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Concern about political malfeasance in Australian politics was one of the issues that drove the influx of new members (mainly women) into the Australian Parliament on 21 May, and they are promising a raft of reforms. The astounding thing is that we managed to leverage the change of 21 May 2022 within the confines of a system that inherently favours the status quo, the preferential voting system tending to channel votes back to the major parties.
Some 278 Catholic bishops, clergy, religious personnel and lay people will meet as members of an unprecedented Plenary Council during 3-9 July to finalise the resolutions of their first assembly last year. However the May working document ‘Framework for Motions’, despite much worthy content, especially on Indigenous affairs, relies on a narrow notion of mission overly focused on inner-church issues at the expense of the wider social engagement that Francis emphasises.
As commodity prices and inflation soar in the ‘real’ world we may be witnessing a prelude to another 2008-style crisis triggered by the foreign exchange markets. The risks certainly look similar and can be described with a simple question. Can the fictions produced by out-of-control financial actors survive reality?
In purely economic terms, the upcoming Federal election is extremely unusual. The shut down of the Australian economy for almost two years because of health measures really has no precedent in our history. Only war can produce that type of shock. The Federal government’s financial response was as extreme as the state of emergency measures, including a sharp increase in Australian government debt. It remains to be seen, however, if the government gets much credit for injecting so much free money into the economy. It is unlikely.
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.
Having previously spent time as lawyer working predominantly in the Children’s Court of Victoria, there isn’t too much about the State’s treatment of young people that shocks me. That is, until a few weeks ago when I was drawn to the final item of The Weekend Australian’s editorial column. Under the heading, ‘Hurt boy’s inhuman treatment’, was set out the details of a 15-year-old West Australian boy who had been ‘locked alone in a glass-walled observation cell of a juvenile detention centre in the southern suburbs of Perth for 79 days.’
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 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.
These weekday mornings all is quiet. / I stroll across the highway, / a piddle of cars in the outbound lane, / a puddle at the distant lights. / Along the parkland trail / cowled figures walk alone, / measuring their distance. / From the rise above the railway cutting / Macedon stands burly in the smoke-free air.
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.
As a result of the pandemic, like other religious observances, the availability of the Sacrament of Penance has been drastically curtailed, and it is unlikely that recourse to the sacrament will be as frequent as previously even when the restrictions are lifted. Further, the confidence of the laity in the inviolability of the seal has, understandably, been undermined, a consequence of which may again be that recourse to the sacrament will be in decline.
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