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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’.
As restrictions drag on and the number of infections rises, more Australians are asking when lockdowns can cease. Federal politicians and business leaders have argued the case for a quick ending while claiming the authority of scientists. Science being science, the relevant questions have been tied to numbers. They have asked: how few cases should there be in the community before leaving lockdown? What percentage of the community must be vaccinated before the lifting of restrictions? What number of deaths should be tolerated for the gains of opening the economy? And when precisely should the opening of Australia take place?
Last week the annual Catholic Social Justice Statement was launched. Entitled Cry of the Earth, Cry of the Poor, its theme is care for the environment. In the same week the authoritative Intergovernmental Panel on Climate Change (IPCC) Report warned of the need for immediate and radical effort to minimise emissions and of the likely effects of their existing growth.
In his 83 years, social psychologist, researcher and author Hugh Mackay has seen the sun rise and set on regimes, ideologies, cults, fads, movements and manias. He has also seen language used to clarify and build common ground, or to confuse and demoralise. One constant throughout these years has been his fascination with how human beings treat each other and their planet, and why.
The biggest mystery of the financial markets is why, when the monetary authorities have been printing money with their ears pinned back, is inflation for the most part not a problem? What happens with inflation is crucial to the short-term survival of the whole system. Global debt, which is running at well over 300 per cent of global GDP, is only sustainable because interest rates are exceptionally low (the base rate in Australia is only 0.1 per cent). And interest rates are low because inflation is not a problem.
The Plenary Council First Assembly is only two months away, but uncertainty still remains about the role that its 282 members will play. Not just about what work they will do but what conception of the role they will bring or will be imposed upon them by the authorities.
While we can’t conflate accusations against Roth’s biographer with his subject, this recent Blake Bailey scandal invites us to revisit, through a 21st century lens, the world of someone considered one of the definitive writers of the 20th century.
In its Christian context, Easter Sunday celebrates the rising of Jesus to life. It follows his brutal execution on Good Friday after rigged trials. Good Friday this year occurs at the beginning of April, a month which Pope Francis dedicated to prayer for ‘those who risk their lives while fighting for fundamental rights under dictatorships, authoritarian regimes and even in democracies in crisis’.
Author Gideon Goosen estimates the percentage of those involved in reform groups in Australia is 5 per cent or less. Given the passivity of the laity, his view is that reform proponents should seek to engage the 40 to 45 per cent who might change their thinking. What forums or media, with sufficient audience reach and influence, facilitate respectful discussion of change in the Catholic Church?
There is a good reason why the term Australian Catholic Church is frowned upon in official circles. It does not exist. Instead, it is a patchwork quilt of fiefdoms called dioceses. It lacks an energising central authority which, when it needs to, can generate and shape a national church response.
Daddy Cool is a thoroughly absorbing biography, witty, astonishing, often intensely moving, effortlessly in charge of a crowded and potentially confusing canvas (readers of a certain age will recognise names like Jack Davey, Roy Rene, Dick Bentley, Willie Fennell).
Alan Jones has never shied away from controversy. Relentlessly pounding various positions for decades, he has remained, till his recent announcement that he would be retiring, immoveable. He ducked accusations; he prevailed in the face of storms and juggernauts. At Sydney radio station 2GB, he maintained a degree of authority from the fear of politicians.
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