Need, Not Race – Fat Tail Daily

Since the last US Federal Reserve meeting last month, gold has gone on a tear.

Last Friday in US trade, it made yet another record as it closed near US$2,330 an ounce.

In Australian dollar terms, it was AU$3,560.

To put into context how quickly gold has increased in the past few years, let’s have a look at this chart:

For those who own gold, this is great news. Their wealth is rising.

However, only a small proportion of Australians own gold bullion. Those who do are unlikely to own enough to help them ride above the growing tide of inflation on our cost of living.

I’ve written in the past about how the excesses of governments borrowing from the central banks and spending lavishly to keep the illusion of a functioning economy.

All this makes it increasingly difficult for Australians (and people around the world for that matter) to make ends meet.

Moreover, governments have not only sought to find useful solutions to deal with such problems, they’ve often resorted to solutions that further divide society.

One example was last year’s ‘The Voice’ referendum. The Federal government, corporations and special interest groups spent over $400 million for the vote aimed at legally recognising the Australian Indigenous people as Australians.

On the surface it seemed fair. However, it was a divisive campaign and more than 60% of Australians voted no.

While all this was happening, I had highlighted how Australians would prefer solutions to combat rising living costs and housing affordability.

Australians most at risk – The Indigenous population

The rapidly rising price of gold is a clear example of the problems in the Australian economy…we could be heading toward crisis.

As I wrote in my recent updates, I was at The Triple Conference in Albury last month. There I met people who were genuinely concerned about where Australia is headed.

Many groups from different professions, communities and skill sets gathered to discuss their perspectives and potential solutions to tackle the many issues that our country faces.

One of them was the Honourable Dr Gary Johns, Chairman of ‘Close the Gap Research’, an organisation that seeks to serve the Australian Indigenous people. It comprises people who served on both sides of politics and other professionals with different skillsets.

To my understanding, the organisation works at the grassroots level seeking to meet the specific needs of communities and individuals.

Dr Johns is a former Australian Labor Party minister serving under the Keating government. He was also the MP of the Petrie electorate in suburban Brisbane.

Dr Johns is also the author of The Burden of Culture that discusses the history of the plight of the Australian Indigenous people. He highlights how some of the most vulnerable continue to suffer under current policies.

I’d like to invite Dr Johns to write to you about how we can play a more effective role to improve the welfare of Indigenous people.

This is particularly urgent as the global financial system is buckling under the pressure of debt and inflation, threatening our economy and plunging more Australians into financial danger.

Indigenous Australian’s are most at risk.

But keeping your own house in order, so to speak, places you in a much better position to help others.

I believe that owning gold is one of your best options to build a safety net against rising costs.

So without further ado, I hand it to Dr Johns…

Need, not race

‘Close the Gap Research understands that, somehow, the West has gotten into a real twist about identity, especially that of minorities.

‘Identity is being used to undermine equality and liberty in the name of justice for minorities.

‘Minority group identity is used as a weapon against the alleged privileges of the majority.

‘As a consequence, common humanity and individual freedoms are being undermined.

‘More insidiously, merit is being undermined. This, we believe, is bad for those Aborigines who are not doing well.

‘Much of the work on behalf of minorities, built on their group characteristics, comes after they have succeeded.

‘Liberalism was their friend. It may have taken longer than others, e.g. white working-class people, to succeed, but they got there or are well underway.

‘New tricks are not helping anyone except the elite of the said minority trying to capture more of the spoils.

‘For example, the University of Technology Sydney announced in 2018 that it intended to build a national First Nations College.

‘Fortunately, it has not progressed too far, with the 2018 announcement boasting that it would open in 2023 unfulfilled.

‘It is a pity that Monash University had no Working Class College when I attended in the 1970s.

‘Imagine how I could have avoided those middle-class private school elites by hanging around with people from my old suburb. Well, those that made it to university.

‘It is true that other identities, such as Catholics and Anglicans, built university colleges, but they mostly raised their own money and had a deep history of scholarship.

‘There are women’s colleges, but these, like single-sex schools, are fading, although there remain debatable reasons to keep the sexes apart during formative and sexually very active years.

