china, argentina to trade in chinese currency , page-16

butcherboy,

Maybe a bit of an exaggeration (even in the Great Depression, those that could afford goods could buy most of them), but not much and the point is still relevant:-

International Chambers Of Commerce:Global Trade Finance Down 40% In 2008

LONDON -(Dow Jones)- The availability of some basic forms of trade finance has fallen by at least 40% over the course of 2008, a survey of international banks compiled by the International Chambers of Commerce showed Tuesday.
Global trade flows are expected to fall in 2009 for the first time in almost a quarter of a century. That partly reflects the general decline in economic activity. But the reduced availability of financing for trade as a result of the credit crunch appears to be exacerbating the downturn.
The Organization for Economic Cooperation and Development Tuesday said it expects the global economy to shrink 2.75% this year and trade volumes to fall 13.2%.
"World trade depends heavily on trade credit, which has all but collapsed during the current financial crisis, effectively throttling the flow of goods," the ICC said.

Certainly, the Japanese think it's stopped:-

Japan's business confidence drops

Business confidence among major manufacturers in Japan is at a record low, according to a wide-ranging survey by the central bank.

Japan's economy is among the worst hit by the global economic crisis.

Exports Japan has relied upon for growth have collapsed and unemployment has risen.

And it's not just Japan. Worldwide freight rates have collapsed, along with shipping movements:-



Australia has been lucky, so far, but our luck won't last.