Don't let anybody fool you with mathenomics and tricks with figures.
The real math is astronomics. We're talking defaults on sums involved that are leveraged against bad loans that number in hundreds of trillions of dollars. Not billions in defaults. Hundreds of trillions.
I have a close relative who handles bad debt packages for banks as a profession. The word behind closed doors in Amerikwa is that the economic collapse of the United States that is approaching is in no wise comparable with that of the Great Depression in 1930. The understanding amongst colleagues is that this is much, much worse.
I honestly hope Australia will weather this mess with the grace of God. One of the biggest achievements under Costello was keeping the budget balanced and practicing very tight fiscal management. All of our economic fundamentals have been kept close to the bone without pork for nearly ten years and there are many people who believe that our economy is extremely sound because of it. Of course ... we do have a labor government now, so there's always the potential to stuff it up.