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Thoughts on the demonstrations A lot of my friends have posted in favour of the demonstrations held across Australia yesterday on the issue of aboriginal deaths in custody. But I think the demonstrations were irresponsible. Hopefully, we are not “in the middle of a pandemic” as some commentators have stated. With no new cases over the last few days, it appears ...
Monetisation of Public Debt The public debt of a government that can issue its own currency is the amount the government has spent into the economy which has not yet been taxed back. If you were the government of the only village in the world, and you had the only money printing machine in the village, why would you borrow ...
El Salto de Fe En su libro ‘God’ Reza Aslan, él mismo un creyente, afirma que la creencia religiosa necesariamente requiere un ‘salto de fe’. Él dice que cualquier creyente que te diga lo contrario probablemente está en el proceso de tratar de convertirte. Aunque es un creyente, Aslan no es un Evangelista. Aslan comienza su libro discutiendo teorías sobre ...
A new narrative around Federal Government Debt Labor’s current national platform provides: “Labor will deliver sound public finances by adhering to a fiscal strategy that achieves a balanced budget on average over the economic cycle… Achieving a balanced budget is not an end in itself, but it is an appropriate medium-term objective, as part of sound fiscal policy and economic management which takes ...
‘The Deficit Myth’- the next best seller on economics? In 2013 French economist Thomas Piketty’s book ‘Capital in the Twenty-First Century’ was released and became a best seller. On May 18, 2014, the English edition reached number one on The New York Times Best Seller list for best selling hardcover nonfiction and became the greatest sales success ever of academic publisher Harvard University Press. As of January ...
Fábrica Americana (American Factory) Si pensaste que la ventaja que tiene China en la fabricación es por causa de la manipulación de su tasa de cambio o por el robo de tecnología extranjera, hay que ver la película ‘American Factory’. Sea cual sea la importancia de un yuan bajo, o el robo de tecnología, en la dominación china de la ...
Responding to Corona Virus and Pre-Existing Economic Issues Prior to the CVP Australia’s economy was already afflicted by significant economic problems including the following: Stagnant real wage growth and high incidence of insecure employment; Falling investment and stagnant economic growth; Increasing economic inequality; Increasing gender inequality– Over the last 12 years, Australia has fallen from a rank of 15th to 44th on the World Economic Forum’s Global ...
Federal Labor will need a new narrative around funding further fiscal stimulus (Tony Dalton assisted me with the contents of this article) Australia, like the rest of the world, faces a very serious situation. The coronavirus pandemic (CVP) and the ensuing economic crisis are unlikely to be short-lived. Despite Australia’s remarkable success in limiting the spread of the virus so far, Covid-19 is extremely contagious with high lethality and ...
A resurrection reflection On this day a few thousand years ago Jesus was resurrected into everlasting life. Except that he already presumably had everlasting life because he was already a part of the Holy Trinity. Anyway, where did he go and what is it like there? The Quran gives a very clear vision of what heaven is like. There are lots ...
What is a ‘reasonable doubt’? Many people think the law is something that has some kind of objective existence. But it is often more like a series of somewhat vague or elusive concepts that are required to be applied by courts, as consistently as possible, to a myriad of different circumstances. The concept of “proof beyond a reasonable doubt” has ...
Federal Labor and the Coalition’s Package Federal Labor has done a good job by pointing to holes in the Coalition’s coronavirus economic package. The communique today from Anthony Albanese to ALP members stated: “Parliament has just passed a wage subsidy – something Labor has spent weeks calling for. Support is on the way for millions of Australians – and as a result, millions ...
It is Corporate Debt not Government Debt that is the problem. Government debt A government that issues its own currency cannot go bankrupt. It can choose to offset its spending by raising taxes or by borrowing (issuing government bonds). But it does not have to. It can just credit the accounts of the recipients of government spending. The only limit on the amount a government can spend ...
How can the Government “afford” the Corona Virus package? On 30 March, the Government announced the $130 billion JobKeeper Payment to help keep Australians in jobs as we deal with the significant economic impact from the Coronavirus. This brings the Government’s total support for the economy to $320 billion across the forward estimates, representing 16.4 percent of annual GDP. How can the government afford this when we have ...
COVID-19 and Climate Change- Similarities and Differences The parallels between the COVID- 19 and climate change crises are as follows: Both crises are global problems requiring global action but also requiring changes to the individual lifestyles of billions of individuals; Both crises demonstrate the importance of strong leadership by governments. While individuals, or even communities, can initiate or agitate for change, only government can ...
Are the rules now clear enough? I don’t think so Governments are still not giving clear enough messages to the community on social distancing and the virus. The message from all leaders is that if you do not need to go out then stay at home. But it is not clear enough what “need” means. It is clear enough that we need to go out to buy ...