National
The party’s over, the Libs will soon be history
Steve Biddulph SMH
Linked to this, but compounding it in frightening ways, is the imminent demise of the United States economy. In fact the whisper, the subplot in economist circles, was that this election was one to lose. That whoever inherited Australia in 2007 inherited a coming economic collapse in globalised trade that would suck Australia and much of the rest of the world down with it. For two years now the best predictions have been that the subprime meltdown would act as merely the detonator of a much larger explosive charge created long ago by US consumer debt, concealed by Chinese and Arab investment in keeping that great hungry maw that is America sucking in what it could not begin to pay for. The avalanche-like fall of US house prices will be closely followed by the same in linked economies worldwide, and presage a harsh and very different world than the one we have lived in. In short, the party is over. We are a civilisation in collapse. Read more here