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What the failed attempt to crush Russia’s economy has revealed is that America’s and Europe’s dominance of the global financial system is something of an illusion; more like money changing hands in a giant casino rather than actual wealth.
Once protests would have found expression in powerfully argued and persuasively delivered speeches. Now people look less to the power and skill of the words and more to the gestures in which they are embodied. This precedence given to performative language over deliberative language deserves reflection.
Who wields the most power in the world? If one follows the money trail, it becomes clear that Western societies have become ruled by a new type of aristocracy: a management aristocracy.
The world is facing cross-currents: a collapsing financial system that is balanced by the benefits of massive, long term improvements in production efficiencies, mainly because of technological advances. It is a bad news/good news story that can only be seen accurately if the intractable errors of contemporary economics are jettisoned. We are in a battle between finance fictions and reality.
It is highly doubtful that the Essendon Football Club appreciated the reaction that would occur when it presented its new CEO, Andrew Thorburn, with the option of giving up his role as a lay leader in the City on a Hill Anglican Church or resigning from his role with the Club. Even if many were uneasy about how the issue was caught up in the culture wars, it caused widespread concerns amongst people of faith.
For Europe, especially Germany, there should be enough gas in storage to limp through winter but by next spring there may be severe trouble. The leaders of Europe and the United States expected that they would win the economic war against Russia and force the invader to withdraw. Not only did that not happen, it is likely to lead to severe unintended economic consequences.
What can the pacifist do when confronted with naked tyranny? With Putin’s invasion of Ukraine, pacifists are faced with the dilemma of either helping Ukrainians defend themselves ― and what spirit and courage they have shown, led by their unlikely president ― or letting Putin have his way. If diplomacy stood a chance, it would be the alternative option for pacifists; but does it?
To say that democracy is under threat is now a truism. And to sustain democracy is a complex task. People need to believe in it and experience its benefits. This demands a deep grounding, founded on our shared human dignity and on our shared responsibility to shape our own lives within the community on which we depend.
The policy of the Labor Government can be described as steady as she goes. This does not mean that it will simply follow the policies of the previous government. Its reading is that the ship of state has been becalmed, responding haphazardly to the political winds with no sense of direction or destination. It had become the ship of fools. The new Government then has committed itself to show that there are captain on board and a competent, disciplined crew that can work together.
The absence of trust undermines our ability to meet basic human need, to feel supported, to share resources and to effectively divide responsibilities. Mistrust imposes its own ‘price’ on every ‘transaction’, every engagement with others becomes more costly as we need to account for the perceived insincerity and unreliability of others.
Over recent weeks many people have expressed alarm and despondence at the rising number of infections and deaths from COVID. Just as we were enjoying freedom from restrictions we found ourselves encouraged to work from home if possible and to wear masks. The crisis and the recommendations recall the first onset of COVID in Australia. Yet the response of Governments is much less forceful. The differences between the responses and the reasons for them merit reflection.
Monetary authorities are caught in an impossible situation. Inflation is rising: it is over 5 per cent in Australia and over 9 per cent in the United States. Inflation is often seen as a way out of excessive debt because it erodes the real value of money and therefore the real value of the debt. But what is increasingly being discussed are ways to cancel the debt.