The phrase “too big to fail, too big to save” in this case comes from an essay in Der Spiegel by Henrik Enderlein which says that the time to act is now, but also says that all the options available for action will fail. I take it he’s saying that Italy must take ownership for its debt, but Germans must also stand in solidarity or the speculators on the demise of the euro will have a field day.
The article by Der Spiegel staff Italy’s New Government Is Bad News for the Euro is pessimistic. Continue reading Italy: too big to fail, too big to save
1. Macron – everyone’s friend
French President Emmanuel Macron came and went.
Andrew Tillett in the AFR reports that analysts do not think that Macron’s drive for an Australia-France-India “strategic axis” for the Indo-Pacific will amount to much in the long run. You can surge but it is harder to sustain. Realistically France is peripheral to what happens in the Pacific. Continue reading Saturday salon 5/5
1. Made in Australia by the Turnbull government
The Liberal Party Has Overwhelmingly Decided To Keep Its Plebiscite Policy, so because the Senate again failed to pass the necessary legislation, we are off to a $122 million postal vote, which is really a voluntary survey to be conducted by the ABS, if the High Court lets them.
Except, we already know what the people think, because they’ve already been surveyed, and people who know about these things say that the proposed survey is incompetent as a survey, lacking proper sampling. Of course, the opponents of same sex-marriage see this as their best chance of getting a “no” vote and kicking the can down the road.
Peter FitzSimons asks, How did the Liberal Party get into such a mess? Continue reading Saturday salon 12/8
1. Electric shock
The big story in Australian politics this week was the shocking state of the political debate on electricity. Giles Parkinson says, when you thought it couldn’t get any dumber, it did.
‘People will die due to renewables’, said Turnbull government MP Craig Kelly.
Commentators who don’t understand the grid should butt out of the battery debate, said Ketan Joshi, a communications consultant for the renewable energy industry. Continue reading Saturday salon 15/7
1. Bullying bosses behaving badly, and it’s not cricket
The New Daily sport editor James Willoughby’s article Cricket tour of South Africa cancelled over pay dispute is typical of the coverage. The players want everyone to be treated fairly, and want the grass roots to be looked after. Seems Cricket Australia wants the same, but with a different way of carving the pie. The chasm is so wide people are talking about an Ashes tour being junked, and worry about the future of the game.
Yet most of the reporting and commentary misses the main point – Cricket Australia refuses to attend mediation or offer any genuine flexibility in the Memorandum of Understanding (MOU) negotiations. They simply will not deal with the Australian Cricketers Association. Continue reading Saturday salon 8/7
1. Theresa May’s brave gambit
She didn’t need to, so why did she, especially after promising absolutely definitely that she wouldn’t?
Given a lead of about 20% in the polls, she possibly sees a chance of decimating Labour and governing virtually as a one-party state for the next five years.
However, Nate Silver at FiveThirtyEight warns that the British polls are basically not worth a cracker. Their abysmal performance translates into a margin of error of 13 to 15%. Continue reading Saturday salon 22/4