Son of Wallis competition

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If you have seen my sub­mis­sion to the Sen­ate inquiry into com­pe­ti­tion in the bank­ing sec­tor, you would know that I’m less than impressed by its premise–that what­ev­er the prob­lems are, they can be solved by a hefty dose of com­pe­ti­tion.

It seems I’m not the only cyn­ic. Three oth­er notable blog­gers

have estab­lished a par­al­lel inquiry, which is offer­ing a $1,000 prize for the best sub­mis­sion.

They have estab­lished the fol­low­ing blog:

And they note that they have estab­lished their “Son of Wal­lis” inquiry because of:

the blog­ger’s shared despair at a bank­ing debate that is mired in the low­est com­mon denom­i­na­tor pol­i­tics of whether banks should be allowed to change inter­est rates beyond the Reserve Bank. Mean­while, the larg­er ques­tions sur­round­ing the fail­ure of the finan­cial ser­vices regime envi­sioned by the Wal­lis Inquiry go unan­swered.

They will award a $1,000 prize for the best sub­mis­sion on the issues:

  1. What are the risks and ben­e­fits of large bank whole­sale debt and how should each be addressed?
  2. What, pre­cise­ly, is the ongo­ing sta­tus of the Fed­er­al gov­ern­ment guar­an­tee to the large banks’ whole­sale debts and what are the impli­ca­tions for the Bud­get?
  3. Giv­en secu­ri­ti­sa­tion was at the cen­tre of the GFC, what role should it play in renewed com­pe­ti­tion?
  4. How can com­pe­ti­tion be returned to the finan­cial ser­vices sec­tor, as well as bal­anced against the need for sta­bil­i­ty in the light of the first three ques­tions?

The sub­mis­sions have a 1,500 word lim­it, and must be sub­mit­ted to the email address by Decem­ber 13th.

The win­ner will be pub­lished at Busi­ness­Day and The Drum. The entry can be anony­mous. They will be  judged by the below 5 gen­tle­men:

The Son of Wal­lis Chal­lenge is the brain­child of David Llewellyn-Smith. He is the founder of The Diplo­mat mag­a­zine, now Asi­a’s lead­ing inter­na­tion­al rela­tions web­site. He is also the co-author of The Great Crash of 2008 with Ross Gar­naut and cre­ator of The Dis­tillery col­umn at Busi­ness Spec­ta­tor. He runs a Mel­bourne-based media con­sul­tan­cy and writes dai­ly at his blog Hous­es and Holes. For more on the Son of Wal­lis Chal­lenge he can be con­tact­ed at

The Uncon­ven­tion­al Econ­o­mist isLei­th van Onse­len, an Aus­tralian cur­rent­ly work­ing for a lead­ing invest­ment bank. He has pre­vi­ous­ly worked as an Econ­o­mist at the Aus­tralian Trea­sury and a Senior Econ­o­mist at the Vic­to­ri­an Trea­sury.The Uncon­ven­tion­al Econ­o­mistpro­vides con­trar­i­an analy­sis of eco­nom­ic and finan­cial issues, with an empha­sis on Australia’s hous­ing mar­ket.

Delu­sion­al Eco­nom­ics is an anony­mous blog cre­ate to dis­cuss and analyse the risks asso­ci­at­ed with var­i­ous eco­nom­ic poli­cies and archi­tec­tures, focus­ing main­ly on Aus­tralia. The delu­sion­al eco­nom­ics blog hopes to high­light the risks with exist­ing sys­tems and pro­vide con­trar­i­on insight into the eco­nom­ic out­comes that are avail­able by using “dif­fer­ent” eco­nom­ic think­ing.

Deep T. is an anony­mous senior finan­cial ser­vices insid­er who is fed-up with his col­leagues’ reliance on pub­lic sup­port. He is a reg­u­lar con­trib­u­tor at Delu­sion­al Eco­nom­ics.

David Richard­son stud­ied eco­nom­ics at Flinders Uni­ver­si­ty and the Uni­ver­si­ty of New Eng­land. He has taught eco­nom­ics at UNE and the Uni­ver­si­ty of West­ern Aus­tralia. His research inter­ests include macro­eco­nom­ics and inter­na­tion­al eco­nom­ics. In Can­ber­ra David worked in the Eco­nom­ics sec­tion of the Par­lia­men­tary Library brief­ing MPs and Par­lia­men­tary Com­mit­tees on var­i­ous eco­nom­ic issues before Par­lia­ment. Dur­ing the Hawke/Keating Gov­ern­ments David worked for Min­is­ters Bri­an Howe and Sen­a­tor Nick Bolkus. David brings a sol­id knowl­edge and prac­ti­cal under­stand­ing of the Aus­tralian econ­o­my and gov­ern­ment. David is now a Research Fel­low at the Aus­tralia Insti­tute.

So go for it blog­gers: it’s an excel­lent idea, and there’s a worth­while prize for the best effort.

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About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.