” with the observation: “The fact that the world did not experience a systemic financial crisis in 2022 is a minor miracle, given the surge in inflation and interest rates”, and he concludes it with the hope that the miracle will hold also for 2023 when a possible recession might lead to negative growth on top of the inflation and high interest rates.
That’s when the Fed started its aggressive pace of interest rate rises. The reduction in the balance sheet size to $US23 trillion by December 2022 looks comparatively tame. Imagine electricity distribution systems which did not minimise energy loss over long lines. Consumers would get sick of paying for that inefficiency very fast. Even less energy-abusive crypto validation systems are hopeless when contextualised in the real world.For centuries, mathematics has been about developing more efficient algorithms. When you make a telephone call, the fast Fourier transform efficiently encodes the digital data for transmission.
” talks about the lack of a growth model. What about the $15 billion National Reconstruction Fund; a major skills upgrade; reviewing the mess of immigration processing; rebuilding the NBN; an integrated energy strategy; a draft quantum computing strategy; and a draft critical minerals strategy?Go for a Voice without risking a referendum” , Joseph Ting sets out excellent reasons for a Voice to parliament. But he does not offer any reason for having a referendum about it.