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The world is facing cross-currents: a collapsing financial system that is balanced by the benefits of massive, long term improvements in production efficiencies, mainly because of technological advances. It is a bad news/good news story that can only be seen accurately if the intractable errors of contemporary economics are jettisoned. We are in a battle between finance fictions and reality.
For Europe, especially Germany, there should be enough gas in storage to limp through winter but by next spring there may be severe trouble. The leaders of Europe and the United States expected that they would win the economic war against Russia and force the invader to withdraw. Not only did that not happen, it is likely to lead to severe unintended economic consequences.
Australian cultural icon and erstwhile publisher Hilary McPhee calls Telltale ‘a rare thing, an ingenious memoir,’ and she is right. It is interesting and reassuring to note that books about reading and recollections of reading habits seem to be proliferating. Perhaps such writing is a defence measure against worrying developments like universities in England, for example, axing their English Literature courses.
We all know the Internet can be a seething cesspool of vitriol, so the presence of heart-warming videos of people slipping $20 into someone’s coat pocket or randomly complimenting a stranger, even the ubiquitous handing out of flowers, is largely welcome. But is this actually kindness? If an act of kindness happens and no one is there to film it, did it really happen?
Daniel Mendelsohn lectures in classics at Bard College, a liberal arts institution in New York State. His retired father, aged 81 in 2011, regrets gaps in his own education, and asks to sit in on his son’s course of seminars on Homer’s The Odyssey. Professor Mendelsohn agrees, and Jay Mendelsohn joins a class of 18-19 year-olds. Later, father and son go on a cruise that retraces The Odyssey where they discover: is home a physical place, or something you carry around with you or within you?
Monetary authorities are caught in an impossible situation. Inflation is rising: it is over 5 per cent in Australia and over 9 per cent in the United States. Inflation is often seen as a way out of excessive debt because it erodes the real value of money and therefore the real value of the debt. But what is increasingly being discussed are ways to cancel the debt.
The question that should be posed is how effective has the Reserve Bank been at ‘managing’ the economy and financial system? ‘Not very’, has to be the answer. Not that the RBA is alone. The same pattern has been seen across the developed world. Central banks have one weapon at their disposal, the cost of money (the interest rate), and there is not much evidence they have used this tool to make their systems sustainable. Mostly, they have made matters worse.
Brian Matthews, academic, award-winning columnist and biographer, and Australia's foremost scholar on Henry Lawson and his mother Louisa, died last Thursday 2 June following complications related to lymphoma, at the age of 86. Brian first wrote for Eureka Street in February, 2002 and continued to contribute his monthly column for 20 years.
In his initial speech as leader of the Liberal Party Peter Dutton committed himself to care for the forgotten voters, echoing a foundation document of the Liberal Party: Robert Menzies’ speech after an electoral defeat in 1942 refers to forgotten people to point the way forward for the new party. The phrase was central to a re-imagining of Australian society.
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.
Edward Cole understood that books encouraged community. The businessman could rub shoulders with the tramp in his Arcade. Now, in an age of division and isolation, more than ever we need spaces which facilitate community; light-filled cathedrals dedicated to the love of knowledge and stories, and their power to cross borders, politically, ideologically and culturally.
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