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At the next global financial crisis, when questions about what we want our monetary system to do for us become a matter of survival, why not devise a transactional system that is not just geared towards the consumption of goods and services, but involves monetary exchanges for social goods, such as sustainable production, or civic benefit?
Due to this stance, immigration is arguably not being leveraged to actually benefit the country, including its flailing economy. This is despite a government report released last year stating that immigrants increase GDP and helped avoid the 2008 financial crisis.
Lately my phone has been leading me down some dark paths. The algorithms have become skewed and it has become a lot more conservative. I cannot pinpoint when the change occurred. Was it that time I clicked on the Australian? But how does that account for the links to sites that laud Steve Bannon and question the Pope?
Recognising that financial systems are a human creation rather than natural systems governed by 'capital flows' would be an important step to conceiving a more robust and equitable system. To ask what kind of society we want and only then work out what we want money to do for us is to put the horse back in front of the cart.
Treasurer Josh Frydenberg's attack on banks for failing to pass on the full rate cut to consumers is a political distraction. There are two clear signals coming out of the latest cut. First, monetary policy is not enough to spark a revival of the economy. Second, it's now all about jobs. Frydenberg and his officials would be wise to heed these signals.
Ruling out an individual's efforts simply because they aren't perfect seems to be a fantastic way of discouraging people from joining what is an incredibly important movement. But climate action doesn't have to be about perfectionism — it's about doing the best you can, and sometimes even small changes can make a big difference.
If government is concerned for citizens' wellbeing, it should properly resource services — drug and alcohol support, parenting support, subsidised childcare, education and so on. Instead, it is generating a system of social credit: rewarding those who toe the line and punishing those whose 'score' falls below that of the 'good citizen'.
I was heartened by the announcement Gordon Legal is pursuing a class action for robodebt victims. I am one of hundreds of thousands of people who has gone through the robodebt process. I too felt the exercise of a reverse burden of proof; guilty until proven innocent.
It is easy to blame the financial sector — and the governments that were supposed to oversee the financial system but instead just washed their hands of it — for creating this global debt debauch. They certainly bear much of the responsibility. But in many ways the financial misbehaviour is as much symptom as cause.
Like the flying saucer people documented in When Prophecy Fails, they don't change their minds based on new material. Rather, the discomfort fresh edvidence causes them results in a renewed proclamation of their denialism, as they double down on that identity. The rhetoric might change but the structure remains the same.
A policy genuinely in support of moving into employment would not seek to capitalise on the ambiguity of accounting in the year of transition from welfare to work — which is effectively what robodebt does.
One of the ironies of the intensifying tariff war between America and China is that that neither of the two giants seems to have a viable economic model. Both countries' systems are based on dodgy financial engineering and printing money, or just inventing new types of money out of thin air.