Nothing like starting the day with a bit of light humour Zorro.
While I'm not a great fan of Andrew Bolt, I'll leave the riposte to him on this occasion:
Congratulations to Treasurer Wayne Swan for winning the Euromoney 2011 Award for Best Finance Minister! May I also take a moment to congratulate some former Euromoney Award Winners:
Euromoney 2006 Best Investment Bank - Lehman Brothers (Busted 2007)
Euromoney 2006 Best Equity House - Morgan Stanley (Bailed out 2007)
Euromoney 2006 Best at Risk Management - Bear Stearns (Busted 2007)
Euromoney 2006 Best at Investor Services - Citigroup (Bailed out 2007)
And I’d like to note the favourable Euromoney commentary on AIG’s future, 2007 (bailed out 2007)
Hmmm… should we be worried?
UPDATE
Right on cue:
THE International Monetary Fund has slashed its economic forecasts for Australia, warning of a new global recession that would hit commodity prices and drive millions worldwide into unemployment....
The fund says Australia will grow at only 1.8 per cent this year, down from its previously forecast 3 per cent. The figure is way below the May budget forecast and only half the most recent Reserve Bank forecast, suggesting it will be harder than expected to reach the promised budget surplus in 2012-13. For 2012 the fund forecasts 3.3 per cent, down from 3.5 per cent.
But it points out that these are best-case forecasts, made on the assumption that almost everything goes right