The Implications of a Global Financial Crisis in Australia

The planning of the banking system is very esoteric. Not many people understand that banks actually share liquidity with each other domestically, but also they need to borrow money from, usually from the US. Many other economies and financial systems around the world were just caught with their trousers down. But I suppose Paul Keating is a good example of not needing that. He signed off literally a trillion dollars plus with financial guarantees to a bunch of private banks only to see it all blow up.