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Just as the focus of post-war reconstruction was not merely demobilisation but the maintenance of full employment, developing social security and economic development, decarbonising Australia must involve rebuilding faith that politics can deliver a better Australia. We need to ensure our response leads to a good society.
Kenneth Hayne's royal commission into the financial sector has named, shamed and excoriated banks, regulators, insurance companies and other financial services businesses to the extent that you would think they are now extremely vulnerable and universally unloved. That would be a mistake.
The opening of the finance sector to scrutiny provides an opportunity to examine its position in the structure of the Australian political-economy, and, most importantly, to make the changes necessary to place it at the service of the people, rather than allowing it to continue to prey on us.
One of the most basic distinctions in finance, with which any stockbroker or fund manager is familiar, is that between equity and debt. As the global economy teeters on the edge of a debt and banking crisis, with global debt more than 300 per cent of global GDP, the merits of equity is something that needs to be better understood.
The problem goes much deeper than a few crooked operatives and it will not be fixed by changing the corporate 'culture'. The fundamental evil is the arithmetic of compound interest. Interest on debt rises exponentially, while economic activity is linear. That means that sooner or later those in a weaker position are unable to pay.
Far-right extremists are savvy political actors. They know openly discussing their beliefs risks running afoul of anti-discrimination laws. Because of this, they have mastered how to speak in the negative and convey meaning through allusion.
Whenever institutional interests are put ahead of the legitimate concerns of others, including the poor and marginalised, there develops a trust deficit. This deficit is gripping institutions here and overseas. Its impact is deep and destructive. Facets of Catholic Social Teaching point the way to reversing the downward trend.
The government finally released its women's economic security statement. The package is built around three pillars — workforce participation, earning potential, and economic independence — totalling $109 million dollars over four years. It is a drop in the ocean compared to what is needed to address the crisis of gender violence and substantial inequality.
So here is a question. Which are you? A customer, a shareholder, a worker, a citizen, or, well, a whole human being? If you answered 'customer' then congratulations, you are in line with contemporary economic orthodoxy, and boy, have we got a society for you. If you answered 'a human being' then that really is a problem, I'm afraid.
Bolsonaro's election is the product of Brazil's disenchantment with democracy and hatred against a political system corrupted to its core. It is corruption — a malaise that infiltrates just about every slice of Brazilian society — that has pushed the country to what Vladimir Safatle, a Brazilian philosopher, has described as 'night without end'.
It has been a decade since the banking aristocracy Lehman Brothers filed for bankruptcy in what would be the chant of doom that became the Global Financial Crisis. Today, the legacy of Lehman Brothers and the crisis it helped precipitate supply warnings of the next shock.
The corporations have had it their own way for most of this century but two recent events have startled them. One is the election of a US president who says he is an economic nationalist. The other was Brexit. The battle lines have been drawn between a unipolar, American dominated world and a multipolar world.
169-180 out of 200 results.
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