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The global impact of COVID-19 has further increased inequality in food security, with nations already facing widespread famine, malnutrition and food insecurity being hit the hardest.
There will be Great Reset in finance and economics. It is inevitable because the shock has been so great. The first problem is what to do with global debt, which was already at unsustainable levels before the virus hit: over 320 per cent of global GDP. The only way to prevent system-wide failure has been to lower interest rates to near zero levels.
The full economic impact of the coronavirus lockdowns will not be fully felt until the end of the year, but it will be devastating. The Treasurer, Josh Frydenberg, is already estimating that the effective employment rate is 13.3 per cent; it may be headed for as high as 20 per cent. It raises a question, not just in Australia, but in many developed countries. Will there be a significant middle class left after such economic destruction?
The significance of having a sanctuary has been heightened during the last months of living with the threat of COVID-19, which starkly highlights the experience of those Australians who do not have a sanctuary, who do not have a home to shelter in.
Over the weekend in most Australian states, rules requiring people to stay home were relaxed somewhat. The country has commenced its easing of the significant restrictions on venturing out in public. As we begin to reacquaint ourselves with life outside, it is useful to reflect on the new resonance of ‘home’ — but also on its inherent limits.
The world-wide chaos caused by the outbreak of the coronavirus has underlined a lesson that was only partly learned in the Global Financial Crisis of 2008. In a more interconnected world the understanding of system-wide risk needs to be much better than it is.
The long queues outside Centrelink and the crashes on the website have fuelled the fears of many people, including myself, that one wrong sentence in the application means we will be denied relief, or worse, that even if we are eligible, the money could take weeks to come in, way past the point of financial solvency.
We live in an era of hyper-transactionalism, whereby most of what we do is subject to the exchange of money and market pricing. Whereas in the past much of humanity was bound to a political system, now most of us are bound to a globalised monetary system.
Approaches to governance are in flux within church agencies, sectors, dioceses and at the national level, either driven by the demands of state regulations or in response to the challenging new situation the church finds itself in. There is so much change going on that it is difficult to follow.
A shift is afoot in the west's financial markets that represents the most important economic change since the emergence of the new financial instruments in the 1990s that ultimately led to the global financial crisis. It is likely to result in a new way of thinking about money, which will change the substructure of developed economies.
Among the bustle of hundreds of thousands of teenagers with clever signs, mild sunburns, and a palpable disdain for major party politics, there was a sense that we could change the world. The noise we made felt so deafening that no one could ignore it. And then we were promptly ignored.
For our society to function responsively to what is now a dynamically changing context, we urgently need differently oriented governance. This will, no doubt, be unpalatable for some — both in government and in the general public. But without re-setting how we are governed, our land and our society will suffer further destruction.
49-60 out of 200 results.