© 2019 by Henry Thornton. 

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January 26, 2020

FORGET ME NOT (RONNIE BURKETT THEATRE OF MARIONETTES, SYDNEY FESTIVAL)

Even while queuing to enter 'Forget Me Not' we knew we were in for something different. This message was reinforced as we were repeatedly told that once the doors were closed we could not leave. Pupp...

January 19, 2020

Colossus

The Stephanie Lake Company

image: 'Colossus' - The Stephanie Lake Company 

A circle of dancers in black costumes and with bare hands and feet, lie on the floor of a Carriageworks theatre. Flickering shadows, momentary music, voices, silence; the movement of a foo...

January 12, 2020

Frontera

Choreography and direction: Dana Gingras

in coproduction with Animals of Distinction

The intensity of this Canadian dance and media coproduction is almost unbearable. Animals of Distinction (AOD) has the core proposition that you can obtain critical knowledge by...

January 5, 2020

The Gentlemen

Director: Guy Ritchie

If you like a caper – and no one does ‘caper’ as well as director Guy Ritchie (think ‘Lock, Stock and Two Smoking Barrels’) – then get thee to a movie cinema for this is vintage Ritchie.

Matthew McConaughey plays gentrified marijuana ba...

December 29, 2019

Jo Jo Rabbit

Writer, Director and Actor: Taika Waititi

At the beginning of ‘Jo Jo Rabbit’ fanatically screaming crowds – plus a Beatles soundtrack – have you suspecting that you are viewing footage from the Beatles at the height their popularity arriving in some European...

December 15, 2019

Charlie’s Angels

Writer, Director, Co-star: Elizabeth Banks

Totally trashy and quite wonderful.

'Charlie's Angels' 2019 is a very different world to the one that launched Farrah Fawcett-Mayors, way back in the 70’s.

As I am guessing that Henry’s readers are not likely to s...

December 7, 2019

Knives Out (a whodunnit)

Director: Rian Johnson

Lots of fun is ‘Knives Out’, an Agatha Christie clone brought into the 21st century.

James Bond goes under-cover … oops Benoit Blanc (Daniel Craig) is on the scene, a Southern gentleman sleuth with an irresistible Southern g...

December 1, 2019

Così 

By Louis Nowra

Directed by Sarah Goodes

What is not to love about the ambition of putting on a show, particularly when it is that age-old entertainment tradition of a-show-within-a-show … think Gene Kelly and Stanley Donen's  ‘Singin’ in the Rain’, Bob Fosse’s ‘Caba...

November 24, 2019

By Martin McDonagh

Director: Paige Rattray

The Beauty Queen of Leenane’ was so distressing I feel strange recommending it, as exceedingly good as was the acting and production. The emotional residue is still darkening my psyche.

A toxic relationship between Maureen (Yale...

November 17, 2019

The Irishman

Director: Martin Scorsese

It really came down to a choice between the latest ‘Charlie’s Angels’ movie or Martin Scorsese’s ‘The Irishman’. A trashy fictional film about glamorous girls and guns … or pseudo historical movie by a grand master of film, capturin...

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NEWS + VIEWS

The next financial crisis ... is inevitable

The weekend AFR's article reporting the GFC work to save our financial system was interesting. RBA chief Glenn Steven is reported as saying something like: 'We flooded the system with liquidity'. (An action recommended by Bagehot all those years ago.)

Coincidentally, this week's Economist looks at the global equivalent under the heading 'Has finance been fixed?'

It concludes: 'Policymakers have made the economy safer, but they still have plenty of lessons to learn. And fracturing geopolitics make globalised finance even harder to deal with. A decade after Lehman failed, finance has a worrying amount to fix.'

Deep within the article is a statement I have not heard before.

'The Fed acted as lender of last resort to the world, offering foreigners $1trn of liquidity.

[other sources say total swaps were more like $ 11 trn]   Since then, offshore dollar debts have roughly doubled. In the next crisis, America’s political system is unlikely to let the Fed act as the backstop to this vast system, even after Donald Trump leaves the White House.'

This is a truly scary remark.

Comments welcome. Contact Henry here.

 

Henry.Thornton@henrythornton.com

Who is Henry

 Henry Then...

"Henry Thornton (1760-1815) was a banker, M.P., philanthropist, and a leading figure in the influential group of Evangelicals that was known as the Clapham set. His 'Enquiry into the Nature and Effects of the Paper Credit of Great Britain (1802)' is an amazing performance. "...it anticipates in some points the analytic developments of a century to come. No other performance of the period will bear comparison with it, though several, among them Ricardo's, met with much greater success at the time as well as later... He was one of those men who see things clearly and who express with unassuming simplicity what they see."


This is the judgment of Joseph Schumpeter, one of the twentieth century's finest economists, in his monumental 'History of Economic Analysis', Allen and Unwin, 1954, p.689.

 

Henry Now...

 

Henry Thornton is the nom de plume of a prominent economist. Like his predecessor the modern Henry Thornton has been a banker and an advisor to M.P.s although he is not a politician himself. He is no evangelist but is keenly interested in a wide range of economic, social and political issues... 
 

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