As Donald Trump’s new presidency surges across our politics, there is one element in his victory where most Australian politicians remain in ideological denial — the revolt against identity politics.
The Australian newspaper
During the Obama era the US underwent a cultural revolution. Fuelled by social activists on race, sex and gender issues and the decisive swing by younger people to social liberalism as a way of life, the Democratic Party embraced identity politics as a brand. It mirrored the values transformation that swept through many American institutions: the academy, media, arts, entertainment and much of the high income earning elite. But revolutions are only guaranteed to bring counter-revolutions in their wake.
Much of the preceding article THE HOW OF FISCAL ARMAGEDDON:Part I was concerned with the mechanisms of fiscal collapse in the West. Implicit was what the trigger for this might be. A major political or fiscal crisis in the EU or a sudden collapse of the Chinese financial systems, may be two of the more likely triggers. In this article we will explore the current ‘house of cards’ that is the Chinese Financial system.
China is a statistical ‘out-lyer’ when it comes to industrialisation. The sheer size and pace of what has happened in just the past 20 years dwarfs all preceding industrialisation models. China initial near term industrialisation is a hundred times as large as any new industrialisation model we have seen previously, and it has happened in a hundredth the time. Buried in the rise and rise of this remarkable industrial behemoth however are deep systemic flaws, that have the potential of bringing down the whole Chinese enterprise, and along with it the world economy. It is not a case of if the Chinese economic ‘bubble economy’ will burst, it is matter of when that will happen. But first let us explore what is really going on inside the Chinese economy.
During and immediately after the deep Recession of the 1980s, First World Governments began to cede economic control to Central Banks. In part, governments realised that there were political constraints on what measures democratically elected administrations could actually carry through, and remain in power. There appeared to be a realisation, within the political class, that government couldn’t be trusted with the levers of interest rate manipulation and power, because of the contradictions around carrying out of economically logical policies, and the political policies constraints that ensured their continuance in power. Most politicians outsourced economic control to unelected bureaucrats in Central Banks, thereby abrogating their responsibilities to the people.
For two decades this strategy seemed to work after a fashion. There were the nominal rise and fall in economic indicators but politicians trusted the Central Bankers not to wreck the ship of State. Alas it also absolved the political class from any serious attempt at Economic Policy initiatives and regulation. For twenty years pressure grew as Central Bankers battled economic harbingers with a very limited set of fiscal tools, and Politicians did nothing to fix underlying economic problems. The 2007’s crisis came and went, as a band-aid of public money postponed any real requirement to fix the underlying economic problems. Then Central Bankers’ limited set of fiscal tools began to run dry. This is where we find the world’s economy in 2016.
Australia’s next generation of submarines will be built in Adelaide in partnership with French company DCNS.
The project is expected to create 2800 Australian jobs which will see 12 new submarines built in Adelaide.
On paper, the decision to buy the French submarine was easy, especially when taking into consideration the range requirements for a conventional submarine operating from Australia:-
The new generation of subs will not be ready until the early 2030s, so the life of the beleaguered Collins fleet will need to be extended by five to six years.
NEW research finding agriculture and not fossil fuels is the major cause of rising methane levels in the atmosphere over the last decade.
Biofuels, meanwhile, were outed as being worse than diesel.
Research conducted by New Zealand’s National Institute of Water and Atmospheric Research (NIWA) concluded that increasing levels of methane since 2007 were most likely due to agricultural practices, and not fossil fuel production as previously thought.