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The recent ructions in the Chinese stock market set off great consternation in global financial markets, but for the most part this was a display of ignorance. One of the reasons China’s influence on global markets has been so beneficial, since at least 2007, is that its economy and financial markets are so different.
G. K. Chesterton said that 'too much capitalism does not mean too many capitalists, but too few capitalists'. In our young century, we have lost capitalists, and wealth has coagulated to a seemingly smaller and smaller number of financiers, oligarchs and corporations. The stock market is where entrenched wealth is kept and made. An industry-shattering share-trading app is set to help deepen our pool of capitalists.
There has been great pressure on both of the major political parties to stop giving so-called rich retirees partial pension income. The conventional view has become that retired millionaires should not be feeding off the public teat. But in terms of income, many of those 'rich retirees' would actually be better off on the pension.
International Monetary Fund prescriptions have a long history of failing, and countries that ignore them are often the ones that do surprisingly well. Few have been asked to be more servile than the Greeks. When the IMF came in with what is amusingly referred to as its austerity 'plan', the Greek economy was expected to grow at over 2 per cent. After the 'plan' had taken effect, the country’s economy had shrunk by a quarter.
Allowing such a flimsy discipline as management to co-opt an area as important as education, as appears to be the trend, is as absurd as it is saddening. Education has been with us for thousands of years and encompasses some of the most profound thinking the civilisation has produced. Management thinking has been with us for a few decades and has accomplished next to nothing.
On Saturday, a Victory Parade will commemorate the 70th anniversary of the final defeat of Fascist Germany. It is a fitting tribute to the heroism of the Russian people for their huge sacrifices and sufferings in a common cause with the west. Many leaders including US President George W. Bush attended the 60th, but a specious rationale is dictating a boycott this time around.
The conflict in the Ukraine has attracted a great deal of attention for its geo-strategic implications. Less noticed have been the economic implications. The sanctions placed on Russia have forced Russia to become even closer to China, and the alliance between a military superpower and an economic superpower is beginning to split the global economy in two. It may come to represent the biggest geo-economic and geo-political shift of the first half of this century, defining much of the future landscape.
The 2015 Intergenerational Report is reminiscent of a comment by that great 20th century philosopher and baseball player Yogi Berra: 'It’s tough to make predictions – especially about the future.' Many economic commentators have pointed out, rightly enough, that Treasury cannot even get its one year predictions right. Nevertheless, it is worth looking at how the 40 year forecasts are constructed to see the kind of thinking involved.
The theme song from Selma references Rosa Parks and Ferguson in the same breath. Indeed this is a powerful period drama that resonates loudly in a modern age where the injustice against which Martin Luther King raged continues to haunt Black America. Oyelowo's King is charismatic and proud, but plagued by doubts and capable of great sadness when even one of his followers falls in the midst of the struggle.
Sanctions against Russia have pushed Russia and China much closer together. Russia is set to provide two fifths of China’s gas needs after the completion of two massive pipelines. This will easily replace what they have lost in supplying Europe and deliver what the Chinese most crave: security of supply. Meanwhile, Russia has cut off 60 per cent of its supplies of gas into Europe, re-routing it to Turkey, and saying that Europe will have to build its own infrastructure to transport it to the Continent.
The Best Australian Essays 2014 finely illustrates the unnervingly unclear line between essay and short story, but no-one plays with form quite like the indomitable Helen Garner. She offers such a brooding, aching ode to her mother. Proof again that good writing is an inexorable, spiritual exercise that seers itself into the reader's memory. How does she do it?
It's December, and film writers everywhere are putting together their lists of the best films of 2014. But best-of lists are so subjective, so here's our take: ten films from 2014 that are guaranteed to get you thinking, and talking!
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