First off Opes Prime was NOTHING more than a bank lending to a business that in all likelyhood commited a fraud and lost money. It was NOT the business model of Opes Prime that caused it to fail it was the directors failure to call in margins on large clients.
Secondly yes we have swapped Aust$ for US$ WE HAVE NOT GIVEN THE US ANYHTHING.
If the US banking system fails we are screwed and people are deluded if they think we will be insulated from this and if this does happen the cost to the Australian economy will make $10bil look like small change
The US$ is far from worthless and is unlikely to become worthless.
The amount Aust is swapping for US$ is minimal compared to the amount other coutries are committing to bailing out the US economy countries including China and the ME
WHY???
I doubt they are less informed than some posters on HC or it is a case of sucking up to the US. So why would these countries be committing billions of dollars if it was all going to end up down the toilet?????
