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In purely economic terms, the upcoming Federal election is extremely unusual. The shut down of the Australian economy for almost two years because of health measures really has no precedent in our history. Only war can produce that type of shock. The Federal government’s financial response was as extreme as the state of emergency measures, including a sharp increase in Australian government debt. It remains to be seen, however, if the government gets much credit for injecting so much free money into the economy. It is unlikely.
Elon Musk’s proposed hostile takeover of Twitter will be a fascinating battle that will have consequences far beyond the stock market. It is exposing just how financially strange social media and conventional media have become.
Russia’s invasion of Ukraine has led to severe financial sanctions being imposed on the country that are likely to have lasting consequences. Problem is, they may not be the ones the sanctioners are expecting. They may even come to regret what they have done.
Australia’s Reserve Bank mainly concentrates on keeping inflation within an acceptable range and maintaining a high level of employment. Social equity has never been considered to be part of its mandate. It should be. Interest rates have been the biggest cause of economic and social division in Australia, not just between rich and poor, but also between older and younger generations.
There is a great deal of commentary about the growing importance of artificial intelligence, or AI, especially in business circles. To some extent this is a self-fulfilling prophecy — if people think something will have a seminal effect then it probably will. But if the supposed commercial benefits are significant, the dangers are potentially enormous.
I’m not sure that my Greek grandchildren know the word antediluvian or whether they have heard of Methuselah, but they certainly consider me an ancient relic who occasionally tells tall tales and true from the legendary past, and from another land. Of course they are unable to conceive of life or domestic space without screens: even my youngest grandchild, who has just had her first birthday, knows when a Skype call is imminent, and coos accordingly.
There really is no such thing as ‘capitalism’ — or rather there are so many capitalisms that the word is altogether too imprecise to be useful. A much better term to identify the problems, even evils, of modern developed economies is ‘corporatism’. This can be precisely identified and its transgressions and general harm are getting worse.
If Australia does draw back from globalisation — as opposed to trade, which will continue — then there should be more focus on our primary sector and how it could be better financed. Australia’s long history as a primary producer constitutes what economists call a ‘comparative advantage’: an economic area in which a country does best while giving up the least.
The Glasgow United Nations Climate Change Conference has been advertised as an effort to focus on sustainable environmental solutions. What got much less attention, if any, is that it is probably at least as much about having a sustainable financial system. Many noted that China, did not send its leader: Xi Jinping, president of the world’s greatest CO2 emitter. There was also another significant absence: the financiers who are hoping to profit from the trillions allocated into climate change projects.
Ben Jonson is one of the great English Renaissance playwrights but he can also be challenging for the modern reader. When I first came to Jonson some years ago, I attempted a comedy from 1610, The Alchemist. I soon felt out of my depth. Conceding defeat, I put the book aside and told myself that there would be some ‘other time’. This year in Melbourne, with the theatres closed, the streets largely deserted, and travel restrictions firmly in place, that ‘other time’ arrived.
Over the last two years, money printing has created the illusion of strength in savings. But when reality resurfaces, and actual returns are required from actual economic and business activity, the global financial system will come under extreme stress.
Unlike December 25, September 26 is a World Day that passes by in silence. It calls for the Elimination of all Nuclear Weapons. Nuclear power is too mysterious to understand, too horrific to dwell on, and too far away to take responsibility for. It and its destructive power are unthinkable. And yet it continues to press on us, most recently in the announcement that Australia will build nuclear-powered submarines.
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