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Capitalism Around The Globe

UPDATE – April 9, 2015

The team at WikiMoney have turned ‘Capitalism Around The Globe’ into a graphic. I’ve left the original words-only post at the bottom of the page.

Capitalism Around The World

Okay, it’s not new, but it seemed a good time to recycle it:


– You have two cows.
– You sell one and buy a bull.
– Your herd multiplies, and the economy grows.
– You sell them and retire on the income.

[Read more…]

Global Economic Catastrophe Now Less Likely Says Reserve Bank Governor

Glenn Stevens, Governor of the Reserve Bank of AustraliaThe Governor of the Reserve Bank of Australia, Glenn Stevens, says the risk of a “global economic catastrophe” has declined.

In an address to the Trans-Tasman Business Circle today, Stevens said: “At moments like this, it is hazardous to make predictions. However, it seems to me that the key elements of dealing with the root issues in the crisis are starting to come into place. Policy-makers in the major countries do ‘get it’. The plans are not precisely uniform across countries – that is never achievable anyway – but we can, I think, see the shape of a broad common outline. It addresses the issues of liquidity, capital and confidence. There is much more work to be done yet on the design details, and one area in which further international co-operation would be helpful is in the area of making these various guarantee arrangements broadly consistent. But the world is, it seems to me, getting on to a better path. As a result, the likelihood of a global catastrophe has in fact declined over the past couple of weeks.” [Read more…]

Malcolm Turnbull Address To The Nation

The Leader of the Opposition, Malcolm Turnbull, today responded to the Prime Minister’s Address to the Nation.

Turnbull offered support for the government’s package of stimulus measures. [Read more…]

Rudd Addresses National Press Club On Global Financial Crisis

The Prime Minister, Kevin Rudd, has made his first appearance at the National Press Club since last year’s election.

He spoke about the global financial crisis and the package of measures announced by the government yesterday.

  • Listen to Rudd’s speech (60m)

Transcript of Prime Minister Kevin Rudd’s Address to the National Press Club.

Last year, in my formal reply to the last Budget of the Howard Government, I referred to a great remark from a great American President, John F. Kennedy. [Read more…]

Financial Crisis: Kevin Rudd Address To The Nation

Kevin Rudd has delivered his first Address to the Nation since becoming Prime Minister ten months ago. The brief speech was broadcast nationally this evening.

The speech came just hours after the Prime Minister announced a $10.4 billion ‘Economic Security Package’. [Read more…]

Humour In The Financial Crisis

Q: How do you define optimism?
A: A banker who irons five shirts on a Sunday.


Q: What’s the difference between an investment banker and a large pizza?
A: The pizza can feed a family of four.


A stockholder comments on the crisis: “It’s worse than a divorce. I’ve lost half my net worth and I still have a wife.”

Turnbull Offers Support For Economic Stimulus Package

The Leader of the Opposition, Malcolm Turnbull, has offered support to the economic stimulus package announced today by the Rudd government.

Malcolm Turnbull, Leader of the OppositionSpeaking at a press conference with Deputy Leader Julie Bishop, Turnbull said: “We welcome the Government’s announcement today, especially for Australia’s age pensioners who have been denied justice for too long. This is a significant improvement in their position and we welcome it.

“Now this is also a very significant economic stimulus; a significant fiscal stimulus. And we trust that the government has taken into account the advice from Treasury and considered the impact that this stimulus may have on the Reserve Bank’s ability to reduce, to continue reducing interest rates, for example. But nonetheless we are not going to argue about the composition of the package or quibble about it. It has our support. It will provide a stimulus to the economy, that’s for certain. And above all it gives justice to Australia’s age pensioners in particular, who have been doing it especially tough.” [Read more…]

Details Of Rudd Government’s ‘Economic Security Strategy’

This is the text of a joint press release from the Prime Minister, Kevin Rudd, and the Treasurer, Wayne Swan.

It details the government’s strategy for responding to the global financial crisis.

Economic Security Strategy

The Rudd Government today announced a $10.4 billion Economic Security Strategy to strengthen the Australian economy in the face of the worst global financial crisis since the Great Depression.

This $10.4 billion strategy will strengthen the national economy and support Australian households, given the risk of a deep and prolonged global economic slowdown. [Read more…]

Rudd Announces $10.4 Billion Economic Stimulus Package

The Federal Government has announced an “economic security package” containing 5 initiatives worth $10.4 billion, including a boost to pensions, assistance to first home buyers and low income earners, more training places, and a “bringing forward” of infrastructure plans.

Speaking at a joint press conference with the Treasurer, Wayne Swan, the Prime Minister, Kevin Rudd, said that from December 8 single pensioners will receive a lump sum payment of $1,400 in December. Couples will receive $2,100. This payment will carry pensioners through until the next budget when the government’s review of pension arrangements will be announced. This measure is worth $4.8 billion.

There will be a $3.9 billion package of assistance to low and middle income earners. Around 3.8 million dependent children and children in various forms of care will receive a one-off payment of $1,000 on December 8. [Read more…]

The Credit Crunch Hits Home In Britain

Queen Elizabeth