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Natural climate solutions – code for financialisation of nature and profits for capital

I re-read a consulting report from May 2021 – Nature and Net Zero – which was commissioned by the World Economic Forum and prepared by a management consulting company. One of those consulting companies that exemplifies the neoliberal era where everything and anything is classified in terms of its financial value or corporate value and the company’s grand visions for nations amount to little more than transferring massive amounts of public money into their coffers for blueprints about privatising public wealth and skating over local citizens’ rights in their haste to financialise the world. The report is no different really and represents everything that is wrong with the way the elites in the world are taking over the ‘green transition’ agenda and reconfiguring it to suit their own ends – profits and control.

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The financial markets should be kept away from the climate crisis solution

It’s Wednesday and today, apart from presenting some great music, I am commenting on the ridiculous notion, that even progressive greenies propagate that we need to harness the financial resources of the markets (Wall street types) to help governments decarbonise their societies. The narrative that has emerged – that the financial CEOs with “trillions in assets” (all at COP26 because they could smell lucre) are a key to solving the climate challenge – is as ridiculous as progressives saying we need to tax them to fund schools and hospitals. Both narratives reflect the dominance of mainstream macroeconomics which has convinced us that currency-issuing governments are like big households and can ‘run out of money’. That is fiction but is part of the reason we have a climate crisis. Read on.

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Time for a debate about re-nationalisation

In the wake of further Covid angst in Australia, the airlines are once again laying off thousands of workers. One of the airlines, Qantas, formerly the publicly-owned national carrier announced last week major job cuts soon after it secured a rather substantial rescue package from the Federal government. Qantas makes a habit of crying poor despite paying its executives slavishly large salaries and aggressively using its market power to undermine smaller regional airlines that have served Australia for years. Mainstream economists, who were cheer boys for the privatisation in the first place, continue to extol the virtues of selling off the airline at bargain prices to private interests. The reality is however different. The airline provides an overpriced service and can no longer be considered the ‘national carrier’, even though it continues to trade on that reputation. So, today, Scott from Griffith University, who has been one of my regular research colleagues over a long period of time, reexamines the case in the light of recent evidence to bring the airline back into public ownership. Over to Scott …

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Not enough food: The case for a Just, Urgent and Sustainable Transition continues

Today, we have a guest blogger in the guise of Professor Scott Baum from Griffith University who has been one of my regular research colleagues over a long period of time. He indicated that he would like to contribute occasionally and that provides some diversity of voice although the focus remains on advancing our understanding of Modern Monetary Theory (MMT) and its applications. It also helps me a bit and at present I have several major writing deadlines approaching as well as a full diary of presentations, meetings etc. Travel is also opening up a bit which means I can now honour several speaking commitments that have been on hold while we were in lockdown. Anyway, over to Scott …

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The gig economy – a shameful failure of the neoliberal project

Today, we have a guest blogger in the guise of Professor Scott Baum from Griffith University who has been one of my regular research colleagues over a long period of time. He indicated that he would like to contribute occasionally and that provides some diversity of voice although the focus remains on advancing our understanding of Modern Monetary Theory (MMT) and its applications. It also helps me a bit and at present I have several major writing deadlines approaching as well as a full diary of presentations, meetings etc. Travel is also opening up a bit which means I can now honour several speaking commitments that have been on hold while we were in lockdown. Anyway, over to Scott …

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(Re)municipalisation – purging the barbarians from inside the gate

This post is a followup to a blog post I wrote a few weeks ago – ABCD, social capital and all the rest of the neoliberal narratives to undermine progress (November 12, 2020) – where I discussed the trends in government policy delivery and regional and community development thinking, which have emerged in the neoliberal period and attack the idea of government. These approaches claim that
only through the development of social capital and a reliance on local initiatives, free of government interference, can communities reach their latent potential. These ideas have led to the scrapping of regional development planning (replaced by new regionalism), outsourcing of welfare policies (replaced by social entrepreneurship) and other madcap approaches (like ABCD). Our public service bureaucracies have bee converted from service delivery agencies into contracted brokering and management agencies (to oversee the outsourcing and privatisation of public service delivery) and have, often, been filled up with characters who are borderline sociopaths. The point is that it is not the ‘state’ that is at fault but the ideologues that have taken command of the state machinery and reconfigured it to serve their own agenda, which just happen to run counter to what produces general well-being. Today, I continue to analyse that theme and outline what needs to be done to rebuild our damaged public sectors.

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Governments should be working for everyone, not just the fortunate few

Today, we have another contribution from a guest blogger in the guise of Professor Scott Baum from Griffith University who has been one of my regular research colleagues over a long period of time. He indicated that he would like to contribute occasionally and that provides some diversity of voice although the focus remains on advancing our understanding of Modern Monetary Theory (MMT) and its applications. It also helps me a bit and at present I have several major writing deadlines approaching as well as a full diary of presentations, meetings etc. Travel is also opening up a bit which means I can now honour several speaking commitments that have been on hold while we were in lockdown. Anyway, over to Scott for another one of his contributions …

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Live stream tonight – May 1, 2020 – MMT and fiscal stimulus design

Tonight (May 1, 2020), I am presenting a live YouTube show outlining how an understanding of Modern Monetary Theory (MMT) helps inform a fiscal intervention designed to minimise the damage from the coronavirus, but also to position a nation favourably for other long-term challenges such as those presented by climate change.

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Conversation with William Mitchell and Noel Pearson, Newcastle, December 15, 2019

Today’s blog post is shorter than usual but you do get to access a hour-long video where I talk with Indigenous leader and activist Noel Pearson about Modern Monetary Theory (MMT), how it impacts on his perceptions of options to improve indigenous well-being in Australia, and how it informs a new collaborative venture we are in the process of putting together – JUST2030 – as a response to the socio-ecological crisis that three decades of neoliberalism and the fiscal obsession with surpluses has created.

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Tax the rich to counter carbon emissions not to get their money

Wednesday snippets follow. Tax the rich! That has become a misguided progressive Left mantra. The intention is to maintain public services including health, education and income support which are core issues for progressives. But then the neoliberal indoctrination that has infested this group intervenes. They seem to think the government needs the money of those with lots of it before it can provide essential and progressive public services and fight the climate emergency. They support political parties that set as their primary macroeconomic target the achievement of a bigger fiscal surplus than the conservatives at a time when there are more than 13.5 per cent of available and willing labour resources not working (either unemployed or underemployed) and households are carrying record levels of (unsustainable) debt. And these parties keep losing elections – it is a global phenomena, most recently observed in Britain. One of the reasons we need to tax the rich is to deal with their (grossly) disproportionate impact on carbon emissions. That is one of many reasons. But you should never include among those reasons a need by government for their cash in order to facilitate spending. Any progressive who articulates that argument is just reiterating neoliberal frames.

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