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February 5, 2017

The Testament of Mary

By Colm Tóibín

Director: Imara Savage

The Testament of Mary is definitely  at the ‘intense’ end of the spectrum, which indicates a lot when you consider the theatre pieces presented by Sydney Theatre Company.

To set the scene … Imagine you are a mothe...

January 27, 2017

MONA and Serendipity 

(*Henry suggested I republish my first impressions of David Walsh's MONA from 2014. Henry is presently visiting MONA for the first time.)


David Walsh, the force behind Hobart's MONA, the awe inspiring collection of Old and New Art in its equally aw...

January 22, 2017

Nude on Nude

Sydney Dance Company & Art Gallery of NSW

A rare treat put on by Sydney Dance Company and the Art Gallery of New South Wales this January is Nude – a non-linear dance staged by seven remarkable SDC dancers and choreographed by the ever-up-for-a-challenge Raf...

January 15, 2017

Versailles, Treasures from the Palace

My knowledge of walking through the grounds and building of Versaille will always be linked with a Jeff Koons exhibition that was installed at Versaille at the time – Michael Jackson and his monkey, that famous Koon’s puppy, giant r...

January 1, 2017

Arrival

Director: Denis Villeneuve

A relatively little hyped and very clever movie I have seen this holiday period is Arrival. Directed by Denis Villeneuve and starring Amy Adams, Arrival follows linguistics professor Dr Louise Banks (Adams), as she is pulled on boa...

August 13, 2016

So much damage to such a vulnerable cross-section of our global village was probably the thing that stayed with me after viewing World Press Photos 16 at Brisbane’s Powerhouse. Though this exhibition included more than just those resonating and candid shots of children...

August 12, 2016

Broken by Darwin playwright Mary Anne Butler starkly highlights love, death, grief and the randomness of life’s path.
 

Having literally no set surrounding the intensity of emotions being conjured on stage in Broken is probably the next best thing to having the infinite...

August 1, 2016

Written by Angela Betzien. Directed by Sarah Goodes.

The Hanging makes frequent allusions to the iconic Joan Lindsay book/Peter Weir film Picnic at Hanging RockThe Hanging's school girls however are modern-day girls who run away from a highly prestigious boarding scho...

July 24, 2016

Love and Friendship.


Adapted from Lady Susan, a novella by Jane Austen. Director: Whit Stillman

Love and Friendship is based on a novella written by a 19-year-old Jane Austen.

Financial security is definitely the theme that dominates Love and Friendship, for in Austen’s...

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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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