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ABC The Drum - Analysis and views on the issues of the day. A political crisis like '75? Tell 'em they're dreamin' - The Drum Opinion - Some people are starting to compare the current political climate with that of 1975. Wacky and frantic it may be, but 1975 it's not. Find More Stories A political crisis like '75? Tell 'em they're dreamin' Mungo MacCallum As the political temperature escalates from febrile to critical, some people are starting to make the comparison with 1975, the year of the political crisis which led to the dismissal of a government.

And certainly there are some similarities: the fanatical partisanship, the ruthless disregard for manners and convention, the refusal even to consider the views of the other side, let alone admit that they might have some substance. But having said that, there are two very big differences. No matter how you looked at it, 1975 was always heading for a resolution. Around Parliament House, the feeling was that at least some of the Liberal senators were on the brink of giving in; the polls were swinging back to the government and the public fury seemed directed fairly evenly towards both sides.

But today... well, what climax? But today... well, what crisis? Compared to 1975, it's pretty Mickey Mouse stuff. X. From green to red: is Credit Crunch 2.0 imminent? - The Drum Opinion - The signals have changed from green to red on global financial markets, and a full-scale credit crash may be ahead. Find More Stories From green to red: is Credit Crunch 2.0 imminent? Satyajit Das In Crosstown Traffic, Jimi Hendrix sang: "can't you see my signals turn from green to red/And with you I can see a traffic jam straight up ahead". In global financial markets, the signals have changed from green to red.

But rather than a simple traffic jam, a full-scale credit crash may be ahead. In financial markets, facts never matter until they do but there are worrying indications. There is a serious risk that even the half-baked bailout plan announced on July 21, 2011 cannot be implemented. The sticking point is a demand for collateral for the second bailout package. Of course, Greece, which does not have two Euros to rub together, doesn't have this collateral and would need to borrow it. Compounding the problem is Greece's fall in Gross Domestic Production ("GDP") was worse than forecast, even before the latest austerity measures become effective. The global economic recovery is stalling. Email Share x Digg. The Thomson affair shows politics at its trust-destroying worst - The Drum Opinion. Find More Stories The Thomson affair shows politics at its trust-destroying worst Ben Eltham You don't need to be an opinion pollster to sense the surly mood in the electorate just now.

Despite a long economic boom and some of the highest living standards in the world, Australia seems to be gripped by a malaise. The economy is still growing and most of us have jobs. But costs of living are rising, and uncertainty is corroding the confidence of consumers in ways that don't reflect Australia's strong economic fundamentals. In politics, an unpopular Government struggles to implement unpopular policies, while a ruthless Opposition seizes every opportunity to attack no matter the consequences. Many citizens are dismayed. You can see it in small and disorganised protests like the Convoy of No Confidence, an inchoate confection of complaints that revealed little about the nature of community discontent, and much about the enraged irrelevance of a certain radio host. Email Share x del.icio.us Digg Kwoff. ABC The Drum - The end of journalism as we know it (and other good news) Updated Wed 27 Oct 2010, 9:48pm AEDT The following is a text version of Annabel Crabb's AN Smith lecture in journalism, delivered on October 27, 2010 at Melbourne University.

The internet nearly ruined my career. And I don't mean in that hand-wringing, oh my God, what are we going to do without classifieds sort of way. I mean the "Oh my really God. I just did something so stupid on the internet that I suspect I might actually be about to be sacked" way. It was 2001. My old editor, Mel Mansell, who is still in charge of The Advertiser and is indeed now the longest-serving Murdoch daily editor in Australia, took my departure well. That is to say, he rang me most days to inform me that my work for The Age was tripe and that, while he could not believe I had gone into harness for such a pathetic, drippy and - even worse - Melbourne-based paper, he was nonetheless thrilled to see the back of me. I decided to out-prank him. And then, so help me God, I typed the message. And then I sent it.