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For Europe, especially Germany, there should be enough gas in storage to limp through winter but by next spring there may be severe trouble. The leaders of Europe and the United States expected that they would win the economic war against Russia and force the invader to withdraw. Not only did that not happen, it is likely to lead to severe unintended economic consequences.
Now that it is becoming hard to avoid just how much trouble the global financial system is in, it is interesting to speculate about what should be done about it. The first thing to understand about the global financial system is that the assumptions that were used to shape it are demonstrably false.
Monetary authorities are caught in an impossible situation. Inflation is rising: it is over 5 per cent in Australia and over 9 per cent in the United States. Inflation is often seen as a way out of excessive debt because it erodes the real value of money and therefore the real value of the debt. But what is increasingly being discussed are ways to cancel the debt.
The question that should be posed is how effective has the Reserve Bank been at ‘managing’ the economy and financial system? ‘Not very’, has to be the answer. Not that the RBA is alone. The same pattern has been seen across the developed world. Central banks have one weapon at their disposal, the cost of money (the interest rate), and there is not much evidence they have used this tool to make their systems sustainable. Mostly, they have made matters worse.
Some 278 Catholic bishops, clergy, religious personnel and lay people will meet as members of an unprecedented Plenary Council during 3-9 July to finalise the resolutions of their first assembly last year. However the May working document ‘Framework for Motions’, despite much worthy content, especially on Indigenous affairs, relies on a narrow notion of mission overly focused on inner-church issues at the expense of the wider social engagement that Francis emphasises.
As commodity prices and inflation soar in the ‘real’ world we may be witnessing a prelude to another 2008-style crisis triggered by the foreign exchange markets. The risks certainly look similar and can be described with a simple question. Can the fictions produced by out-of-control financial actors survive reality?
Elon Musk’s proposed hostile takeover of Twitter will be a fascinating battle that will have consequences far beyond the stock market. It is exposing just how financially strange social media and conventional media have become.
In a space of 40 years, Russia has been our enemy, then our friend and now is an enemy again. Russia is again attacking Ukraine. We are convinced the Ukrainian cause is just. But we also know that we face a domestic far-Right terrorism threat at home. What if young impressionable foreign fighters with little knowledge of Ukrainian history, politics and internal conflicts find themselves fighting with and influenced by anti-Semitic and Islamophobic neo-Nazi groups?
Prior to the conclave that elected Pope Francis, the Cardinals who met together identified the need for a reform of the Vatican finances and a broader reform of the Roman Curia. Shortly after Francis was elected, work began on the reform of the Roman Curia. There was wide consultation including with the various bishops’ conferences around the world.
There is a great deal of commentary about the growing importance of artificial intelligence, or AI, especially in business circles. To some extent this is a self-fulfilling prophecy — if people think something will have a seminal effect then it probably will. But if the supposed commercial benefits are significant, the dangers are potentially enormous.
On a superficial level, it makes no sense to commit so strongly to managing the impacts of climate change (adaptation) on the one hand while refusing to significantly reduce emissions (mitigation) on the other. On the other hand, when you start to unpack the logic of so much adaptation policy, this contradiction fades away.
If Australia does draw back from globalisation — as opposed to trade, which will continue — then there should be more focus on our primary sector and how it could be better financed. Australia’s long history as a primary producer constitutes what economists call a ‘comparative advantage’: an economic area in which a country does best while giving up the least.
37-48 out of 200 results.