The Basics of Modern Money
Angry Birds Approach to Understanding the Modern Economy
…instead of saying they want to reduce government deficits and debt, supporters of “fiscal consolidation” and other such policies should say that they want to lower growth and lower private sector net saving, since that’s what the impact of their policies is likely to be. At the very least, supporters of austerity should indicate which of the other two balances will be reduced along with the government’s budget deficit, and how they will do this. The budget deficit cannot be reduced without reducing the private sector surplus and/or the current account deficit.
Previously we examined the Treasurer’s opinion piece from the Fin Review with our progressive and modern monetary frame and now we examine the message contained within.
From that frame we learned the Treasurer at least admits we are not investing enough in childcare and perhaps schools.
Last night I was interviewed by TRT – Turkey’s answer to Al Jazeera – on a panel moderated by Adnan Azwaz on the Australian fires. My fellow panellists were Professor Mark Howden and Tony Kevin. Azwaz did a good job, and his courteous approach to moderation could teach Tony Jones a thing or two, although he […]
Phil Coorey asked a good question at Morrison’s Press Conference Jan 5th 2020, taking the PM by surprise with his unexpected tack, when he asked the PM if, seeing that the PM belives that reducing Australia’s 1.3% world contribution of Greenhouse Gas emissions to zero would have no effect on Climate Change, then would Morrison pressure Trump to reduce the emissions of the USA. The answer from Morrison was of course no he wouldn’t.
If I was at the Press Conference I would have asked Morrison
On January 4th 2020 Scott Morrison announced that ADF Personnel would be deployed to assist emergency services with bushfire fighting activities. Shortly thereafter a video was posted on the prime minister’s Twitter and Facebook pages summarizing the announcement. The video was backed by a jaunty* musical soundtrack and rythmic finger clicking.
#LibNatClimateApology
What I really think is that all Federal Liberal and National Ministers since 1995 should publicly apologise to the people of Australia for seeking to delay, undermine and prevent effective action on Climate Change.
Emergency information
Fires Near Me (NSW), Vic Emergency (Victoria)
Context
These photographs were taken on 28 December on Bells Line of Road, which runs between western Sydney and Lithgow. Bells Line of Road is the northernmost of two road crossings of the Blue Mountains between Sydney and western NSW.
As one of the longest and hottest days of the year dawned, Australians woke up to the news that two volunteer fire fighters, Geoffrey Keaton and Andrew O’Dwyer, are dead. The photos, published by the NSW Rural Fire Service, of each man smiling proudly and holding his baby for the camera are gut wrenching. They are western Sydney dads in their 30s, Aussie everymen.
Michelle Grattan from The Conversation puts it best.
Australian Treasurer Josh Frydenberg has an opinion piece in the Australian Financial Review today, the complete article can be read on the Treasurer’s website.
What I have written below is a re-write of the Treasurer’s article from a Modern Money and Australian Real Progressive frame. Let’s see what the Treasurer really has to say.
Originally posted at Australian Real Progressives
By now you have probably noticed Australian Real Progressives has a rather heavy focus on jobs. This is because 2 million Australians are looking for work or more hours.
“So far as it can humanly contrive, never again will the dole queues be seen in this country. Never again will competent workmen stand idle for months and years while limitless work remains to be done. Never again will young men drift hopelessly from town to town and from State to State, searching for the jobs which, in all this wide land, did not exist for them.”
Ben Chifley, 1949.