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There really is no such thing as ‘capitalism’ — or rather there are so many capitalisms that the word is altogether too imprecise to be useful. A much better term to identify the problems, even evils, of modern developed economies is ‘corporatism’. This can be precisely identified and its transgressions and general harm are getting worse.
If Australia does draw back from globalisation — as opposed to trade, which will continue — then there should be more focus on our primary sector and how it could be better financed. Australia’s long history as a primary producer constitutes what economists call a ‘comparative advantage’: an economic area in which a country does best while giving up the least.
The experience of the Covid-19 pandemic has been like the aerosol used in those heist movies, where the cat burglar breaks into the museum and sprays the air to reveal the invisible lines of power that criss-cross the space between the door and cabinet where the treasure is kept.
The Glasgow United Nations Climate Change Conference has been advertised as an effort to focus on sustainable environmental solutions. What got much less attention, if any, is that it is probably at least as much about having a sustainable financial system. Many noted that China, did not send its leader: Xi Jinping, president of the world’s greatest CO2 emitter. There was also another significant absence: the financiers who are hoping to profit from the trillions allocated into climate change projects.
Well before the pandemic, the future for poetry’s slim volumes was looking far from healthy. Last November, the threatened closure of UWA Press, one of the largest publishers of poetry in Australia, drew attention to the narrowing opportunities for emerging poets to make their mark.
Over the last two years, money printing has created the illusion of strength in savings. But when reality resurfaces, and actual returns are required from actual economic and business activity, the global financial system will come under extreme stress.
Walking down to the local Saturday morning street market, I wasn’t expecting to find myself amidst the beginnings of a violent protest. Seeing some police, I thought they were out and about to ensure the public weren’t taking too many liberties with the slightly eased restrictions that had come into effect for Melbourne the previous night. But half a dozen on each corner of Church St and Bridge Rd in inner-city Richmond suggested something more.
There is a three-way battle looming over the future of money and the stakes could scarcely be higher. Conventional money, mainly debt created by banks — the ‘folding stuff’ is only a tiny proportion of the total — is in trouble. Total global debt is now so large relative to the world economy it cannot be serviced, which is why monetary authorities have resorted to dropping interest rates. When they almost hit zero, the next step was quantitative easing (QE): printing money by getting the central bank to buy back government and corporate bonds and putting them on its ‘balance sheet’.
It took 438 desperate human beings upon the overladen wooden fishing boat, the KM Palapa, to present Australia’s Howard government in August 2001 with an electoral opportunity. At first, there was feigned ignorance from Canberra about any signs of desperation. The vessel, lacking power, lay some 100km off Christmas Island. Despite a coast guard plane noting men jumping up and down on the roof in a frenzy, nothing was initially done.
There is a curious world called LinkedIn, a social media site for people trying to nurture their careers. The problem with it is that the participants are expected to take themselves more seriously than they might in what we used to call real life. LinkedIn has a culture of self-importance that cracks me up every time. There is nothing quite as funny as utter humourlessness.
In July, Anthony Albanese announced a significant change of stance on Labor tax policy which was disappointing, if not surprising. An elected Labor government, Albanese promised, would keep the coming high income tax cuts he previously opposed. This decision to not oppose the government proposal to restructure the income tax system through reduced marginal rates is supporting a government policy that will lead to a significant redistribution of wealth towards high income earners.
The biggest mystery of the financial markets is why, when the monetary authorities have been printing money with their ears pinned back, is inflation for the most part not a problem? What happens with inflation is crucial to the short-term survival of the whole system. Global debt, which is running at well over 300 per cent of global GDP, is only sustainable because interest rates are exceptionally low (the base rate in Australia is only 0.1 per cent). And interest rates are low because inflation is not a problem.
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