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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.
The Murugappan family have found themselves in the middle of this nasty tangle, their fates politicised and manipulated.
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.
There are larger and unchanging questions about why we communicate and about the effect of our communications on the way we live. World Communications Day is an opportunity to think about these basic questions.
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.
Bird darts every day sometimes twice to the high bath. Perches, hops around the rim. Snaps its gaze side to side, up, down, behind. Calls out, sharp, insistent.
The young in Myanmar have no personal memory of those events of 1988 and 2007. They are Generation Z, raised on the internet and with new ways of communicating. Their emotions overcome fear. Gen Z meets the deadly threat with humour and creative protest.
What we have is a rare opportunity — in all likelihood a once-in-a-lifetime chance — to shape the future and emerge from the pandemic as a better, fairer nation.
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.
The Australian community and its government are struggling to come to terms with the extremely serious allegations against members of the SAS for their alleged criminal misconduct during the war in Afghanistan. At the same time, we Catholics are experiencing a bad case of déjà as there are many echoes of how we felt when the Royal Commission into Institutional Responses to Child Sexual Abuse (RC) began in 2013.
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.
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.