August 24th 2019


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Articles from this issue:

COVER STORY Biological and transgender worldviews are mutually exclusive

CANBERRA OBSERVED Can you have too much of a renewables thing?

FREEDOM OF SPEECH Professor Augusto Zimmermann addresses NCC WA on freedoms

NSW ABORTION BILL Clear and present danger to women's health

RURAL AFFAIRS Land-clearing laws render productive land useless and worthless

NATIONAL AFFAIRS Why an indigenous referendum is misconceived

POLITICAL PHILOSOPHY The post-liberal way: Make good use of the time in the wilderness

ASIAN AFFAIRS Hong Kong defies its obtrusive overlord

SPECIAL FILM REVIEW Danger Close: Australia's fiercest battle of the Vietnam War

HUMOUR Rage against the baked bean

MUSIC Riff wrap: The thing that makes it go 'pop'

CLASSIC CINEMA Dr Strangelove: Helpless fear turned to laughter

BOOK REVIEW The epic awfulness of Mao and his 'isms'

BOOK REVIEW From slave to son of the Church

LETTERS

POETRY

ZEG'S PLACE

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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