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Private equity investments are bad for health. These American style investments are incredibly unhealthy for the vehicles they, often, drive into the ground. Healthscope: The private equity fail for hospitals in Australia. What private equity does is saddle the thing that they buy with all the debt raised to purchase it in the first place. Then, it liquidates whatever juicy assets in the possession of the targeted investment vehicle. In this case, it was selling all the real estate upon which these dozens of private hospitals reside. This raised billions for the private equity firm. Following this all the hospitals had to pay commercial rents to the new owners of the land. Making operating the businesses more expensive.Continue Reading

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I have been reading the late David Graeber’s Debt: The First 5000 Years and what a wonderful book it is. This intellectually sprawling tome goes where few have gone before in terms of investigating humanity’s most loved things – money and god. The intersection between these two oft cited opponents may surprise some encountering Graeber’s insights for the first time. The intangible nature of both at their core should reveal the commonality between them, perhaps? What is money but an IOU. Who or what is god but another promise of highly questionable provenance. The anthropologist Graeber shares many illustrative stories from a variety of cultures and civilisations to entertain readers.Continue Reading

Money Matters by Robert Sudha Hamilton

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If you are young you are likely in too much of a hurry to read this and if you are older – can you remember what it was like to be young? Fast times and cashless highs: Technology’s ode to debt makes for thrilling reading. The young are in love with technology and this is a cashless highway to debt for the unwary. I picture a raceway, like Daytona, and lots of youthful racing car drivers revving their engines in anticipation of going around the bend. Young men and women risking life and limb to achieve victory over the slow lane. If you survey the top items on Santa’s gift list this year they will likely be the latest smart phone or high tech device, as they have been for the last decade or more. Humanity is in rapture with the fruits of technology, as we have always been.Continue Reading

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Understanding how banks work is an eye opener for most people. Did you know that up until 1844 in Britain banks in the UK printed their own paper cash money – these were called bank notes, of course. Banks still today make their own money. Every time someone borrows money from a bank the bank extends credit by creating money in that person’s account by pushing a button. No physical money is actually created. The debt creates that money and when the loan is paid back that money ceases to exist. The banks pockets the interest charged on the loan and erases the debt. That digitally created money disappears from the system. Understanding how banks operate: Money and debt.Continue Reading