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The COVID-19 pandemic is starting to ease, but the economic and financial fall out has just begun. It is not as if the world economy was in good shape before economic activity was slashed and entire industries were shut down. Those fault lines are only going to worsen, and the consequences might be very dark.
The world-wide chaos caused by the outbreak of the coronavirus has underlined a lesson that was only partly learned in the Global Financial Crisis of 2008. In a more interconnected world the understanding of system-wide risk needs to be much better than it is.
We live in an era of hyper-transactionalism, whereby most of what we do is subject to the exchange of money and market pricing. Whereas in the past much of humanity was bound to a political system, now most of us are bound to a globalised monetary system.
Growing up I cringed at Asian representation in film and television. More often than not we were cast as nerds, martial artists or second to the plot. We had little depth to our characters, which continuously perpetuated racial stereotypes — stereotypes that still exist today.
A shift is afoot in the west's financial markets that represents the most important economic change since the emergence of the new financial instruments in the 1990s that ultimately led to the global financial crisis. It is likely to result in a new way of thinking about money, which will change the substructure of developed economies.
Rest in late afternoon silence, the vision quest in flight / Red ramparts attenuate to pink mauve in muted light; / Only gold could slake the Depression fever of Lewis Lasseter / Lead to an alchemy of empty jam tins and broken beer bottles / Fibula and femur disjoint, wrecked on iron pyrite reefs.
Dickens was a prolific writer, and one of patchy quality: the threat of sentimentality was never far away, so that this brief work is not one of his best. But in this consumer age it is salutary to have his definition of the Christmas spirit, which is one 'of active usefulness, perseverance, cheerful discharge of duty, kindness and forbearance'.
In Malta, shudders are being felt through the media and political establishment. Prime Minister Joseph Muscat has announced his intention to resign. Other officials are doing the same. Malta's equivalent of the accusing ghost of Banquo is that of the slain journalist Daphne Caruana Galizia, killed by a car bomb in October 2017.
At the next global financial crisis, when questions about what we want our monetary system to do for us become a matter of survival, why not devise a transactional system that is not just geared towards the consumption of goods and services, but involves monetary exchanges for social goods, such as sustainable production, or civic benefit?
Recognising that financial systems are a human creation rather than natural systems governed by 'capital flows' would be an important step to conceiving a more robust and equitable system. To ask what kind of society we want and only then work out what we want money to do for us is to put the horse back in front of the cart.
It is easy to blame the financial sector — and the governments that were supposed to oversee the financial system but instead just washed their hands of it — for creating this global debt debauch. They certainly bear much of the responsibility. But in many ways the financial misbehaviour is as much symptom as cause.
One of the ironies of the intensifying tariff war between America and China is that that neither of the two giants seems to have a viable economic model. Both countries' systems are based on dodgy financial engineering and printing money, or just inventing new types of money out of thin air.
73-84 out of 200 results.