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Some of the soup van's clients collect cans to sell to a scrap dealer. The work supplements their welfare income and provides a sense of fulfillment. Since the global market crash business has been slow: 'China doesn't want aluminium now.'
On the day the markets bled we rushed to hear Stiglitz's diagnosis. The Nobel Laureate used to be Chief Economist of the World Bank, ending his term in fisty cuffs with the IMF and the US over their financial bullying of developing nations. Stiglitz had schadenfreude written all over his face. (October 2008)
The hand-in-glove nature of Perth business politics was hard to detect when money was cheap. Australia had a credit boom between 1983–1985, but the days of easy money faded. Then came the king wave: the sharemarket crash. (April 1991)
All ideologies, including religions, can rot. They can neglect the view of the human world on which they are based and focus simply on implementing the consequences of their ideas. When this happens the costs in human misery are great.
Circumstantial evidence suggests that during the past few weeks we have seen a massive manipulation of monetary policy to support US bank stocks. The manipulation has been played out in plain view, which, of course, is the best place to hide a secret.
As I walk the streets of Manhattan, things seem much the same as always. Yet newspapers are peppered with references to the market 'cratering', a term that conjures the desolate landscape of the moon. A friend suggested another interpretation: 'A crater is what's left after a massive explosion.'
Recent events both aeronautical and financial have been enough to scare anyone off banks and aeroplanes forever. Global economic chaos is nothing compared with the trauma of being stuck next to a large person on a plane.
On the day the markets bled we rushed to hear Stiglitz's diagnosis. The Nobel Laureate used to be Chief Economist of the World Bank, ending his term in fisty cuffs with the IMF and the US over their financial bullying of developing nations. Stiglitz had schadenfreude written all over his face.
The market crash was driven by fear as much as greed. Greed results from the gap between rich and poor, which leads everyone to feel they are holding on to their way of life by a thread. A truly just economy would be a stable economy.
More people read Inferno and Paradise Lost than Paradiso and Paradise Regained. Perhaps that is why the financial crisis and attempts to resolve it have been received so sullenly: sin and punishment sell better than virtue and reward.
The problems besetting Wall Street investment banks seem a long way from life in downtown Australia. The need to know the context of the economic crisis, and to keep a clear head, has never been more important.
It's time we called big businesses' bluff about their appropriation of the term 'creativity'. For a truly creative nation to evolve, we need to study the wild mutability of the creative process.
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