Jocelyn Pixley's research is on Citizenship and Employment (1993); Emotions in Finance (2004;2012), Mobile Capital, and Central Banks (2018), with CUP. She is an Honorary Professor in Sociology at Macquarie.
Cheap shot to attack the central bank
Jim Chalmers, ALP shadow treasurer, has shown the dead hand of Hayek, probably inadvertently. The conclusion from Labor’s call for a thorough review of the RBA, is that Albanese and Chalmers have devised no fiscal policy to work in tandem with the RBA’s decent remits. Continue reading »
The ‘Gambler’s Curse’: finance traders upstaged by their own tactics
When a trading “rabble” hit financial markets in late January, with retail investors – the “Main Street Traders” – putting a squeeze on Wall Street’s squeeze of GameShop, financial journalists were furious on behalf of the merchants of debt who offer nothing but their own enrichment. Continue reading »
Are Australia’s democratic safeguards shrinking?
In light of worrying developments, I review the trends putting pressure on our democratic institutions. Fortunately, new policies and serious protests can halt the trends and bring out the better nature of voters. However, such movements are not in sight. Continue reading »
Morrison courts danger with his male supremacist budget
While many have described the 2020 budget as designed for men (Ross Gittins, Blokey budget reflects core values, SMH, 21 October 2020), it goes deeper than that. This budget was not crafted from thoughtlessness; its intimidating outcomes were intended. Continue reading »
Has the US Fed buried Milton Friedman’s monetary legacy?
The US Fed Chair Jerome Powell last week buried wage inflation targets. Always terrible, does this burial mean new hope? Continue reading »
The inconsistent responses to Covid-19
The bag of Covid-19 policy responses bulges with inconsistencies. The first people to admit they knew the least about this virus strain were epidemiologists who knew the most. But how frustrating when politicians shift positions in pretence they know (anything). Continue reading »
JOCELYN PIXLEY. Short selling society
As countries world-wide shut down, short-sellers scurry around like thieves in the night. Why are they dangerous and what could be done? Continue reading »
JOCELYN PIXLEY. Are the Liberals “born to rule”?
Australia’s tragedy has brought a scandal about hard issues: Morrison separated politics from government too publicly. Continue reading »
JOCELYN PIXLEY. What is new about Westpac’s robber barons after Hayne’s Royal Commission?
Was it surprising to hear AUSTRAC’s allegations that Westpac breached money-laundering laws 23 million times? When the LNP won government in May 2019, bankers cheered reinstalled Ministers, delighted that the Royal Commission’s February recommendations were unlikely to be fully implemented. Conditions were in place, then, with the unfolding script already tattered. Less discussed was the Continue reading »
JOCELYN PIXLEY. Politicians and Central Banks
Central banks are rarely discussed until booms turn to busts. Like many others, politicians turn on central bankers in ignorant blame, particularly when central bank (CB) messages are unattractive. The LNP detests the Reserve Bank of Australia’s urging that it fosters higher wages and engages in long-term investment. But what can CBs actually do? Continue reading »
JOCELYN PIXLEY. Bringing the Corporate Looters to Heel
Public benefits in restraining business-financiers (the modern incarnation of Robber Barons defined by US economist Thorstein Veblen) are rarely debated, despite corporate corruption and social injustices. ‘Politics of envy’ or ‘unfunded empathy’ spin, shouts down policies aiming to curb social-economic destruction. Pecuniary power-and-control motives are not empathetic. But, controls on looters might see less devastation Continue reading »
JOCELYN PIXLEY. Morrison bows to monied men
Liberal UK Prime Minister Gladstone, 1868-94, grumbled that William III put the state in a position of ‘subservience’ to induce ‘monied men to be lenders’ in 1694. As Australia faces recession, the Government bows to every bank demand for low wages and flatter taxes, to foster more household debts, rather than a fair and cautious Continue reading »
JOCELYN PIXLEY. The Coalition’s Terms on Hayne’s Commission
When Morrison says, ‘Labor cannot manage money’, he must deny banks’ large-scale 2007-2011 crises – GFC – an outcome of Liberals’ mismanagement of money. Incoming Labor reversed looming depression in a brilliant world-first. The myth, john-menadue-the-myth-that-the-liberals-are-better-economic-managers/ P&I, relies on crucial cover–ups. Some are illustrated in the Financial Sector Royal Commission that Liberals restricted before it started. Continue reading »
JOCELYN PIXLEY. Trying to revive Howard-Costello market slogans.
The Coalition’s strategies for 2019’s election include reiterating Howard-Costello slogans. Australia’s 1996-2007 racist divisiveness is a factor while its economic policies copied decades of attacks (UK and USA) on social justice. But the sainted banks delivered the GFC just as Howard lost his own seat. Rudd-Gillard prevented the worst finance crisis fallout of other rich Continue reading »
JOCELYN PIXLEY. The cosy relations between bank misconduct and LNP Governments
When Ken Henry (NAB Chair) tried to dismiss SC Rowena Orr’s questions about the NAB top management’s significant compliance breaches with “Well, we could have fired everybody, I suppose”, he was correct. Hayne did not call his bluff. Henry had a duty to fire them, since the Gillard legislation about the clients’ best interests was Continue reading »
JOCELYN PIXLEY. Emma Alberici’s data was inconvenient for corporate tax cutters.
Times are dangerous for the ABC, at least to those who appreciate fair, independent journalism. My example is Emma Alberici’s report on corporate tax cuts, which was stating what is well-known across the OECD for years. In addition, taxes are no charity. Continue reading »
JOCELYN PIXLEY. The Politics of Banking.
The Hayne Royal Commission has, so far, found not just “misconduct”, but a long list of dubious activities over previous money laundering and insider trading cases. Such tactics are common to the largest finance centres, Wall Street and the City of London. Continue reading »