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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.
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.
We celebrate wordsmiths, minor and major, whose gift it is to write the world for us / To create the nourishing broth, the alphabet soup, of words to work their magic / Words that exhort and advocate / That calm and soothe / Words on which to float away / Words for strength on another day.
Salman Rushdie is a writer with a most defiant sense of humour. If you want to get to know him, I wouldn’t start with The Satanic Verses (1988), the book that has brought him so much grief. Thirty three years after Ayatollah Khomeni imposed a fatwa on the author, it would seem to have led, on August 12, to a young man called Hadi Matar making an attempt on Rushdie’s life at a public event in New York.
Now that it is becoming hard to avoid just how much trouble the global financial system is in, it is interesting to speculate about what should be done about it. The first thing to understand about the global financial system is that the assumptions that were used to shape it are demonstrably false.
Headlines in print (newspapers and magazines) have some heavy lifting to do. They need to convey the essence of the story in as few words as possible, be enticing and hopefully be funny, clever or both. In traditional news terms, you should know what the story says from the heading, intro and first paragraph. However, the funny thing about being funny (especially with word play) is you’re assuming your audience knows the same things you do.
To many who work in the arts industry, the rise of art-making artificial intelligence may pose an eventual threat to their livelihoods. Will independent artists be replaced by corporations using AI to generate mass entertainment?
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.
History is on my mind at the moment, all because of yet another awful Austen adaptation. The latest cinematic mud-pie thrown at her in the new Persuasion movie may even be the worst one yet, which is something, because there’s a lot of competition. Who can forget Gwyneth Paltrow in the 1995 Emma driving a carriage in a yellow ball gown as though she were doing the time trial in Top Gear?
The question that should be posed is how effective has the Reserve Bank been at ‘managing’ the economy and financial system? ‘Not very’, has to be the answer. Not that the RBA is alone. The same pattern has been seen across the developed world. Central banks have one weapon at their disposal, the cost of money (the interest rate), and there is not much evidence they have used this tool to make their systems sustainable. Mostly, they have made matters worse.
As commodity prices and inflation soar in the ‘real’ world we may be witnessing a prelude to another 2008-style crisis triggered by the foreign exchange markets. The risks certainly look similar and can be described with a simple question. Can the fictions produced by out-of-control financial actors survive reality?
49-60 out of 200 results.