Issue 2009 July 11
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ECONOMIC AFFAIRS: Economic crisis parallels the Great Depression
Australia’s banks face a foreign borrowing crisis, leaving the nation vulnerable as the global financial crisis tracks a similar path to the early stages of the Great Depression.In analysing a recent report comparing the current global slump to the Great Depression of the 1930s, associate editor and chief economic commentator at the UK’s Financial Times, Martin Wolf, says the bad news is “this…
