why do we so desperately need to be in surplus, page-48

GFC was largely a US/Europe problem as it was triggered by the insanity of supercharged fraud-based US banking excesses made possible by the repeal of the depression era Glass-Stegal act by Clinton and the weaponizing of the Carter-era Community Reinvestmant Act, also significantly by Clinton......

During the Bush years, where of course the US government was preoccupied by islamic terror attacks, internal security concerns and multiple wars, also courtesy of the cowardice of the Clinton years, the democrats and Clinton operatives in congress ran a continual blocking motion to prevent oversight and reform of the the banking and Government liked mortgage entities and industries by the government...

Significantly, key Clinton operatives also moved into high level positions of the Government linked mortgage finance industry when the Clintons were finally ejected from the White House...

The triggering of the financial crisis seems to have been largely an election strategy by the democrats to ensure that their stooge Obama was in the White House as a classic US election "October surprise", but the banksters had been so aggressive with the pushing of the fraudulent mortgage products that much of Europe and other banking/insurance sectors of the world were effected to some extent...

In Australia, we were largely cushioned from the US/Europe Financial crisis by continuing demand from China for our mineral exports as the Chinese Government quite sensibly embarked on an economic stimulus program to keep their internal economy going while, conveniently for Australia, dumping their massive accumulated pile of USD by buying up and even stockpiling Australian minerals...

When you largest and most significant customer continues buying your products at a premium price, your economy continues to do well...