The RBA follows the financial gospel from on high

If this sort of thinking persists, the prospect must be not for a recession but for a deep and devastating depression, certainly affecting in the most terrible ways, countries like the United States and Australia.

Those of us who lived through the Great Depression saw then the regardlessness which so many well-qualified and admirable people are now showing, once more, in our present turmoil.

The result could be a depression with political and strategic consequences even more catastrophic than those that flowed from the Great Depression of the 1930s.

Let us hope that, somehow, the new Australian Government will shake itself out of its torpor and at least acknowledge the nature and extent of the problems that now confront us.