December 10

Financial crisis: The Queen asks “Why did nobody notice?”

"'Why,' the Queen asked recently, 'did nobody notice?'  She was talking about the credit crunch and the pertinent question wrong-footed academics at the London School of Economics, who were presumably expecting chit-chat rather than direct interrogation."

This was in a report about royal frugality in the Daily Express on 28 November, 2008.


The Queen's comment could well apply to Australia too. Until recently, although the US subprime crisis was looming and often in the news, the Reserve Bank and the government were in a lather over inflation.

Interest rates were being increased to fight this. 

Why did nobody notice?

…$1b loan to Indonesia…

In the meantime it was announced by the Prime Minister Mr. Rudd on 10 December while on a visit to Bali that the Australian government would lend the Indonesian government Aus $1 billion dollars. The Indonesian news agency Antara said the “ standby” loan was actually for 5 billion dollars.

In September last year on his way to the Sydney APEC meeting, Russian leader Vladimir Putin  signed a major US one billion dollars arms deal with Indonesia  to purchase 15 helicopters, 20 tanks, and two submarines, to be partially funded by Russia.  

On 14 November of this year, Antara announced Indonesia would buy 6 jet fighters and 18 armored vehicles from Russia. The head of the Russian arms export agency expressed confidence the Russian Finance Ministry would “soon” approve a US $1 billion loan for Indonesia.

Did nobody in Canberra notice?








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