February 23rd 2019


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Articles from this issue:

COVER STORY Something rotten led to fish-kill: perhaps fishy environmentalism

EDITORIAL Resistance grows to Beijing's soft-power push

CANBERRA OBSERVED Climate change: deadly ... to political leaders

TECHNOLOGY Electric cars: UK taxpayers subsidise rich greenies

BANKING ROYAL COMMISSION A step too small?

CYBER SECURITY Chinese smartphone threat extends way beyond Huawei

SOCIETY Such grandeur of spirit

POLITICS John Hewson should have as sturdy a Constitution

FINANCE Hayne royal commission sets agenda for bank reform

FAMILY RELATIONS Dad: a girl's first and most influential love

COMMENTARY Words gone feral: rights and equality

MEDICINE AND CULTURE Book captures tragedy of falling foul of a fanatic

SOCIETY AND CULTURE A dog's life: reflections of a grey nomad

HUMOUR

MUSIC Serialism a killer: Ideas tend to get in the way

CINEMA Cold Pursuit: Revenge served up manic

BOOK REVIEW Why the West and nowhere else

BOOK REVIEW The escalation of horror and atrocity

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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