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Australia’s Reserve Bank mainly concentrates on keeping inflation within an acceptable range and maintaining a high level of employment. Social equity has never been considered to be part of its mandate. It should be. Interest rates have been the biggest cause of economic and social division in Australia, not just between rich and poor, but also between older and younger generations.
Instead of retaining its control of a fruit market, or preserving an oil monopoly, Facebook harnesses another resource: data. Any regulator or sovereign state keen to challenge the way the Silicon Valley giant gathers, monetises and uses that data will face their ire.
Under Victoria’s Border Directions after 23 July, people in NSW, including Victorian residents, were effectively prevented from entering the state. Their only option was to request an exemption for a number of specified reasons including ‘attending a funeral or end of life event or returning home for health, wellbeing, care or compassionate reasons or for any other reason under a general discretion’.
A small minority of localities situated outside Greater Brisbane suffer from disproportionately high rates of a wide array of problems including low income, overcrowding, long-term unemployment, particulate matter in the air, no internet, child maltreatment, and youth crime. These different strands of disadvantage pile-up and interlock, countering attempts to break free.
The elevation of Dominic Perrottet to the Premiership of New South Wales caused a flurry of commentary about his religious faith. In many parts of the media his politics and personality were framed by his Catholicism. I watched on with a degree of discomfort, and with a sense of possibility. Could some of the bigoted characterisations invite a richer conversation about the ideals and deeper narratives that enliven our public leaders?
Two decades ago, an Indonesian vessel given the name SIEV X sank with loss of life that should have caused a flood of tears and a surge of compassion. Instead of being seen in humanitarian terms, the deaths of 353 people became a form of rich political capital, placed in the bank of opportunism to be amortised at a federal election.
Mark Twain is reported to have said ‘history does not repeat, it rhymes.’ Watching a US helicopter evacuating people from the US Embassy in Kabul, that was rhyming. Many have seen this picture before, 30 April 1975, but then it was Saigon. The massive confusion, mixed messages, terrified people, lack of human rights protection happened in 1975, and still happens in 2021.
With the world clearly divided between those vaccinated against COVID-19 and those who are not, ethicists, public health specialists and politicians have become more preoccupied by the prospect of booster shots.
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.
It has now been over a month since the Taliban seized Kabul. As attention inevitably shifts elsewhere, the painful question arises: What's next? Is this another 'back to the future' moment? The signs are grim. Over the last two weeks, the Taliban have issued a number of edicts which demonstrate that their attitudes to women have not changed.
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’.
The New York Times editorial on 15 August was all about tragedy in describing the fall of Kabul to the Taliban. ‘Tragic because the American dream of being the “indispensable nation” in shaping a world where the values of civil rights, women’s empowerment and religious tolerance rule proved to be just that: a dream.’
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