July 14th 2018


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Articles from this issue:

COVER STORY By-elections a trial run for next federal election

SOCIAL MEDIA Facebook bans reflect a lack of impartiality

CANBERRA OBSERVED The gloves are on for by-election proxy bouts

FEDERAL POLITICS Federal ALP platform reads like a radical on a soapbox

ENVIRONMENT 'Climate change' news is fake news

BRITISH HISTORY Abolition of the Corn Laws paved the way for cheap food

LIFE ISSUES A world of competing sorrows: Ireland's abortion referendum

CULTURE The wee folk and their cousins, up and down the scale

WESTERN CIVILISATION Three great anniversaries of the West

FICTION Autumn Alexei's Story

MUSIC ABBA; Unstoppable, ubiquitous

CINEMA Jurassic World: Fallen kingdom

BOOK REVIEW Vision for the future, if we want to claim it

BOOK REVIEW Taking to task failed privilege

BOOK REVIEW Where Tolkien and St Thomas agree

LETTERS

FOREIGN AFFAIRS Beijing goes 'boo', Qantas gets in a flap

Books promotion page

CREDIT CODE RED:
How Financial Deregulation and World Instability Are Exposing Australia to Economic Catastrophe

by Peter Brain and Ian Manning

$29.99


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About the book

Australia has been the lucky country for a long time. But is Australia’s luck about to run out?

Brain and Manning, two of the country’s highly experienced economic analysts, argue that Australia’s prosperity has been bought by borrowing from its future – specifically, by borrowing too much, for the wrong assets, and from the wrong lenders. Using international and local indicators to measure economic danger signs, they warn that, if current policies are not altered, the country will be at extreme risk of an economic calamity.

Due to Australia’s high and increasing levels of household debt, foreign debt, and low foreign-exchange reserves, the country will enter what they call a Code Red zone. Once that happens, it is highly unlikely that Australia will be able to avoid, at best, a severe and prolonged recession, or, at worst, an economic catastrophe.

Credit Code Red proposes alternative courses of action for the authorities to take, which involve reducing disposable incomes and imports, re-regulating the financial sector, and abandoning neo-liberal economic theory. It is a timely warning that what is politically unrealistic today may soon become too little, too late.

“A terrific book that provides the big-picture economic alternative we have been searching for.” – Brian Howe, former deputy prime minister

About the authors

Peter Brain was formerly head of the Econometric Forecasting Project at Melbourne University. In 1984 he founded the National Institute of Economic and Industry Research (NIEIR). Ian Manning has worked for the National Inquiry into Poverty and at the Melbourne Institute. He joined Brain at NIEIR in 1985. For over 30 years, they have worked on projects covering all aspects of the Australian economy, its industries, regions, and people.


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