The Financial Review, if it wishes to remain relevant, requires a monster dose of reality – a de-lousing of its misplaced strategic ideology and its craven acceptance of US strategic hegemony in Asia, a region where not one US state resides.

In the mid-1980s, a young and enthusiastic Michael Stutchbury was a permanent attendee at my often two-hour press conferences as treasurer, drumming into the Canberra press gallery that the presence of large economic forces was more important and more newsworthy than the gallery’s normal diet of election speculation, leadership changes, tax cuts and cigarette prices.

And Michael lapped it up. He was an early graduate of my school of advanced economic and entrepreneurial thinking. And while he has become more........

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