Search Results: banks

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  • INTERNATIONAL

    Understanding Trump the businessman President

    • David James
    • 10 November 2016
    17 Comments

    The first step for a business person is to make the sale, usually by over-promising and tapping into the emotional triggers of the customer. That is what Trump did. Over and over, he assured everyone that electing him would be 'fantastic'; he would deliver; customer-value is in the bag. The next step, once the sale is made, is for a hard financial logic to be applied. Trump's hype will be, at the very least, toned down. Once the customer has coughed up, business people typically become extremely pragmatic.

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  • ECONOMICS

    It will take more than a royal commission to tame the banks

    • David James
    • 10 October 2016
    2 Comments

    The strategy of the Big Four banks' appearance in parliament was clear enough. Blame the whole thing on a need to improve impersonal 'processes', imply that there have been a few bad apples but overall things are fine, and promise to do better in the future. The greatest challenge was probably to hide the smirks. A royal commission is being held up as an alternative, and no doubt it would be more effective. But a royal commission would not address the main issue.

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  • CARTOON

    Piggy banks

    • Fiona Katauskas
    • 05 October 2016
    3 Comments

    This week's offering from Eureka Street's award winning political cartoonist.

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  • ECONOMICS

    Morality is back on the economic agenda

    • Andrew Hamilton
    • 20 September 2016
    4 Comments

    It is a welcome change to see budgets spoken of in moral terms. The government recently insisted on a moral responsibility to future generations to fix the deficit. And the Australian Catholic bishops welcomed on moral grounds the compromise that saw dropped from the budget measures which would further disadvantage vulnerable people. The difference was that the government's argument was focused on the budget, whereas the bishops' focused on particular groups of people.

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  • RELIGION

    Purifying language vital to renewing 'polluted' churches

    • Andrew Hamilton
    • 01 September 2016
    15 Comments

    Dowling, who was a victim of clerical abuse, offers a program of reflections that bring together scriptural themes and the effects of sexual abuse. Most striking is the extraordinary labour required to purify the language of a tradition that has become polluted. This is vital not simply as a therapeutic exercise but as a condition for renewal and reconciliation. It may also be pertinent to wider society, where Brexit and the Trump phenomenon have been characterised by a coarsening of public language.

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  • INTERNATIONAL

    The merits of Trump's economic agenda

    • David James
    • 09 August 2016
    15 Comments

    The main legislative catalyst for the GFC was the repeal, in 1999 by Bill Clinton, of the Glass Steagall Act, which had prohibited commercial banks from engaging in the investment business. This allowed the investment banks to indulge in the debauch of financial invention that almost destroyed the world's monetary system. Trump has made the reinstatement of Glass Steagall official policy. Should that happen, it could be the most beneficial development in the global financial system for decades.

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  • ECONOMICS

    Beyond Brexit doomsday myths

    • David James
    • 28 June 2016
    15 Comments

    Had Greece decided to exit the EU last year the consequences would have been far greater than Brexit, because Greece uses the euro, whereas Britain has the pound. British interest rates are not set in Brussels, they are set by the Bank of England. And it has an independent fiscal and budgetary system, to the extent that it is possible. The British government has been imposing 'austerity' measures because it subscribes to neoliberal orthodoxy, not because it is being told to do so by Brussels or Germany.

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  • AUSTRALIA

    'War on business' rhetoric echoes '07 union bashing

    • Brendan Byrne
    • 27 June 2016
    15 Comments

    Whether or not the person in the now notorious 'fake tradie' ad is or isn't a 'real' tradie is irrelevant. What is relevant is that it is a primary example of the co-option of the language of class struggle and economic justice that has so thoroughly poisoned economic debate in the industrialised West. Implicit within it is a patronising view of the working class that dismisses them as gullible dupes who can be made to entrench the privilege of the few in return for the paltry crumbs of consumer hedonism.

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  • ENVIRONMENT

    Is your super doing dirty work?

    • Thea Ormerod
    • 21 June 2016
    4 Comments

    An accelerating number of institutions and individuals are moving their money out of planet-heating fossil fuels and into climate solutions. The total assets guided by some form of divestment policy was $3.4 trillion at 2 December last year, 50 times more than what was up for divestment 12 months earlier. It sounds like a lot, but it's a small amount compared to the $100 trillion-plus invested in the usual way. That's our money, in banks and super funds, managed funds and insurance companies.

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  • ARTS AND CULTURE

    War-room of a child's mind

    • Belinda Rule
    • 21 June 2016
    4 Comments

    I saw a younger girl, blonde hair in pink clips, spiral glitter sneaker laces - baubles of a treasured child that no-one ever bought for me. A girl in a parlour painting, and I the hairy spider hulking in the corner. In the war-room of the mind, I pierced my map with pins. How simple to trick her to some dirty culvert, hold her down, mar her white arms ... Civilisation was a hair draped on the head of a pin, each one of us poised, rigid, clutching our own pin still - I could see I would cramp with the effort all my life.

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  • ECONOMICS

    How financial markets are stymying climate action

    • David James
    • 15 June 2016
    7 Comments

    There is little doubt that the means to dramatically reduce the amount of pollution produced by developed economies is already theoretically available. It is perfectly possible to redesign industrial systems so that they do not pollute and do not consume finite resources at a rate that is unsustainable. But it requires a radical shift - and the biggest barrier to that shift occurring, the financial markets, is barely even mentioned in discussions of the challenge.

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  • INTERNATIONAL

    Calculated risks, incalculable rewards in India

    • Catherine Marshall
    • 27 May 2016
    3 Comments

    In 2013 I attended an event so exclusive, so unique, it wouldn't happen again for another 144 years. It was the Maha Kumbh Mela in Allahabad, Uttar Pradesh, where, over a six-week period, an estimated 120 million Hindu pilgrims converged on the banks of the Ganges, Yamuna and mythical Sarasweti Rivers in order to perform puja, or the cleansing of their sins. If we're open to what travel seeks to teach us, we'll gain from it the most superior of educations, and the most profound lessons in humility.

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