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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.
Few Australians of Irish descent will now be familiar with this history and the experience that accompanied it. They would see themselves as simply Australian. But the emphasis on social justice, the recognition of the value of community, and the concern for people who are marginal that are communicated through Catholic schools and the sympathy with the underdog owe much to the Irish heritage.
Despite a post-pandemic bull-run, both the national and international economy are now stalling. Interest rates are going up. Markets are going down. Inflation seems unstoppable. While many factors are to blame for the rising cost of living, a catalysing force continues to be our response to the war in Ukraine.
We all know the Internet can be a seething cesspool of vitriol, so the presence of heart-warming videos of people slipping $20 into someone’s coat pocket or randomly complimenting a stranger, even the ubiquitous handing out of flowers, is largely welcome. But is this actually kindness? If an act of kindness happens and no one is there to film it, did it really happen?
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.
One of the tests by which we can judge political maturity is whether it gives due weight to complexity. It is easy to reduce political conversation to opposed statements between which we must choose. That will sometimes be appropriate. Often, however, discussion of policy raises several different questions, each of which needs to be considered.
How is it that Lismore, one of the most flood-prone towns in Australia, can be so ill-prepared and so badly affected by floods this year? Flood frequency is critical information, so you might expect that such guidance was based on the best available data – but this does not appear to be so.
Last week at the Plenary Council Second Assembly, it seems many of Australia’s bishops, for whatever reason, wanted to bury the talents available to them. They voted down motions related to the equality of dignity between men and women. The reaction according to commentators was visceral with members, not just women, upset and angry. It is likely the anger was more potent for the fact that the motions had become so anodyne that many assembly members are probably regretting the parsing and pruning.
As part of the 30th anniversary of Eureka Street, we're running conversations with the team who first started the publication in 1991, alongside various people who have played a part in the Eureka Street story. In this video, Eureka Street editor David Halliday speaks with Eureka Street consulting editor Andrew Hamilton SJ.
Every day is a battle waged for our attention. Last week, I watched an episode of a new ABC series Our Brain on the nature of consciousness and the effect our tech lifestyle is having on our intelligence. Although painful at times, the revelations from Our Brain ring true. The most incisive perhaps is the degree to which social media has been successful in capturing our attention.
Despite last week’s decision by the Fair Work Commission to push up the national minimum wage by 5.2 percent, millions of Australians, in all parts of the country, will continue to live in poverty and on survival wages. The facts are that the Commission’s decision takes the minimum wage from $772 a week to $812, an increase of $5.70 a day, not a fortune but better than nothing.
The Liberal wipeout in inner-city electorates is without precedent in Australian politics. For the Liberal Party, ‘existential crisis’ is not an overstatement. As the party founded by Robert Menzies finds itself in the hall of mirrors, climate policy should be a major focus of critical self-appraisal.
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