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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.
The leaders of the past are often referred to as a measuring stick for evaluating the present. Australian prime ministers are routinely compared to John Curtin or Robert Menzies. This coming week calls to mind another leader against whom we might measure others. July 18 marks Mandela Day, an annual international day in honour of Nelson Mandela, the first Black President of South Africa. Mandela had the quality, rare today, of being born to rule.
Just over a fortnight ago Google suspended Blake Lemoine, an engineer for Google’s AI organisation, for publicly claiming a computer chatbot he was working on is sentient and thinks and reasons like a human. The publicity surrounding the suspension has raised questions about the development of artificial intelligence (AI), about our shared understanding of what it means to be conscious and sentient.
As commodity prices and inflation soar in the ‘real’ world we may be witnessing a prelude to another 2008-style crisis triggered by the foreign exchange markets. The risks certainly look similar and can be described with a simple question. Can the fictions produced by out-of-control financial actors survive reality?
I was invited to a party the night of the 2019 election. The night’s entertainment was invite-only, with long tables of bread and wine, and I stepped back from the sounds of celebration to hear the political coverage on my phone. Standing at the far window, I looked up to see people in the night below, out in the dark, silent. Behind me a party guest shouted over the noise ‘what happened?’ I looked away from those outside and answered: a loss.
In purely economic terms, the upcoming Federal election is extremely unusual. The shut down of the Australian economy for almost two years because of health measures really has no precedent in our history. Only war can produce that type of shock. The Federal government’s financial response was as extreme as the state of emergency measures, including a sharp increase in Australian government debt. It remains to be seen, however, if the government gets much credit for injecting so much free money into the economy. It is unlikely.
We should not underestimate the difficulty that people who represent independent branches of the same organization face when drawing up an agreed statement on contentious issues. Even the widely applauded Uluru Statement from the Heart did not secure the support of all Indigenous groups. If the Bishops Statement was to be effective it had to be supported, or at least tolerated, by all members of the Conference, despite their differing views about political and church issues and the priority that should be given to them in advocacy.
The rights and wrongs of what has happened in recent years regarding the experience and sufferings of transgender people have ended up as a polarised and difficult area of discourse, affecting women’s lives and rights far more than men’s. In the current situation, Raymond is a clear voice about the erosion of women’s rights and safety in what should be the safest, most pluralistic arena of all: academia.
We are told by the government and associated authorities that these are times of ‘personal responsibility’. This is undoubtedly a major transition from the heavy regulated existence not that long ago when the collective good outweighed individualism. Juxtaposed with this ‘forging forth’ expectation is the significant, if not alarming, increase in infection rates.
In our culture, Easter celebrates the benignity of the ordinary. It is a time for getting together with family, for going away to bush or beach, and in southern states a time of mild weather ideal for watching big football matches and other sport. The important question raised now by Easter is whether the meanings of Australian Easter, and indeed those available to our secular society, have the depth needed to handle our present predicaments.
In 2020 as the Covid-19 pandemic raged globally, as Australia shut its borders and some states shut in their people, massive government income support was introduced. The government was a little slow coming to recognise the need for such measures. Once they had, they wanted the support rolled out as quickly as possible. Frydenberg, Scott Morrison and their colleagues recognised that a demand side boost was absolutely necessary to sustain economic activity. The government was uncomfortable, though, with this approach.
The long conflict between the federal government plan for a national radioactive waste facility in South Australia and the opponents of the plan has continued to escalate in the past months. On 19 November, Kimba on SA’s Eyre Peninsula was declared South Australia’s Agricultural Town of the Year. Notwithstanding this significant honour, on 29 November the federal Minister for Resources Keith Pitt finally made the formal declaration that Napandee in the Kimba district was the chosen site for the proposed federal radioactive waste dump.
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