{"id":5634,"date":"2012-10-01T22:24:24","date_gmt":"2012-10-02T02:24:24","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5634"},"modified":"2012-10-01T22:24:24","modified_gmt":"2012-10-02T02:24:24","slug":"garnauts-bitter-pill-must-be-swallowed-macrobusiness","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/garnauts-bitter-pill-must-be-swallowed-macrobusiness\/","title":{"rendered":"Garnaut\u2019s bitter pill must be swallowed &#124; &#124; MacroBusiness"},"content":{"rendered":"<p>Interesting quote from Professor Ross Garnaut in the AFR:<\/p>\n<blockquote><p>He [Professor Garnaut] said Australia\u2019s terms of trade, or income from exports, would be hit by three \u201cmutually reinforcing negatives\u201d under way in China.<\/p>\n<p>The first was a shift in China\u2019s economy away from a focus on heavy industrial investment and exports, which have driven metals and energy demand. The second was a wave of internal reforms including the move towards lower carbon emissions that would cruel demand for Australian thermal coal. The third was the current \u201ccyclical\u201d downturn that was likely to continue.<\/p>\n<p>\u201cIt\u2019s an accident they\u2019re coming all at once, but they are,\u201d Professor Garnaut said<\/p><\/blockquote>\n<p>From Leith van Onselen at <a href=\"http:\/\/www.macrobusiness.com.au\/2012\/10\/garnauts-bitter-pill-must-be-swallowed\/?utm_source=Media+List&amp;utm_campaign=2c3a8d4ee4-RSS_DAILY_MAILCHIMP_CAMPAIGN&amp;utm_medium=email\">Garnaut\u2019s bitter pill must be swallowed | | MacroBusiness<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Interesting quote from Professor Ross Garnaut in the AFR: He [Professor Garnaut] said Australia\u2019s terms of trade, or income from exports, would be hit by three \u201cmutually reinforcing negatives\u201d under way in China. The first was a shift in China\u2019s economy away from a focus on heavy industrial investment and exports, which have driven metals &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/garnauts-bitter-pill-must-be-swallowed-macrobusiness\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Garnaut\u2019s bitter pill must be swallowed &#124; &#124; MacroBusiness&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,41,5],"tags":[290,2786,3367],"class_list":["post-5634","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-china-hk","category-economy","tag-australia","tag-professor-ross-garnaut","tag-terms-of-trade"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Garnaut\u2019s bitter pill must be swallowed &#124; &#124; MacroBusiness - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Garnaut\u2019s bitter pill must be swallowed &#124; &#124; MacroBusiness - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Interesting quote from Professor Ross Garnaut in the AFR: He [Professor Garnaut] said Australia\u2019s terms of trade, or income from exports, would be hit by three \u201cmutually reinforcing negatives\u201d under way in China. The first was a shift in China\u2019s economy away from a focus on heavy industrial investment and exports, which have driven metals &hellip; Continue reading &quot;Garnaut\u2019s bitter pill must be swallowed &#124; &#124; MacroBusiness&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/garnauts-bitter-pill-must-be-swallowed-macrobusiness\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-10-02T02:24:24+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/garnauts-bitter-pill-must-be-swallowed-macrobusiness\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/garnauts-bitter-pill-must-be-swallowed-macrobusiness\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Garnaut\u2019s bitter pill must be swallowed &#124; &#124; MacroBusiness\",\"datePublished\":\"2012-10-02T02:24:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/garnauts-bitter-pill-must-be-swallowed-macrobusiness\/\"},\"wordCount\":132,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"Australia\",\"Professor Ross Garnaut\",\"terms of trade\"],\"articleSection\":[\"Australia &amp; NZ\",\"China &amp; HK\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/garnauts-bitter-pill-must-be-swallowed-macrobusiness\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/garnauts-bitter-pill-must-be-swallowed-macrobusiness\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/garnauts-bitter-pill-must-be-swallowed-macrobusiness\/\",\"name\":\"Garnaut\u2019s bitter pill must be swallowed &#124; &#124; MacroBusiness - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2012-10-02T02:24:24+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/garnauts-bitter-pill-must-be-swallowed-macrobusiness\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/garnauts-bitter-pill-must-be-swallowed-macrobusiness\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/garnauts-bitter-pill-must-be-swallowed-macrobusiness\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Garnaut\u2019s bitter pill must be swallowed &#124; &#124; MacroBusiness\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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Don\u2019t get me wrong, the bucket of cold water is not deserved in equal measures. For mine,\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15139,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/04\/11\/consider-republicans-tax-plan-ross-garnaut\/","url_meta":{"origin":5634,"position":1},"title":"Consider Republicans&#8217; tax plan | Ross Garnaut","author":"ColinTwiggs","date":"April 11, 2017","format":false,"excerpt":"From Patrick Hatch: \"Our existing tax base for the corporate income tax is in deep trouble,\" Professor Garnaut told the Melbourne Economic Forum on Tuesday. \"It's subject to egregious avoidance or evasions, with two of the main instruments of avoidance being arbitrary use of interest on debt to reduce taxable\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7625,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/30\/xis-war-drums-by-john-garnaut-foreign-policy\/","url_meta":{"origin":5634,"position":2},"title":"Xi&#8217;s War Drums &#8211; By John Garnaut | Foreign Policy","author":"ColinTwiggs","date":"April 30, 2013","format":false,"excerpt":"John Garnaut writes: [Capt. James Fanell], in comments that went largely unnoticed outside the small circle of China military specialists, spelled out in rare detail the reasons the United States is shifting 60 percent of its naval assets -- including its most advanced capabilities -- to the Pacific. He was\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8315,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/08\/23\/the-road-not-taken-macrobusiness-com-au\/","url_meta":{"origin":5634,"position":3},"title":"The road not taken | Macrobusiness.com.au","author":"ColinTwiggs","date":"August 23, 2013","format":false,"excerpt":"By Houses & Holes at Macrobusiness.com.au So, with our Federal election mostly over, at least enough to get a good sense of where we\u2019re going, I think it\u2019s fair to conclude that we are not going to get out in front of the primary economic issues of our time. On\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"The Road Not Taken","src":"https:\/\/i0.wp.com\/www.macrobusiness.com.au\/wp-content\/uploads\/2013\/08\/paths06-300x155.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11411,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/12\/08\/murray-has-endorsed-macroprudential-macrobusiness-com-au\/","url_meta":{"origin":5634,"position":4},"title":"Murray has endorsed macroprudential | Macrobusiness.com.au","author":"ColinTwiggs","date":"December 8, 2014","format":false,"excerpt":"Posted by Houses and Holes At 12:52pm on December 8, 2014 Published with permission from Macrobusiness.com.au. From Callam Pickering: The one glaring problem with the Financial System Inquiry is that it didn\u2019t push hard for the introduction of macroprudential policies. That takes the heat off both the RBA and APRA.\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12826,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/01\/25\/chinas-commodity-demand-has-barely-begun-its-fall-macrobusiness\/","url_meta":{"origin":5634,"position":5},"title":"China&#8217;s commodity demand has barely begun its fall &#8211; MacroBusiness","author":"ColinTwiggs","date":"January 25, 2016","format":false,"excerpt":"These four charts, posted from Investing in Chinese Stocks by David Llewellyn-Smith, illustrate China's failure to rebalance their economy and the challenge that economies reliant on Chinese real estate and infrastructure investment, like Australia, face. ....China now accounts for fully a third of global industrial production (up from only 5%\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5634"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5634\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}