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As the world economy groans under soaring levels of debt, the place to look is Japan, whose current government debt-to-GDP ratio is an eye watering 253 per cent. It is Japan, which led the developed world into this mess, that is likely to lead the world out of it by cancelling debt. The consequences of such a move would be far reaching.
As the West flirts with starting World War III in Syria, it is worth examining some of the financial and business dynamics behind the US 'military industrial complex'. War may not be good business, but it is big business. And in contrast to Russia and China, the industry in the US is heavily privatised, including the use of mercenaries.
The recent furore about Donald Trump's imposing of tariffs on steel, from which Australian companies have been exempted, raises an interesting question about the economics discipline. Which is better, an oxymoron or a tautology?
The rush to pay tribute to the cosmological colossus had an air of reflex about it. People paid respects, but many were not entirely sure why. He'd be missed, but in what way? Such is the way of celebrity, even those rare intellectual ones who burst the barrier of mass marketing. They become symbols in their time, ciphers of an age.
The practice of appointing business people to oversee arts bodies is as questionable as referring to the arts as an 'industry'. Business and the arts work on almost diametrically opposed rationales. Understanding this might go a long way towards assessing the art world more intelligently.
Does watching this ridiculously premised film full of obnoxious characters, complete with smatterings of Singlish, make me feel culturally represented? Yes. There are threads of cultural recognition in the Southeast Asian locations and the Chinese customs that resonate, as well as the cultural mobility of various characters.
Too few inversions of this power dynamic come along. So we are allowed to laugh a) that some careless handling of furniture can go a long way toward embarrassing people, and b) that those same people have expanded surveillance mechanisms and presided over lapses in data security. It schadens our freude, for sure.
A visitor from an earlier time would be stunned to see how much we understand the world using monetary measures. Finance has come to be considered the first reality, not defined by, or reflecting, reality. To see how this creates distortions, consider GDP, which is taken to be a reliable measure of national wellbeing, but in fact is anything but.
I hung out with a group of Indian-Australians while I was a university student who called themselves 'curries', but the unspoken camaraderie that ensued from this self-identification stood in stark contrast to that time I was called a 'f***ing curry' by a passing car full of white people.
It is not difficult to imagine a scenario where the game of musical chairs in Australia will come to a shuddering end, imperilling the banks and dragging the economy into a deep recession. As we saw in the GFC in America and Europe, government money will be thrown at the banks to rescue them at the expense of ordinary citizens.
When misused power remains unchallenged, it is the most vulnerable who suffer most. The truism finds acerbic embodiment in the Slovak-Czech black comedy The Teacher, whose setting in 1983 communist-ruled Czechoslovakia provides a historical backdrop that doubles as an analogy for any socio-political context where power can be a means to personal ends.
Once upon a time, usury was considered a sin and lending was subject to strict controls. Now, the world is in the grip of usury. It cannot continue. At some point it will have to be retired, or swapped to equity. A good place to start is third world debt, which is the most immoral variant.
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