Economy

By Dean Baker / Beat the Press (CEPR) An item in Ezra Klein’s NYT column yesterday really grabbed by attention. Ezra cited a Wall Street Journal column that claimed that the Federal Reserve Board’s stress tests would not have detected Silicon Valley Bank’s (SVB) problems, because its stress tests did not consider interest rate risk. This struck me as […]

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ATTENTION JOURNALISTS: It is never, ever acceptable, under any circumstances, to cite think tanks funded by governments and the military industrial complex as sources of information or expertise on matters of national security or foreign affairs. If you do cite them (and, again, don’t), then at the very least you need to disclose the conflict Continue reading »

As the Government seeks to respond to an increasing number of questions about what it extolls as the game-changing decision to purchase nuclear powered submarines (SSN’s) it has been tweaking the spin about the reasons it has taken for this budget shaking decision. Our two AUKUS partners – the US (and even the British) – Continue reading »

Our Defence Minister said that Australia has not given any guarantees to the USA about what we would do with our submarines in the case of war but would take our own decisions at the time. This is welcome but what are the implications? Does it only apply to the submarines? As always, the devil Continue reading »

There is a simple, relatively costless government move that should give about half a million Australians confidence in homeland security. While not exactly the same sort of security, and not to be too flippant about the peril that the AUKUS deal puts us in, this move would cost 0.000000272 of the $368 billion subs’ contract Continue reading »

We just need to look at the facts to see how foolish the assertion is that SSNs have the capacity to prevent disruption to our trade in the event of a war. Forty percent of our exports are to, and 20% of our imports are from, China. Throwing money at submarines weakens the national economy. Continue reading »

The banking crisis that hit Silicon Valley Bank (SVB) last week has spread. We recall with a shudder two recent financial contagions: the 1997 Asian Financial Crisis, which led to a deep Asian recession, and the 2008 Great Recession, which led to a global downturn. The new banking crisis hits a world economy already disrupted Continue reading »

By The Center for Economic and Policy Research The New York Times seems to think it is a newspaper’s job to promote bank panics wherever possible. It would be difficult to explain its reporting on the Silicon Valley Bank’s (SVB) collapse any other way. Last week it ran a piece implying that Silicon Valley’s tech sector was […]

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At this stage there is little interest in how to dispose of the high level uranium waste from AUKUS SSNs, let alone put First Nations voices to the fore. This is unlikely to change while the nation’s most prominent journalists see it as their job to promote the dominant military doctrine and boost the demonisation Continue reading »

Starmer/Reeves less trusted on the economy than the appalling Sunak/Hunt The latest poll by Opinium shows the Keir Starmer/Rachel Reeves combination is more toxic to voters than the Tory pair of Rishi Sunak and Jeremy Hunt – whose recent budget has compounded hardship and misery for millions struggling under the effects of Tory budgets and […]