The credit cycle likely peaked last year. But we aren't looking at a sharp drop down, rather a long sloping hillside.

There is likely to be a sharp polarization on whether to retain a ceremonial monarchy or retain the monarchy at all.

Credit is like a looking - glass, which when once sullied by a breath, may be wiped clean again; but if once cracked can never be repaired

Looking back, it is understandable why the Australian and New Zealand currencies peaked in early 2005. That was about the same time that the demand for crude oil also started to moderate.

Credit is like a looking-glass, which when once sullied by a breath, may be wiped clear again; but if once cracked can never be repaired.

We're likely to see a sharp and meaningful correction that lasts a few months.