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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.
When you put rising housing costs alongside stagnating wages, an alarming trend in normalising insecure work, persistent unemployment and underemployment, and statutory incomes that are going backwards in real terms, there’s good reason to be deeply worried about an increase in homelessness.
Our economy is 1.1 per cent larger than a year ago. Yet, as the situation in Victoria reminded us, none of us are safe unless all of us are safe. And we cannot be safe while work remains increasingly insecure, while social security payments are inadequate and while our public infrastructure is found wanting.
The history of sport, with its varied and often conflictual relationships between local communities, money and administration, provides the context for understanding the Super League move. It also raises more important questions about the nature and importance of the local.
At the beginning of the Covid-19 pandemic, the government reassured Australia ‘We’re all in this together’ but the truth is that the end of JobKeeper and the Coronavirus supplement payments will leave more than 2.6 million people in poverty.
Instead of retaining its control of a fruit market, or preserving an oil monopoly, Facebook harnesses another resource: data. Any regulator or sovereign state keen to challenge the way the Silicon Valley giant gathers, monetises and uses that data will face their ire.
The celebration of pragmatism in Australian politics obscures the role that ideology has always already played. In fact, one of the more stealthily ideological moves in Australian politics, generally made within that swirl of commitments people call ‘centrism’, is the de-politicisation of policy — the attempt to present policy as responsive to natural imperatives rather than to specific values and ideals.
Despite talk against ‘vaccine nationalism’ the pharmaceutical companies are ultimately beholden to investors and shareholders. Their effectiveness percentages are pitches. They will sell to those who can afford to buy. And naturally that’s wealthy countries.
There is a common error about economics that, if not corrected, has far reaching consequences. It is the widely held belief that economic growth and consumption are the same. They are not.
If society were a mine, refugees would be the canaries in it. Their condition reveals whether the currents of public air are pure or toxic. By that standard the present currents in Australia are noxious. They mark a change from the first generous response to the coronavirus to the meaner reconstruction of the economy.
The global economy was already teetering on the edge of such a debt crisis before the coronavirus hit. The economic shutdowns have accelerated the damage.
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