As monuments fall, how does the world reckon with a racist past?
- Protests demanding the removal of racist symbols were sparked by the death of George Floyd while in police custody in Minneapolis, Minnesota.
- In June 2020, the statue of the African American tennis legend and humanitarian was vandalized with the words “White Lives Matter” as demonstrators around the world protested the death of George Floyd while in police custody and demanded an end to police brutality.
- British demonstrators in Bristol tore down a bronze statue of Edward Colston, an infamous 17th Century slave trader, and tossed it into a harbor; a week later, the governors of the University of Oxford voted to remove the statue of Cecil Rhodes.
- In his best-selling memoir, In The Shadow of Statues: A White Southerner Confronts History, former New Orleans Mayor Mitch Landrieu recounts the volatile emotions stirred when he orchestrated the removal of four highly visible Confederate monuments from his city in 2017.
Debelle rebuts the inflationistas
- If you're anxious that massive amounts of money-printing by the world's central banks will inevitably trigger an outbreak of global inflation or a collapse in the currency then you'd be well advised to take heed of the latest comments from the Reserve Bank's deputy governor, Guy Debelle.
- In a speech to the Economic Society of Australia on Tuesday, Dr Debelle coolly rebutted the argument of any number of monetarists and hedge fund titans who have warned that moves by the world's central banks to crank up the money printing presses, in response to the coronavirus pandemic, will inevitably result in a surge in inflation.
- The RBA deputy governor coolly dismissed warnings that money printing to fund pandemic recovery efforts will lead to a surge in inflation.
JobTweaker lever needed to pull back from cliff
- So a second wave of government supports must extend the emergency lifeline for the economy beyond September.
- The list is long: JobKeeper ends, the doubling of unemployment benefits through JobSeeker stops, the pause in payments on half a million mortgages runs out, the rental eviction ban is lifted, government loan guarantees for small businesses pull back, and the clock runs out on extra wage subsidies for apprentices.
- Or, to put that another way, if you want to know what will happen with JobKeeper, keep watching the virus numbers in Melbourne.
- But the recession is changing shape fast, so the nature, timing and dollars of government support needs to change fast too.
- So whatever happens, we shouldn’t be scared of spending more money if that’s needed to get unemployment back down.
- The mistake the world made after the GFC was pulling back government support too soon.
Spectre of shutdowns returns as US hospitals near crisis levels
- Washington | States and cities across America are pausing or reversing plans to reopen their battered economies as a surge in COVID-19 cases threatens to overwhelm hospitals across the country's south.
- Record infection numbers are being recorded across several states, including Florida, Arizona, Texas and California, where the caseload in Los Angeles Country is rising by more than 2000 a day.
- There was a dramatic uptick last week in daily new cases, from fewer than 20,000 to more than 46,000, with many of those infections being reported among younger people in the country's south and west.
- As in New York at the outset of the pandemic in March, fears are growing about the ability of hospital systems to cope, particularly in Texas and Florida where intensive care units are filling fast.