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During a cost of living crisis, which many in the world are now experiencing, it is easier to get in touch with the essentials necessary for living. Food, shelter, and energy are the essential ingredients for survival in our modern worlds. The financialization of essentials by capitalism is proving to be at cross purposes for those trying to survive in a cost of living crisis. What do I mean by this? The march toward a consumer society has meant that all these basic requirements of life are things you have to buy. Few of us go out and dig up or hunt for our food these days. Putting a roof over our head is an expensive purchase in the 21C. Plus, all of our devices and vehicles run on forms of energy which we have to buy. Neoliberalism promised to make things easier and cheaper for all in this regard but has manifestly failed to do so. We were told that if governments got out of the way and let private enterprise do what it’s best at we would all be much better off. Thirty years of this, ‘the market knows best’ ethos, has placed at least a third of working Australians in dire straits when it comes to affording the basics of life. Neoliberal economic policies have failed us in every essential market.Continue Reading

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America and Australia share similar symptoms in their economies right now with high inflation sticking around. The central banks have been raising interest rates in a traditional monetary policy approach to combatting high inflation. However, it isn’t working that great. Supply side inflation not solved by raising interest rates. Both nations are suffering with housing shortages pushing up rents and this is contributing to the high inflation. Putting up interest rates is not going to help with this; indeed, it is making the situation worse. Making building houses more expensive via higher costs of doing business is not going to increase the supply of housing.Continue Reading