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It’s not hard to understand why so many people are watching Ted Lasso (Apple TV), nor why it was nominated for twenty Emmy Awards and won seven. Believe it or not, it is twenty years since The Office first premiered on the BBC. Not since then has a comedy series cut so close to the bone of our cultural needs and anxieties.
There is a three-way battle looming over the future of money and the stakes could scarcely be higher. Conventional money, mainly debt created by banks — the ‘folding stuff’ is only a tiny proportion of the total — is in trouble. Total global debt is now so large relative to the world economy it cannot be serviced, which is why monetary authorities have resorted to dropping interest rates. When they almost hit zero, the next step was quantitative easing (QE): printing money by getting the central bank to buy back government and corporate bonds and putting them on its ‘balance sheet’.
The biggest mystery of the financial markets is why, when the monetary authorities have been printing money with their ears pinned back, is inflation for the most part not a problem? What happens with inflation is crucial to the short-term survival of the whole system. Global debt, which is running at well over 300 per cent of global GDP, is only sustainable because interest rates are exceptionally low (the base rate in Australia is only 0.1 per cent). And interest rates are low because inflation is not a problem.
Once stereotyped as the MTV generation, a gang of apathetic, disaffected ‘latchkey kids’, Gen X has grown to middle age. We are now the sandwich generation. Many of us care for young children at home. Many care for our ageing parents. Many do both at the same time.
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.
An often overlooked fact about the financial system is that it entirely depends on trust. When trust starts to evaporate, especially between the big players such as banks and insurance companies, the whole artifice is put into peril. Trust in the system is now at an extreme low and that points to extreme danger.
The celebration of Eid Al-Fitr (the feast of breaking the fast) marks the end of Ramadan fasting. And this year, it has been a relief more than anything. It feels ‘normal’ again.
Over forty years ago I drew on the doctoral work of Bridget Puzon to produce The Second Journey and reflect on midlife journeys. Human history, as I realised then and later, throws up everywhere examples of such journeys: from Abraham and Sarah to Moses, from Paul of Tarsus to Mother Teresa of Calcutta, from Dante Alighieri to Eleanor Roosevelt, from John Wesley to Jimmy Carter, from John Henry Newman to Dietrich Bonhoeffer.
But although the Coalition will never admit it, it looks suspiciously like there has been some bipartisan institutional learning about how to manage financial crises. If you want to stimulate an economy in times of crisis put the money directly into the economy, either into people’s pockets or to businesses who then pass it on to workers.
It is one of the ironies of Australian political history that a policy that has profoundly benefited this country’s version of capitalism came, not from the right, but from the Labor party and unions. The mandating of superannuation payments in 1992 under the Keating government has profoundly changed Australia’s financial system.
I never had to confront the idea that the British monarchy — and the British Empire at large — was built on racist principles and benefitted from racist practices. Not until it came from the mouth of one of the Royal family’s favourite iconoclasts, Meghan Markle.
Social media companies are adopting a strategy that may go down in history as among the worst corporate mistakes ever. Google and Facebook are now monopolies and, like all monopolies, they no longer see their main interest as serving customers but rather to capture governments in order to protect their market dominance.
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