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We are in the midst of what is being called the ‘the Great Resignation’, with millions of workers rethinking the place of work in their lives, and WFH is a huge part of this. According to a report by Microsoft, ‘over 40 per cent of the global workforce [is] considering leaving their employer this year’ and hybrid work — a combination of home and office work — is here to stay.
Over the last two years, money printing has created the illusion of strength in savings. But when reality resurfaces, and actual returns are required from actual economic and business activity, the global financial system will come under extreme stress.
There is a three-way battle looming over the future of money and the stakes could scarcely be higher. Conventional money, mainly debt created by banks — the ‘folding stuff’ is only a tiny proportion of the total — is in trouble. Total global debt is now so large relative to the world economy it cannot be serviced, which is why monetary authorities have resorted to dropping interest rates. When they almost hit zero, the next step was quantitative easing (QE): printing money by getting the central bank to buy back government and corporate bonds and putting them on its ‘balance sheet’.
There really is no such thing as ‘capitalism’ — or rather there are so many capitalisms that the word is altogether too imprecise to be useful. A much better term to identify the problems, even evils, of modern developed economies is ‘corporatism’. This can be precisely identified and its transgressions and general harm are getting worse.
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.
It is no coincidence that white ‘settler’ theology in this country has barely begun to engage with Indigenous people. Arguably, it has only begun to do so because the Indigenous citizens of the churches have begun to cast off the imaginative shackles made for us by our white gubbas and find our own voice.
A state government has an obligation to do what is possible within the limits of state resources to help its people, to make the state an inclusive place where all have access to essential services and housing. However, over the last few weeks, with the announcement of the funding restructure for homelessness services, this idea of a fair go seems to have dissipated.
In a recent speech to business leaders, Prime Minister Morrison made the remarkable claim that ‘we are going to meet our [climate change] ambitions with the smartest minds, the best technology and the animal spirits of capitalism.’ This is straight from the neoliberal playbook, the doxa that the role of government is to get out of the way to make room for those animal spirits so as to pander to the fantasies of the wealthy few.
The stark differences between Australia and Papua New Guinea during this crisis are a reminder of how far we still have to go to make sure that all humans, no matter where they’re born, have access to decent healthcare.
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.
We recently celebrated World Poetry Day, which gives poets, both public and private, a day in the sun. It also renews old conversations about why poetry might be important and whether all poems should rhyme.
I am a refugee from Afghanistan, and I belong a minority ethnic group, the Hazaras. We have been persecuted for a long time because of our ethnicity, religion and values. In 2012, I was forced to leave Afghanistan. I was 17. Back home, my father was a medical doctor. The Taliban accused him of working with international armed forces in the country at the time. One day the Taliban took him away, and nobody has seen him since.
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