Trump takes a fall; Scomo to revive manufacturing

Very sad to see the US President come down with the covid, and the first lady. I wish them a happy recovery and I was glad to see Vice president (previous) Biden offered a similar salutation.

It will be interesting to see Vice president (current) Pence taking on Mr Biden’s Vice president candidate Senator Kamala Harris of California. This extra uncertainty cut the value of shares and will add to the excitement.

Four 'Dry' economists - Friedman, Blainey, Keynes, Minsky

In Australia, far away and nervously pondering China’s intentions, Prime minister Morrison has promised to restore a viable manufacturing sector. Brave, Mr Morrison. A good starting point would in my view be to cancel the submarine contract with the French. Far better to build on the now fairly good ‘Collins’ model.

This would do three things:

· Save money, possibly lots of money

· Create useful submarines much faster, and

· Become a flagship manufacturing project.

While we are at this wonderful project, we should apply our minds to introducing the latest small nuclear power generators. With Scomo's planned major gas-based electricity generation, Australia would become self-sufficient in electricity generation. Expertise in nuclear power generation would enable the ‘Son of Collins’ team to start making new submarines with scarier weapons of defence.

More money generally needs to be spent on defence of the realm. Effectiveness in my view requires Australia to spend around 5 % of GDP on improving numbers and qualities of our defence forces. In addition young people should be required to join the ADF for a couple of years. Those who refuse to participate might be allowed to do tough private sector jobs like fruit picking. Those who refuse tough non-defence force jobs might have their generous dole payments withdrawn.

The next big event is Josh Frydenberg’s budget. As a ‘Dry’ economist, I greatly sympathise with Josh in the challenge he is facing to revive the Australian economy, to increase defence spending, to continue to fund people who do not wish to work and find ways to begin to pay off Australia’s large national debt.

All good Australian’s must help, and avoid crowding on beaches when Premier Dan has told you this is not to be done. By the way, Premier Dan, I have not yet received a response to my letter requesting a pro rata share of the over $10,000 for my property at Balnarring that I am not allowed to visit except to check that our two horses, the fox, the rabbits, the stray sheep and the thousands of birds are all OK. Fair go.

Mr Premier, I promise not to invite large numbers to party and spread the pandemic. (‘Dry’ economists do not go in for big parties even at the best of times.)