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I keep going back to a short story, by Carmen Maria Machado in her book Her Body and Other Parties, called ‘Inventory’. In its simplest terms, the story is a narrator’s list of her lovers loved: boyfriends, girlfriends, neighbours, strangers. From this inventory emerges, bit by bit, the story that has made the list necessary: an epidemic is ravaging the world’s population.
The world-wide chaos caused by the outbreak of the coronavirus has underlined a lesson that was only partly learned in the Global Financial Crisis of 2008. In a more interconnected world the understanding of system-wide risk needs to be much better than it is.
We live in an era of hyper-transactionalism, whereby most of what we do is subject to the exchange of money and market pricing. Whereas in the past much of humanity was bound to a political system, now most of us are bound to a globalised monetary system.
A shift is afoot in the west's financial markets that represents the most important economic change since the emergence of the new financial instruments in the 1990s that ultimately led to the global financial crisis. It is likely to result in a new way of thinking about money, which will change the substructure of developed economies.
At the next global financial crisis, when questions about what we want our monetary system to do for us become a matter of survival, why not devise a transactional system that is not just geared towards the consumption of goods and services, but involves monetary exchanges for social goods, such as sustainable production, or civic benefit?
Recognising that financial systems are a human creation rather than natural systems governed by 'capital flows' would be an important step to conceiving a more robust and equitable system. To ask what kind of society we want and only then work out what we want money to do for us is to put the horse back in front of the cart.
It is easy to blame the financial sector — and the governments that were supposed to oversee the financial system but instead just washed their hands of it — for creating this global debt debauch. They certainly bear much of the responsibility. But in many ways the financial misbehaviour is as much symptom as cause.
One of the ironies of the intensifying tariff war between America and China is that that neither of the two giants seems to have a viable economic model. Both countries' systems are based on dodgy financial engineering and printing money, or just inventing new types of money out of thin air.
They vastly outnumber journalists, their industry is far bigger than the shrinking media organisations, and the concentration of media ownership means that they can do deals with proprietors. Understanding that the trail with fake news leads to the spin doctors can be a useful way to detect what is, and is not, propaganda.
While money can be transacted for things that are bad — air pollution, road deaths, cigarette ads — as long as more transactions occur, it creates the illusion the economy is growing, which, ipso facto, is good. Thus, Japan's GDP rose sharply after the tsunami disaster. New Zealand's initiative will track better what is really happening in the country.
Indonesian democracy has proven resilient to challenge and made inroads into combatting problems that have beset the country for decades. But a crossroads approaches. A failure to manage religious radicalism and intolerance, corruption, and other social tensions may imperil or destabilise this democratic epoch.
The globe is being split into two, with Australia nervously sitting between the two sides: America and China. At least we have a trade deficit with America so are not an immediate target. But we might want to consider becoming more self-sufficient and broadening our industrial base.
97-108 out of 200 results.