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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.
The controversy over the shares of US video game company GameStop has again exposed what has long been obvious: there is something seriously rotten in the state of the world’s financial markets. It was a battle between a hedge fund, Melvin Capital, which manages $US13 billion, and a small group of ‘amateur’ investors who communicated with each other on a Reddit forum called WallStreetBets.
The world’s financial markets are afflicted by a deep irrationality that imperils their very existence. On the surface, finance looks logical enough with its numbers, charts, mathematics, forecasts, ‘modelling’ and so on. But this only masks the fact that the system itself has been working on underlying assumptions that are either contradictory — such as that you can ‘deregulate’ finance when finance consists of rules — narrow minded or absurd.
Aden was a first and a trailblazer for a group of people who before her were long ignored in the mainstream fashion industry. She has many regrets and admits she made mistakes, but for a fresh-faced teenager who was given this huge responsibility, she says, she did good. I say different, she did bloody brilliant.
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