It’s a long time since Australia experienced anything like what is happening to our exports. It’s a rout of enormous proportions -- demand is falling or stationary, while supply is exploding. Morgan Stanley says it will send the dollar to US75c next year and could bring on a recession. (Morgan Stanley warns on recession, November 6).
Already the derivatives market is under pressure and there will be some big losses among bank-backed commodity traders who made the wrong bets.