higher with a company that wanted to be woke? Who are companies to deny my right to identify as the gender I claim to be.

Even if companies wanted to voluntarily pay women more superannuation, they should prepare for a revolt by men. As bogus as those making a gender change claim might be, if they have it formalized on their birth certificate then, as a matter of law, companies would be forced by their own hand to pay men who identify otherwise.

The market is a wonderful weighing mechanism. Obamacare was one of the largest contributing factors as to why 94% of jobs growth under President Obama was part time. Companies avoided red tape by bypassing the legislation that would raise costs to unsustainable levels.

If governments want to create higher unemployment, pushing higher super is one way to put a brake on jobs growth and push companies to hire cheaper male employees.

So by the very misguided altruism of the Victorian government, women could end up worse off and the gap even wider.

What if a person with genuine gender dysphoria identities as a trans male. That would mean under the legislation a company would be entitled to lower super payments.

There are plenty of other ways to address the gap – this isn’t one of them.

Global Coal-fired power statistics – Diary of a Wimpy Kid

What is it with the self-flagellation over coal-fired power? The announcement that the Morrison government intends underwriting “ONE” coal-fired power plant brings with it the hysteria of publicly force-feeding kindergarten kids with highly radioactive sludge at recess time. Naturally, none of this outrage is based on facts. It is all tokenism.

Here are the stats for coal-fired power stations globally:

Coal Capacity

Australia has only 2.5% of the coal-fired capacity of China. Versus our total of 58, China has almost 3,000 in service.

Coal Operation

Coal-fired plants that have been announced, are under construction, permitted and pre-permit stage around the globe total 1,046. Where are the climate activists in China, India, Vietnam, Pakistan, Indonesia, Bangladesh, Philippines, Japan, Russia, Mongolia, Botswana, Nigeria, Zimbabwe, South Korea, Thailand, Malawi, Serbia, Bosnia & Herzegovina, Turkey, Egypt, Poland and South Africa?

New Coal

The mt CO2-e output of each country is as follows. Note China produces 36x more CO2.

Coal CO2

So China and India are responsible for 58% of coal-fired power generated emissions and will be 50% of all new capacity additions going forward.

Coal CO2 Contrib

China has 100x more coal-fired power on the drawing board than Australia yet we behave as though we are the biggest climate sinners on the planet! China and India have consistently been 70%+ of all new coal-fired plant capacity additions since 2006.

Coal Capa

So do Australian activists honestly think that canning one domestic new coal-fired power plant will have the slightest effect on global temperatures when our Asian and African neighbours are full speed ahead?

There have also been arguments made by activists that our coal exports should be counted against our totals in terms of emissions. Fine. Then by that logic, FNF Media expects the total emissions of every car sold in Australia (including fuel consumed) to be charged back to Japan, China, Korea, America and Europe. Every aircraft, every electronic device, every imported building material, crane, bulldozer, wind turbine, solar panel and truck that transports it. It would equal itself out pretty quickly.

Our global neighbours seem to be prioritizing national growth over climate alarmism. For it would appear they do not have the same level of brain-washed fanatics telling our kids that they have inherited a planet that will make them the last people on earth to survive.

The quickest route for Australia to end its prosperity is to cower to this insanity. To fall in line to the idea that renewables are cheaper (they aren’t) and more green is preposterous. Wind turbine blades are being put into landfill and solar panels are toxic to recycle and likely to end in the same place. Germany is giving us a great beta test case of how renewables are failing them. Indulge yourself here.

Coal-fired plants in Australia are forced to run sub-optimally to cater to the demands of the fluctuations in renewables which must be given priority to the grid. Ask anyone in large scale manufacturing how being forced to run at fluctuating levels destroys efficiency. It really is that simple.

Coal Price

Thermal coal prices are far from going out of control. So our power plant electricity generation isn’t becoming pricier due to input costs.

We have to stop becoming emotional about numbers and data and look at what they are telling us rather than build a narrative and reverse engineer the results. It always catches up to us in the end.

Our government needs to show some backbone and provide easy to understand data about reality. Rather than fold at the confected outrage which appears backed by crony capitalists.

Now that former PM Turnbull is weighing in on the debate (contradicting comments made while PM) saying that it is lunacy to pursue coal. Given his record of poor judgment, it stands to reason building cleaner coal-fired power plants is a sensible way to lower energy prices and remain a competitive global economy.

As FNF Media likes to say, the numbers will always be right in the end. Fiddle them at your peril.

Hollywoke. Oscars audience plunges to lowest ever

When Joaquin Phoenix lamented, “We feel entitled to artificially inseminate a cow and steal her baby, even though her cries of anguish are unmistakable. Then we take her milk that’s intended for her calf and we put it in our coffee and our cereal,” Hollywood hit peak woke. At the Golden Globes, he thought telling us he would be wearing only one tuxedo for the entire awards season while eating vegan would be a hit with mainstream Americans to highlight doing his bit for the planet. At the BAFTAs, Phoenix ran the “systemic racism” line. Yet he didn’t hand his gong to a person of colour that he believed was deserving of the award.

Hypocrisy sadly doesn’t resonate very well with mainstream Americans.

Essentially the Oscars has become a light-hearted entertainment version of the Democratic primary debates. The policy platform was all in there – speeches about feminism, gender equality, LGBTQI, climate change, healthcare and living with less. Basically, every “woke” politically correct subject got a mention, delivered by the very people who have zero place lecturing the rest of the world, as Ricky Gervais told them.

