January 25th 2020


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Articles from this issue:

COVER STORY Wildfires: Lessons from the past not yet learnt

EDITORIAL America 'resets' foreign policy on China and Russia

CANBERRA OBSERVED After the fires, we still need an economy and to power it

GENDER POLITICS In trans Newspeak, parental consent is a 'hurdle'

REFLECTION Conjugal honour: Love of husband and wife joined together in pure intimacy

LIFE ISSUES Pro-lifers punished for exposing baby harvesting

LAW AND SOCIETY Cardinal Pell and the Appeal Court judges

LITERATURE AND SOCIETY The poetry of Distributism

AUSTRALIAN HISTORY Botany Bay: Always more than a dumping ground

INTERNATIONAL AFFAIRS Finally getting Brexit done

HUMOUR The MacStuttles probe

MUSIC From retch to wretched

CINEMA Three times the bravura: 1917, The Gentlemen, Shaun the Sheep: Farmageddon

BOOK REVIEW The contradictions of the dominant ideology

BOOK REVIEW Novel celebrates inventor of literary fairytales

POETRY

LETTERS

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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