‘The idea of the UTS college is to help “forge a more inclusive society”.

‘What, by separating one race from others?

‘Mind you, race is a bit of a stretch. The students who would likely attend would be from the suburbs and probably the children of intermarried parents; in other words, they are highly integrated – think Noel Pearson, Marcia Langton, Larissa Behrendt, etc.

‘Judging from the burgeoning faculty that claims Aboriginal heritage, the race race, for university, has been over for some time. Only slightly slower than for working class students.

‘Aboriginal and working-class students are not so successful as a group, but those who are bright can and do make it.
‘That is the point.

‘Others may not want to attend, preferring to follow in their parent’s footsteps, where TAFE beckons and practical skills less susceptible to identity politics are available.

‘Even a Labor Prime minister has woken up to free fees for TAFE.

‘The UTS college also boasts its purpose is “to remove the real and perceived barriers that prevent Indigenous participation in higher education and the broader economy.”

‘They made it to university on merit, didn’t they?

‘The rest is up to them, or should be, unless they are to be cossetted forever.

‘The fear of segregated colleges (UTS says they will allow some non-indigenous students) is that they discourage integration and shun inclusion.

‘According to Pluckrose’s Social Injustice, identity politics emerged in the 1960s within the broader manifestation of postmodernism.

‘Postmodernism emerged in academia as a philosophy that questioned everything. This postmodern philosophy is so sceptical that it does not believe in objective truth or knowledge.

‘Postmodernism believes everything, even knowledge, is corrupted by politics and political power. It opened the door to identity as a powerful tool to undermine common humanity, individual freedom, and merit.

‘A more prosaic explanation of identity politics is that of Mounk’s The Identity Trap. He explains that the Left was lured by collective action against the majority, where, despite the triumph of liberalism, minorities were marginalised.

‘The minorities only had to wait; liberalism was their saviour.

‘Actions such as a First Nations College come after the triumph of liberalism. It is an attempt by successful Aborigines to capture more power and glory undeservedly.

‘The antidote to the failures of postmodernism and identity politics is, of course, liberalism.

‘Pluckrose appeals to secularism’s principle: “In a secular society, no one should be punished for rejecting religion or any other ideology.”

‘In other words, stop cancel culture behaviour.

‘The former President of Harvard University, Professor Gay, resigned because she was the culmination of cancel culture. When pressed by a Congressional committee on virulent anti-Israel protests on her campus, she defended the cancel mob.

‘Simple direct questions from a single Republican representative outed her.

‘Mounk recommends that leaders cultivate a spirit of tolerance of ideas; for example, when racist accusations are made, he recommends not disciplining anyone until the facts are clear.

‘That seems obvious, but the rush to judgment fuels the fire.

‘Let the heat die and ensure proper processes to hear matters in the cool light of day.

‘Don’t let craven editors and the X (Twitter) mob be the judge.

‘Gay was forced out not because she wanted to let things settle before acting against anti-Semitic hate speech but because she was in a vanguard that selected students on race and brooked no demur from those in the hate speech camp.

‘Essentially, there are no ‘identity’ ideas, just ideas.

‘Joining in this crusade for liberalism, our group, Close the Gap Research, is working to uncover one of the engine rooms of the identity industry as it materialises in Aboriginal politics. We have reviewed the qualifications of professors who claim Aboriginal heritage and found many wanting. We are also analysing Reconciliation Action Plans where organisations profess to do good but often reinforce separate identities and undervalue the contribution of people as employees: workers.

‘Close the Gap Research is doing its best to help those in need to obtain the tools that will give them their best chance to succeed.’

To close, I hope that you’re preparing for the economic fallout from our failing financial system.

Moreover, as you position yourself and your family from the ravages of this impending disaster, spare a thought for those most vulnerable.

There are organisations and people out there working to help those in need. But it’s most important that you distinguish those that work and those that work against them.

I believe that ‘Close the Gap Research’ is one organisation you can stand behind. You can find out more on their website.

That’s it from me for this week. Stay well!

God bless,

Brian Chu,
Editor, Gold Stock Pro and The Australian Gold Report