Celebrities, coming off the highs of the second-lowest audience total ever recorded in 2019 (after a 12% bump on 2018 which was 40% down on the prior 5 years), must have hoped that the 2020 Oscars ceremony would recover with more of the same social justice. Sadly 2020 was watched by the smallest audience ever.

23.6 million viewers watched (-20% or 6 million down). Among the 18-49 demographic, the audience plunged 31% vs 2019.

Joaquin Phoenix closed his speech by saying,

I have been a scoundrel all my life, I’ve been selfish. I’ve been cruel at times, hard to work with, and I’m grateful that so many of you in this room have given me a second chance.

FNF Media would prefer Hollywood gave Phoenix a third chance to revert to type. Because this act isn’t fooling anyone.

Telstra’s CEO should close down operations to be on the right side of history

Telstra CEO Andy Penn has suggested that climate change will be the “defining challenge” of the decade but proclaims he doesn’t want to be drawn into the government policy debate. 

He has called for “more urgent action on climate as changing weather patterns deliver more frequent bushfires, floods, droughts and storms” at an American Chamber of Commerce lunch yesterday. 

What a pity that the UNIPCC’s March 2018 report on weather extremes (with respect to anthropogenic induced global warming) contradicted Mr Penn:

“…There is low confidence in observed trends in small-scale phenomena such as tornadoes and hail because of data inhomogeneities and inadequacies in monitoring systemsin some regions droughts have become less frequent, less intense, or shorter, for example, in central North America and northwestern Australia. There is limited to medium evidence available to assess climate-driven observed changes in the magnitude and frequency of floods…low confidence for the attribution of any detectable changes in tropical cyclone activity to anthropogenic influences..low confidence in projections of changes in extreme winds.. low confidence in projections of changes in monsoons…low confidence in wave height projections…overall low confidence because of inconsistent projections of drought changes…low confidence in projected future changes in dust storms…low confidence in projections of an anthropogenic effect on phenomena such as shallow landslides.”

Never mind what the scientists ‘actually’ think. Just run the narrative of the activists instead to prevent Extinction Rebellion nutcases from super glueing themselves to the lobby entrance. FNF Media could indulge you on what the scientists actually think of the IPCC. For those interested please see the link here. Spoiler alert – it is exceedingly critical.

Mr Penn said that businesses and individuals should become aware of their carbon footprints. He admitted Telstra is one of the biggest consumers of electricity in the country as data storage needs explode by up to 50% per annum.

If it is such a massive concern, Penn should put Telstra’s shareholder money where its mouth is and charge customers extortionate fees for data storage and data usage such that he can force them to lighten their evil digital-driven carbon footprint. That way he can slow his electricity consumption. Then, Telstra can await all of those woke customers fleeing Vodafone and Optus in droves to sign up for inferior service for more money. Not quite sure what shareholders would think of that…

Even better he could suggest to the board that they close the business for good for the sake of the planet. After all, by going the whole hog he can sleep safe in the knowledge that his kids and grandkids will know he was on the right side of history (the standard alarmist playbook) before we’re swept away by the rising sea levels. Think of all that energy saved.

Unfortunately, we’ve seen this vacuous corporate virtue signalling tokenism before. Who could forget the comments made by Josh Bayliss, the CEO of Virgin Group? He said,

“It’s definitely true that right now every one of us should think hard about whether or not we need to take a flight.”

Why didn’t he close down the airlines in the portfolio? Instead of waiting for his customers to grow a conscience via flight shaming and do the right thing why not force their choice? The obvious answer is that it’s hypocritical in the extreme.

The International Air Transport Association (IATA) has already positioned behind the flight shaming movement to do its bit for climate change. In a two page flyer, it covered the idea that we reckless passengers must consider our carbon footprint but at the same time help the U.N. raise $40bn in taxes, sorry ‘climate finance,’ between 2021 and 2035.

The Carbon Offsetting & Reduction Scheme for International Aviation (CORSIA) is the vehicle which the UN’s International Civil Aviation Organization (ICAO) intends to liberate us from our sins and help fund the waste so endemic in the NY based cabal. Wherever the UN is involved expect a sinister agenda behind the virtue.

All airlines have been required to monitor, report and verify their emissions on international flights since Jan 1, 2019. Operators will be required to buy “emissions units” from the UN. If one asked the UN would it prefer emissions to be cut or taxes to be raised, it would select the latter every time.

Still, the easiest way to gauge public fear on climate change is not via a biased think-tank poll but monitor individual consumption patterns. It isn’t just population growth, because it isn’t growing  at these rates. Three examples:

  1. Aircraft demand – In 2019, Boeing reported airlines will need around 44,000 new commercial aircraft worth $6.8 trillion by 2038, vs. 43,000 planes worth $6.49 trillion estimated in 2018. There are currently 25,830 commercial airliners in service.
  2. Smartphones – estimated that the number of global mobile subscriptions could be 13.8 billion in 2025 and 17.1 billion in 2030. The number of global mobile subscriptions has already reached 6.7 billion in 2013. Smartphones will grow from 6.3bn units in 2020 to 12.1 billion by 2030.
  3. Energy Consumption  – the U.S. Energy Information Administration (EIA) projects that world energy consumption will grow by nearly 50% between 2018 and 2050. Energy consumed in the buildings sector (including residential and commercial structures), increases by 65% between 2018 and 2050, from 91 quadrillion to 139 quadrillion Btu. Rising income, urbanization, and increased access to electricity lead to rising demand for energy.

So good luck trying to get people to feel awkward about their individual carbon footprints. They’ll be to busy charging their mobile devices while booking the next overseas holiday to the Maldives.