[Australian Treasurer] Costello seeks orderly $US withdrawal

[jk]

http://www.smh.com.au/news/business/...850931319.html

Costello seeks orderly $US withdrawal
John Garnaut Economics Correspondent
October 18, 2006



TREASURER Peter Costello has called on East Asia's central bankers to "telegraph" their intentions to diversify out of American investments and ensure an orderly adjustment.

Central banks in China, Japan, Taiwan, South Korea and Hong Kong have channelled immense foreign reserves into American government bonds, helping to prop up the US dollar and hold down American interest rates.

Mr Costello said "the strategy had changed" and Chinese central bankers were now looking for alternative investments.
"Of course you can have an orderly adjustment," he told reporters. "And what I would recommend is that these matters be telegraphed well in advance. I think we should begin preparing ourselves for it."

Mr Costello said the "re-emergence" of China as the world's greatest economy "is not something to be feared".
Asked if a muscular China would be a force for good, however, Mr Costello said it would be good for growth and stability. "With the growing economic strength you will see growing influence in diplomacy in the regional architecture, as you would expect.

"I am sure it will be a force for economic development and I am sure that in partnership with other global powers, China wants to see a stable East Asian region."

Earlier, in a speech to open the Australian National University's East Asian Bureau of Economic Research, Mr Costello said Australia's involvement in the region was broader than economics.

"It is a key ingredient of who we are as a people," he said. "While Australia has its own unique culture, we are also a people who confidently enjoy the cultures of Asia, with seven of our top 10 overseas travel destinations being in the region."

Ahead of next month's G20 meeting in Melbourne, Mr Costello called on regional leaders to reform their anachronistic financial systems.

He said underdeveloped financial markets were to blame for the emerging economies of East Asia sending 94 per cent of outward portfolio investment to "ageing" countries outside the region.

He said the region needed to improve poor macroeconomic frameworks, inadequate regulatory systems, uncompetitive markets and insufficient investment in health and education.

[sixpack]

Re: [Australian Treasurer] Costello seeks orderly $US withdrawal

this may be off the point somewhat - but what a hypocrite this costello guy is. Australians hate [coloured skin] immigrants and their own Aboriginal populations. Asylum seekers who want the outrageous possibility of a job and a life are treated like animals and incarcerated on arrival.
When they go to Asia, it's a bunch of sombrero wearing lard a**ses going for a cheap package holiday. The idea that they have ever loved asia is nonsense.
Now, these Asians are waving purchase orders and currency in their faces look at the tone of his language pretending they've always had a respectful attitude to Asia.
Same old thing with the colonialists & colonies. If you're poor its your fault, and if you have money you've apparently always been a friend.

[blazespinnaker]

Re: [Australian Treasurer] Costello seeks orderly $US withdrawal

I wonder if Costello's request is the most relevant request in all of these macroeconomic discussions.

[The Outback Oracle]

Re: [Australian Treasurer] Costello seeks orderly $US withdrawal

I don't know who you are sixpack...but you are a moron

[Guest]

Re: [Australian Treasurer] Costello seeks orderly $US withdrawal

Better watch it Sixpack - these Aussies are all bred from really bad blood (ex convicts and the dregs of Britain's 19th century society). I hear they are a real nasty piece of work when they get offended!

Outback Oracle - I'm sure Sixpack also agrees, your voice is much appreciated here. Wish we had a few more of your blunt-talking brethren amongst us!

Personally I wouldn't mind rattling around a country the size of the US with only 30 million people crowding me. I also think with all the Uranium Australia's sitting on you'll be in the driver's seat throughout this entire next century, and we'll all have to be specially ingratiating to Aussies to give us some of their precious fuel!

[c1ue]

Re: [Australian Treasurer] Costello seeks orderly $US withdrawal

Not intending to be offensive, but I see Australia as the commodity partner to China/East Asia as the real Japan is the manufacturing remora to the US.

This is great if you're Australian - all of the benefits of serving a larger population/economy without necessarily having to be incorporated into the partner (i.e. share political systems).

Life in Japan isn't so bad either...

[Jim Nickerson]

Re: [Australian Treasurer] Costello seeks orderly $US withdrawal

Better watch it Sixpack - these Aussies are all bred from really bad blood (ex convicts and the dregs of Britain's 19th century society). I hear they are a real nasty piece of work when they get offended!

Outback Oracle - I'm sure Sixpack also agrees, your voice is much appreciated here. Wish we had a few more of your blunt-talking brethren amongst us!

Personally I wouldn't mind rattling around a country the size of the US with only 30 million people crowding me. I also think with all the Uranium Australia's sitting on you'll be in the driver's seat throughout this entire next century, and we'll all have to be specially ingratiating to Aussies to give us some of their precious fuel!

I think I just read on BBC where they have as many feral pigs in Australia as they have people. So perhaps the spaces aren't so wide open as you imagine, Lukester.

[GRG55]

Re: [Australian Treasurer] Costello seeks orderly $US withdrawal

I think I just read on BBC where they have as many feral pigs in Australia as they have people. So perhaps the spaces aren't so wide open as you imagine, Lukester.

Lukester: You really need to get out of beautiful San Diego (I know, hard to tear yourself away from luncheon on the patio at the Del Coronado ;)) and drive the highways of America.

Years ago, while driving across the high plateau of southern Idaho, I recall wondering why the US Cavalry ever bothered fighting the Indians for this desolate piece of land. The alkaline landscape seemed perfect for missile silos or nuclear waste dumps, and not much else. Sure enough a few miles later we came across a razor wire fence and US Govt No Trespassing signs. Yep, missile silo.

