I know exactly where I was on August 9, 2007. It was a hot summer’s day — “debtonation day”.
Bankers all over the world had lost their collective nerve and refused to lend to each other. The globally synchronised financial system froze, and began its descent into sustained failure. It then took more than a year, and Lehman Brothers’ collapse, before the world understood the gravity of the crisis.
Ten years on, that slow-motion crisis, a prolonged period of disinflation, noflation and deflation, is still playing out.



As the sun sets on Australia’s mining boom the RBA feels it needs to stimulate the economy by lowering interest rates.
In February the Reserve Bank of Australia (RBA) reduced the cash rate to 2.25%, a rate it then maintained at its March meeting.
While there has been a great deal of commentary on this in the mainstream press, especially in the Australian Financial Review, the left press (for lack of a better term) has been stunningly silent.
