© 2019 by Henry Thornton. 

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August 18, 2019

Once Upon a Time in Hollywood

Director: Quentin Tarantino

I’d almost decided to begin my essay on this latest (and apparently last) Tarantino film by saying farewell to the auteur director and his signature, fetishised worlds of gratuitous, cartoon-ish violence and hyper...

August 11, 2019

Mirka Mora

How fabulous is the work of the late artist Mirka Mora and that bohemian lust for life she exemplified? And how fabulous are the citizens of Melbourne who either donated to a fund or bought her work directly for donation so that Mirka’s legacy could be kept a...

July 31, 2019

Opera Australia’s Whiteley

Composed by Elena Kats-Chernin

Libretto by Justin Fleming

I’m a ‘sortov’ Whiteley fan. I find his work beautiful but very much tinged by an opium-saturated imagination. Should this also tinge my opinion of his work? Admittedly it always has a li...

July 21, 2019

White Crow

Director: Ralph Fiennes

Russian ballet, the Cold War, defection … A heady combination for this ballet nerd, particularly when it involves the life of the extraordinarily talented dancer Rudolf Nureyev.  

I’ll get it out quickly. Nureyev was a complete narcissis...

July 14, 2019

Parasite

Director: Bong Joon-ho

(Bong Joon-ho's ‘Parasite’ won the Palm d'Or at Cannes Film Festival 2019)

Bong Joon-ho’s film ‘Parasite’ is as much about economics as it is about relationships.Themed by one critic as a film about South Korean ‘late Capitalism’, ‘Parasite...

July 7, 2019

Mystify: Michael Hutchence

Director: Richard Lowenstein

Lowenstein’s film ‘Mystify’ is sad. It traces Michael Hutchence from little boy in a troubled family to romantic youth, to rocketing  star, to fading performer, to a man who was seen by many in the world as the spoi...

June 23, 2019

Anatomy of a Suicide

Presented by Sugary Rum Productions in association with Red Line Productions

Written by Alice Birch

Director: Shane Anthony

Firstly, ‘Anatomy of a Suicide’ is beautifully written. Alice Birch is a gifted writer. She exposes life with the understanding...

June 16, 2019

The newly presented work in Bangarra’s 30 year career amazing audiences through story-telling choreography and Bangarra's unique perspective is, intriguingly, the company's interpretation of Czech choreographer Jiří Kylián‘s ‘Stamping Ground’. It is extraordinary...

June 10, 2019

TOLKIEN

Director: Dome Karukoski

  

When I watched James Kent’s ‘Testament of Youth’, an account of how the First World War ripped out the heart of an entire generation I couldn’t stop crying. Is was not just the wasted lives of those beautiful young people but also...

June 2, 2019

Rocketman

Director: Dexter Fletcher

Written by: Lee Hall

Striding down the white and pristine corridor of a sober institution and shedding feathers everywhere, we first encounter Elton John dressed in an orange sequined body suit, oversized wings, a horned headdress and d...

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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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