Search Results: financial crisis

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  • ECONOMICS

    SMSFs offer 'pension fund socialism'

    • David James
    • 12 August 2014
    1 Comment

    In 1976 management thinker Peter Drucker said the real owners of the stock market were workers, through their pension funds. A similar broadening of ownership has occurred in Australia since the creation of compulsory superannuation. But intermediaries called fund managers still stood between the people and ultimate control of their financial destiny, until the rise of the Self Managed Super Fund (SMSF).

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  • AUSTRALIA

    The Norfolk Island solution

    • Andra Jackson
    • 03 August 2014
    25 Comments

    While the Federal Government continues to cast around for other Pacific nations and Cambodia to take in refugees held on Manus Island and Nauru, it has one ready solution right on its own doorstep. It is a place that has been calling out for help to counter its falling population and its prolonged economic crisis. It is an Australian territory and one that is already receiving Australia's financial support.

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  • ECONOMICS

    Commbank plunder part of new world economic order

    • David James
    • 06 July 2014
    7 Comments

    As the Pope and economist Thomas Pikkety have observed in recent times, the inequity created by capitalism is a growing concern. But the problem with this argument is that 'capitalism' is too broad a term. The attack would be far better directed against the financialisation of developed economies. A new type of sovereign has emerged, and like all rulers they are cheerfully engaging in acts of plunder.

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  • AUSTRALIA

    Why the excluded are still waiting

    • John Falzon
    • 30 June 2014
    29 Comments

    The Government's McClure interim welfare report is predicated on the big lie that welfare is the problem and the market is the solution. The long wait of the excluded for some of the wealth and resources, for some of the hope to trickle down, is one of the most audacious con jobs in modern history. It is not misfortune. It is not a mistake. It is not the fault of the excluded. It is an attack against ordinary people who are made to bear the burden of inequality.

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  • ECONOMICS

    Super's evil empire on shaky ground

    • Brian Toohey
    • 10 June 2014
    15 Comments

    The superannuation industry inhabits a cosseted world in which the money pours in thanks to a combination of government compulsion and tax concessions. The foundations of this empire are criticised for how the tax concessions create an expensive form of upper class welfare, and for the harmful effect of compulsory super's artificial expansion of the finance sector. The Abbott Government shows scant concern about either aspect.

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  • ECONOMICS

    Blessed are the moneymakers

    • David James
    • 15 May 2014
    9 Comments

    The 2014 Federal Budget has created a new hierarchy of virtue in Australian society, with well off investors deemed to be good and the disadvantaged bad. It is not so much class war as a war between capital and the rest of society. Those wielding significant capital are useful, while those who can save little, and have little to invest, are considered a burden.

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  • ECONOMICS

    Abbott and Hockey more Prince John than Robin Hood

    • David James
    • 04 May 2014
    11 Comments

    In politics, one should never opt for a balanced and thoughtful description of the truth when wild exaggerations will do. Especially when you want to take from the poor and give to, if not exactly the rich, at least the investor class. The dire pronouncements from the Abbott Government in response to the Commission of Audit's 86 recommendations reflect not only the PM's relentless negativity, but also more than a whiff of class war.

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  • ECONOMICS

    Financial advisers can be more than bookies

    • David James
    • 25 March 2014
    6 Comments

    Removing the requirement that financial advisers act in the best interest of their clients will reveal financial advisers for what they really are: salespeople for the banks' wealth management platforms. Tony Abbott argues that the changes will remove 'red tape' and declaimed: 'We're creating the biggest bonfire of regulations in our country's history.' This is a duplicitous use of language that misunderstands how the finance sector works.

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  • RELIGION

    Church abuse crisis and the law

    • Carmel Ross
    • 13 March 2014
    23 Comments

    Reports from the Royal Commission this week have focused on the efforts of John Ellis to have his experience of sexual abuse as a teenage boy, perpetrated by a Catholic priest, acknowledged and adequately addressed by the Church. The finding by the High Court that Australian law as it stands does not allow an individual to sue the Catholic Church is an untenable situation if our nation believes justice for individuals is important.

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  • ENVIRONMENT

    Coal hard facts for religious investors

    • Neil Ormerod
    • 10 February 2014
    12 Comments

    The international movement to divest from investment in fossil fuels is gathering momentum. Investors are starting to realise that as governments act to restrain fossil fuel consumption, fossil fuel companies will find their assets being written down. This is particularly pertinent to Australia, the second largest coal exporter. And it raises questions for Australian religious bodies about the prudent and moral use of their resources.

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  • ECONOMICS

    Don't rob the poor to pay the rich

    • Bruce Duncan
    • 03 February 2014
    14 Comments

    The budget problems are not caused by Newstart or disability pensions, which have been declining as a proportion of economic activity. Had the Howard Government not been so generous with its tax cuts to upper and middle income groups, there would today be no budget deficit.

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  • ARTS AND CULTURE

    The joke is on Wall Street

    • Tim Kroenert
    • 22 January 2014
    5 Comments

    If ultimately Belfort's comeuppance for his innumerable evils is modest, and his lessons remain unlearned, it is deeply and frighteningly ironic, in a way that has parallels in the real world. The global financial crisis resulted precisely from the kind of unbridled amorality that the characters in The Wolf of Wall Street gleefully embrace. Money is their morality. Lives are left battered and bruised, but the Wall Street party keeps raging on.

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