Tuesday, October 04, 2005

Australian News: RBA warns of 'meltdown'

The Central bank of Australia recently warned of the risks of a major financial meltdown. Is this another case of Boy who cried Wolf? Quoting David Uren for the Australian News...

"FURTHER rises in oil prices, the collapse of a major bank or an unexpected jump in inflation could be all it takes to send the increasingly fragile global financial system into meltdown.


"The Reserve Bank of Australia warned yesterday that the current calm in financial markets could be the prelude to a storm that could wreak havoc in the world economy. "

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