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The global economy was already teetering on the edge of such a debt crisis before the coronavirus hit. The economic shutdowns have accelerated the damage.
The uncertainties are not ended by last week's announcement. The statement only vaguely signals that the Department will 'work' with recipients to identify 'further proof points'. What constitutes a 'proof point'? The government needs to disavow its past conduct in a much deeper, detailed and clear way. Instead, it has gone silent.
I was heartened by the announcement Gordon Legal is pursuing a class action for robodebt victims. I am one of hundreds of thousands of people who has gone through the robodebt process. I too felt the exercise of a reverse burden of proof; guilty until proven innocent.
A policy genuinely in support of moving into employment would not seek to capitalise on the ambiguity of accounting in the year of transition from welfare to work — which is effectively what robodebt does.
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.
Once upon a time, usury was considered a sin and lending was subject to strict controls. Now, the world is in the grip of usury. It cannot continue. At some point it will have to be retired, or swapped to equity. A good place to start is third world debt, which is the most immoral variant.
Is there such a thing as bad debt when it comes to national budgets? Is infrastructure spending a great idea by default? We also take a glance at the first 100 days of the Trump presidency. As an antidote, we finish with a quick reflection on the latest moves by Pope Francis.
Observing the decades long incident is unbearable - although they have fallen beautifully time is not on their side, their ideals are consigned to fire. But do we care so little that when the fates convene and humans fail sumo-sized jelly fish and yellow crazy ants and ubiquitous spiders will be all that's left? Do we care so little and think we are free of all our debts? Did we think we were never so needy as to sell our dreams?
Low interest rates tend to change the understanding of risk; having high debt seems to be less of a problem because the cost of servicing it is lower. This cavalier attitude has been especially evident in Australian households, which have racked up more debt relative to the size of the economy than any other country in the world. The massive appetite for debt has been replicated across the globe. The world may have survived the era of casino money - just - but it is now facing another crisis.
America, my country, is teetering on the edge of a dark future. We cannot continue in this fashion, or we will enslave our children and grandchildren to ruinous debt; we will twist their lives in unimaginable ways, because we would not pay our bills or reduce the luxury with which we lived.
Hundreds of Timorese men and boys served alongide Australian fighters in an amazing guerilla campaign throughout 1942 that tied up several thousand Japanese troops while the battle for New Guinea was underway. Australia has made at best half-hearted efforts to acknowledge this debt.
When Fr Julian Tenison Woods was no longer welcome in the south, he came and conducted scientific expeditions and parish missions in Queensland. In 1881, he conducted a parish mission in Maryborough, where he got Martin Brennan, my great-grandfather, off the grog and back to church.
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