Nepean Creative and Performing Arts High School

This is the song writing and production programme that Ryan Thomas participated in last month
Watch SBS Viceland tonight from 7:35. SBS are showing a piece they filmed featuring our students and the Songmakers program on The Feed tonight.
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Nepean Creative and Performing Arts High School

Watch SBS Viceland tonight from 7:35. SBS are showing a piece they filmed featuring our students and the Songmakers program on The Feed tonight.
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Nepean Creative and Performing Arts High School

I shared a pic of Ryan Thomas taken during this two day programme at school last week. These are the songs the students wrote, recorded and produced. The first one (there are four in total) features Ryan on guitar and Katie singing.

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Ceteris publicus

Highly recommended. An article well worth your time.
Ceteris paribus Ceteris paribus (with a hard ‘C’) is one of the few Latin phrases foisted on first year economics students. If they stay the course, these students can look forward to i…
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Buy your own television, Derek.

You’re not the boss of GoFundMe campaigns. I’m allowed to raise money for whatever I want.
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Richard

Last chance…
I can’t go to the GWS v Essendon game this Saturday. I’ve got two members’ stand tickets and pre paid parking in P1 that seems a shame to let go to waste. If you’d like to go to the footy and can collect (and return!!) my passes in Parramatta or Penrith, get in touch.
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Green Modern Monetary Theory and Practice

People get angry when I explain how government finances work in economies with similar monetary systems to Australia’s, so let me start by saying I am not arguing for a huge rise in public spending. Just a more intelligent discussion of the budget.

My complaint is not mainly about the specifics of the budget, but instead about how virtually everyone talks about the budget. Virtually the whole conversation is wrongly framed and is basically nonsense. It is like listening to a bunch of medieval mystics explaining the complicated reasons why the sun goes around the earth, or how to make gold out of base metals.

Worse still, some of the politicians and many of the commentators know they are talking nonsense. They are doing so for reasons of politics, or in some cases for nakedly career reasons. Telling the truth about government finances is not seen as a good career move, as people will call you irresponsible, and you won’t be seen as a serious person in a suit any more.

The truth is that the metaphor of the government as a household is completely misleading. Any time you hear someone talk about government maxing out on its credit card, or spending like a drunken sailor, or putting a burden on future generations, or saving for the future, it is total nonsense. Demonstrably so.

The government is a currency issuer. We are currency users. This means that there is nothing at all about a household budget which is even remotely applicable to the government. Every $1 the government spends is a new dollar. Every $1 it taxes destroys a dollar. It does not save that dollar for the future. Dollars are government IOUs. You can’t save your own IOU. When the government issues bonds, this just converts the $1 from a transaction account at the RBA to a transferable term deposit at the RBA. The government does not need to issue bonds. It issues them because they play a useful role in the financial system. It does not need to tax before it spends. Taxation is there to ensure that total spending does not go beyond the productive capacity of the economy and cause inflation. Taxes literally, at the federal level, do not pay for things. We do not rely on the taxes of rich people to pay for things. Government spending is paid for when it is authorised.

There is nothing special about a balanced budget, and there is no reason to aim for a budget surplus. A budget surplus means the government is taking more off us in taxes than it is giving us in spending. A government surplus is a private sector deficit. Why would you want the government to take your money away?

The budget position cannot be interpreted out of context of what is happening in the economy generally. The time to cut is when the economy is faced with rising inflation in a boom, when you need to cut total spending in the economy. When there is spare capacity and when the number of unemployed and unemployed is greater than the number of vacancies; when household debt is at a near record level and far higher than it had ever been until very recently; when we ought to be making big investments in fighting climate change; when education and health remain underfunded, compared to many other countries; we ought to have a fiscal deficit of 3-4% of GDP at least. Not aiming for a 0% figure.

Australia can run out of people, skills, equipment, technology, infrastructure, natural resources and ecological space.

The one thing it can never run out of is Australian dollars.
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