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As the collapse of Silicon Valley Bank, Signature Bank, and Credit Suisse poses a renewed threat to the global financial system, the question arises: how can we manage out-of-control debt? With global debt exceeding 230 per cent of GDP, could nationalising banks be the solution to the ongoing crisis, or will the debt merry-go-round continue to spin out of control?
The decision by Australia to buy nuclear submarines from the United States and Great Britain inevitably prioritize security over justice, equality, and fraternity. As the world faces the threat of catastrophic global warming, it is time to ask whether submarines are the answer, or whether they distract us from the far greater challenge posed by nature itself.
Any sanctions regime produces uneven effects. Economic sanctions imposed on Russia are not only unlikely to end the conflict in Ukraine, but they are having unintended consequences, encouraging Moscow to be more resourceful and leading to a shift in global energy markets.
As the National Council for Fire and Emergency Services updated Australia's fire danger ratings to include 'Catastrophic', it's worth considering other crises that pose a catastrophic threat like climate change, war, diseases, and economic loss, where disadvantaged groups disproportionately suffer.
Was Russia's removal from the SWIFT system the moment when the global financial system detached itself from reality? The financial system is at risk from unpayable debt and the delusion that money can be created out of money itself, and wider trust underpinning finance is steadily evaporating.
As politicians and economists search for a simple solution to inflation, high debt, and rising interest rates, Australia's inequality has become a defining feature of its economy. As the fear of unintended consequences and the power of vested interests loom large, incremental reform may be the only way to reduce inequality and serve the common good.
One year on from Russia's invasion of Ukraine, the world is left with a sense of unease. As the worst state-on-state aggression in Europe since World War Two, it has had global, cascading effects on inflation, energy prices, and food security. So how will it end?
Peter’s playful, profound love of life ranged from the earth to the skies, and from the oceans to the great mysteries of the universe. It was a love that was grounded in family and community rituals.
Threatened with the closure of the local nursing home, leaving elderly residents stranded, locals in Dimboola are selling home-grown produce to raise money to save the facility. And at the same time, they're breathing new life into the local sharing economy.
It is highly doubtful that the Essendon Football Club appreciated the reaction that would occur when it presented its new CEO, Andrew Thorburn, with the option of giving up his role as a lay leader in the City on a Hill Anglican Church or resigning from his role with the Club. Even if many were uneasy about how the issue was caught up in the culture wars, it caused widespread concerns amongst people of faith.
To close the year for Eureka Street, the editorial team wanted to nominate who we considered to be the Eureka Street ‘person of the year’ based on who we think somehow embody Eureka Street values.
In 1939, King George VI gave an encouraging Christmas address, speaking after the Declaration of War on the Nazis. The future was uncertain, with no assurance of survival. In Australia we do not face the same immediate threat, but we do share the same uncertainty.
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