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home / archives / 2011 / 29th July

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A new global currency?

During devastating floods in Queensland in December-January 2010-2011 Australia's banana crop was ravaged and consequently the price of the fruit has risen astronomically. The banana factor was sited as one of the reasons for the rise in cost of living and inflation in Australia.

Paul Keating's quote in 1986 is still remembered when as treasurer he said that Australia was in danger at that time of becoming a third rate economy and a 'banana republic'. With concerns about the US economy, as well as the state of the European Union, it may be time to consider a new "reserve" currency for global markets!