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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.
In recent months comment on international politics has been about taking sides and falling into line. Against such strident calls, two apparently unrelated pieces of speculation passed with little response: the prediction of a further cut to aid, and the assertion that China wanted to establish a military base in Vanuatu.
If anything, there seemed to be something hollow about a gesture that all but acknowledges the success of the Russian-backed regime which has taken a stranglehold over the civil war. One conclusion is that brutality is fine as long as it avoids the use of certain types of force, namely chemical weapons.
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?
It's like the plot of a John Le Carre novel: A former double agent found unconscious on a park bench; allegations Mother Russia poisoned him with a secret nerve agent; diplomatic repercussions. Before assuming life imitates art, it would be well to check our facts, not least because stumbling into war with a nuclear power is a silly thing to do.
This affair has done little to encourage Australians keen on pushing a more robustly independent line from Washington. A ceremonial subservience and deference to US power has been exhibited. Such sentiments embrace the inherent inequality of the Australian-US relationship. To be in deficit to the US is seen as a good and necessary thing.
I've been thinking about my former students lately. Anyone who has ever spent time with young people over the past ten years would see something inevitable in the current moment over gun control in the US, where Parkland students are charging at the seeming edifice of the NRA - and leaving cracks.
'Francis' statement is not one merely for theological or academic contemplation. It is in effect Francis' call to establish a new benchmark for our economy, one where exclusion and inequality are no longer a natural and accepted consequence of its operation.' Director of Economic Policy for Catholic Social Services Australia addresses the CSSA annual conference in Melbourne, February 2018.
The mass murderous gun, even in the hands of a disgruntled teenager, remains a manifestation that will linger in the face of legislative apathy and constitutional fervour. A civilised society may not require such guns, but US civilisation expresses a frontier brutality that refuses to abandon them.
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.
The world is often characterised as porous and easy to manoeuvre in this age of unparalleled technology and a globalised economy. But it's only ever been this way to people who have a combination of a particular passport and cultural heritage, particularly in settler colonial nations such as Australia.
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