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The Banks and the Creation of Money Most people believe that the bulk of money in the economy consists of notes and coins, that the government creates most if not all of the new money in the economy and that private banks only lend out money that has been deposited with the bank by the government or other depositors. But none of this is true. Only 3-7% of the money in our ...
Marx- identity politics and economic inequality Even ‘The Economist’ magazine has admitted Karl Marx was right about a good many things- globalization and international markets, the business cycle and the way economics shapes ideas, for example. But Marx’s most basic ideas also seem well founded- production is essential to survival and, in any system of production, human beings inevitably enter into social-economic ...
Trump Health ‘Reform’ Simply Explained Twenty five years ago health expenditures in the USA consumed 5% of GDP. Today that figure is around 17%. No other country comes close to this level of expenditure. In 2015, for example, per capita spending on health in USA was $9451 compared to Australia $4420. The USA pays more per capita for healthcare than any other ...
Random thoughts on the passing of a small animal Lucy, our cat, was a weakling. She was the runt of her Devon Rex litter and Devons are on the runty side to begin with. Plus she had suffered an allergic reaction to a vaccine as a kitten. This left her with a chronic nasal condition. She was a snuffller. When we bought her sister Evie, the breeder asked us to take Lucy as ...
Increasing Inequality The McKinsey Global Institute recently released a report entitled ‘Poorer than their Parents? A new perspective on income inequality’. The report states that “The real incomes of about two-thirds of households in 25 advanced economies were flat or fell between 2005 and 2014.” This is more than 540 million people. This contrasts to the period between 1993 and ...
Left Also Divided on Brexit The issue of Britain’s exit from the European Union divided the British Conservative Party. But the British left was also divided on the issue. The British Labour Party formally supported the ‘remain’ side. But leader Jeremy Corbyn has been criticised for being ambivalent about staying in the EU and for having pulled his punches in campaigning against an exit. Prominent ...
Our success as a species? How can we judge? Introduction Philosophers have considered the nature of existence (metaphysics), whether god exists (religious philosophy), how we can know things (epistemology), how we can lead a good, just or happy life (moral philosophy or ethics) and how societies can best be organised (political philosophy). Scientists, biologists in particular, have considered how species, including our own, are successful in ...
Mossack Fonseca the Tip of a Very Nasty Iceberg Money laundering and tax evasion on a massive scale has been revealed in the leak of more than 11 million documents from Panamanian law firm Mossack Fonseca. The documents show how Mossack Fonseca has helped clients launder money, dodge sanctions and avoid tax. The documents reveal activities by multi-nationals, current or former heads of state, high ...
Market Failure, Inequality and Inefficiency The ALP national platform says the following about markets and market failure: “Markets have fostered abundance and growth that would be inconceivable to previous generations. All markets are structured by legal frameworks, as well as underwritten by public investments in physical and human capital. Markets exist to serve communities and government can and should shape markets ...
Something has shifted in politics in the USA For fifty years, throughout the ‘Cold War’ and even during its aftermath, the word “socialism” was completely taboo in the USA. Those tending towards the left of the political spectrum were typically referred to as ‘liberals’. You might get away with describing yourself as a socialist in Europe. But not in the USA. Now however US ...
Australian Unions- Why is their membership declining? What does it mean for the ALP? There are multiple causes of the decline in the proportion of the Australian workforce that is unionised. These include casualization of the workforce, increase in the proportion of the workforce that is engaged as sub-contractors, manufacturing and services moving offshore, trade exposure of unionised enterprises to non-unionised enterprises both abroad and within Australia, increased restrictions ...
Our Shame- Why is Federal Labor Supporting Indefinite Detention of Asylum Seekers? Let’s be intellectually honest: Federal Labor is now effectively coalescing with the indefinite detention of asylum seekers on Nauru and Manus Island. This is occurring despite the lead given by Victoria’s Labor Premier Daniel Andrews (followed by most other Australian premiers) that 267 asylum seekers brought to Australia from Nauru, ought to be permitted to stay here. In ...
Public Health: USA v Australia The Federal Government has announced that it will list new hepatitis C drugs on the Pharmaceutical Benefits Scheme (PBS). The move means that 230,000 hep C sufferers will get access to the new treatment which has a success rate of over 90% with few side effects. Access in Australia will be obtained for the standard PBS co-payment of ...
The Misleading Mals In all likelihood Mal Brough has misled parliament. Just as significantly Mal Turnbull must know this. Mal Brough has made two directly contradictory statements. When Brough was asked on ’60 Minutes’ whether he had requested James Ashby to procure Peter Slipper’s diary for him, he answered “Yes I did”. When Mark Dreyfus asked Brough the same question in parliament, Brough answered simply “No”. In the ’60 ...
Paris Climate Conference, Progess Traps and Easter Island The 2015 United Nations Climate Change Conference will be held in Paris, from November 30 to December 11. It will be the 21st yearly session of the Conference of the Parties to the 1992 United Nations Framework Convention on Climate Change and the 11th session of the Meeting of the Parties to the 1997 Kyoto Protocol. The ...