Lukester there's tons of room there to rattle around, with no living thing in sight, not even a feral pig.

[Guest]

Re: [Australian Treasurer] Costello seeks orderly $US withdrawal

San Diego sucks. It's boring as all get-out, and I need to get-out a here! These guys don't know anything about squat except barbecues, surfing, comparison shopping for consumer electronics gadgets at the mega electronics malls, football and baseball "soirees" at the stadium, and how to make your lawn look greener. Yeesh!

Either I want my New York grime and attitude back (but with the critical relief of some real cultural life!), or I want to live in a log cabin high up in a pine forest somewhere among the wild boars. Just get me away from the "wild suburban bores" of Southern California!

Haven't decided where to escape to yet, but Southern California is a place to get buried alive in - I dislike it from the Tijuana border all the way up to Frisco and north from there. From the look alike malls to the bland featureless housing developments, I could forget it all, easily. :p :p

[Guest]

Re: [Australian Treasurer] Costello seeks orderly $US withdrawal

A PARABLE:

A Texan, a Californian and an Oregonian are camping out in the back country and knocking back a few beers.

At a certain point the Texan, in a fit of native exuberance, tosses his beer bottle up in the air, pulls out his monogrammed pearl handled six-shooter, and blows the bottle to bits with a couple of expert shots in mid-air.

The other two gawp at him in amazement and then the Californian in red-faced in agitation, blurts out - "what the hell you tryen da prove?" - The Texan smirks, and answers, "Hell, ther's plenty more them beers in the cooler, what's the big deal?"

So in a fit of macho jealousy, and not to be out-done, the Californian tosses his Dos Equis beer bottle up in the air and shoots it to pieces with deadly aim also, and then smirks right back at his buddies, saying "Oh yeah? You think Texas boys the only guys know how to do that, huh?".

The Oregonian mutters something sinister under his breath, and finally in agitation, blurts out, "AW, HELL"! Then without further reflection, he whips out his own six shooter and drills a bullet straight through the Californian's head, and the poor misbegotten Californian rolls over lifeless.

The Texan gapes at the Oregonian cowboy with incredulous amazement, and says 'Sheesh! What the hell you do that for?"

The Oregonian smirks right back and says, "Well heck, there's plenty more where that one came from, ain't they? "



[ dedicated to Zoog up in Oregon ]

[raja]

Re: [Australian Treasurer] Costello seeks orderly $US withdrawal

I think I just read on BBC where they have as many feral pigs in Australia as they have people. So perhaps the spaces aren't so wide open as you imagine, Lukester.

Another commodity resource: barbecue!

[Guest]

Re: [Australian Treasurer] Costello seeks orderly $US withdrawal

Quote:

Originally Posted by Jim Nickerson I think I just read on BBC where they have as many feral pigs in Australia as they have people. So perhaps the spaces aren't so wide open as you imagine, Lukester.

Well heck, I happen to really like pork chops - grilled, baked or fried - OK?

[c1ue]

Re: [Australian Treasurer] Costello seeks orderly $US withdrawal

Haven't decided where to escape to yet, but Southern California is a place to get buried alive in - I dislike it from the Tijuana border all the way up to Frisco and north from there.

I don't like the Socialist Republic of California that much, much less the People's Republic of San Francisco, but I will note that the quality and numbers of restaurants in LA and SF are the best I've personally experienced anywhere. New York is also pretty good; might be better but not being a native I cannot compare.

I was in LA on business last week - had a 6 dish seafood meal for $32 in Arcadia which was comparable to anything I could find in China or Taiwan.

LA and SF also have the benefit of being major airport hubs - important for me.

Otherwise I'd be back in Austin, oh that and the missus refused to move to the 'provinces'. :rolleyes:

[Guest]

Re: [Australian Treasurer] Costello seeks orderly $US withdrawal

C1ue -

<< numbers of restaurants in LA and SF are the best >>

In all respect to you C1ue, as you are a well traveled and evidently sophisticated fellow, when referring to 'culture' I was not referring to restaurants!

I spoke with a business contact in New Jersey this morning, and we were talking about NY / NJ vs. Southern California. I didn't say the following - he volunteered it, but it echoed my insight exactly. He said 'in Southern California people can never escape a nagging uncertainty as to whether anyone is really a life-long friend'.

This is my feeling exactly - underneath the perfect Macintosh apple veneer, the morally rudderless, money-driven gloss of middle-classdom in Southern California, friends have a slightly nail-varnish kind of quality to them - there is no electric spark, like you can feel in some other places in the world - where you feel the current you are swimming in runs really deep, and there are some people you know who would throw themselves before a moving train to pull you out of harms way out of unthinking loyalty.

I cannot imagine this quality after seven years of my experience of Southern California. Call it a prejudice, but whenever people talk about 'our perfect weather' I feel a chill inside, because of what's missing. Sorry, I call it the way I feel it.

[c1ue]

Re: [Australian Treasurer] Costello seeks orderly $US withdrawal

Lukester,

Sorry for giving the impression that I was disagreeing with you.

Restaurants do not equal culture, any more than driving a Mercedes equals class.

One of the things I hate the most about California is that everyone is your friend, but no one will really go to bat for you.

I much prefer the East Coast - love you or leave you - or Texas - you're part of our community no matter how much you try to get out of it. Although Plano has some of that Cally quality to it...

Totally agree with your sentiment on Callies.