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Economist: Australian lockdowns similar to “Communist Russia”
How do you think the Australian government has managed lockdowns?
When it comes to critics of Australian Covid-19 lockdowns, they don’t come much more fierce than Professor Gigi Foster, School of Economics at the University of New South Wales.
Foster says Australians are sick of it, and the world is laughing:
“It became clear that the politicians have overplayed their hand. And that the people of Australia are becoming increasingly restless.”
We are sick of these lockdowns particularly with the international borders still closed. We’re seeing other countries around the world open up, and in fact make fun of us for having these lockdowns on the back of small, small numbers of cases.”
Professor gigi foster
Foster went as far as comparing Australia in some ways to Russia.
“But in this case I think what’s happened is the government has played that card over and over, and has really lost the trust of many people in the society. And we’re starting to see pockets of evidence that really reminds me of the way it used to be in Communist Russia. Where the government would say well this is what we need to do, and everybody would try and work around it and give the impression they were following the rules.”
When Prime Minister Scott Morrison announced a cut to international flights by 50% – Foster says they’ve stretched it too far.
The biggest city in Australia has recorded 35 new cases of community transmission.
24 of the cases recorded in New South Wales overnight were isolating during their infectious period.
It comes as the nation’s Federal Government continues to battle state premiers and the painfully slow vaccine rollout.
Professor Foster has copped a huge amount of backlash for her strong views but says some statements have been taken out of context.
Foster believes her key message has always been the same – when it comes to people’s mental health, we’ve (Australia) failed.
“Whenever we have a policy implemented we should look at all costs, not just costs in relation to deaths or suffering in relation to one particular disease, in this case Covid. That’s always been my position. And I think that these domestic lockdowns in the face of international borders being closed is absolute madness.”
And when it comes to when Australia will return to an actual normal way of living, Foster predicted it won’t be until well into next year.
News
Big Tech earnings spark investor unease over AI spending
Investors monitor Big Tech’s AI investments, with Meta thriving while Microsoft and Tesla face uncertainty over growth and returns.
Investors monitor Big Tech’s AI investments, with Meta thriving while Microsoft and Tesla face uncertainty over growth and returns.
Investors are reacting sharply to Big Tech earnings this week, sending a clear signal that massive spending must translate into real growth. Markets are becoming less forgiving as companies pour billions into artificial intelligence, data centres and future tech while returns remain uncertain.
Meta has delivered a standout performance, posting a 24 percent jump in revenue for the December quarter, fuelled by AI-powered advertising. The company is doubling down on its strategy, with aggressive investment in AI and infrastructure expected to drive a further 33 percent growth this quarter.
Microsoft and Tesla tell a more cautious story. Microsoft reported only modest growth in its Azure cloud business, raising questions about its exposure to OpenAI, while Tesla plans to double spending on AI and autonomous driving. Analysts warn of a widening gap between bold AI ambitions and what investors expect in returns.
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Federal Reserve holds interest rates amid economic uncertainty
Federal Reserve holds interest rates steady, balancing inflation and jobs, as some governors advocate for a cut. #FederalReserve #InterestRates #Economy
Federal Reserve holds interest rates steady, balancing inflation and jobs, as some governors advocate for a cut.
The Federal Reserve has opted to keep interest rates unchanged, marking the first pause since July. Officials are showing little urgency to resume cuts, even after previous rate reductions.
Two Fed governors opposed the decision, calling for a quarter-point cut, highlighting ongoing debates within the rate-setting committee, which includes both appointed governors and regional bank presidents.
Concerns over the job market and persistent inflation continue to weigh heavily on the Fed’s policy decisions, leaving economists and investors closely watching the next moves.
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#FederalReserve #InterestRates #Economy
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Trump warns Iran as U.S. naval forces approach amid rising tensions
Trump urges Iran to resume nuclear talks or face stronger U.S. military response amid economic struggles and tensions rise.
Trump urges Iran to resume nuclear talks or face stronger U.S. military response amid economic struggles and rising tensions.
U.S. President Donald Trump has urged Iran to return to nuclear negotiations, warning that failure to do so could result in a far more severe military response. Posting on Truth Social, Trump signalled a hardening stance as tensions between Washington and Tehran continue to rise.
Trump confirmed that a U.S. naval strike group led by the USS Abraham Lincoln is moving towards Iran, as protests grow inside the country over alleged government repression.
The show of force comes amid heightened regional instability and mounting pressure on the Iranian leadership.
#Trump #Iran #USForeignPolicy
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