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Among Australian Catholics the Plenary Council and the preparations for the Synod in Rome on Synodality have aroused hope and stirred scepticism. It is clear that a Church diminishing in numbers of participants in its public life and in its financial resources, and discouraged by the extent of child abuse by its officers, must find new ways. But that the processes of the Council and the Synod will spark fresh energy for change is not a given.
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.
I'm standing before the portrait of a woman with closed eyes, her hands delicately cupping, almost, her tilted head. In her face, in her composure, a flower-like serenity that speaks of care, reverence.
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.
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.
Recent research has documented some of the historical causes of the ongoing absence of water justice. When the land rights agenda emerged towards the end of the 20th century, deliberate decisions were made to restrict access mostly to land without water rights.
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.
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.
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.
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