I had a wonderful good night sleep last night and I woke up at 9:00 am – the first time in a week where the alarm woke me up rather than me being awake before the alarm went off. There was a fair bit of rain last night but at the moment the weather is fine with the Metservice forecasting that it’ll be fine all today however tomorrow there will be a bit of rain on Saturday and Sunday. On Monday I’m tempted to go for a bit of a day trip right into town, walk along the waterfront and enjoy the fine weather – you can’t beat Wellington on a good day.
I’ve been following events regarding the recent Chrome upgrade and the impact it has had when using Salesforce and other websites. There is a bug case that shows some progress being made (link) and although there are people reporting that there particular system configuration appears to be addressed there are still people reporting either issues or the occurrence of the page freezing has been greatly reduced. The problem is with software is that it isn’t always a quick fix – you may come up with a fix, deloy it and then find either a corner case will appear or a regression because of a scenario not picked up during testing.
When I was experiencing the problem on my work computer what I did was disabled the Javascript optimisations which reduced the number of times the page froze but it wasn’t a complete solution. I was unsure whether that actually contributed to fixing the problem or whether it was just luck but it appears that maybe there was something going on with Javascript engine and by disabling optimisations it reduced the frequency of the freezes (based on reading through the bug report). It is always good reading going through bug reports and see the process in action of tracking down the source of a problem).
Regarding the recent interview where Scott Bessent said he was ‘the house’, I’m going to have to stop you there. Yes, it would be correct that you were the house if you controlled both fiscal and monetary policy – if you controlled both then you could deal with the budget deficit and public debt unilaterally while using the brute force of monetary policy (aka quantitative easing aka ‘money printer go brrr’) to push the yield down at the end of the bond curve but Scott Bessent doesn’t have that control. The reality is that Scott Bessent isn’t ‘the house’ but rather he is subletting a room, has his own bathroom but shares kitchen facilities – he may have the biggest room in the house but that doesn’t make him ‘the house’.
The problem is that for almost 30 years we’ve had artificially low interest rates because of the flawed way we’ve been calculating inflation – consumer goods have gone down in price but necessities such as renting a house has gone up in price (the rent is based on the cost of paying back the mortgage plus maintenance, insurance etc – house prices are going up because of cheap money taking the path of least resistance which is in many cases to property) but the inflation is calculated as an average. When you calculate inflation based on an average then the problem is that consumer goods have gone down in price but necessities have gone up in price with the inflation rate remaining low.
The problem is that people can cut back on consumable products but they cannot cut back on necessities so while the cost of a television has come down in price the cost of a rent has gone up. Long story short, for many decades the inflation has been largely hidden until now however China is no longer the cheap workhouse of the world, wages are rising, productivity in the construction sector in many countries has stagnated which has made building houses more expensive even if you exclude all the other factors such as regulatory approval, zoning restrictions etc. (link).
