I don't think Australia is in denial. If every economy world wide was like ours we would not have had a GFC in the first place. What an embarrassment, a sub prime market causes world markets to collapse. Who the heck borrows to unsecured home buyers and worse still, gives them the option to walk away from the loans. Makes you want to move to the US.
Australia is what, 5%, TOPS, of the global markets. Why are we destroying the other 95% of 'home grown' economics? Do they give a toss if we lost 200 pts on our ASX, yet we cower(well, I don't) if their markets lose a pt.
The only denial here is that the overseas markets give themselves too much importance. Wake up, they're just a pathetic group of attention seekers.
