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Investing capital in the production of goods and services may create jobs, but it's not the best way to make money. It's more profitable to manipulate the financial system to create more money from money, which is why the finance sector does so well. The polarisation of wealth is less extreme in Australia, but we have our own capital-driven Ponzi scheme - the residential property market, which has become an exercise in making money out of money.
There has been an avalanche of divestment, including from the Rockefellers and the ANU, as they discern a lack of concern for environmental, social and governance issues. Shareholders attending Wednesday’s Commonwealth Bank AGM will hear a resolution requesting more transparency about the bank’s fossil fuel investments. But the bank’s response can seem like a game whose rules only become clear to its participants as they play it. Banks and other powerful organisations can still exploit any lack of clarity.
In Ancient Greece, Hippocrates used the term 'hysteria' to account for emotional instability and mental illness in women. This is a diagnosis that survived up until the first sparks of the women's suffrage movement in mid–19th century. In the case of food animals, we are told that they cannot think, suffer or feel pain.
In 1976 management thinker Peter Drucker said the real owners of the stock market were workers, through their pension funds. A similar broadening of ownership has occurred in Australia since the creation of compulsory superannuation. But intermediaries called fund managers still stood between the people and ultimate control of their financial destiny, until the rise of the Self Managed Super Fund (SMSF).
The exodus of thousands of unaccompanied and undocumented children from Central America countries to the US — via Mexico's unforgiving northern border — has become a humanitarian crisis of unprecedented dimensions. While organised crime continues, economic violence remains unresolved and the US doesn't get its migration policy right, such children will keep risking their lives.
Earlier this month, Pope Francis once again blasted capitalism. But it is not true that all business leaders dismiss those who appear chronically unproductive. Thursday's Vinnies' CEO Sleepout included investment bankers and other capitalist 'true believers', and now venture capitalist Mark Carnegie is proposing a war against growing inequality and disengagement, as if he is on a unity ticket with the Pope.
During Abbott's forthcoming visit to Obama he will find a president not only willing to take strong action in relation to climate change, but doing so with the public support of the US Catholic bishops. This is not a situation he will find comfortable given that in the Australian context he has always previously been able to count on the support of Cardinal Pell to muddy the waters on climate change.
The Australian Government needs to be less cavalier and reticent to subsidise local manufacturers, who are obliged to be transparent about their work practices and bear the costs of this. When our politicians praise workplace efficiency in other countries, they are promoting manufacturing processes that often exploit workers.
The Budget does not signal an end to the 'age of entitlement', as there are still plenty of beneficiaries of government expenditure or foregone revenue. You don't need to be an economist to see that collectively the Budget measures will impact negatively on the income levels of the poor and disadvantaged. The discussion now must be who will pick up the pieces left behind by Government in developing a system with obvious gaps.
Last week's Game of Thrones series four premiere revealed Melbourne as the pirate capital of the world. The downloaders make a 'people power' claim to moral legitimacy because they think pay TV provider Foxtel's business model undermines the access they believe they are entitled to. Stories are not a cultural form of terra nullius, and human nature will not allow them to be wholly appropriated by business interests.
Economics is full of circular arguments. The Government is on the one hand arguing — most notably with the SPC Ardmona case, the exit of the car manufacturers and Qantas — that it will not get involved in supporting Australia's industry base. But then it argues that its policies will boost Australia's industry base. Lower unemployment will inevitably follow. For the first time ever it is apparently possible to have it both ways.
Soprano Deborah Cheetham was in her 30s when she was reunited with her birth mother. It was the beginning of her understanding of herself as a Yorta Yorta woman and member of the Stolen Generations. At the time she was in the throes of composing her opera, Pecan Summer, based on the 1939 protests by Aboriginals from the Cummeragunja Mission. She soon learned that the story was closer to her than she had realised.
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